Quote:
Originally Posted by manaboutown
Top Federal rate is now 37% + 3.8% NIIT = 41.8%. That ain't chicken feed. Moreover a substantial percentage of people pay no income tax whatsoever.
" In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes."
From: Households paying no income tax by income level U.S. 2022 | Statista |
That is astonishing. Add to that the large number of people who pay NO IRS taxes who vote for candidates who want to cut taxes. A tax cut doesn’t help you if you don’t pay that kind of tax. Some people don’t think clearly, yet they are still allowed to vote. And drive.