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How tax brackets actually work

submitted by WKB

5 years 10 months ago

Tax
, bracket

From YT: There is a common misunderstanding about how tax brackets work in the US, and it’s causing us to have uninformed debates about taxes.

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Check out the podcast on this topic from Today Explained: https://bit.ly/2VEoEIC

The TEx crew took a deep dive into Representative Alexandria Ocasio-Cortez's proposal for a marginal tax rate of 70% for top earners in America. A lot of people are upset, and even more have no idea how it works.

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When Rep. Alexandria Ocasio-Cortez proposed a 70 percent top income tax rate, many conservatives started saying Democrats wants to take away 70 percent of Americans’ hard-earned money. This is not only wrong, but it takes advantage of something Americans have long misunderstood: tax brackets. It’s time to fix that with a simple, paper-made video.

Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com.

4 Comments

WKB

says...

*promote

siftbot

says...

Self promoting this video and sending it back into the queue for one more try; last queued Sunday, January 20th, 2019 7:39pm PST - promote requested by original submitter WKB.

C-note

says...

This is why betsy devos is working so hard. If you educate the poor it's harder to get them to vote against their own best interest.

SaNdMaN says...

I'm embarrassed to say that, at 36 years of age, I've only learned about this last year. I thought your entire income gets taxed by the top bracket percentage.