reply to post by Benevolent Heretic
The tax table that you linked to deals with TAXABLE income, that is, income after all deductions, adjustments and exemptions have been taken. Obama's
plan deals with total income, before deductions, exemptions and adjustments.
Note the following, which is in the beginning of the Tax Foundation link from my OP:
(note that the threshold is for total income, which is greater than taxable income).
I hope that clarifies it for you. I can see how people might be confused though. A married person filling jointly making $50,000 in Total Income(as in
Obama's plan), after taking the standard deduction, 2 exemptions, and an average number of adjustments would be making roughly $30,000 of TAXABLE
income, as as you can see, from your chart, that is the 15% bracket, so that their tax would be $4,500 under Obama's plan, but if they made $1
less($49,000), then Obama's plan says they pay no taxes.
As CBSTV has said:
Tax experts across the political spectrum also fault the Obama plan's abrupt $50,000-a-year threshold. As described by the campaign, seniors
making, say, $48,000 would pay no income tax, while someone with income slightly more than $50,000 could pay several thousand dollars in income taxes.
Seniors nearing the $50,000 threshold would have incentive to quit working.
This would force seniors to quit after making 49999, and of course, that would make no sense to the economy.
There has NEVER been a situation like this in the IRS code, because it is not a graduated tax, and that is the aim of the current tax system.
This proposal has just been thrown on the wall, as have proposals of BOTH candidates, without any real thought behind them. The problem is that most
Americans aren't even aware of contradictions like this. They vote based on the sound bites.
Neither candidate even understands what "they" (really, their advisors) are saying, and it's obvious that even they don't understand what they are
The MSM is complicit in all of this, because it is their responsibility to research and check these things. That has not happened in a long time.
Investigative reporting has been replaced by sloppy "National Enquirer" style
reporting.- You know like "Check out the new UFO diet that Elvis, who is alive, has used to father seven children with Paris Hilton, while making a
trip to Venus, in a ship stolen from NASA."
I hope this helps.