Wages....as in a W2....which is a record of wages. One can get nice big fat W2s or little puny ones, LOL.
I think most economists use wages to cover all income earned by one's labor as opposed to passive income from investments. But I suspected we had a disconnect.
Here's a 2007 taxable income table. So it's after all deductions, etc. The top two are being mentioned by the candidates.
10% up to 16,050
15% 16,050 to 65,100
25% 65,100 to 131,450
28% 131,450 to 200,300
33% 200,300 to 357,700
35% over 357,700
As I understand it, that income a person has in excess of 200,300 would have a 2% surcharge levied on it. I think Hillary would put a 4% surcharge on income in excess of the 357,700 level. Or at least I think I heard her talk about restoring the top bracket to 39%.
So not all income would be subject....just the portion over those levels. And gross income is not the measurement on this table. It's income after all deductions, etc. |
