#tax rates

What Is My Tax Bracket?

The term “tax bracket” refers to the highest tax rate charged on your income. Under the federal income taxsystem,different rates apply to different portions of your income. So people in, say, the 25 percent tax bracket don’t actually pay 25 percent of their income in taxes; rather, the last dollar they earn is taxed at 25 percent. To find out more, see the full TurboTax article.

I’m not sure how accurate this is, and the terms are more than a little vague, but here it is.

quickhits:

Poll: Voters want to soak the rich to avoid fiscal cliff.

Politico:

An American appetite for tax hikes gives President Barack Obama leverage in fiscal cliffnegotiations.

A new POLITICO/George Washington University Battleground Poll finds that 60 percent of respondents support raising taxes on households that earn more than $250,000 a year and 64 percent want to raise taxes on large corporations.

Even 39 percent of Republicans support raising taxes on households making more than $250,000. Independents favor such a move by 21 percentage points, 59 to 38 percent.

Only 38 percent buy the GOP argument that raising taxes on households earning over $250,000 per year will have a negative impact on the economy. Fifty-eight percent do not.

“Democrats really have a winning issue here, and we should drive it hard,” said Celinda Lake, the Democratic pollster who helped conduct the bipartisan poll. “We’re in an era now where there’s a lot of cynicism about trickle-down economics.”

So Republican ideas are unpopular — no surprise there. This is pretty much just a continuation of the trend in polling. Obama won reelection, so it’s no surprise most people back his ideas here. The alternate Republican ideas were also Mitt Romney’s ideas.

But that last question is so odd you wonder why they asked it. 75% support “cutting government spending across the board,” which is pretty much the same as going over the fiscal cliff. I suppose it’s so vague that it’s appealing; when you start to get into specifics, spending cuts get a lot more unpopular.