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

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  •  even the 1% win with partial extension of rates (2+ / 0-)
    Recommended by:
    Brainwrap, Pluto

    If the proposed "first 250K" bill passes and rates stay constant up to dollar # 250,000... effective tax rates will increase by the following, for the following amounts of 2013 income:

    $375,000     0.0%
    $440,000     0.5%
    $540,000     1.0%
    $1,100,000 2.0%
    $60,000,000 3.0%

    Now, let's just say the old rates - all of them - expire.

    $375,000     2.3% (net loss of no deal: 2.3%)
    $440,000     2.8% (net loss of no deal: 2.3%)
    $540,000     2.9% (net loss 1.9%)
    $1,100,000 2.9% (0.9%)
    $60,000,000 3.0% (who cares? WE want it all!)

    My take is that even rich Republicans have pocketbook issues and very few of these are pulling $60MM a year.

    The very richest of richest may yet prefer to burn the country.

    In which case start closing loopholes and make noncompliance hurt.

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