According to the DC Office of the Chief Financial Officer, the top tax bracket starts at $40,001 with a 8.5% tax rate. The Federal poverty line for a family of four is $22,050. The DC government's level for "very-low income" housing assistance is $43,500 for a family of four.close a projected fiscal 2012 shortfall of $400 million to $600 million" and thus propose to cut services:
rewrite the tax code so that there are more tax brackets (such as a $125,000 tax bracket) in order to avoid cutting services:
DC Fiscal Policy Institute, the proposed 2012 budget cuts "$130 million from human services and other programs that support low-income residents. Although human service programs make up 26 percent of the locally funded budget, they accounted for 67 percent of the Mayor’s cuts." These cuts are added to the $340 million cuts in human services and other low-income programs since 2008. With over 9% unemployment in Ward 6 and over 20% unemployment in Ward 7, these services, as well as jobs programs and education funds, are needed now more than ever. As of Feb. 28, 2011, 12,000 city youth have already applied for jobs through DC's summer job program, and there are only 12,000 positions. Could other kinds of innovative jobs programs (that offer real jobs) be created in DC? Or do they already exist? Do lower income taxes on those making $40,001+ create jobs in DC?
Today's vote means a lot to a lot of people, so vote with and for your neighbors.