Category: Tax

What Do Your Taxes Pay For?

Tip: Mid May. If the government had raised taxes enough to cover federal borrowing, we would have had to work until May 10 just to cover the tax bill. Source: FoxNews.com, April 24, 2016 Taxes are one of…

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Understanding Marginal Income Tax Brackets

Tip: High Bracket. In 1944, the highest federal income tax bracket was 94%. It applied to all income above $200,000 a year and applied to all taxpayers, regardless of filing status. Source: Tax Policy Center, 2017…

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