5.4% income tax increase for 2024

[Harpy Eagle]

That must be the new math thinking democrats are pushing

No, it is basic math, which seems to be beyond you.

Under the old tables if you made 11,600 you were taxed 10% on the first 11,000 and then 12% on the 600. Now the whole thing is just 10%

 

[Toddsterpatriot]

That must be the new math thinking democrats are pushing

Actually, it's done because it was part of Reagan's 1986 tax reform.
It prevents inflation from pushing people into a higher tax bracket.

 

[Tunafish]

No, adjusting the brackets is not a tax increase.

From 2024, the lowest tax rate of 10 percent will apply to those earning up to $11,600, up from $11,000 this year.

If inflation was 5.4% last year and you got a 5.4% raise, your "real income" is unchanged.
By raising the brackets 5.4%, your "real income tax" is also unchanged.

Honestly,
some of these people are not smart enough to comprehend the subject...
Thanks for setting it straight.

 

[Harpy Eagle]

Honestly,
some of these people are not smart enough to comprehend the subject...
Thanks for setting it straight.

They are too well programed to read past the headline.

If they had opened the article in the OP they would have found this....

• Higher thresholds could mean savings for millions of workers across incomes

 

[1srelluc]

or you all could quit voting for the same people doing all this spending

Yep, reminds me of this line from Cold Mountain....

 

[Fort Fun Indiana]

Need to get that 37% number up right away.

 

[DGS49]

Since I retired, I pay taxes like a complete moron.

I have a friend who prepares my tax return in exchange for a free dinner (or two) every year. I tell my broker to take enough out of my draw so that I don't have to write a check. I send my tax guy all the documents without looking at them. I have no idea what my taxable income is, or how much I pay, or what my marginal tax rate is, or overall tax rate. I couldn't care less.

Last year, I got a refund of a couple thousand dollars. I have no idea why.

If my friend dies or decides to stop doing this, I'm fucked.

 

[Fort Fun Indiana]

They are too well programed to read past the headline.

If they had opened the article in the OP they would have found this....

• Higher thresholds could mean savings for millions of workers across incomes

The next time a right winger reads an article might be the first in a long, long time.

 

[Tunafish]

Need to get that 37% number up right away.

You won't
But if you did, you will enjoy minimal income tax with all the loopholes and write-offs that group of people enjoy and you despise.

 

[Fort Fun Indiana]

You won't

Why not?

But if you did, you will enjoy minimal income tax with all the loopholes and write-offs that group of people enjoy and you despise.

The way they exploit those now? Oh no, did you just threaten me with something that already happens?

Scary!

And the income tax revenue is not the only benefit. You have serious tunnel vision. Wages will increase. Wealth will stay in the economy instead of being pulled out of it and hoarded. And more.

 

[Tunafish]

Why not?

The way they exploit those now? Oh no, did you just threaten me with something that already happens?

Scary!

And the income tax revenue is not the only benefit. You have serious tunnel vision. Wages will increase. Wealth will stay in the economy instead of being pulled out of it and hoarded. And more.

Come on man. You are witnessing what happens when wages increase. INFLATION. You can't "raise" your way out of it.
"wage-price spiral" look it up

 

[Fort Fun Indiana]

You are witnessing what happens when wages increase. INFLATION.

Total nonsense. That isn't what drove recent, high, global inflation. And inflation always occurs. Totally worthless point.

But being against increasing wages tracks with the billionaire shitheel idea.

 

[Tunafish]

Total nonsense. That isn't what drove recent, high, global inflation. And inflation always occurs. Totally worthless point.

"wage-price spiral" look it up.

 

[Fort Fun Indiana]

"wage-price spiral" look it up.

No need, the economy can't summed up by one line in your notebook from 11 grade macroeconomics.

 

[Tunafish]

No need, the economy can't summed up by one line in your notebook from 11 grade macroeconomics.

sure kid, sure. All I know is you are never going to that tax bracket that I enjoy.
Where you live? Maybe I am your landlord ?

AMF

 

[Concerned American]

Those 8 million new Democrat Voters aren't going to pay for themselves.

I think you might be misunderstanding. These tax rates actually do reduce taxes. Example--instead of paying the 10% rate on all money below 11K, you will get the lower 10% rate on all income to 11.6K. I just learned that those rates are progressive in that a person making $110K would pay !0% on the income to 11.6K, 12% on that income between $11.6K and $47,150, 22% on $7,150 to $100,525 and 24% for the remainder. The average rate would be 17%--this average isn't exact, but its close.

 

[Concerned American]

One of the failings of Constitutional Republic is that we allow those shitheads in Congress to raise our taxes so easily.

As well as their salaries.

 

[jwoodie]

good thing this is just the opposite of a tax increase

So tax increases are a bad thing?

 

[Harpy Eagle]

So tax increases are a bad thing?

The person I responded to thinks so.

 

[Orangecat]

We should have it so that no budget, debt or taxation can pass without a 80% nation wide margin vote of the people.

Flat rate 4% federal consumption tax, combined with a balanced budget law that criminalizes spending above revenue levels. If they want more money, pass legislation that grows the economy and their 4%. Libtards who want to pay more can do so from their own earnings.