Quote:
Originally Posted by Lindy
Well, you won't hear me arguing that large profitable corporations should not be taxed. They should certainly pay pay taxes on their profits (if they have profits.)
But something besides corporate tax law is broken if a family of four taking in $50k can get away with paying no federal income tax at all.
$50k is hardly so little money
$50k is about 7 times the minimum wage
$50k is higher than average teacher pay in 36 states
$50k is higher than starting teacher pay in every single state
$50k is more than double the federal poverty guideline for a family of four...
It's apparent from this that it is not just the super-rich and corporations that aren't paying their "fair share."
Lindy
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It's not that simple, though. What does $50,000 get a family of four?
Here's a living wage estimator:
Living Wage Calculator - Introduction to the Living Wage Calculator
For my county, for a family with two adults and two kids the living wage amounts to $63,000 pretax income (or $57,000 after taxes). $50,000 may seem like a lot, but sometimes our perceptions can be off. Now, I haven't examined the assumptions of this model, but I suspect that the model is more robust than your hunch that $50,000/yr is more than adequate for a family of four.