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So I'm arguing with this teabagger on a forum about how shifting the tax burden up to the other brackets and away from the middle and working classes would create growth by creating more demand for goods and services. Then he posts this, which I can't really make sense of:
Do you understand that not everyone pays in the same rate? It seems that you do not understand that simple concept. Since they do not, why do you think that everyone would get the same tax cut, or those that paid in less should get the same cut? See the table below and see that not everyone pays in the same. Why should someone who is in the 25% bracket get the same tax break as someone that is in the 35% bracket? How is that providing equality for all? Just because you work smarter, you should be penalized?
If in 2010, your taxable income was $100K: ( $ 8,025 minus 0 ) x .10 : $ 802.50 ( 32,550 minus 8,025 ) x .15 : 3,678.75 ( 65,725 minus 32,550 ) x .25 : 8,293.75 ( 100,000 minus 65,725 ) x .28 : 9,597.00 Total: $ 22,372.00 in taxes.
Do you happen to realize that if the tax cuts are not passed, that those who are at the very bottom, and only pay 10% now, will revert to 2000 rates, which are 15%? Do you realize that affects all US taxpayers?
Single Filing Status
* 10% on income between $0 and $8,375 * 15% on the income between $8,375 and $34,000; plus $837.50 * 25% on the income between $34,000 and $82,400; plus $4,681.25 * 28% on the income between $82,400 and $171,850; plus $16,781.25 * 33% on the income between $171,850 and $373,650; plus $41,827.25 * 35% on the income over $373,650; plus $108,421.25
Married Filing Jointly or Qualifying Widow(er) Filing Status
* 10% on the income between $0 and $16,750 * 15% on the income between $16,750 and $68,000; plus $1,675 * 25% on the income between $68,000 and $137,300; plus $9,362.50 * 28% on the income between $137,300 and $209,250; plus $26,687.50 * 33% on the income between $209,250 and $373,650; plus $46,833.50 * 35% on the income over $373,650; plus $101,085.50
Married Filing Separately Filing Status
* 10% on the income between $0 and $8,375 * 15% on the income between $8,375 and $34,000; plus $837.50 * 25% on the income between $34,000 and $68,650; plus $4,681.25 * 28% on the income between $68,650 and $104,625; plus $13,343.75 * 33% on the income between $104,625 and $186,825; plus $23,416.75 * 35% on the income over $186,825; plus $50,542.75
Head of Household Filing Status
* 10% on the income between $0 and $11,950 * 15% on the income between $11,950 and $45,550; plus $1,195 * 25% on the income between $45,550 and $117,650; plus $6,235 * 28% on the income between $117,650 and $190,550; plus $24,260 * 33% on the income between $190,550 and $373,650; plus $44,672 * 35% on the income over $373,650; plus $105,095
I don't think any of these tables and rates he quotes account for deductions, and the standard deduction for an individual filing single is something like 5 grand, correct? I have seen other tables that showed me that I saved a whopping $5 thanks to the "Bush Tax Cuts".
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