Senate Democrat Don Harmon’s proposal would have those making less than $12,500 pay a tax rate of 2.9%, those making between $12,500 to $180,000 would pay at a rate of 4.9%, those making more than $180,000 would pay at a rate of 6.9%.
Egad, that’s as opposed to the 3.75% one-size-fits-all flat tax rate set to take effect at year’s end.
So making twelve-five, you pay at 4.9%, says Don Harmon, which is a 33.3% increase. So Don Harmon wants people making $12,500 a year to pay more. As in more more more and 1/3.
It’s Democrat tax reform with a vengeance.
But wait! It’s an addition of 1.15 percentage points, so it’s only a 1.15 per cent increase, as Harmon and the other Dems figure it, complaining about Republicans’ higher figure. And if the rate were doubled, it would be a mere. 3.75% increase!
“You sigh, the song begins, you speak and I hear violins, it’s magic,” the song has it. It’s Don Harmon magic!