Out of curiosity, where are you getting the 14% figure? Someone with $100,000 in income is paying closer to 20% when the brackets are weighted.
Tax Day Fact Check: Most Americans Got A Tax Cut This Year
- Thread starter Free Thinker
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Out of curiosity, where are you getting the 14% figure? Someone with $100,000 in income is paying closer to 20% when the brackets are weighted.
i plugged 100k income married filing jointly into turbo tax this morning to get the number. the exact number is $13010.00 due in federal income tax.
most people will have additional deductions that could get it even lower.
Married vs. single, let alone with kids, is a big diff.
And yes at "only" 100k the standard deductions will vastly lower your taxable income. But now plug in the same deductions on 400k in income. You'll see a dramatically higher effective rate.
Statists-as well as ignorant Canadians-ignore many facts. Federal income tax is only one of MANY taxes. Use your 100k guy as an example. Make him self employed-like many here.
If single his Federal tax is about 20k. His SS and Medicare is about another 15k. A typical state income tax? Another 5k. If he owns even a modest home, 5k in property taxes. Now add up how much he pays in gas taxes. Probably several hundred a year. The same with phone and utility taxes. And Katie bar the door if he dares live in NYC or Chicago and smoke cigarettes. He might be paying 5 bucks a day just in taxes. All told a 100k single person pays better than half his income in various taxes.
And yes at "only" 100k the standard deductions will vastly lower your taxable income. But now plug in the same deductions on 400k in income. You'll see a dramatically higher effective rate.
Statists-as well as ignorant Canadians-ignore many facts. Federal income tax is only one of MANY taxes. Use your 100k guy as an example. Make him self employed-like many here.
If single his Federal tax is about 20k. His SS and Medicare is about another 15k. A typical state income tax? Another 5k. If he owns even a modest home, 5k in property taxes. Now add up how much he pays in gas taxes. Probably several hundred a year. The same with phone and utility taxes. And Katie bar the door if he dares live in NYC or Chicago and smoke cigarettes. He might be paying 5 bucks a day just in taxes. All told a 100k single person pays better than half his income in various taxes.
I really don't catch your drift. Corporate taxes in the U.S. are the 2nd highest in the world, behind Japan. And ironically enough, both Japan and America have horrendous government debt levels and over the past decade, two of the crappiest stock market returns on earth.
People don't get rich from income. They get rich through asset inflation. Hell there's Silicon Valley stock market billionaires whose businesses have barely posted profits. Sell a cup of coffee and make a dime. Take that coffee biz public and your market cap is 50x that dime. Taxers want to tax the dime but give the 50x a break. Stupid, regressive policy. And Clinton was every bit as ambitious a tax cutter for the cap gains crowd as was Bush.
People don't get rich from income. They get rich through asset inflation. Hell there's Silicon Valley stock market billionaires whose businesses have barely posted profits. Sell a cup of coffee and make a dime. Take that coffee biz public and your market cap is 50x that dime. Taxers want to tax the dime but give the 50x a break. Stupid, regressive policy. And Clinton was every bit as ambitious a tax cutter for the cap gains crowd as was Bush.
if you cant even read how are you ever going to understand taxes?
"i plugged 100k income married filing jointly into turbo tax this morning to get the number. the exact number is $13010.00 due in federal income tax.
most people will have additional deductions that could get it even lower."
This is the difference between a guy who works for a living and a liberal who sucks off the government teat spouting the MSNBC talking points.
It is right there on this thread. liberal misinformation vs real world. You can't trust most politicians most of the time, but you can never trust a liberal to give you the truth about taxing and spending.
14% pull it out your ass number vs. real world.
The flat tax at a 11 to 13 percent individual and corporate is our only hope of a just and prosperous financial future.
Before someone can open their mouths on taxes... they should answer two questions....
What is your tax bracket?
Does you salary get paid by the government in some manner?