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Let’s Talk About Tax Brackets

Since some people (read: conservatives) are freaking out over the idea of TaXiNg RiCh PeOpLe, let’s talk about tax brackets.

Currently, we have seven tax brackets in the US, at rates between 10% and 37%. All income over $500,000 – whether that’s $500,001 or $1 billion – is taxed, at most, at 37%. What Alexandria Ocasio-Cortez has proposed is increasing the tax bracket so that people who are very rich and making millions of dollars a year would pay a higher tax bracket (70%).

The response is, basically, “But what if I suddenly get ten million dollars? Then I’ll have to pay 70% of my millions! That’ll make me worse off than if I merely had nine million!”

This comes up in shit around taxes a lot (”Don’t get a raise, you’ll have a higher tax bracket!”), so let’s address this using simple math.

Pretend that tax bracket goes like this: if you make $15 or less, you pay no taxes. If you make $16-30 dollars, they take away 10%. If you make $31-45, they take away 15%. At $46 or more, they take away 20%.

That doesn’t mean that if you make $16, you have that 10% taken from the total income. You don’t get $1.60 taken away from you. You have that 10% taken from every dollar you make over $15. In this case, only $1 is over $15, so only that dollar gets 10% taken out of it (and you lose $0.10). The rest of the money is taxed at the lower rate (which in this case is 0%).

Say that you make $42, so you’re taxed at 15%. So that means that every year, you pay $6.30, right? 

No. You pay:

Nothing on the first $15 (0% of 15 is $0), plus

10% on all the money between $16 and $30 (10% of 15 is $1.50), plus

15% on all the money between $31 and 42 (15% of 12 is $1.80)

So actually you’re only paying $3.30. You have $38.70 left over.

Now you get a raise. You make $50, which pushes you into the next highest tax bracket. Oh, no, that means that they'll take away 20% of your $50, so you’ll have to spend a whole $10!

No. Let’s do the math again.

You pay:

Nothing on the first $15 (0% of 15 is $0), plus

10% on all the money between $16 and $30 (10% of 15 is $1.50), plus

15% on all the money between $31 and $45 (15% of 15 is $2.25), plus

20% on all the money over $45 (20% of $5 is $1)

So actually, you’re only paying $4.75. You have $45.25 left over.

So if there’s a 70% tax bracket on, say, 10 million dollars or more, it doesn’t mean that the second you make 10 million (something that almost no one in this country makes to begin with), you start getting taxed at 70% and they take away 7 million. The first $9,999,999 are still taxed in the lower brackets. They just take away 70 cents from the ten millionth dollar.

Published on #FITSO Motivation

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Why white people afraid of black people

Lmao he was going off

“You do not become who you really are, it is simply the discovery that you are Consciousness prior to any image, thought, label or belief.”   ~Anon I mus (Spiritually Anonymous)

Chance The Rapper. Juke Jam. Tiny Desk.

I support his politics and actions BUT THIS 👆🏾 is just incredible OMG

And no white boy needed in this joint #BlackExcellence

Bi’s & Tri’s Friday!

Close-Grip Barbell Bench Press:

Lie back on a flat bench. Using a close grip (around shoulder width), lift the bar from the rack and hold it straight over you with your arms locked. This will be your starting position.

As you breathe in, come down slowly until you feel the bar on your middle chest. Tip:Make sure that - as opposed to a regular bench press - you keep the elbows close to the torso at all times in order to maximize triceps involvement.

After a second pause, bring the bar back to the starting position as you breathe out and push the bar using your triceps muscles. Lock your arms in the contracted position, hold for a second and then start coming down slowly again. Tip: It should take at least twice as long to go down than to come up.

Repeat the movement for the prescribed amount of repetitions.

When you are done, place the bar back in the rack.

Caution: If you are new at this exercise, it is advised that you use a spotter. If no spotter is available, then be conservative with the amount of weight used. Also, beware of letting the bar drift too far forward. You want the bar to fall on your middle chest and nowhere else.

Variations: This exercise can also be performed with an e-z bar using the inner handle as well as dumbbells, in which case the palms of the hands will be facing each other.