Time to give America a raise!

[Quineloe]

Originally Posted by Champion_Standing [You must be logged in to view images. Log in or Register.]

http://lmgtfy.com/?q=2014+federal+income+tax+brackets

If you can't even tell how much taxes you're talking about, seems to be a bit stupid to talk about them being too high.

[Champion_Standing]

Originally Posted by Quineloe [You must be logged in to view images. Log in or Register.]

If you can't even tell how much taxes you're talking about, seems to be a bit stupid to talk about them being too high.

I never said anything about them being too high, I said they shouldn't exist.

[Quineloe]

What shouldn't exist?

[Champion_Standing]

Originally Posted by Quineloe [You must be logged in to view images. Log in or Register.]

What shouldn't exist?

Originally Posted by Champion_Standing [You must be logged in to view images. Log in or Register.]

Raising the minimum wage is just a scam to get more money into government coffers, if they really gave a shit about working people they would eliminate the bottom 3 federal income tax brackets.

[Quineloe]

Again, it's a simple question. Someone works a full time job at minimum wage, so how much is being taken out of his paycheck due to income tax?

I'm not even disagreeing with you there, I'm just curious because here such poorly paying jobs are already exempt from income tax.

[Champion_Standing]

Originally Posted by Quineloe [You must be logged in to view images. Log in or Register.]

Again, it's a simple question. Someone works a full time job at minimum wage, so how much is being taken out of his paycheck due to income tax?

I'm not even disagreeing with you there, I'm just curious because here such poorly paying jobs are already exempt from income tax.

If you work full time and make minimum wage you make enough money to be put into the lowest tax bracket. baalzy is far more motivated than I and he broke it down on page 1.

[Vilkata]

Deflate instead of inflate.

[baalzy]

Considering that most of America carries high amounts of debt, deflation would ruin us.

Inflation is about the only thing keeping us afloat.

[Swish]

Originally Posted by baalzy [You must be logged in to view images. Log in or Register.]

^ this guy doesn't understand progressive taxes.

Edit: Nvm, did the math. Apparently I'm just an asshole. My argument was much better before I remembered to include SSi & Medicare taxes.

Federal minimum wage = 7.25 / hour. 7.25 * 40 hours a week * 52 weeks = 15080/year.
Tax rate on SSi/Medicare = 7.65% = 1153.62 taxed on that = 13926.38 net income before income tax
2014 standard deduction = 6200 = 7726.38 taxable income.

Lowest income tax bracket of 10% ends at 9075. 7726.38 < 9075
10% of 7726.38 = 772.64

772.64 + 1153.62 / 15080 = 12% effective tax rate

(2014 rates & deductions)
http://www.forbes.com/sites/kellyphi...unts-and-more/

(Note: Assuming single and no children).

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[Champion_Standing]

Best sig yet swish, lol'd hard


btw stop derailing threads with your sigs