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#1 Bernie Sander's plan to help the low income worker

Posted: Sat, 22 Feb 20, 19:25 pm
by bernomatic
Just heard this in a podcast about a James Wood's tweet
Bernie's Plan.jpg
Bernie's Plan.jpg (127.96 KiB) Viewed 5722 times
:arrow: link to original tweet

Of course this is a way over simplification and doesn't take into effect the true affect of tax brackets on your income (basically money made in the lower tax brackets is taxed in that amount, and only the adjusted income that falls into the higher tax bracket is taxed at that rate. So the true number would depend on were the new lower brackets fell. In the example above, only $2,200 would be taxed at the 52% rate. Everything else would be taxed per the lower brackets, whatever Sander's would have those set at.
:arrow: IRS-How Tax Brackets Work

I was just looking at the State of Ohio's Tables and just came away with a new issue with my state. It appears that if you make less than $21,750, you owe 0% in taxes. If however you make $21,751, they tax the first $21,750. Yes you owe $310.47 on that first $21,750 or 1.427%. :twisted:

In the end, the only one who truly benefits from an increase in the "Minimum Wage" are taxing authorities and that is why the government wants to "help you".