Corps have been complaining for years already that people aren’t buying enough. Millenials are killing this industry and that industry because we don’t consume enough - “enough” being whatever level they’ve decided we should consume. They feel entitled to our dollars, whether or not their product or service is any good.
If they were smart, companies would lower prices to be more competitive and incentivize people to buy more. Instead they’ve doubled down and posted armed guards at the store exits to intimidate the customers they have left. They’ve slipped data collection into every interaction. It’s pretty obvious they’re not playing the long game anymore.
What people misunderstand about the tax brackets is that your entire income doesn’t get moved to a higher bracket. It’s only the income in excess of it.
So for example, let’s say you had $50,000 of taxable income in 2024 as a single filer, you’d pay 10% on that first $11,600 and 12% on the chunk of income between $11,601 and $47,150. Then you’d pay 22% on the remaining $2,850 that falls into the next tax bracket. The total bill would be about $6,053 — about 12% of your taxable income — even though your highest bracket is 22%. And this example doesn’t take into account the standard deduction.
Bottom line, this won’t save people as much as they think it will. Usually the person in the example simply complains “I’m paying 22%” because it always feels like the paycheck isn’t enough.