- Cape businessman known for starting NARS dies at 49 (2/23/17)9
- Apparent punch at girls basketball game propels lawmaker into action (2/21/17)4
- Business notebook: Owners ready to roll out the Barrel 131 (2/20/17)7
- Japanese restaurant up and running; owner surprised by fondness of sushi here (2/24/17)1
- SoutheastHEALTH, Washington University School of Medicine announce collaboration (2/24/17)21
- Missouri bill would limit transgender school bathroom access (2/22/17)48
- City issues precautionary boil order near Arena Park (2/23/17)
- Annual father-daughter dance provides some fun bonding time (2/19/17)1
- $22M bond issue would alter Jackson schools (2/22/17)13
- Former KFVS12 reporter talks about recovery from eating disorder (2/23/17)11
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.