Originally Posted by tonton
Source for those rates, John? And how can you post rates without corresponding deductibles? Of coure someone earning 5¢ won't pay any taxes. You're saying they will. You're lying too. Typical pattern of behavior.
So glad you asked. The Tax Foundation
has projected tax increases for each state and Congressional district:
Nationally, the typical middle-income family, which has a median income of $63,366, would see its federal income tax burden increase by $1,540 if the Bush-era tax cuts expire.
While income ranges are varied, this means the average American family's income taxes are forecast to rise almost $30 a week. This is easily
food for one family member per week, as I wrote. At least this will help with our obesity problem.
As I wrote this does not include the pernicious effect of increased capital gains taxes on investments, nor does it include the death tax, nor does in include the stealth AMT, forecast to snag an astounding 28 million taxpayers this year - up from 4 million last year and 20,000 at its inception.
As I wrote (pay attention this time):
Originally Posted by my brilliant self
If you earn 5¢ of taxable
income your taxes will increase by 5%.
In the United States, taxable income is taxed, which gives rise to the term "taxable income". Taxable income, by the way, frequently includes income that you don't earn. In similar fashion, this gives rise to the term "unearned income".
I don't know how taxes are inflicted upon you over there in HK but this is the unfortunate truth here in the US. Accusing this author of a "typical pattern" of deception is slander. I understand that's a typical liberal pattern of behavior that results in the accuser feeling good. Feeling good is the liberal's most noble achievement, so you may expect such behavior to be ignored.
Standard deductions are expected to rise by about $100, an insignificant amount.