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View Diary: Do YOU understand how tax brackets work??? (124 comments)

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  •  That already complicates it too much. (2+ / 0-)
    Recommended by:
    easong, Pondite

    Seriously, the vast majority of people understand, maybe, the concept of deductions, and that's about it.

    •  How DARE You Spread Rational Facts! (1+ / 0-)
      Recommended by:
      Brainwrap

      Their Papa John's pizza bill is going up $0.14 a pie. That's real pain. Why don't you feel it? Cruel liberal.

      We will never have the elite, smart people on our side. - Rick Santorum

      by easong on Mon Nov 19, 2012 at 06:24:54 PM PST

      [ Parent ]

    •  ummm... (1+ / 0-)
      Recommended by:
      Brainwrap

      how about another diary on deductions.

      and then one on phase-outs?

      I sense a series coming on!

      please.

      I believe in kindness. Also in mischief. Also in singing, especially when singing is not necessarily prescribed. ~Mary Oliver

      by dakinishir on Mon Nov 19, 2012 at 08:22:14 PM PST

      [ Parent ]

      •  Well, I would, except that I don't really know (0+ / 0-)

        ...much about them myself :)

        I'm not an accountant, a tax attorney or a financial advisor. This diary pretty much hits my limit on the subject, I'm afraid :)

        However, if someone who actually knows something about such things wants to take the ball and run with it, go for it!

        •  This makes the great job on the marginal (0+ / 0-)

          tax rates even more impressive.

          Sorry I'm too late to rec your response. Have a +4.

          I believe in kindness. Also in mischief. Also in singing, especially when singing is not necessarily prescribed. ~Mary Oliver

          by dakinishir on Wed Nov 21, 2012 at 03:53:53 AM PST

          [ Parent ]

      •  Phase outs are designed to avoid tax shock (0+ / 0-)

        The basic concept of a phase out is that an available deduction (or tax credit) is slowly reduced as income increases. Think of it as two thresholds. Those under the lower threshold get the full deduction/credit. Those above the upper threshold get no deduction/credit.

        Those between the two thresholds see the deduction/credit slowly phased out. The idea is that a small increase in income would not dramatically reduce/eliminate the deduction/credit.

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