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How Trump or Harris tax plans might change your income (slrpnk.net)

submitted 5 hours ago by ByteOnBikes@slrpnk.net to c/usa@midwest.social

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Source https://www.barrons.com/articles/trump-harris-tax-rates-plans-cuts-income-e8db90ee

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[–] ShellMonkey@lemmy.socdojo.com 3 points 4 hours ago (1 children)

I'm assuming you mean they will be getting a lower portion of the increases? The chart you have here looks more like how many people fall in a given bracket.

It makes plenty of sense to shift things to greater gains on the lower end. A while back there was a study that said somewhere around $75K was the point at which actual income gains start to level off as far as what improvements it makes to your life. At that point you can probably pay your bills and afford to eat without stressing so much over every decision. I forget if that was for a single person or what, but for where I live it would be doable to be sure. Lower than that and you need that extra boost to just meet the basic needs.

[–] Sierra_Is_Bee@beehaw.org 2 points 4 hours ago

My guess is with inflation 75K is no longer the ceiling for the amount you make before you level off as far as happiness and comfort go. Still, billionaires don't really need to exist either way. 🤷🏼‍♀️