• 𝙈𝙞𝙖@quokk.au
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      9 days ago

      I hardly think a tradie should be hitting a 40% tax bracket, let the rich pay the high rates not the struggling workers.

        • 𝙈𝙞𝙖@quokk.au
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          9 days ago

          The mean annual wage for a tradie is $43K, which should put them in the 12% tax bracket.

          So all those other taxes are adding up to an additional 28%? That’s a pretty unfair tax system for such low income earners.

            • SpeakerToLampposts@lemmy.world
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              6 days ago

              After the standard deduction, that’d still put them in the 12% bracket, even if they’re single. And that 12% is just the marginal rate, not the overall rate.

              If single person made $60k in 2025, and only got the standard personal deduction ($15,750), that deduction drops their taxable income to $44,250. Of that:
              The first $11,925 is taxed at 10%, so $1,192.
              The rest ($32,325 = $44,250-$11,925) is taxed at 12%, so $3,879.
              Their total income tax is thus $5,071 (=$1,192+$3,879).
              $5,071 / $60,000 = 0.08452, meaning they’d pay an effective tax rate of 8.452%.

        • 𝙈𝙞𝙖@quokk.au
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          9 days ago

          The rich who extract the wealth from the workers through not paying their fair share of profits should be paying most of it. (Or better yet not allowed to exist in the first place)

          The people who need assistance are the ones least capable of paying for it.