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View Diary: Bartlett:  Teabaggers Totally Ignorant About Taxes (276 comments)

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  •  Lots of people in that bracket get tax credits. (1+ / 0-)
    Recommended by:
    annominous

    AGIs between $40,000 and $50,000 include lots of people who are parents who get tax credits for childcare expenses, etc.

    Still, the 1.7% seems low, and I wish I could find the first-hand reference it came from.

    A Wall Street "bonus" should not be more than what my house is currently worth.

    by bushondrugs on Sat Mar 27, 2010 at 07:35:36 AM PDT

    [ Parent ]

    •  This is the document Barlett referred to (0+ / 0-)

      Joint Committee on Taxation

      I think if you go to the very end of it, there are a series of tables that provide some back-up to the assertion.  I didn't do all the math, but there are some significant credits and deductions in the lower income ranges.  I think that is why the question of "what do you mean by income of $50,000?" is legit.  Is that w-2? Is that Gross?  Is that Taxable (i.e., after all deductions addressed and credits taken)

    •  I calculated AGI by (2+ / 0-)
      Recommended by:
      Pinecone, bushondrugs

      Base earned income + $3650 + $5700 (standard deductions) by the tax table rate, but I didn't do any calculations for married filing jointly (if they file jointly they already get a big break, see the tax tables). I calculated only for filing single (lazy Saturday...).

      If it is true that $40K-$50K people get that big of a break with tax credits, then people making $20K-$30K probably qualify for tax breaks too.

      If this is true, the tax structure seem regressive against single people.

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