Totenkindly
@.~*virinaĉo*~.@
- Joined
- Apr 19, 2007
- Messages
- 50,360
- MBTI Type
- BELF
- Enneagram
- 594
- Instinctual Variant
- sx/sp
It's the same thing as with tax brackets, which many people don't seem to grasp -- that the high rates being discussed for people with a high rate of income only apply to the part of the income falling within that bracket. Across one's entire income, the increasing tax percentage increases only apply to the part of income falling within that particular bracket. The max rate is not applied to one's entire income.
So it's not like someone is paying 28% (or 40%, or higher) on all their salary -- it's only for the amount over the minimum for that particular tax bracket. Meanwhile, they are just paying the designated tax rate for each portion below that. Visualized, it's a curved line as income increases.
Much of these tax increases only impact people who earn (or would receive) more money than most people. Maybe it puts it in perspective with what Coriolis says -- Trump basically gave a bunch of people leaving an estate from $3.5 million to almost $12 million a huge tax break... basically rich people. Needless to say, the huge majority of us will not be in that bracket.
So it's not like someone is paying 28% (or 40%, or higher) on all their salary -- it's only for the amount over the minimum for that particular tax bracket. Meanwhile, they are just paying the designated tax rate for each portion below that. Visualized, it's a curved line as income increases.
Much of these tax increases only impact people who earn (or would receive) more money than most people. Maybe it puts it in perspective with what Coriolis says -- Trump basically gave a bunch of people leaving an estate from $3.5 million to almost $12 million a huge tax break... basically rich people. Needless to say, the huge majority of us will not be in that bracket.