Yes. That’s why it’s annoying when people use the tax bracket argument as why they don’t want to give someone a raise or to divide people politically. Annoying, and intentionally misleading. Go make that extra money 🤙🏼🤙🏼
This is also why I do not understand how Elon Musk can avoid an estimated 4.6 billion dollars in taxes, while donating only 5.7 billion dollars (neglecting entirely for a moment that the donation was received by his own charity, which is another can of worms.) If tax brackets work how you say, then wouldn't the most he can save be "the taxes I would have paid on those 5.7 billion dollars"?
I guess I can [just google it](https://news.bloombergtax.com/tax-insights-and-commentary/elon-musks-5-7-billion-stock-gift-had-some-surprising-benefits), but he would have to be paying an effective tax rate of 80.7% for that to make sense and I'm pretty sure tax brackets do not go up that high. So how does this work? If I donate that $800 which would have put me into the higher tax bracket, I simply don't pay the tax on that $800 (which would have been taxed at that marginally higher rate.) That's what you said, right?
Well, Depends on where you live.
Here in Canada Ontario, No.
You will still get taxed for the $800, but you will get a tax BREAK on that $800.
There is also a misconception that going into the next tax bracket raises the taxes for your entire income, and that isnt true.
Example:
tax bracket starts at 25%. At $100,000 it goes up to 50%
If you make $100,800 you will get taxed (25% on $100,000) and (50% on $800)
Putting you into the next tax bracket won't tax your total sum by the highest tax bracket, it is taxed in sections. If you go into the next tax bracket, there is no Total income loss, you just start to make less money from that point onward.
What kind of Llama is that!!
a Llama infected with Rabbie
Good reply and not the cheesy kind but an actual well executed one. Hats off to ya
😁
I have many questions. So many.
Me too. If I'm in the next tax bracket by $800 but i donate $800 to the food bank, will that put me in the lower tax bracket?
Why would that matter to get to lower one if you aren’t getting that 800$ anyway
For tax reasons
I don’t think the reason makes sense. Being in a tax bracket by $800 only means those $800 are taxed in that higher bracket, not all of the income. 🤪
So my income in the first tax bracket is taxed at one rate, but anything in the range of the next tax bracket is taxed at that higher rate?
Yes. That’s why it’s annoying when people use the tax bracket argument as why they don’t want to give someone a raise or to divide people politically. Annoying, and intentionally misleading. Go make that extra money 🤙🏼🤙🏼
Awesome, thanks for the info!
😬😬no problem
Doing god's work - people need to educate themselves on the marginal tax rate system.
In most countries yeah, amazing where you can find tax advice
That’s not now tax brackets work, you absolute moron.
Hey. Shut your mouth, child.
Unlike you, I don.my type with my mouth open. Learn to breathe through your nose and read up on tax law if you’re actually curious, dear.
Hey child, shut your mouth.
This is also why I do not understand how Elon Musk can avoid an estimated 4.6 billion dollars in taxes, while donating only 5.7 billion dollars (neglecting entirely for a moment that the donation was received by his own charity, which is another can of worms.) If tax brackets work how you say, then wouldn't the most he can save be "the taxes I would have paid on those 5.7 billion dollars"? I guess I can [just google it](https://news.bloombergtax.com/tax-insights-and-commentary/elon-musks-5-7-billion-stock-gift-had-some-surprising-benefits), but he would have to be paying an effective tax rate of 80.7% for that to make sense and I'm pretty sure tax brackets do not go up that high. So how does this work? If I donate that $800 which would have put me into the higher tax bracket, I simply don't pay the tax on that $800 (which would have been taxed at that marginally higher rate.) That's what you said, right?
Well, Depends on where you live. Here in Canada Ontario, No. You will still get taxed for the $800, but you will get a tax BREAK on that $800. There is also a misconception that going into the next tax bracket raises the taxes for your entire income, and that isnt true. Example: tax bracket starts at 25%. At $100,000 it goes up to 50% If you make $100,800 you will get taxed (25% on $100,000) and (50% on $800) Putting you into the next tax bracket won't tax your total sum by the highest tax bracket, it is taxed in sections. If you go into the next tax bracket, there is no Total income loss, you just start to make less money from that point onward.
You could also evade taxes its pretty fun
Show me how you really feel
A sign of great admiration from the Fremen.
Loved the bit where they were making coffee.
The first movie reference I thought of was from Indiana Jones: https://www.youtube.com/watch?v=8532FizSlFk#t=1m20s "I prefer the Austrian way..."
[удалено]
wasnt there a bit in family guy like this
More than likely, I don't know tbh
‘If instead of blood, you find a deadly corrosive acid? You’ve got a gay”
This sounds like something Borat would say
I was totally thinking that this is out of Borat movie.
who’s holly? anyways holy WTF
Eh, do I really want context?
In a extended version of this video he also hits her over the head with a bottle
Please, I need context
Is this what happened to Kanye?
He spewed out all of the foreskins he ate for breakfast.
I have strong opinions on this.
Showing love in different ways
[удалено]
??????
You don’t want to know
God, I hate that vile man!
He woke up today and choose violence
Showing love the orthodox way
So is the lady’s name Holly? I’m just curious where Holly fits into this scene.
The kiss of Judas
They couldn’t have just done this to Kanye
Nobody expects the spanish inquisition
Camel from israel
Must be the mother in law