- Krispy Kreme coming to Cape Girardeau (12/14/17)2
- Light and music show: Jackson family goes high-tech with Christmas display (12/11/17)
- Cape schools to get two new principals, assistant superintendent (12/13/17)1
- Former Wimpy's Drive-In owner Freeman Lewis dies (12/9/17)2
- Two Cape County residents, including former Jackson police officer, face burglary charges in Colorado (12/12/17)
- Jury convicts Scott City man who confessed to murder; girlfriend's testimony corroborates confession (12/9/17)
- Kelso resident brings home $60K in lottery winnings (12/14/17)
- Pedestrian struck on Broadway (12/11/17)4
- Wind brings down Wendy's sign in Cape Girardeau (12/11/17)2
- Feds ask judge to impose $6.5 million punishment for Cape surgeon (12/7/17)9
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.