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Poverty line = $12,880/yr : https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines/prior-hhs-poverty-guidelines-federal-register-references/20
by ctdonath 5y ago
Poverty line = $12,880/yr : https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines/prior-hhs-poverty-guidelines-federal-register-references/2021-poverty-guidelines#threshholds https://aspe.hhs.gov/topics/poverty-economic-mobility/povert...
"A $12,880 income in the United States has enough buying power to put you in the 84th percentile globally for per-person income" : https://www.washingtonpost.com/graphics/2018/business/global-income-calculator/ https://www.washingtonpost.com/graphics/2018/business/global...
- deleted 5y ago[deleted]
- ctdonath 5y agoOn a whim, I looked into poverty-level taxation by plugging $12,880 into various online tax [gu]estimate calculators. Results varied from -$114 to $1080 (FICA included). Short of running it thru a real tax program (which I will in due course), struck me how US income tax law presumes you will pay at least a 10% tax rate, even if below the poverty line. https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020 https://www.irs.gov/newsroom/irs-provides-tax-inflation-adju... I assume a little finesse with a 1040EZ form should get it down to $0, but it's unsettling that legislators who unanimously agree "something should be done for the poor" actually legislate a 10% tax rate on the poor.