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Message
Tax brackets, standard deduction get 7% increase for 2023
Posted on 10/19/22 at 2:16 pm
Posted on 10/19/22 at 2:16 pm
ETA: 2022 Brackets
Also of note - The New York Times and others are pointing out that the tax brackets would have gone up a higher % under pre-Trump tax bill while failing to acknowledge that his brackets and bands are still far more favorable than beforehand for most filers.
This post was edited on 10/19/22 at 5:35 pm
7
Posted on 10/19/22 at 3:56 pm to slackster
ELI5 please
Posted on 10/19/22 at 4:00 pm to SaDaTayMoses
quote:
ELI5 please
Your taxes are going down
Posted on 10/19/22 at 4:01 pm to slackster
the OT thread hurt my head
Posted on 10/19/22 at 4:50 pm to slackster
So the wealthy are or are not get a tax cut. That's all that's really important here.
Posted on 10/19/22 at 5:08 pm to slackster
It would be nice if they put the 2022 numbers in the chart as well. I understand how tax brackets work, but I don't have year over year values memorized by heart.
Posted on 10/19/22 at 5:34 pm to TigerFanatic99
quote:
t would be nice if they put the 2022 numbers in the chart as well. I understand how tax brackets work, but I don't have year over year values memorized by heart.
Done.
Posted on 10/19/22 at 6:10 pm to slackster
so $225,000 in 2022
and $250,000 in 2023
Married filing joint
No change, correct?
and $250,000 in 2023
Married filing joint
No change, correct?
This post was edited on 10/19/22 at 6:11 pm
Posted on 10/19/22 at 6:33 pm to SaDaTayMoses
You will pay less because the lower brackets top amounts went up, so you'll have more of your money taxed at lower rates.
This post was edited on 10/19/22 at 6:33 pm
Posted on 10/19/22 at 8:59 pm to mchias1
This is still slab method. So you get taxed less on your lower income but get taxed on the higher slab.
Posted on 10/19/22 at 9:26 pm to slackster
Is it crazy that we lump $600K-aire’s into the same tax bracket as those who make $10MM, $50MM, $100MM.
People always wanna shout “tax the rich”, yet they wanna us to treat a family who makes $600K the same as one who makes $6MM, or $60MM??? Crazy man.
People always wanna shout “tax the rich”, yet they wanna us to treat a family who makes $600K the same as one who makes $6MM, or $60MM??? Crazy man.
Posted on 10/19/22 at 10:37 pm to Fbohn1
I'm with you.
The "shouting mob" always uses "over $400k" in their slogans.
The "shouting mob" always uses "over $400k" in their slogans.
Posted on 10/20/22 at 7:40 am to slackster
Somewhat real question:
Is it worth it to get married with the “tax deduction” or should I just go on and have kids and stuff but not get married so the chick gets food stamps and free baby formula
I think we should all “bleed the beast” like the Mormons do meaning soak up government money but I’d rather be Elon musk soaking up gov money than some chump on food stamps
Is it worth it to get married with the “tax deduction” or should I just go on and have kids and stuff but not get married so the chick gets food stamps and free baby formula
I think we should all “bleed the beast” like the Mormons do meaning soak up government money but I’d rather be Elon musk soaking up gov money than some chump on food stamps
Posted on 10/20/22 at 8:00 am to Fbohn1
It's marginal tax rate. It should not matter much. you are only going to get taxed on any amount more than 600K. If you make 650K, you are only affected for 50K.
Posted on 10/20/22 at 8:06 am to Fbohn1
quote:
People always wanna shout “tax the rich”, yet they wanna us to treat a family who makes $600K the same as one who makes $6MM, or $60MM??? Crazy man.
Henry's
High earners not rich yet.
Get shafted the most.
This post was edited on 10/20/22 at 8:07 am
Posted on 10/20/22 at 8:39 am to Fbohn1
quote:
Is it crazy that we lump $600K-aire’s into the same tax bracket as those who make $10MM, $50MM, $100MM.
People always wanna shout “tax the rich”, yet they wanna us to treat a family who makes $600K the same as one who makes $6MM, or $60MM??? Crazy man.
Since it is marginal tax rate, obviously the person making 600K is paying less taxes as a % of income than someone making 10M.
So it sounds like you are advocating for a tax bracket higher than 37%?
Posted on 10/20/22 at 9:40 am to UltimaParadox
quote:
So it sounds like you are advocating for a tax bracket higher than 37%?
Maybe he is advocating that $600k should be in a lower marginal bracket.
Personally I am against income tax in general. Why tax people on how they contribute to society when we should tax people on what they take out of society. I would advocate for a large sales tax and no income tax.
If we are going to go with income tax and include marginal brackets then I agree that it wouldn't make sense for any dollar over $600k and $600M be taxed the same. I would advocate for orders of magnitude being the cutoff or at least more segmentation among the ultra high earners.
Example:
$0-$10k - taxed at 10%
$10k-$100K - taxed at 20%
$100k-$1M - taxed at 25%
$1M-$10M - taxed at 35%
$10M-$100M - taxed at 45%
$100M-$1B+ - taxed at 50%
I would also hard cap at 50% because in no scenario should you be keeping less than 1/2 of what you earn. Obviously this wouldn't match perfectly with my example above due to state taxes and FICA. I also think everyone should pay some tax (everyone should at least have a little skin in the game).
I would be very curious to see a pareto of total income in US with markings for the tax brackets. I wonder how much of the total income is taxed at each of the marginal brackets.
Posted on 10/20/22 at 9:58 am to bod312
I agree with your sentiment.
The reality is that there isn't much difference in the ordinary income on an American over $600k.
Very few people get a wage above $600k.
Income exceeding those limits are often restructured to avoid the appearance of ordinary income.
Or they are one time gains from sales.
Basically, there isn't going to be movement in the tax code because when someone makes $10M per year, it isn't structured as ordinary income. Accountants and contracts are too smart for that.
The reality is that there isn't much difference in the ordinary income on an American over $600k.
Very few people get a wage above $600k.
Income exceeding those limits are often restructured to avoid the appearance of ordinary income.
Or they are one time gains from sales.
Basically, there isn't going to be movement in the tax code because when someone makes $10M per year, it isn't structured as ordinary income. Accountants and contracts are too smart for that.
Posted on 10/20/22 at 10:40 am to meansonny
Yes, that is a good point as those higher incomes usually are a result of stock issuance or capital gains.
Posted on 10/20/22 at 11:14 am to slackster
Do y’all ever wish they’d quit faking and say the tax rate is 100% since it basically is anyway and let us working people finally get the food stamps and corporate welfare we deserve
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