Gannon Reveals A Sneaky Fat Tax Increase

[katya422]

Not the main topic of the video, but the one that I found most interesting.

Half Of People Earning $100K Or More Say They Are Living Paycheck To Paycheck



George points out around 4:30 that the tax brackets are not being increased in line with inflation. He compared the brackets from 2020 with those for 2022. On average tax brackets were adjusted upwards by 4%. However compounded official inflation in that time frame is 15%.

Someone making $40K in 2020 has increased to $44K in 2022 they have been bumped up into a higher tax bracket. They went from a 12% tax bracket to a 22% tax bracket.

- their wages went up 10%...

- but inflation went up 15%

- and their tax rate went up 10%


So their purchasing power has decreased at the same time that they have had to pay more of their gross income in taxes.

If this continues for 5 years or 10 years as the tax brackets move up less than the rate of inflation the government is milking the American public for a higher and higher percentage of their overall purchasing power.

[MylfHunter69]

That’s not how tax brackets work. All of your income is not subject to the higher rate when you reach it

[naich]

That’s not how tax brackets work. All of your income is not subject to the higher rate when you reach it

This. John Doe making 44k will be taxed 22% on the last 4k he makes in 2023.

[katya422]

That’s not how tax brackets work. All of your income is not subject to the higher rate when you reach it

Well that's my goof. Suppose it should say something like you pay 10% more on income that fall in the next bracket.

Can't say he is wrong though that by not keeping the tax brackets in line with inflation the government gets a bigger slice of peoples' money.

[Jayarbie]

That’s not how tax brackets work. All of your income is not subject to the higher rate when you reach it

It's also no different than how tax brackets have always worked. In the 50's there was a 60% tax bracket I think at $1m or something, but only like the Bill Gates type people of that time made a million a year. Now that would affect tens of thousands of people. The Reagan tax cuts in 1980 fixed a lot of that.

[ImpressiveGainz]

Thought this thread was about Rich Gannon talking about overpriced Superbowl fare.

[engj]

This. John Doe making 44k will be taxed 22% on the last 4k he makes in 2023.

Bracket creep is still real. If basic personal exemptions and lines where they ladder up the rates don't slide up with inflation you are paying a higher effective rate of tax compared to purchasing power.

[Kraken]

Regardless of the misunderstanding, inflation is still taxation without representation. You are still getting taxed more on your total income, because you’re spending more for everything. Even tax free items, because the taxes and costs on the businesses have increased, and those costs and taxes get passed on to the consumer on the price of the items.

[MylfHunter69]

Well that's my goof. Suppose it should say something like you pay 10% more on income that fall in the next bracket.

Can't say he is wrong though that by not keeping the tax brackets in line with inflation the government gets a bigger slice of peoples' money.

Yeah no chit. You don’t understand how tax brackets work because you’re broke and unemployed.

Just like you don’t understand how mRNA vaccines work because you couldn’t pass a 9th grade biology test

Yet somehow you still think you’re qualified to talk on these topics because you watch a YouTube video designed to mislead stupid gullible people like you

[LateShow]

Taxation is theft
But this is all according to their plan anyways, and WWIII will only drive us deeper down their path

[katya422]

Yeah no chit. You don’t understand how tax brackets work because you’re broke and unemployed.

Just like you don’t understand how mRNA vaccines work because you couldn’t pass a 9th grade biology test

Yet somehow you still think you’re qualified to talk on these topics because you watch a YouTube video designed to mislead stupid gullible people like you

I worked for 20+ years and when I was married I was the one who had to do the taxes every year.

I'm not strong in math and often make stupid errors, though I can see them after the fact. I like biology and took Bio 1 and 2 and had good grades. Chemistry I hated because math and balancing formulas...hell.

Not that it matters, but genetics and heredity was one of my favorite sections.

[viccruise420]

Addressing the part about half of people making 100k living paycheck to paycheck.

How much of this do yall think has to do with the aspect of American culture being hyper consumerism and living at the very limits of your means?

Is 100k really not enough or are people just hellbent on buying the biggest house they can, buying the most expensive car they can and spending as much disposable income as possible on eating out and entertainment?

I am a beavercell but immigrated from America so I would say I do understand American culture. Its practically the same here. Cost of living may be higher here but my household income is well over 100k and as a young family, my wife and I live paycheck to paycheck and its tight to say the least. Of course we could have made better decisions in the past and we bought a home at a bad time (2022) but we bought the cheapest home we could get at the very low end of the market, have great credit, drive modest vehicles, are very frugal about groceries and don't really splurge at all on eating out or anything like that. We budget hard and think we can get ahead eventually but its going to take many, many more years of grinding. Interest rates, utilities and food prices going up are eating up our money.

[AshWar]

Yeah no chit. You don’t understand how tax brackets work because you’re broke and unemployed.

Just like you don’t understand how mRNA vaccines work because you couldn’t pass a 9th grade biology test

Yet somehow you still think you’re qualified to talk on these topics because you watch a YouTube video designed to mislead stupid gullible people like you

Qft

OP is an unemployed deranged hag and gets gassed up by the incels on the misc cause it’s the only female attention they get all day

[TitsAlternative]

Addressing the part about half of people making 100k living paycheck to paycheck.

How much of this do yall think has to do with the aspect of American culture being hyper consumerism and living at the very limits of your means?

Is 100k really not enough or are people just hellbent on buying the biggest house they can, buying the most expensive car they can and spending as much disposable income as possible on eating out and entertainment?

I am a beavercell but immigrated from America so I would say I do understand American culture. Its practically the same here. Cost of living may be higher here but my household income is well over 100k and as a young family, my wife and I live paycheck to paycheck and its tight to say the least. Of course we could have made better decisions in the past and we bought a home at a bad time (2022) but we bought the cheapest home we could get at the very low end of the market, have great credit, drive modest vehicles, are very frugal about groceries and don't really splurge at all on eating out or anything like that. We budget hard and think we can get ahead eventually but its going to take many, many more years of grinding. Interest rates, utilities and food prices going up are eating up our money.

Almost all of it barring high cost of living cities.

[129iq]

The lie that a huge percent are living paycheck to paycheck. Everyone has multiple things they could sell or stop to pay bills for a long time.

[MylfHunter69]

I worked for 20+ years and when I was married I was the one who had to do the taxes every year.

I'm not strong in math and often make stupid errors, though I can see them after the fact. I like biology and took Bio 1 and 2 and had good grades. Chemistry I hated because math and balancing formulas...hell.

Not that it matters, but genetics and heredity was one of my favorite sections.

You did your taxes for 20+ years and don't even have a basic understanding of how tax brackets work?

That's honestly even worse - it's one thing to be inexperienced but that's just straight retarded

[im2manly]

That’s not how tax brackets work. All of your income is not subject to the higher rate when you reach it

It is embarrassing that people don't know this

[katya422]

You did your taxes for 20+ years and don't even have a basic understanding of how tax brackets work?

That's honestly even worse - it's one thing to be inexperienced but that's just straight retarded

Must be nice to never make any flubs. I realized that I missed a step when it was pointed out and I admitted to it.

It isn't that I lack an understanding of tax brackets, I just miss steps, use wrong functions, or make calculation errors. Multiple by 3 instead of by 6, skip a step in a equation, add instead of multiply, put the decimal in the wrong spot...and I can usually see it after, but not when I'm doing the calculation. I'm also crap at remembering numbers...it's like they are slippery and my mind doesn't get a grip on them.

[TitsAlternative]

Must be nice to never make any flubs. I realized that I missed a step when it was pointed out and I admitted to it.

It isn't that I lack an understanding of tax brackets, I just miss steps, use wrong functions, or make calculation errors. Multiple by 3 instead of by 6, skip a step in a equation, add instead of multiply, put the decimal in the wrong spot...and I can usually see it after, but not when I'm doing the calculation. I'm also crap at remembering numbers...it's like they are slippery and my mind doesn't get a grip on them.

You may have dyscalculia. Are you good at drawing and visual stuff by chance? I have met 2 other women like this. And it seems to be more common in women from what I have read. It's like dyslexia but with math. They are usually way above average at visual manipulation tasks and art, but terrible at math like FKING terrible.

[AshWar]

You may have dyscalculia. Are you good at drawing and visual stuff by chance? I have met 2 other women like this. And it seems to be more common in women from what I have read. It's like dyslexia but with math. They are usually way above average at visual manipulation tasks and art, but terrible at math like FKING terrible.

I thinks she’s just retarded

[katya422]

You may have dyscalculia. Are you good at drawing and visual stuff by chance? I have met 2 other women like this. And it seems to be more common in women from what I have read. It's like dyslexia but with math. They are usually way above average at visual manipulation tasks and art, but terrible at math like FKING terrible.

Quite likely. I drilled multiplication tables a lot...still will goof on the sometimes or will have to think of one I remember and then add to it.

My strongest abilities are verbal. I like to do spatial stuff [mainly sketching up house plans] and I like crafty stuff and jigsaw puzzles. Not so great at drawing, though I enjoyed art classes.

[TitsAlternative]

Quite likely. I drilled multiplication tables a lot...still will goof on the sometimes or will have to think of one I remember and then add to it.

My strongest abilities are verbal. I like to do spatial stuff [mainly sketching up house plans] and I like crafty stuff and jigsaw puzzles. Not so great at drawing, though I enjoyed art classes.

You probably have it. There are strategies for learning math with dyscalculia, but it is hard. You have to learn it as a verbal skill. It's like how ChatGPT3 is bad at math because it cannot actually do math. It just can assign relationships and optimize a search. So it may spit out stuff that "looks like" an answer but be mathematically wrong.