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Simple English definitions for legal terms

Marginal Tax Rate

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A quick definition of Marginal Tax Rate:

Marginal tax rate is the percentage of tax that a person pays on the next dollar of income earned. It is different from flat taxes that charge the same rate regardless of one’s income. The marginal tax rate system requires taxpayers with higher incomes to pay a greater percentage of tax as specified in the income tax bracket. This way, the system seeks to place a higher tax burden on households with greater income and protects low-income taxpayers.

For example, in New York, there are eight marginal income tax brackets, ranging from 4% for the lowest income bracket to 8.82% for the highest bracket. Wider income brackets apply to married couples who file jointly.

Since the Tax Cuts and Jobs Act of 2017, the Internal Revenue Service (IRS) has used the Chained Consumer Price Index (C-CPI) instead of the Consumer Price Index (CPI) to calculate the cost-of-living adjustments for each calendar year. For unmarried individuals, the federal income tax brackets for tax year 2020 range from 10% for income up to $9,875 and 37% for income greater than $518,400.

A more thorough explanation:

Marginal tax rate is a percentage of tax that a person pays on the next dollar of income earned. It is different from flat taxes that charge the same rate regardless of one’s income.

A system that uses marginal tax rate requires a taxpayer with a higher income to pay a greater percentage of tax as specified in the income tax bracket. This way, the system seeks to place a higher tax burden on households with greater income and protects low-income taxpayers.

For example, in New York, there are eight marginal income tax brackets, ranging from 4% for the lowest income bracket to 8.82% for the highest bracket. Wider income brackets apply to married couples who file jointly. An individual who independently files one’s tax return will pay 4% for earnings between $0 and $8,500, while a married couple who files jointly will pay the same rate for earnings between $0 and $17,150.

In California, the ten income tax brackets for tax year 2019 vary from 1% to 13.3%.

Since the Tax Cuts and Jobs Act of 2017, the Internal Revenue Service (IRS) has used the Chained Consumer Price Index (C-CPI) instead of the Consumer Price Index (CPI) to calculate the cost-of-living adjustments for each calendar year. For unmarried individuals, the federal income tax brackets for tax year 2020 range from 10% for income up to $9,875 and 37% for income greater than $518,400.

These examples illustrate how marginal tax rate works in different states and at the federal level. The higher the income, the higher the percentage of tax paid. This system aims to make the tax burden more equitable by placing a higher burden on those who can afford it.

Margin | marital deduction

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17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
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