georgia brown wrote:im not going to lie mesquite, I can't figure out that chart! Whos who, as far as income. Keeping in mind anyone who gets a refund instead of making out check is not a tax payer. Thats two or three of your six colums. If a low income person recieves alesser tax refund ,That deosn't mean they're being taxed more, It means they're given less. this argument proves positive the fundemental diferences between the two parties. Why is 4.6 A greater % than 5.
Georgia, What the chart shows is the marginal tax brackets (the percent tax for each new dollar earned) before and after the Bush tax cuts. I added a taxable income column to show the income range for each bracket. The income ranges are for a married couple filing jointly.
The 5% reduction on the lowest income range is larger than than the 4.6% given to the top end, but it only applies to the first 1/4 of the old 15% bracket.
Refunds have nothing to do with this chart. They are a function of withholding, and credits.
...Taxable
...Income........................Before..........After.........Delta
$0.to.$14,000.................15%...........10%...........-5%
$14,000.to.$56,800........15%............15%............0%
not much here
$56,800.to.$114,650......28%............25%...........-3%
$114,650.to.$174,700....31%............28%..........-3%
$174,700.to.$311,950....36%............33%..........-3%
Over $311,950...............39.6%..........35%..........-4.6
Largest percent cut here
When you look at the chart, note that the taxable income group which got NO reduction in the marginal tax rates was $14,000 to $56,800.
Keep in mind that those figures are for taxable income, not gross income, so you can see that is a rather large range of income that got nearly squat if no child tax credit was available. I rather think that many people in that income range consider themselves middle class.