I wonder if we have any of those people around here who think it’s possible to make less money (take home) after reaching a higher tax bracket

I usually get a few thousand dollars back, this year it looks like I owe a couple thousand. They didn't withhold on my bonus at the same rate as my regular pay. Not sure why.

I've ended up owing 7-8K the past couple of years and can't believe I haven't been assessed a penalty yet.

tax brackets were adjusted. You probably saw a slight increase in your paycheck but daddy government wants it back

35% tax bracket crew checking in

lmao. brutal retardation.

But you're right, it's hopeless, why even bother explaining... People have absolutely no clue, but believe they are a CPA

But I am a cpa tho

you pay your
taxes and you
keep your dirty hore mouth shut,
u stupid MOFO

about the same as the past few years.

Owe about $800

In some cases it is, where the taxes are not part of marginal income tax scales

For example in Australia you have an excess superannuation contribution tax which kicks in (from memory) around $230k

Below that you don’t pay the tax at all, but above that you might pay $4-10k depending on income

Similarly there are levies that apply at particular income thresholds which might be a $4-5k hit even if you exceed the threshold by $1

A similar thing is, there are government subsidies (essentially, negative taxes) where there is a hard cut-out on the subsidy at certain tax thresholds I.e you earn $1 over the limit and you lose the entire subsidy

Repayment of student debts also works on hard thresholds, not marginal

So yes, the effective marginal tax rates (taking into account taxes, levies and withdrawal of government subsidies) can in fact be greater than 100% in some scenariosGenerally speaking I find that when people don’t understand the above, and like “hurr durr mUh mArGiNaL rAtE” they are on low incomes and haven’t had to deal with all the BS government levies that get imposed on incomes above $200k and have nothing to do with marginal rates

Or they are solely on personal income and don’t have a company

Lol

Im talking about the USA fools who think this with a single simple w-2 and are already out of the welfare trap etc

“Im not accepting that raise, ill make less money… boss is trying to get one on me.” They actually think THEIR BOSS will save money by bumping the employee’s salary lol

And ive posted this before, i make over 200k working from home. Cybersecurity compliance job. You can even dig up my old posts where i was closer to 180k a year ago. 135k before that.

I mean, that proves nothing other than your ability to lie consistently

I’ve never actually met a person who thinks they’ll be worse off earning money purely based on progressive marginal tax rates

It’s always some weird issue about child care subsidy, child support payments or transferring company profits into personal income

Perhaps you were hoping i was one of the low income people you were hinting at in your post to make your point stronger

And while you havent met someone like that, i have. One of my high school teachers used to tell us that. This guy even taught us a financial literacy course. It’s ridiculous

Theres plenty of stories of this on reddit as well. People treat marginal tax like effective tax instead. They just dont know

https://www.reddit.com/r/badeconomic...you_pay_60_of/

You guys are cute.

I paid over $45,000 in tax last year. Welcome to Canada.


I am getting about 4k back tho

If you’re quoting Reddit as some kind of reference you’re either retarded or trolling or both.

People aren’t that dumb in real life.

1) ignores the fact that i know someone like this IRL. And he taught this to a class full of people, several of which probably believed him

2) attacks me and reddit because he’s clearly incorrect. Theres plenty of USAtards who think they will have less take homesolely on account of moving to a higher marginal tax bracket after a raise

Just take the L and move on. If you think people arent that dumb in real life, ive got some bad news for you

My taxes have skyrocketed under the new tax plan set in place by the former administration.

Mine too, but only because my income has skyrocketed.