this post was submitted on 17 Nov 2024
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[–] iAmTheTot@sh.itjust.works 66 points 7 months ago* (last edited 7 months ago) (21 children)

So sick and tired of this myth, how are Americans so goddamn ignorant of their own tax system that this continues to persist.

Corporations are evil for a million and one reasons. This isn't one of them.

[–] i_stole_ur_taco@lemmy.ca 43 points 7 months ago (7 children)

I know people who still repeat the line that earning more money will push them into a higher tax bracket and they’d end up with less money than if they stayed at their current income.

[–] phar@lemmy.ml 2 points 7 months ago (3 children)

Isn't this possible? Tax brackets for 2024 I thought for single filer is 24% below 191k and 32% over 191k, isn't it?

[–] pez@lemmy.world 6 points 7 months ago (1 children)

The higher rate gets charged only on the portion above the threshold. So with those rates someone earning 192k pays ($191k * .24) + ($1k * .32) = $46,100 not ($192k * .32) = $61,400.

Where you can be worse off earning more is if it puts you over a threshold for some social services (food stamps for example) with a hard cutoff rather than progressively lower benefits.

[–] phar@lemmy.ml 1 points 7 months ago

Thank you for explaining!

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