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Originally Posted by Antitrust32
I think the highest tax bracket is like 375K and up.. something like that.... was looking at it today, there isnt even a 250K and up tax bracket.
http://taxes.about.com/b/2008/10/21/...-announced.htm
some people also think once you are in a higher tax bracket your whole income gets taxed at 33% or whatev.. which is funny. I've heard people say they dont want a raise because they will actually get less money because they will be in a higher tax bracket. That makes absolutely no sense and they dont understand that the first 7500 or whatev is taxed at 10%.. then next 15k you make is taxed at 15%, etc, etc..
But you are right.. instead of hiking the taxes for people making 150k, or 300k... they should just create a new tax bracket for 1,000,000 & up and another one at like 20,000,000 and up.. get the guys who can really afford it. |
Yeah, you are right, I think they adjust each year for inflation so it is up to $370,000+. And it is amazing how clueless people are on tax brackets.