“Couples up to 50 grand pay ZERO in Fed taxes.”
Haven’t read the plan, but does this mean that if you make $51,000 per year you pay a percentage of the whole $51,000, or just the $1,000 above the limit? This is important, as what’s the motivation for working harder to make another $10,000/yr when all it does it get you taxed when you wouldn’t have been if you had not put in the effort.
You pay tax on the 1,000 only.
It makes sense that you would only pay taxes on the 1,000 and not the rest. My guess that’s what it is.
I agree. I am a single older person (really old) and I am above the $20,000 but not $50,000 and if I have to pay 10%, that is a big tax hike for me, triple what I pay now. What does he do about Social Security money - now there is a chart to figure out how much of the SS is taxable as not all of it is (none of it should be since I paid into SS all my working life since age 19). Is the whole amount of SS to be taxed by his plan? I hope he isn't elected and that is not based on his tax plan - give me Cruz.