Someone working full time (40 hours /week) makes $15,080 assuming they never miss work and work 52 weeks a year.
Using the standard deduction of $12,200 for a single filer they have an AGI of $2,880
They're in the 10% tax bracket so that's $288 in federal taxes. Then they factor in the earned income tax credit which is $529 assuming that they have no kids.
So working full time and with zero dependents they will not only pay $0 federal taxes but will actually receive $241 for an effective federal tax rate of -1.6%
Im not sure that Trump, Bezos, or Buffet have negative tax rates...
megaboto on October 31st, 2019 at 18:15 UTC »
Since the comments are all downvoted, I'm just gonna make a comment telling you to have a nice day to lighten up the mood
Happy spookday!
Aboutmor on October 31st, 2019 at 18:53 UTC »
Someone working full time (40 hours /week) makes $15,080 assuming they never miss work and work 52 weeks a year.
Using the standard deduction of $12,200 for a single filer they have an AGI of $2,880
They're in the 10% tax bracket so that's $288 in federal taxes. Then they factor in the earned income tax credit which is $529 assuming that they have no kids.
So working full time and with zero dependents they will not only pay $0 federal taxes but will actually receive $241 for an effective federal tax rate of -1.6%
Im not sure that Trump, Bezos, or Buffet have negative tax rates...
Joe_useless on October 31st, 2019 at 20:04 UTC »
Why tf are people who make $7.25 an hour even forced to pay taxes in the first place?