Published on Oct 21, 2011
There is a lot of talk about the lost jobs that the USA has suffered over the last 20 years. I feel this, my dad worked at a steel mill, as did my grandfather and uncle. But when I was a teen, Geneva Steel shut their doors and the business that was being earned in the USA, went to a new company in Canada.
I have been trying to figure this out for many years. I have done a little more intensive research and this is what I have come up with.
Here is how it breaks down:
1.5% for up to $4000 (lowest)
25% for over 100k (top)
Tax for $0 to 25k - 23% (lowest)
Tax for over 101,991 37% (middle)
Tax for 2,500,000 and above 94% (top)
If your income is: You Pay:
$0 to $8500 = 10%
$8500 to $34,500 = 15%
$34,500 to $83,600 = 25%
$83,600, $174,400 = 28%
$174,400 to $379,150 = 33%
$379,150 and above = 35%
While I believe in a consumption tax / Fair Tax, I do not support the Herman Cain 9 9 9 system at all. I think that system has it all backwards.
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