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alex
Lv 4
alex asked in Business & FinanceTaxesUnited States · 9 years ago

What does a tax hike mean?

When tax hikes and tax increases are presented are they a % increase on the taxes themselves or the income?

I feel like i'm being unclear so an example:

There is a tax increase of 1%. A house with an income of $100,000 usually pays $30,000 in taxes but now pays:

$30,300 (original+1% of tax)

or

$31,000 (original+1% of income)

2 Answers

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  • CarVolunteer
    Lv 6
    9 years ago
    Favorite Answer

    Depending on who is saying it and what point they are trying to make, either one. People (and the media) are notoriously careless with numbers, particularly percentages.

  • ?
    9 years ago

    increase of the original taxes not the income

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