: About Me

Don't forget that absolutely NOBODY pays tax on every penny that they make in income. One of the first things to note even on the 1040EZ tax form is that $8,750 is not taxed at all (if you are single), or $17,500 (if you are married. Go ahead and look at the 2007 1040EZ form, line #5. http://www.irs.gov/pub/irs-pdf/f1040ez.pdf So that means that the minimum wage worker is taxed at 10% on his first $7,825 of earned income, according to the 2007 IRS tax tables: http://www.irs.gov/pub/irs-pdf/i1040tt.pdf Here's some analysis on both sides of the story. Basic assumption for this analysis: - Ba...