- Sikeston singer moves on with 'The Voice' (10/16/17)
- Past Rowdy the Redhawk mascot's identity revealed (10/15/17)
- Police chief, council: Cape Girardeau faces growing gun violence (10/17/17)4
- Developer asks court to OK tax district board for improvements near Hobby Lobby (10/17/17)4
- Politics to profits: Brothers launch new investing concept on Wall Street (10/19/17)1
- Load shift kills Jackson trucker (10/17/17)
- The last person to be laid to rest at Old Lorimier Cemetery: Mary Russell Fox (10/17/17)2
- Cape Christian School burglarized (10/18/17)
- Food Giant in Chaffee is robbed (10/17/17)
- Owner of dinosaur relics demands new board of directors, business plan at Bollinger County Museum (10/17/17)
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.