quote:
Originally posted by Flatus the Ancient:
Doing the math (33 billion divided by the total of 300 billion X 100) shows that the super rich, those with incomes over $250,000, would get 11% of the tax cut. The regular rich, those working a job, get 89% of the Bush tax cut.
Less than 2% of taxpayers get 11% of the tax break? That should tell you how much money is piling up at the higher incomes.
http://thebrooksreport.org/wealth/http://thebrooksreport.org/wealth/wealth-in-america/One thing people forget about graduated income tax is that
everybody in each bracket pays the same. For 2010, Married Filing Jointly, it doesn't matter if you make $20 thousand or $20 million, your first $16,750 is taxed at 10% --
for everybody. And so on throughout the tax brackets. You don't start paying the higher percentage until you reach a certain level.
Think of it as your income being counted out into separate boxes, each taxed at a different rate. Only income over $373,650 is taxed at 35%.
You don't reach that percentage of taxation until you reach that level of income -- and only on that income in excess of that amount. All other income is taxed at the lesser amounts of lower tax brackets.
2010 IRS Tax Brackets
The below 2010 tax tables are the projected federal income tax brackets for 2010:
Tax Bracket Married Filing Jointly
10% Bracket $0 – $16,750
15% Bracket $16,750 – $68,000
25% Bracket $68,000 – $137,300
28% Bracket $137,300 – $209,250
33% Bracket $209,250 – $373,650
35% Bracket $373,650+
http://www.irs.gov/formspubs/index.html