2 ms·
Raising the standard deduction is nice. Ideally I'd like to see it drastically raised, like no tax on each person's first $30k. I'm surprised the democrats hav
by unabridged 9y ago
Raising the standard deduction is nice.
Ideally I'd like to see it drastically raised, like no tax on each person's first $30k. I'm surprised the democrats have never tried to push a policy like this, its the type of policy that would get support from many republican voters.
- maxerickson 9y agoDeductions apply to highest bracket income. The "first" $30,000 sort of implies lowest bracket income (because if you stopped working after earning that much, it'd reflect your entire earnings).
- unabridged 9y agoThe standard deduction is effectively a 0% tax bracket.
- maxerickson 9y agoIt's income with a 0% tax rate but the impact on effective rates is different than a 0% bracket; it lowers effective rates more for people that have income in higher brackets. A 0% bracket has the same impact regardless of income.