this post was submitted on 14 Jun 2024
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Thats not how the tax brackets work. Only the amount that is in that bracket is taxed at that rate. What can happen is a loss of income based social services and tax breaks for lower income families.
You are obviously right. I always mix this up (see Bracket creep why I mix this up). But otherwise my point still stands. In this stackexchange is a graph with an example how tax brackets turn out at each income. My actual point ist, that the graph is not smooth and I don't like that. Also there is a highest bracket, which will allows the super rich to keem growing their wealth. The fact, that super rich people are hiding their actual wealth for example via credits, is a separate issue, which obviously can't be tackled by income tax alone.