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The marginal tax rate of a married couple filing jointly who earn 150k is 28%.

The marginal tax rate of a married couple filing jointly bumps up to 25% at 70,701.

 

 

But the whole 150K is not taxed at 28%. And the whole 70,701 is not taxed 25%.

 

Most tax payers pay less than 12% of an 'effective' tax rate. Your first xx,xxx is not taxed at all, the next xx,xxx is taxed at the lowest rate and so on. This is why they expiration of the 'Bush Era' rates (notice I did not say cut - just the rates) will hurt everyone. Especially those in the middle.

 

 

The $150K to $250K earners get the worst rate. The AMT drives the rate artificially higher for this group.

 

 

If you pay more than 12% effective Federal rate then do get a new account!

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Because he is talking but saying nothing.

 

I felt some were just follow-ups like when he said he wouldn't involve America in other countries unless it directly benefited the american people and the moderator came back to ask about humanitarian purposes? Others I felt she could have asked Biden as well.

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