Quote:
Originally Posted by Firebot
On the bolded...that's such a stupid way of looking at it. That's not how tax brackets work. Percentage wise someone making 500K will see a very negligible benefit to the lowest bracket percentage being changed as that person pays most income at a much higher tax bracket. The impact of lowering the percentage of the lowest bracket has a much more significant impact to someone making 57K or less. That's the whole reason why lower tax brackets are lower percentages and why we have a base 15,705$ with 0% before you have to pay tax (that everyone enjoys, mind blown).
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That's the problem though. That negligible benefit for higher earners still means losing a lot of tax revenue. If we were running surpluses or these were targeted tax cuts that would generate economic growth, then sure. But we'd be using billions of borrowed dollars every year to give higher earners some extra pocket change.