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In the grand scheme of things “Good for working class” money is not a lot of money. You are one of the ones paying those higher taxes proportional to your earnings.
Really sorry if I'm asking basic questions here I'm not good at processing this kind of information all that well. So is there like a cutoff point where earnings are exempt from taxes? Is it because it gets tied into other things like stocks that it isn't taxed? If stocks how does that work because I get partial income in company stocks and they take out a huge chunk of those so idk how they wouldn't be taxed for rich people. I'm not trying to complain about my situation I don't mind being taxed I'm just curious what's going on here
If you only look at income tax brackets, that might explain your confusion because income tax is only one type of tax. On the other hand, sales tax tends to impact lower income people more than wealthy people because even though everyone may pay the same 5% sales tax, if you kept a ledger of all the sales tax everyone paid over the course of a year and compared it to everyone’s income, you’d find that as a percent of their income, lower income people paid more than wealthy people, which is why this article is saying some states’ tax structures are regressive, because when you look at the whole picture, not just income taxes but all types of taxes, the states that are “upside-down” tend to rely more heavily on sales taxes than income taxes to raise money.
The report published by the Institute of Tax and Economic Policy (which the article references) has more details if you’re interested enough to dig in further.
Thank you for the info and the additional reading
There is no cutoff, but:
Edit…
Hmm I think I'm starting to catch on here. We're really in a mess of a situation like we fix one thing sounds like multiple things can just hop in to get around it...