Comments | honormac: ZOMG! That would put me in a higher tax bracket!!

honormac

ZOMG! That would put me in a higher tax bracket!!

Oct 29, 2008 13:59

I took a small "slow news day" break the weekend before last and caught up on some reading... Then work kicked in and I didn't get much time online with a decent connection. As a result, I have about a zillion Twitter "note to self" entries on posts I want to make, and no more than "normal" time to make them. This is the "buried" condition that ( Read more... )

politics, economics, republican lies, taxation

Comments 5

the_leaking_pen October 30 2008, 02:47:57 UTC

I do my own taxes and I didn't even know that. Thanks for the info!

honormac October 30 2008, 08:36:49 UTC

::beams:: My pleasure!

And now, thanks to Bush tax cuts, you can use the same handy numbers for short term capital gains taxes, too. (long term (read: a year or more) capital gains are taxed at less than half this rate... Which is why Warren Buffet can quite honestly complain that he pays a lower tax rate than his secretary does.)

xx_kitty_kat_xx October 30 2008, 04:10:48 UTC

If 33% is the highest tax bracket people can be in, then Americans really need to just stop bitching. Australia and New Zealand go up to around 49% and the threshold for that kicks in at a much lower level.

honormac October 30 2008, 08:33:52 UTC

Actually, the top rate bracket is 35%, and yes, they should stop bitching. Given the graduated structure, even a person earning $1,000,000.00 a year is only paying a real rate of 29.7 ( ... )

mythchief October 30 2008, 23:41:15 UTC

What I wonder from this is that if someone did have to pay an extra $40,000 in taxes for earning a dollar more so that they now make $357,000, why should I, who makes less than $25,000 a year, have any sympathy for them?