Calculating Progressive Tax You’re gonna love this! 

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Presentation transcript:

Calculating Progressive Tax You’re gonna love this! 

Clinton plan Bush plan 027,05015%06,00010% 27,05065,55028%6,00027,05015% 65,550136,75031%27,050136,75025% 136,750297,35036%136, % 297, % Remember: Each bracket is taxed once ONLY at the given rate. That total is then added separately!

Clinton’s Tax on a Salary of $1,000,000? (27,050-0) x.15 = $4, (65,550-27,050) x.28 = $10,780 (136,750-65,550) x.31 = $22,072 (297, ,750) x.36 = $57,816 (1,000, ,350) x.396 = $278, Sum of Tax on $1,000,000 = $372,974.90

Bush’s Tax on a Salary of $1,000,000? (6000-0) x.10 = $600 (27,050-6,000) x.15 = $3, (136,750-27,050) x.25 = $27,425 (1,000, ,750) x.33 = $284, Sum of Tax on $1,000,000 = $316,055

Flat tax on $1,000,000? Hong Kong (.14 x $1,000,000) =$140,000 Flat tax proposed but shelved in US Congress~ 170,000 minus “threshold income” of poverty line