Posted by MarkB_MI on February 14, 2012 at 02:57:27 from (32.178.108.25):
In Reply to: Re: Taxes posted by Tony in SD on February 14, 2012 at 02:25:59:
Tony, I think he was talking about the EFFECTIVE tax rate, not the incremental rate. Assume that a person making 100K has 20K in deductions and exemptions. That leaves 80K of taxable income. Look up 80,000 on the tax table: Tax for a single person is 16,131. That works out to an effective tax rate of 16 percent on 100K of Adjusted Gross Income. Not 8 percent, but still much less than 28.
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