this post was submitted on 17 Nov 2024
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[–] iAmTheTot@sh.itjust.works 58 points 19 hours ago* (last edited 18 hours ago) (19 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 39 points 19 hours ago (6 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 1 points 8 hours ago (2 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 2 points 8 hours ago

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.

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