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because tax rates are how our income taxes are
Posted on: March 26, 2021 at 16:31:01 CT
DesertTiger MU
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implemented and calculated at an individual level, and since we're talking federal taxes that's the way the majority of our individual contribution to overall tax revenues is handled.
Saying someone paid 10% more in federal taxes from year 1 through year 4 means literally nothing to me unless I also know what the income level is. If I ended up making 50% more while only paying 10% more, maybe that's OK since I'm making a buttload more money. If I made less or the same and paid 10% more, then we definitely had a tax hike.
That's why, in my opinion, the common vernacular of tax hike or cut is used in reference to the individual taxpayer, implemented via tax rates...overall tax revenues are influenced by far too many things to say we've had a tax hike just because they go up.
Yes, at the macro level, we as a nation probably paid more taxes if overall revenues are up, but that doesn't mean we implemented a tax hike, and doesn't mean we didn't.
Saying someone paid 10% more in federal taxes from year 1 through year 4 means literally nothing to me unless I also know what the income level is. If I ended up making 50% more while only paying 10% more, maybe that's OK since I'm making a buttload more money. If I made less or the same and paid 10% more, then we definitely had a tax hike.
That's why, in my opinion, the common vernacular of tax hike or cut is used in reference to the individual taxpayer, implemented via tax rates...overall tax revenues are influenced by far too many things to say we've had a tax hike just because they go up.
Yes, at the macro level, we as a nation probably paid more taxes if overall revenues are up, but that doesn't mean we implemented a tax hike, and doesn't mean we didn't.
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because tax rates are how our income taxes are - DesertTiger MU - 3/26 16:31:01