1. Calculating Progressive Tax You’re gonna love this! 

2. Clinton plan Bush plan 027,05015%06,00010% 27,05065,55028%6,00027,05015% 65,550136,75031%27,050136,75025% 136,750297,35036%136,750+++33% 297,350+++39.6% Remember: Each bracket is taxed once ONLY at the given rate. That total is then added separately!

3. Clinton’s Tax on a Salary of $1,000,000? (27,050-0) x.15 = $4,057.50 (65,550-27,050) x.28 = $10,780 (136,750-65,550) x.31 = $22,072 (297,350-136,750) x.36 = $57,816 (1,000,000-297,350) x.396 = $278,249.40 Sum of Tax on $1,000,000 = $372,974.90

4. Bush’s Tax on a Salary of $1,000,000? (6000-0) x.10 = $600 (27,050-6,000) x.15 = $3,157.50 (136,750-27,050) x.25 = $27,425 (1,000,000-136,750) x.33 = $284,872.50 Sum of Tax on $1,000,000 = $316,055

5. 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