LogFAQs > #890703965

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Topic	Politics Containment Topic 149: Open 24/7 365 Snowflakes or not!
Corrik 11/19/17 7:35:55 PM #63:	MalcolmMasher posted... Corrik, let us suppose that I make $50k a year, you make $250k a year, and the payroll tax rate is 10% with the cap at $100k. I am below the cutoff, so all my income is taxed at 10%, for $5,000 owed. You are above the cutoff, so only a portion of your income is taxed: you pay 10% on the $100k cap, for $10,000. I paid 10% of my income, you paid 4% of yours. It's a regressive tax, because it takes a bigger cut of a poor man's income than a rich man's. Wait. I need to re-read this a few times.to figure out what you are meaning. Hold up --- LoL ID = imajericho XBL GT = Corrik <cite>Corrik posted [p:890703965] in Politics C... [t:76002848]...</cite> <quote><cite>MalcolmMasher posted...</cite> <quote>Corrik, let us suppose that I make $50k a year, you make $250k a year, and the payroll tax rate is 10% with the cap at $100k. I am below the cutoff, so all my income is taxed at 10%, for $5,000 owed. You are above the cutoff, so only a portion of your income is taxed: you pay 10% on the $100k cap, for $10,000. I paid 10% of my income, you paid 4% of yours. It's a regressive tax, because it takes a bigger cut of a poor man's income than a rich man's.</quote> Wait. I need to re-read this a few times.to figure out what you are meaning. Hold up --- LoL ID = imajericho XBL GT = Corrik</quote> ... Copied to Clipboard!
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