Skip to comments.Half Your Paycheck To The Government In 2013
Posted on 11/21/2012 5:48:15 AM PST by TurboZamboni
Come January 1, you're probably not going to be happy with the amount of taxes you're paying. That's because it's not just Federal taxes that you pay.
A middle class taxpayer pays 25% percent of their income in Federal Income Tax. Sounds, ok?
Then there is the Federal Social Security and Medicare payroll tax of 13.3%. You pick up 5.65% while you're employer pays 7.65%. Add them up and that's 38.3% of middle class family incomes going to Uncle Sam. But we aren't done, not by a long shot.
According to the Tax Foundation, the average state's income tax rate on the middle class is 4.82%. Of course, some states have it and some don't, but we're taking an average here.
Now the total: 43.12% of middle class income to taxes.
Oh, and I almost forgot, unless congress makes a move, Federal Income taxes go to 28% for middle income folks next year as the Bush tax cuts expire.
(Excerpt) Read more at foxbusiness.com ...
That’s exactly what I was thinking; only applies if your playing along.
If the GOP ever wants to win another election they need to start running adds NOW!! outlining all this crap. They need to be getting their message out 24/7/365. Not just during an election year.
A question for the tax knowledgeable:
We often hear how US individual taxes are lower than European taxes. Are these apples to apples comparisons? Does Europe have separate provincial, Social Security, unemployment fund income taxes? And does it have additional local taxes?
I realize that there are some other factors—US corporations are heavily taxes; capital gains are more heavily taxes; on the other hand, the European VAT tax probably outweighs our state sales taxes (which is why it’s been floated as a possibility for us).
This is what half of Americans voted for. It is what they want. They have the government they elected.
The GOP has been banned for life from the game. We’ll all dimocrats now.
This only applies to the 50% that are paying taxes.
The other 50% think your a greedy bastard for wanting to keep your own money.
Something else to watch for is the AMT.
If the AMT is not patched again, which I seriously doubt it will be, it will hit anyone making more than $45k/year.
Exactly. I started working after school and Saturdays at age 12. At age 48, I quit. At 61, I work part-time, about 20 hrs per week. I work just enough to provide my “needs.”
I got so fed up with the taxes, government, and materialistic society, I decided I would no longer participate in it.
I am kind of rebellious by nature, so I figure I got to this point a little sooner than most folks. But, I think this is where we are headed. The average person is not going to continue paying taxes to such a wasteful government. Nor, are they going to work their butts off to provide for folks who don’t work.
Take a look at your tax bill this year (2012). You may be subject to the AMT, and you won’t find out until you file. If you use a tax preparer, call him, now.
Many of them don't pay taxes, either...(especially not the dead and fictitious)
I wish I could agree with you, but the “average” american is an unimaginably stupid piece of sub-human filth who votes for the kenyan and demofilth in general.
I do believe europeans get a lot more “perks” from their employers that enable them to live comfortably before paying taxes
At least I know managers do, with cars, travel expenses, vacation expenses and other items that we pay out of pocket, as part of their compensation. I do not know what they pay in health premiums above the built-in socialized medicine costs
Easy solution = no paycheck!
And, don’t forget...
The self-employed pay the FULL 13.3% (15.3%) payroll tax rather than splitting it with an employer. (At least the second half can be taken as a business expense deduction.)
day late and a dollar short..
i have been paying over half of my earnings to the government for over 10 years now....
feds, state, local, sales, property, gas, license plates, communications, and so on and so on..
add it up sometime...
and this is why i not only want to go over the financial cliff, i want to put a brick on the accelerator of the bus and go over full speed..
the ones that voted for fubo overwhelmingly, lower income workers, single women and minorities, will see their tax rates double and even triple, while a whole host that did not pay taxes before will now be on the hook for taxes...
be careful what you ask for, you might just get it..
let them eat cake
Three years ago... Add state and local sales taxes (9% here) to what you purchase with what's left after income taxes.
Why only half? Why not send very penny to the govt, all savings, everything and have them redistribute so everyone can live the same...?
Wait, that means JayZ and Beyonce have to send little Blue Bell to a govt school, can’t use their private plane....Obozo and Mooch can’t live in HI....
Taxes: the new looting...
The “secret” to eurosocialism is the VAT. It builds in inflation is everything. Luckily we don’t have a VAT here(yet).
Given how many Republicans change their tunes once they are elected, and rampant vote fraud, it also sort of touches on that feeling of “taxation without representation.”
Up to twenty million illegals will be given amnesty in the near future. With their new found citizenship, they will be allowed to import up to four family members...legally.
GOP win another election? Ummm, I'm thinking not.
Most illegals from Mexico/South America reside below the poverty line as defined by Uncle Sugar. This means that when it is time to file their federal income tax forms, they will qualify for the earned income tax credit.
Up to four thousand depending on circumstances laid out in the tax code will be handed out to new legal-illegals without those folks having contributed to the system.
Billions in free $$$......courtesy of YOU America!
Enjoy Obozo’s 2nd term.
. . . . Check out # 25.
Twinkle Toes is pushing to get illegals drivers’ licenses in Illinois.
In addition the average Obamacare subsidy is going to be around $5000 per year which will cost the taxpayers billions. Redistribution.
The belief that the majority rules in the United States is unConstitutional and reflects a long time disinformation campaign on the part of the left. We don’t have a majority rules system.
I've been wanting them to come up with such a tax ~ applies just to Democrats, and Republicans skate free. We all hoppy!
Guess this is as close as it's going to get but New York deserves it ~ blasted by a superstorm, billions in damage, and now their boy raises taxes to the roof!
http://cnsnews.com/news/article/sandy-ravaged-new-jersey-families-face-6933-tax-hike-fiscal-cliff-stalemate ~ this says, more or less, that what you believe is just so much garbage. The top 5 states when it comes to tax increases in the fiscal cliff are ALL among the wealthiest parts of the nation, and have the most Democrats. On a mass scale the greater part of the increased taxes will fall on the RICH who voted for Obama!
Don’t know about individual tax rates, but US corporate rates are now the highest in the world. Either a corporation “joins” the mob in DC...or they’re run offshore at this point.
I guess you missed this part in the article...
The potential for tax increases on millions of U.S. taxpayers is still possible, the Tax Foundation explains, and would be especially devastating for lower-income families because of the changes to the child tax credit; the elimination of the 10 percent bracket, which would go back to 15 percent; and the reduced standard deduction for married filers — all of which are provisions in the 2001 and 2003 Bush tax cuts.
You could tax 100% of the income of the lowest income 35% of the country and that wouldn't run the government for ten minutes.
Not to dismiss your concerns about the Democrat tax conspiracy to finally come home ~ to their distress, but I think income taxes, per se, have failed to finance government, and can be considered to be just another failed government program.
Before the income tax amendment this country used indirect taxes to finance the federal government and that was quite successful ~ albeit a tad limiting eh!
This fiscal cliff deal will not be resolved by the current Congress except by almost eliminating federal spending.
Now's the time to strike! ~
THE GOVERNMENT ALREADY GETS MORE OF OUR MONEY THAN WE DO!!!
WHERE DOES OUR MONEY GO?
Federal Income Tax
Social Security Tax
Capital gains tax
State Income Tax
Real Estate Tax
Personal Property Tax
Up to 6 different telephone taxes
Gasoline Tax (Federal and State)
Cigarette Tax (Federal and State)
Liquor Tax (Federal and state)
Service Charge Tax (air fare, hotels, taxi cabs, etc)
LICENSES AND PERMITS
(fees paid to the government)
Vehicle License Registration
YOUR EMPLOYER PAYS TAXES ON YOUR BEHALF:
Social Security (7 ½ %)
Federal Unemployment Tax (FUTA)
State Unemployment Tax (SUTA)
AND DONT FORGET,
WE PAY UP TO 10% SALES TAX ON ALMOST EVERYTHING WE BUY!
The government already gets more of our money than we do!!! And Obama and the Democrats want to tax us more???? The governments needs to reduce foolish spending not raise raise taxes.
I fully understand everything you are saying...
I do not beleive you understand what I am saying..
this is not about funding the government in regards to lower income people..
this is about putting cash into the kitty, about feeling some pain for once, about “being fair”
if a fubo voter comes to you about taxing the rich, yet they bitch because their taxes went up, all you have to say to them is “now everybody is feeling the pain. how much more fair can you get?”..
what can they say in return that does not make THEM sound greedy and childish???
the rich will be paying more ( it was gonna happen anyway ) the middle class will be paying more ( it was gonna happen anyway ) and now...
the lower income and those that did not pay taxes before are going to be paying more, and a whole host that did not pay anything are going to be putting something into the kitty...
talk about an opportunity to not only educate, but convert some libs to conservatism...
those that do not wish to change their views, well, just keep on coughin’ up the cash pal, ‘cuz you got exactly what you voted for...
be careful what you ask for, ‘cuz you might just get it..
let them eat cake
You could tax 100% of “the rich”......those making “over 250k”/yr....
This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.
At the end of that little stunt....all local jobs and industry would be gone!!!and the way DC would look at it,.....well, they’d see it as having successfully wiped out the competition!!!!
That will revert back to 7.65% Jan 1
I wonder how many loans will go bust because people will no longer be able to make monthly payments?
I think we know all the issues there ~ to wit, income tax bad, high taxes bad, indirect taxes good ~ or at least just the sort of thing needed to trim the federal government's spending sails.
The other issue is my special idea of TAXING ONLY DEMOCRATS. That way the Democrats are happy because their taxes would certainly be increased, but the Republicans would be happy because their taxes would certainly be decreased.
Do not try to mix those two ideas.
In the case at hand the states that will end up paying the most taxes in the Fiscal Cliff are those who are overrun with Democrats ~ hence, just letting things happen as they are going to happen will end up taxing Democrats, and there's nothing wrong with taxing them!
Now, let's get on with the other part of the idea ~ exempting Republicans from taxation!
BTW, the idea that forcing the poor to pay federal income taxes is good is just this side of totally bizarre. The whole program of federal income taxes was sold as being applicable to only the biggest businesses and the top 1 or 2 percent of income earners!
Reagan put us on the path of returning to that standard ~ besides, as we all recall that was a Republican campaign promise ~ in 1909!