Detailed text transcripts for TV channel - CNN - 20190224:00:54:00
When people see the chart that a person making $80,000 a year gets 22% tax out of their whole salary. that's not actually how the system works. instead of brackets, it's probably more helpful to think of our system as a series of baskets. so let's say you make $80,000 a year as a single p person. the first $9700 you make is at 10%. so that's $970 for uncle sam. the next chunk of income up to $39,475 is charge d at a rate o 12%. and the rest of the $80,000 is tax ed at 22%. right now, the highest marginal tax rate is 37% for all income over $510,310. that means a person who makes $600,000 is ef...
Source: archive.org