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.
Obamanation
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.
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