Ah, gotcha! 100%. I’ve had conversations with people who were convinced that by working a few extra hours or getting a raise would result in them netting an overall lower amount than of they hadn’t - they didnt understand that the new tax bracket only applied to the money they made within that new bracket.
I see what you’re saying though - the extra money isnt quite as much as it would be of you were in a lower bracket. That $10k raise might only net you $6k instead of $8k.
For what its worth, I’m all for that - I think the more you make the more you should contribute to society. But that’s an entirely different discussion!
I agree, the more you make the more you should contribute. The problem is wages and brackets stayed the same while costs have gone up. Buying power has declined year over year.
Ah, gotcha! 100%. I’ve had conversations with people who were convinced that by working a few extra hours or getting a raise would result in them netting an overall lower amount than of they hadn’t - they didnt understand that the new tax bracket only applied to the money they made within that new bracket.
I see what you’re saying though - the extra money isnt quite as much as it would be of you were in a lower bracket. That $10k raise might only net you $6k instead of $8k.
For what its worth, I’m all for that - I think the more you make the more you should contribute to society. But that’s an entirely different discussion!
I agree, the more you make the more you should contribute. The problem is wages and brackets stayed the same while costs have gone up. Buying power has declined year over year.