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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 19 Nov 2017
      • Report Tweet
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      Patrick McKenzie Retweeted Dr Theresa Cullen

      Ignoring the political issue: People, even otherwise very smart people, don't understand how tax brackets work.https://twitter.com/DrTerriC/status/932067384453627906 …

      Patrick McKenzie added,

      Dr Theresa Cullen @DrTerriC
      This was on Facebook from #marchforscience. The end of Innovation in higher Ed is the new tax bill - no one will be able to afford to be a grad student. pic.twitter.com/q6Fo75LbRc
      Show this thread
      7 replies 19 retweets 91 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 19 Nov 2017
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      Your tax bracket is your marginal rate -- the rate you pay on income between the bottom end of the bracket and your last dollar. Income on the earlier brackets was taxed at the lower rates.

      2 replies 7 retweets 28 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 19 Nov 2017
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      This math misconception causes a bunch of terrifying folk beliefs about tax minimization, most dangerously "I do not want to receive a raise because then I'd be pushed into a higher tax bracket."

      2 replies 11 retweets 55 likes
      Show this thread
      Patrick McKenzie‏ @patio11 19 Nov 2017
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      It is impossible in the US tax system to earn an extra dollar and have your post-tax implication of that extra dollar be negative... if you're middle class or above. (It is, regrettably, very possible to have this happen if you're receiving public benefits.)

      2:18 PM - 19 Nov 2017
      • 9 Retweets
      • 65 Likes
      • simple complex Lie algebra Mohammad bin Ra’s Al Ghul Glenn Stovall Nate P. Brandon 🚀 Blitz.js⚡️ Michael Huynh Helen Williams Andrew Parker Arundeep Singh • ਅਰੁਨਦੀਪ ਸਿੰਘ
      7 replies 9 retweets 65 likes
        1. New conversation
        2. Kevin Riggle‏ @kevinriggle 19 Nov 2017
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          Replying to @patio11

          I feel like this would all be alleviated if we baked the tax bracket math into a formula that returned you a marginal rate given your gross income & let you calculate from that.

          1 reply 0 retweets 1 like
        3. Kevin Riggle‏ @kevinriggle 19 Nov 2017
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          Replying to @kevinriggle @patio11

          But if course we publish tax rates in the way the IRS thinks about them, not the way any normal human thinks about them

          0 replies 1 retweet 1 like
        4. End of conversation
        1. David Gerard‏ @davidgerard 19 Nov 2017
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          Replying to @patio11

          I HAVE LITERALLY HAD THIS ARGUMENT WITH AMERICANS. ONE OF WHOM WAS LITERALLY MAKING HIS LIVING RUNNING A BUSINESS AT THE TIME. READER, I DESPAIRED.

          0 replies 0 retweets 2 likes
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        1. Matt Stancliff‏ @mattsta 20 Nov 2017
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          Replying to @patio11

          Example from my parents' recordspic.twitter.com/8Up8n0Mp2s

          0 replies 0 retweets 1 like
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        1. stucchio‏ @stucchio 19 Nov 2017
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          Replying to @patio11

          This is mostly true. But the last time I saw someone investigate, there was a middle class cliff around $45k due I think to CHIP: https://johnhcochrane.blogspot.co.uk/2012/11/taxes-and-cliffs.html …

          0 replies 0 retweets 0 likes
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        1. Óscar Morales Vivó‏ @MyLittleMetroid 20 Nov 2017
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          Replying to @patio11

          Also: the Alternative Minimum Tax

          0 replies 0 retweets 0 likes
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