Thanks, great question! On Day 1, I’d support expanding Medicare eligibility to everyone 55 and older. Then, we work out the kinks for further expansion and offer it to everyone. https://t.co/2Q0uG4qpRY
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So low? Wow. Over 200K already pays 35% income tax and over 7.5% FICA and Medicare, that's over 42%. How in the world do you think that's low. And for the record that still wouldn't pay for it. Not even close.
Hey Mark not to get to weedy but you’re mixing apples and oranges here. Assuming a $200K salary, first one finds the gross taxable income which is less than total income. Next, you must use a marginal tax rate to find the rate to pay and it is rarely 35%.
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As you pointed out to me, this fictional person making $200K is only paying 7.5% on the first $132,900 and only 1.4% thereafter. This person is not paying 35% + 7.5% = 42.5% tax. That’s not how you find the taxable rate on income.
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Let’s talk about how we can help people who don’t get a break, tax or otherwise, get ahead.
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