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View Diary: Want to Reduce the Deficit? Start by Funding the IRS (81 comments)

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  •  regressive (4+ / 0-)

    How big is your personal carbon footprint?

    by ban nock on Thu Jan 31, 2013 at 07:58:38 AM PST

    [ Parent ]

    •  How is it regressive? (0+ / 0-)

      If you make less than poverty level, you pay nothing.  

      If you make two times the poverty level, you pay 50% of 35% (17.5%) which includes your social security and your medicare which is about 10% so you total amount paid is 7.5%.

      If you make four times poverty level, you pay 75% of 35% which is 26.25% minus the 10% for payroll taxes and you pay 16.25% in taxes.

      $23,000 Income = $0.00 Taxes
      $46,000 Income = $3,450 Taxes / $4,600 social security/medicare
      $92,000 Income = $14,950 Taxes / $9,200 social security/medicare

      That sounds progressive to me.

      "Perhaps the sentiments contained in the following pages, are not YET sufficiently fashionable to procure them general favour..."

      by Buckeye Nut Schell on Thu Jan 31, 2013 at 08:49:37 AM PST

      [ Parent ]

      •  start from existing brackets (0+ / 0-)

        and add these

        40% @2mil
        41% @ 4 mil
        42% @ 6mil
        43% @ 12mil
        44% @ 24 mil
        45% @ 48 mil

        That almost would resemble a geometric progression, no?

        FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

        by Roger Fox on Thu Jan 31, 2013 at 01:12:20 PM PST

        [ Parent ]

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