← Autodidact Archive · Original Dissent · Happy Hacker
Thread ID: 5054 | Posts: 1 | Started: 2003-02-17
2003-02-17 02:41 | User Profile
Tax brackets have little to do with the Truth. Billionair Ross Parot, for example, has been known to pay single-digit percentages in taxes. The richest companies often pay nearly zero percent in Federal Income Tax.
Last year, the bottom tax bracket was 15%, this year it's 10%. But, here's the real tax rate:
For a single woman with two children, not counting any credits (or extra deductions) other than the Earned Income Credit and the (additional) Child Tax Credit, here's the tax rate:
$income$ ... True Tax Rate 5000 -34% 10000 -25% 15000 -18% 20000 -10% 25000 -2%
Those percentages are NEGATIVES. These women get back more than they pay in (most blacks and most hispanics get back more than they pay in, thank you honkey). (And, of course, this does not includes all the non-taxed benefits that go to the so-called poor). Remember this next time some neocon is complaining the rich paying a higher percentage than the rest (the rest includes the middle class and the poor), he should be telling you what percentage the middle-class pays vs. the rest.