Having a discussion on a forum about politics. Very confused about this little nugget someone shared with me. Please help. Is this true?:
"When it is proposed that people pay a higher percentage of taxes on income over $250k, they do not mean that if you make $249k you pay 25% on $249k, but if you make $251k, you pay 30% on the ENTIRE $251k.
You would still only pay 25% on the first $249,999 and you would pay 30% only on the other $1,001."
So, what she's saying is that last bit, basically. Because I think the first bit is written a little confusingly. But if I'm making $251,000 annually, is it true that I would only be taxed 25% on the initial $249,999, and then anything ABOVE that would be taxed at 30%?
Because that don't sound right to me. :/