Frothy's Tax Plan

[howardroark]

Has anyone here ever considered how retarded marginal tax rates would be under Santorum's ridiculous income tax plan?

2012 US Statutory Income Tax Rates: http://en.wikipedia.org/wiki/Income_tax_in_the_United_States#Federal_income_tax_rates
10% - $0-$8,700
15% - $8,701-$35,350
25% - $35,351-$85,650
28% - $85,651-$178,650
33% - $178,651-$388,350
35% - $388,351+

Santorum proposes collapsing the income tax into two statutory tax rates: 10% and 28%. As far as I can tell, he has not given specific income ranges for these cuts, but I'll assume that he wants to cut statutory tax rates for practically everyone, so for the sake of simplicity I'll assume his two tax rates will be:
10% - $0-$199,999
28% - $200,000+

Think about it for a moment... If you earn $195,000, then your after-tax income will be $175,500. However, if you got a $5,000 pay raise, then your after-tax income would be $144,000. The MARGINAL tax rates in Santorum's plan are just plain ridiculous! It leaves a huge gap between (roughly) $200,000 and $250,000 where the marginal tax rate would be greater than 100%!!!

In short, Santorum's tax plan would have worse marginal tax rates on the $200k-$250k income range than the current tax set-up.

[240 is Back]

i love it.

if youre gonna be crazy, dont be half ass crazy.  you go all out loco.

seriously though -
santorum isn't obama.  romney is.

if you want change, you vote romney.  it's that simple.

[howardroark]

Then of course there's his corporate tax plan which eliminates taxes for "manufacturers" instead of lowering rates for everyone equally.  And then he's said numerous times that inflation is good for the economy. It's plain for everyone to see that this guy simply doesn't understand economics. It's like he got a C- in his Principles of Macroeconomics class in the 1970s and never learned more economics since then.