When you are talking large income to larger income, that makes total sense, but are there limits for access to things like child tax credits where if you go over you are no longer eligible, causing significant increase (I just looked, and it's at $200k single of $400k jointly, so unless you have A LOT of children, I suppose there wouldn't be a huge effect)? Similar to people on government assistance who go from getting full assistance to getting nothing at a certain income level?

lol i wonder how much that is just guessing. they just coin flipped it

Thanks, Lemmy, now I’m “that Dad”. After reading this, I went to dinner with my two teens and one of their girlfriends, so of course I had to bring this up. All three have started working after school and will need to file their taxes this year so they need to know.

But holy crap is that a seriously uncool conversation

No source?

And this why democracy won't work. How can people votw in their best interests when they don't know how basic taxes work

Tell me you don’t know how income taxes work without telling me you don’t know how income taxes work.

My question is who does their taxes then?

Shouldn't it be physically possible to be taxed so much that your income lowers compared to what it was previously?

Like you would have to have a 20% bump in pay, and an increase in taxes that's like 25-50% or something insane. Of course if you cherry pick data, and pick a high ceiling, and then just barely pass a threshold you can probably make it appear, but that would be a pretty well defined statistical anomaly. And, not very much money.

edit: and this is assuming that taxes literally just don't work the way that they do, this is WITH broken tax logic.

of course, the idea of a progressive income tax is that at a certain point, it becomes untenable to hold so much money. But unless taxes are literally 100% it's hard to make the argument that you're "losing" money.

How dumb do you have to be? By the time you make that much money you should, in theory, know the answer definitively or have a guy.