- Business notebook: Cape native goes from farm to mobile-food operation (3/20/17)1
- Three out, including city administrator, at Scott City; two resigned, one fired (3/16/17)1
- Several tournaments already booked at Sportsplex (3/16/17)6
- Legal discrimination complaint, ethics complaint filed in Scott City government (3/22/17)9
- Former Scott City administrator: 'I was forced to resign' (3/21/17)6
- Cairo man pleads guilty to bank murders (3/17/17)1
- Two people found dead in Advance house fire (3/21/17)
- Triplett manslaughter case set for July 2018 (3/21/17)2
- Two local lawmakers back charter school bill; Perryville lawmaker objects to measure (3/19/17)19
- Two Cape men charged with second-degree murder of Grandi (3/21/17)2
Tax cuts benefit all taxpayers
To the editor:
After reading a recent letter about tax cuts, I have to beg to differ with the conclusion that only the rich have gotten tax relief.
The writer said, "A married family filing jointly with a combined taxable income of $56,800 pays 25 percent" and went on with some non-income tax-related stuff on Social Security and Medicare. Actually, every dollar of taxable income above $56,800 is taxed at 25 percent. Income up to $14,000 is taxed at 10 percent. The rate from $14,000 to $56,800 is 15 percent.
In 2003, a married family filing jointly with a combined taxable income of $56,800 pays $7,820 in federal tax (calculated rate of 13.77 percent). In 2002, that same family would have paid $9,132 in federal tax (calculated rate of 16.08 percent). In 2000, that same family would have paid $10,203 (17.96 percent). After doing some other comparisons, it looks impossible for anyone paying federal income taxes to not have benefited from the tax cuts since 2001.