Taxing the rich - what is the cutoff?

[Schneed10]

Originally Posted by onlydarksets

If you have young kids requiring daycare and student loans, this budget goes out the window, and the 3% is going to be felt.

Not for a couple making exactly $250K. They would not be affected at all. They make 0 in excess of $250K. 3% of 0 is 0. Me = good at math.

A couple making $300K would pay an extra 3% on the $50,000 in excess of $250K. 3% of $50,000 is $1500 per year.

The extra $50K a year in income would allow someone to cover the student loans you mention, the daycare, and the $1500 extra in taxes, and still fit just fine into the budget I laid out.

[onlydarksets]

Originally Posted by Schneed10

Not for a couple making exactly $250K. They would not be affected at all. They make 0 in excess of $250K. 3% of 0 is 0. Me = good at math.

A couple making $300K would pay an extra 3% on the $50,000 in excess of $250K. 3% of $50,000 is $1500 per year.

The extra $50K a year in income would allow someone to cover the student loans you mention, the daycare, and the $1500 extra in taxes, and still fit just fine into the budget I laid out.

Yes, you are correct on the 3% - my bad. I still disagree on the budget, though.