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 ...
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?