33% minimum is minimum of damage*modifier.
When you nerf modifier you also nerf minimum damage.
Yeah, but armor remains the same. So it gets pierced less often.
Ok let's calculate.
HMG: 17 base damage, AG: 19 base damage, TAG: 28 base damage o_O.
Twice as much with 4 damage upgrades. Half as much with 50% modifier. So we can assume base damage is roughly what we have against slow tanks in mg-focused mid-game. Viper and Bug have 10 and 8 base armor respectively, against all other tanks we have HMG firing at 33%. Scorpion has 12 armor, which makes AG fire at 33% against all slow medium body tank. TAG is quite piercy though, but still against an unupgraded panther (something we never see) it shoots at 10/28 damage, which is only slightly above 33%.
So, yeah, right.