It’s 0% on the first 50,000, plus 10% on the amount between $50,001 to $100,000, plus 20% on the amount between $100,001 to $300,000, plus 25% of the amount over $300,001.
On $70,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001. Your tax would be $20,000 X 10% = $2,000.
On $90,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001, ie, $40,000 X 10% = $4,000 total tax.
On $99,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001, so tax would be $4,900 in this case.
On $150,000 taxable income the tax would be $0 on the first $50,000 and then 10% (or $5,000) on the amount over $50,001 up to $100,000, plus 20% of the amount over $100,001 (or $10,000 for a total tax of $15,000 in this case on $150,000 taxable income). The $50,000 over $100,000 netted $40,000.
Looks pretty reasonable to me.
That plan might just win.
Do the same with FICA et al and we’ve got a deal.
Eliminate the “refundable tax credits” as this plan must, and half the voters will have a fit.
Popcorn?
Wouldn’t it be wonderful? It gives me hope but I’m still afraid to be hopeful.
My conversation with a religious right winger didn’t leave me feeling good. He condemns Trump a “sinner”. Jesus Christ himself would not be good enough for them I think.