August 2nd, 2012 at 10:14AM
The more you Know… moneyisnotimportant: motherjones: “Basically, every news outlet in the country is reporting that Obama wants to extend the Bush tax cuts for those making under $250,000 per year. In fact, even Obama himself describes his own plan that way. But it’s not true.” Everyone seems to forget that being in a certain tax bracket doesn’t mean you pay that percentage for all of your income.  If you make over $250k, the increase only applies to the amount of money you make over $250k. The first $17k you make is taxed at 10%, just like someone living below the poverty line.

The more you Know…

moneyisnotimportant:

motherjones:

“Basically, every news outlet in the country is reporting that Obama wants to extend the Bush tax cuts for those making under $250,000 per year. In fact, even Obama himself describes his own plan that way. But it’s not true.”

Everyone seems to forget that being in a certain tax bracket doesn’t mean you pay that percentage for all of your income.  If you make over $250k, the increase only applies to the amount of money you make over $250k. The first $17k you make is taxed at 10%, just like someone living below the poverty line.

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    The more you Know…
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    When Heffernan explained this to us my mind was blown errybody should just be aware of this regardless of pawlitix...
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    this makes sense. do Republicans oppose it and if yes, how can they!?
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388 notes Source: motherjones #taxes#money
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