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Harris Plan Would Bring Tax Increases for Richest 1% and Cuts for the Bottom 99%
(www.commondreams.org)
this post was submitted on 23 Oct 2024
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The images I used are, I think, shitty thumbnail versions of whats actually on the article as I only have a shit tier 4g phone.
If you go to the article's page itself, you can make out the bracket definitions better.
That being said: (Threw this all in a spoiler so as to not further wall of text this thread)
These x axis are grouped into income tax brackets.
The US Federal income tax has long been broken up into a sort of stair step, series of brackets.
Declare x amount of yearly income, you fall into bracket 1, earn more next year? y amount of income? You may move up to bracket 2.
The brackets precise income level boundaries of the brackets, are updated each year based off of I think CPI (inflation) according to a known and established law and formulation.
This graph indicates the change in the amount of taxes you pay in percentage terms of your precise income.
I'll attempt to explain in detail.
The way to read this... say you're at the very first income bracket, 0 to $28k ish, and that for the sake of example, you make exactly 28k a year.
Right now, you pay... whatever % and amount of taxes as is currently the norm.
Under Kamala's plan, you'll pay 7% of your 28k, or $1960 less in taxes than in the current schema.
Under Trump's plan, you'll pay 4.9% of your 28k, or $1120 more in taxes.
If we go to the other side of the graph... lets say your income is exactly $1 million bucks.
Kamala plan: You pay $41k more in taxes.
Trump plan: You pay $14k less in taxes.