Originally Posted by htismaqe
I went from $25K to $125K in a span of about 15 years.
My tax burden went up in almost direct proportion as I went from $25K to $80K and then bam, a spike.
There's definitely an invisible barrier around $100K.
You can sim it for yourself - somebody posted a site around here the other day.
I used the sim, it's on politify.com. The difference was between Romney and Obama's tax plan. Romney was stating a uniform reduction of taxes but limiting deductions that working class families usually use. Romney's plan hurts families making $100k or less more. It appears to be better for you once you get above the $100k mark ($120k in my case with my kids, etc.) and is extremely good for you the more you make. A millionaire gets like a $100k tax deduction under Romney and people only making $50k (median household income) are far better off under Obama.
The way I see it, if working class Americans have more money in their pocket, they are more likely to buy a new car, etc. and continue growing the economy. If they have less money, and the richest have more, where's the growth? The rich can afford to hire more people but there's no point to because the demand doesn't exist.