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To be clear for those unaware, you pay the lower bracket rates for the amounts earned in that bracket and the higher bracket rates for the amounts earned above that bracket.
https://www.irs.gov/filing/federal-income-tax-rates-and-brackets
This is actually not true as it doesn’t take into account the standard deductionIt does not take into account a lot of things, namely the many many deductions for qualifying individuals.
Read the chart, it says taxable income.
Deductions and other tax games may lower you’re taxable income, but the progressive tax brackets apply this way to all taxable income.
Not all people take the standard deduction, this is true before all deductions and similar economic stimuli.
I upvoted because you chose to strike thru rather than delete. Big props for that
I try to be accurate. Hence why the comment in the first place.
If you ever wanted proof that a population that doesn’t understand math allows the billionaires to take advantage of them here it is. This is why education systems are under attack, because if you understood how taxes work you’d more likely support higher tax rates for the rich.
https://youtube.com/shorts/-621rVJvUdY
Mr. “Population collapse is the biggest threat to the world.”
Maybe it’s just the biggest threat to capitalism and your ROI. Why do you think he’s supporting the make everyone dumber party?
I think this is at least partially the result of intentional propaganda. It benefits the elite greatly if a lot of Americans are screaming against higher top tax rates due to this faulty logic. There are also a lot of anecdotes of people not accepting higher paying job offers or promotions within their company, which also benefits the business owners.
I’m more concerned about the third of dems who don’t understand this.
it’s in the shitpost community and there’s no sources cited
Oh
My tired brain read your comment as “shitpost economy” and somehow that still made sense to me.
This is the problem. My partner doesn’t want to work OT because he thinks it will cost him more in taxes. I explain why that’s not exactly true, but I can tell he’s not interested. Financial Literacy in the US is abysmal.
That’s a loaded question. Poor methodology.
What?
The question isn’t loaded at all, it just tests whether people know how tax brackets work.
Specifically, the phrasing “you were/you are” is not totally accurate. You were in many tax brackets. You are now paying a fraction of your income in a higher tax bracket. It’s tantamount to begging the question.