- cross-posted to:
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- cross-posted to:
- [email protected]
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Updated Tax Schedule
1 $0 – $11,600 15.00%
2 $11,600 – $47,150 18.00%
3 $47,150 – $100,525 29.20%
4 $100,525 – $191,950 32.64%
5 $191,950 – $243,725 42.37%
6 $243,725 – $609,350 45.37%
7 Over $609,350 47.37%
According to AI that’s the rate schedule to pay for the current budget with no deficit. I’d say pass that as law, and only allow tax cuts when the previous year has produced more than 1% budget surplus, or it’s an enumerated deficit created for a budget period.
There are a lot of easy ways to fix our budget that no one wants. Politicians are going to cry about it, while doing nothing about it, until the country collapses. Trump is no different in that respect, he’s just going to whine more about how much it costs him when the country collapses, but he’s not actually going to fix a damn thing.
That looks like an incredibly regressive tax table. It his the poor much harder than the rich in the basic needs of life (food, clothing, shelter).
You want someone that has an income of $11,600 to have a tax bill of $2,088? And someone making $47,150 have a tax bill of $13,767.30? Keep in mind you’re just talking federal taxes, so those folks may have State income tax and possibly city income tax too, on top of property tax and sales tax.
How will the average person on that level of income fair after including the earned income tax credit?
Do you think everyone qualifies for that?
It is based on income and household size. If you earn above the threshold, it won’t apply.
You can go over 50% for anything above $191,000 and you should revamp so the major taxes are payed by the people making +$100000
Imaginary numbers can be anything we want. None of them matter as long as we keep electing conservatives. They haven’t paid for anything since Nixon.
