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Started By
Message
re: Tax brackets, standard deduction get 7% increase for 2023
Posted on 10/19/22 at 5:27 pm to brewhan davey
Posted on 10/19/22 at 5:27 pm to brewhan davey
quote:
Biden promises no increased taxes on anyone making under $400k
The number of upvotes on this and people that don’t realize this particular change isn’t a tax increase is concerning
0
Posted on 10/19/22 at 7:07 pm to slackster
The amount of people that dont understand a progressive tax system is alarming at the least.
I guess its expected though
I guess its expected though
Posted on 10/19/22 at 7:08 pm to brewhan davey
quote:
quote:
You realize this isn’t a tax increase right?
Yes. I planted that there as bait.
Posted on 10/19/22 at 7:12 pm to slackster
The standard deduction is so high now that unless you are up to your eyeballs in mortgage debt you will never be able to itemize
Posted on 10/19/22 at 7:34 pm to PhillyTiger90
quote:By my quick calculations on my phone (so more likely to make an error), assuming these refer to taxable income after all deductions, and for married filing jointly, and no credits or anything, the $350k family will owe $70,800 in taxes for an effective tax rate of about 20% (on taxable income) while the $120k family will owe $17,015 in taxes for an effective tax rate of about 14%.
So a household income of $350K only pays 2% more taxes than a $120K? frick Biden and the a-holes who “mail in voted” for this tPOS
So if by 2% you really meant >300% more in taxes, then yes, you’re correct.
This post was edited on 10/19/22 at 7:36 pm
Posted on 10/19/22 at 7:57 pm to slackster
That 37% gonna hit me hard
Posted on 10/19/22 at 7:58 pm to Deactived
quote:
The amount of people that dont understand a progressive tax system is alarming at the least. I guess its expected though
If anyone ever asks if Louisiana truly has the worst educational system in the country…
Show them this thread
Posted on 10/19/22 at 8:04 pm to Deactived
quote:Hell, the number of people that don't understand how payroll deductions work and thing they are getting "free" money when they get a tax refund is bad enough. "I don't pay taxes, they give me money every year". They don't realize it's their money they are getting back and they aren't getting all of it back.
The amount of people that dont understand a progressive tax system is alarming at the least.
This post was edited on 10/19/22 at 8:05 pm
Posted on 10/19/22 at 8:06 pm to Taxing Authority
I really wish people had to cut a check each month for taxes. Most people don't realize how much they pay. You don't have to make very much for it to be your largest monthly expense.
Posted on 10/19/22 at 8:20 pm to slackster
I'm still waiting for someone to post that they refused a raise because they "didn't want to take home less by being in a higher tax bracket."
Basic taxes should be required teaching in high school.
Basic taxes should be required teaching in high school.
Posted on 10/19/22 at 8:41 pm to Taxing Authority
quote:
really wish people had to cut a check each month for taxes. Most people don't realize how much they pay. You don't have to make very much for it to be your largest monthly expense.
After one month, one of two things would happen.
1) a revolution
2) a dramatically reduced cash flow to the treasury as half or more taxpayers “could not afford” to mail in their check.
I’m ok with either one
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