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<DIV>If federal tax is 50%, state tax is 35%, and local tax is 20%, then you
could theoretically pay more in tax than your entire income -- at least on the
bracket subject to those percentages. But, federal is currently well under 50%
even for the top bracket, state is generally in the single digits, and local
even smaller, where there is one at all -- I know, you live in New York
City.</DIV>
<DIV> </DIV>
<DIV>The moral of your next paragraph is, if you get a $2 raise, don't use the
tax tables.</DIV>
<DIV> </DIV>
<DIV>I definitely favor phasing out assistance like food stamps in such a manner
that people always get ahead by working. It means they get to keep at least half
the money, or lose in assistance half or less of what they make, until its down
to a small sum which can just be dropped, because income is high enough nobody
would quit their job.</DIV>
<DIV> </DIV>
<DIV>Siarlys</DIV>
<DIV> </DIV>
<DIV>On Thu, 4 Mar 2010 10:14:19 -0500 "Discussion of the Good, Clean Funnies
List" <<A href="mailto:gcfl-discuss@gcfl.net">gcfl-discuss@gcfl.net</A>>
writes:</DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 10px; PADDING-LEFT: 10px">
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial
size=2>While the axiom seems to be flawed, there actually is some truth to
it.</FONT></SPAN></DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial
size=2>Firstly, between federal, state and local, the marginal rates could
total above 100%. Secondly, if the change in your bracket takes you to a
category where deductions and exemptions get prorated, that shift could go
over 100%. Thirdly, before computer tax programs became so ubiquitous,
the fed sent out tax tables with $50 increments. lets say that at
$20000, the marginal tax rate is 10%. if a person's income jumps from 19999 to
20001, a $2 increase, his tax will go up $5, 10% of $50.</FONT></SPAN></DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial
size=2>Finally, if a person receives certain benefits, such as food stamps,
medicaid, college scholarships, rent assistance (section 8), etc., a small
increase in on-the-books income could cost him some or all of these
benefits. the tax may not literally be over 100%, but it sure will feel
like it.</FONT></SPAN></DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial size=2>This
last is what causes people on the dole to stay there. An unskilled job
cannot possibly bring in as much income as would be lost from food stamps,
medicaid, etc.</FONT></SPAN></DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=810163914-04032010><FONT color=#0000ff face=Arial size=2>Some
years ago, i sued my insurance company and an arbitration hearing was being
held. as i waited for my turn, i was surrounded by a bunch of lawyers
who knew each other professionally. some had 6 or 7 digit salaries while
one went into legal aid. his salary was so much less than the others,
but when they factored in scholarships and such, they weren't that far
apart.</FONT></SPAN></DIV>
<DIV><!-- Converted from text/rtf format -->
<P align=left dir=ltr><FONT size=5><FONT face=Script><FONT color=#0000ff><SPAN
lang=en-us>greenBubble</SPAN> </FONT></FONT></FONT></P><BR></DIV>
<DIV align=left class=OutlookMessageHeader dir=ltr lang=en-us>
<HR tabIndex=-1>
<FONT face=Tahoma size=2><B>Subject:</B> Re: [GCFL-discuss]
Axioms<BR></FONT><BR></DIV>
<DIV></DIV>That's so much BS that they do that Insufficient Funds charge, it's
so dirty... oh well, we call that capitalism.<BR><BR>Thanks to my college
experience I know how to live on very little ... sadly that means being stuck
in the apartment doing nothing but computer games and looking for work. Sucks,
but I'm not spending money.<BR><BR>~Lance<BR><BR>
<DIV class=gmail_quote>On Wed, Mar 3, 2010 at 7:47 PM, Discussion of the Good,
Clean Funnies List <SPAN dir=ltr><<A href="mailto:gcfl-discuss@gcfl.net"
target=_blank>gcfl-discuss@gcfl.net</A>></SPAN> wrote:<BR>
<BLOCKQUOTE class=gmail_quote
style="BORDER-LEFT: rgb(204,204,204) 1px solid; MARGIN: 0pt 0pt 0pt 0.8ex; PADDING-LEFT: 1ex">I
guess I am more gullible than I realized. I assumed that was a
true<BR>statement without question. What made you decide to test
it?<BR>I sent my math whiz friend your statement and figures. I await
his reply...<BR>Not, of course, that I don't have faith in your reasoning
abilities.<BR>Respectfully, Jeanene<BR><BR>I am distressed to learn of your
and Lance's financial status. (How do you<BR>grammatically say the
previous sentence? The "you/r and Lance" part. No<BR>matter how
many times I say it aloud, it sounds WRONG.) I have three<BR>friends
who are working for the census. I hope and pray you get that
job,<BR>Lance. Are you interested in working for the census, Siarlys?
We are in<BR>sad shape financially, but we still have food in the
fridge, the deep freeze<BR>and the pantry, so I really have no place to
complain. I would like it if<BR>our bank 'autopays' could be put "on
hold" until we have money in the bank<BR>as the insufficient funds charges
of $37 for each transaction are pulling us<BR>farther and farther under.
How does charging us allow us to catch up?<BR>sigh.<BR>Jeanene<BR>
<DIV><BR>-----Original Message-----<BR>To: Red<BR>Subject: [GCFL-discuss]
Axioms<BR><BR>Kaufman's Axiom is funny, but<BR><BR>The Salary Axiom was
prepared by someone who can't do math.<BR><BR>There is no such thing as a
pay raise which costs more, by moving you<BR>into a higher tax bracket, than
the amount of the raise.<BR><BR>The higher percentage applies only to the
money OVER the lower limit for<BR>the bracket, and it is always less than
100%.<BR><BR>E.g.<BR><BR>10% of $10,000<BR><BR>+<BR><BR>15% of income over
$10,000 but less than $50,000<BR><BR>+<BR><BR>25% of income over
$50,00.<BR><BR>If you made $45,000 before and $55,000 after,<BR><BR>$1000 +
$5250 = $6250 leaving you $38,750.<BR><BR>changes to<BR><BR>$1000 + $6000 +
$1250 = $8250 leaving you $46, 750.<BR><BR>I can always use an extra $6000,
even if Uncle Sam has already taken<BR>$2000.<BR><BR>I'm not sure I'm going
to make $6000 this entire
year.<BR><BR><BR>Siarlys<BR><BR>_______________________________________________<BR></DIV>
<DIV>
<DIV></DIV>
<DIV>GCFL-discuss mailing list<BR><A href="mailto:GCFL-discuss@gcfl.net"
target=_blank>GCFL-discuss@gcfl.net</A><BR><A
href="http://gcfl.net/mailman/listinfo/gcfl-discuss"
target=_blank>http://gcfl.net/mailman/listinfo/gcfl-discuss</A><BR></DIV></DIV></BLOCKQUOTE></DIV><BR><BR
clear=all><BR>-- <BR>No animals were harmed in the sending of this
message.<BR>However, a few million electrons were extremely
inconvenienced...<BR>
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