The smartest person I know, idolized him since I was a kid, had that same misconception last year when we were discussing top end tax brackets.
I feel like every April news orgs should just run segments with accountants doing this example.
I feel like every April news orgs should just run segments with accountants doing this example.
$10 for the first bracket. The remaining untaxed income is $1, taxed at 90% = $0.90 tax.
But the Republican Party has spent a lot of money to make people think that the tax would be $90.90 (i.e,. a flat rate), which is why so many people are opposed to increasing the tax bracket rates...even though the actual affect is marginal to most people (even those affected).