Seattle City Council unanimously approves income tax for the rich

Re:Seattle City Council unanimously approves income tax for ... by daveguy on Monday July 10, 2017 @09:11PM (#14740890)

Typically taxes like this are levied on the amount above the threshold. So someone making $250,000 / year will have to pay $0 in additional taxes. This is just like the federal income tax, where if you go into the next bracket you don't suddenly have to pay more on everything up to that bracket. It is only the additional income that is taxed at the higher rate. It's amazing how many intelligent conservatives don't understand this basic aspect of taxes in the US. If you make more you always keep more in the US.

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Re:Seattle City Council unanimously approves income tax for ... by lowpro on Monday July 10, 2017 @09:16PM (#14740902)

Do you have a reference for this? I've honestly never heard of this and had no idea, even though I study politics and economics somewhat closely. I've never seen this brought up as a point on either side when talking about taxes, so I'm curoious if this is the case if there are exceptions that have become the rule and thus this might be technically true but not seen by most people?

TL;DR: taxes are hard, do you have a reference?

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Re:Seattle City Council unanimously approves income tax for ... by kevincennis on Monday July 10, 2017 @09:23PM (#14740937)

It's very common.

A progressive income tax like this prevents situations where someone getting a small raise that moves them I i a higher tax bracket could actually leave them WORSE OFF than they were before the raise.

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Re:Seattle City Council unanimously approves income tax for ... by daveguy on Monday July 10, 2017 @09:19PM (#14740917)

Sure:

https://taxfoundation.org/2017-tax-brackets/

https://www.irs.com/articles/2016-federal-tax-rates-personal...

It's how tax brackets work. Notice the "+X% over the excess / of the amount over" wording in the documents. I'm not a CPA, so maybe one can chime in with a counter example of someone who would take home less if they made a larger salary. But I'm pretty certain this is how it works.

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Re:Seattle City Council unanimously approves income tax for ... by protomyth on Monday July 10, 2017 @09:23PM (#14740935)

Look at the US tax code (just pull the calculations from the 1040A instructions on the IRS website). That's how tax brackets work.

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Re:Seattle City Council unanimously approves income tax for ... by rndmize on Monday July 10, 2017 @09:20PM (#14740922)

https://en.wikipedia.org/wiki/Tax_bracket

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