2019 and 2020 tax brackets

[thebassoutlaw]

So everyone here pays 37% right?

Well except for me lol

[Transom]

I still think we should have a flat tax. What would be More fair than everyone paying 20%???. No deductions, EIC, nothing. You make “x” amount you owe 20% of it. Everyone. Simple.

Yep, Charging someone 37% is a straight up shake down.

[bassnpro1]

So everyone here pays 37% right?

Well except for me lol

I got into the 24% bracket!

[bassdge]

You may be making this to hard. For a married filers with $70,000 in taxable would pay $8,012.

$19,400 * 10% = 1,940
$50,600 * 12% = 6,072
8,012 total taxes


The total taxable income taxed is $70,000 (19,750 + 50,250 = 70,000).

Were taxes get confusing is in the calculation of taxable income. For the above, with NO reductions from benefits in taxable federal income and using the standard deduction there federal taxable wages would be 94,000. Subtract the standard deduction of $24,000 there taxable wages would be $70,000. (94,000 - 24,000 = 70,000).

More than likely you have heard of a marginal tax rate. That is the tax rate they would pay if their income is $1 more. For the example above, if someone earned $1 more their federal taxable their total income would be $94,001. Their taxable wages would be $70,001, or $1 higher than the example above. All this means is until the total taxable income is $78,950 the tax rate stays the same they would pay a 12% tax (Note the tax bracket changes with taxable income greater than $78,950 to a marginal tax rate of 22%). Thus a margin of 12% of the increase would go to taxes.

Therefore from the example above for each additional $1 of income the tax payer would oay $0.12 (1 * 12% = $0.12) in federal taxes until the next bracket is reached based on total income.

If confused send me a pm with your phone number and I go over it with you.

Not confused. I did not say 70k taxable income. My simple assumption was $70,000 in salary minus the $24 k standard deduction = $46k taxable income. I also did not use term marginal tax rate, only effective tax rate. No need for a lesson from you. Now if you need a lesson on reading or on how not to be a jackass, pm me your number and I will have my 11 year old daughter teach you.

[barkleyhawggitter]

thank god there is not a tax for paying cash for a boat or everyone on here would be dinged pretty bad.

[catch5]

The problem with one rate is it would probably need to be 40% to collect the same amount of revenue. Do you really believe a person who makes $20,000 a year should pay $8,000 income tax?

No but I don’t believe for one minutes the tax rate would be 40%. In fact I think it could be possibly lower than 20%. The huge corporations with all these writeoffs and tax breaks aren’t paying near 20%. If they were made to pay the same as everyone else we could probably get by with a 15% tax rate.

[kyduck]

The problem with one rate is it would probably need to be 40% to collect the same amount of revenue. Do you really believe a person who makes $20,000 a year should pay $8,000 income tax?

I do or at least a fixed percentage for everyone....just like I would expect to pay the same price for any other commodity as a millionaire. Kudo's to them for making it don't really see why they should be expected to pay more (percentage) of it than anyone else.

[wicker*man]

I still think we should have a flat tax. What would be More fair than everyone paying 20%???. No deductions, EIC, nothing. You make “x” amount you owe 20% of it. Everyone. Simple.

We should at least try it.

[Ben Danbleume]

You bunch of whiner should take a look at historical tax rates, lets say the Kennedy time period 1962, top marginal rate was 91%. However the government was paying down debt, as opposed to letting it spiral.

[D.O.C. 989]

I've never made 500000.00 dollars in a year working at my job, so the 23 per cent taxes wouldn't bother me at all. I suppose if i was making that kind of coin every year i might be more upset and miserly.

[whnigt]

I still think we should have a flat tax. What would be More fair than everyone paying 20%???. No deductions, EIC, nothing. You make “x” amount you owe 20% of it. Everyone. Simple.

Agree, also people getting any type of government help should also pay 20%. IE food stamps, section 8 housing, etc,etc. If not next year their benefits are cut by 20%.

[NitroZ7]

My taxes have gotten so complicated I just turn my stuff into the CPA and ask how much I owe

[Laddertruck438]

never see a flat tax .......cant hide the money

[turfy49431]

No but I don’t believe for one minutes the tax rate would be 40%. In fact I think it could be possibly lower than 20%. The huge corporations with all these writeoffs and tax breaks aren’t paying near 20%. If they were made to pay the same as everyone else we could probably get by with a 15% tax rate.

The way I understand it, corporate profits are either reinvested or paid out in dividends to shareholders. So if GE had 300 billion in profits, reinvested 150 billion and paid out the other 150 billion to its shareholders, there is no profit to tax. But the 150 billion paid out to shareholders gets taxed at the personal level. So yea there is plenty of taxes paid out on corporate profits, but its by the individuals who make it, not at the corporate level. The money that GE would recapitalize would also create a nice economic stimulus that would generate tax revenue at many levels. Corporations create a very large windfall of taxes

[RazorCat]

The problem with one rate is it would probably need to be 40% to collect the same amount of revenue. Do you really believe a person who makes $20,000 a year should pay $8,000 income tax?

Never seen a figure as high as 40% proposed for a flat tax. More like 15-20%. The Fair Tax movement proposes 23%. I’m good with that if everyone pays. Although I pay less than 20% in fed income taxes, and no state income tax.

[Missouri Jay]

I just learned more about taxes on a fishing website than I have learned my entire life.

[GregA]

Married, jointly, 2 incomes - my effective tax rate is always around 18%, which I believe is fair.

[bullet20vee]

If the government would find a way to tax the illegal workers that are here now, we could pay off the national debt and be good to go in short order. Of course that will never happen, as they are welocomed here by some by offering free everything.

[D.O.C. 989]

If the government would find a way to tax the illegal workers that are here now, we could pay off the national debt and be good to go in short order. Of course that will never happen, as they are welocomed here by some by offering free everything.

Wouldn't the people who are hiring them be the ones who are drawing them here?

[kyduck]

If the government would find a way to tax the illegal workers that are here now, we could pay off the national debt and be good to go in short order. Of course that will never happen, as they are welocomed here by some by offering free everything.

Actually there was a recent astounding figure floating around the web of how much money the US gives in aid to non citizens and organizations. It still amazes me that we spend that kind of coin in those situations and can't take care of our own issues. The other issue is our national debt is only going to increase with the amount of conflicts we have been in and will continue to be in. Until the US gets some monetary financial assistance from these countries we are helping its a continued downward spiral and severely taxing the wealthy isn't the answer. If we are all in this together, then hold everyone equally responsible. I'm about sick of the "fair share" crap.