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Showing posts with label Tax brackets. Show all posts
Showing posts with label Tax brackets. Show all posts

Friday, April 21, 2023

Ruth Richardson: The taxation problem I should have fixed 33 years ago


How have we got to the point where our lowest-waged workers are now paying tax rates that were set up to sock it to those on higher incomes?

If you’re a minimum wage earner who works more than 40 hours a week, you’re now in the middle $48,000 tax bracket, paying 30% on any additional earnings.

Inflation has dragged you into a higher tax bracket.