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Re: Tax rates Since 1913

By: killthecat in POPE | Recommend this post (0)
Thu, 19 Apr 12 8:13 PM | 82 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 56397 of 65535
(This msg. is a reply to 56395 by Down And Out Man)
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D&O:

I kinda missed that.

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The above is a reply to the following message:
Re: Tax rates Since 1913
By: Down And Out Man in POPE
Thu, 19 Apr 12 8:10 PM 		Msg. 56395 of 65535

as I said: "I was in a 39% marginal bracket. Another eight plus for the state. And with social security tax, I kept 46 cents of every additional dollar I earned"

Note the phrase "of every ADDITIONAL dollar".

I had no bevy of tax deductions, just the personal exemption and the standard deduction. My taxable income had me in the marginal bracket I described. By definition, that means "if you earn an ADDITIONAL dollar, you pay that rate on it."

I made no claim about being taxed at 54% on everything. I was talking about what I'd have to pay on every additional dollar. Hence the description of my thought process on taking on extra work and stress for additional pay that I would only keep 46% of.

D&O

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