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But we saved everything 🙂.
James Surowiecki questions the plausibility of a story involving a woman who reportedly earned less than $22,000 last year but was said to owe federal income tax. He points out that, depending on her filing status, someone with that income level would typically owe no federal income tax or only a few hundred dollars.
Surowiecki also highlights that even if all her income were taxable in the lowest brackets, the resulting tax on tips would be negligible.
Surowiecki has addressed recent shifts in U.S. consumer costs in other commentary. He previously questioned a $1 increase in gas prices at the pump despite no direct impact from the Strait of Hormuz. In a separate post, he examined the U.S. Treasury’s ability to block financial transactions involving Iran.