Is there anyone here who pays half of their income in taxes?

[asdjrocky]

Anyone at all? I thought the top tax rate was 39%, but I guess I could be wrong.

[AtomicKitten]

1. As if. The top bracket is being increased 3%. Oh noes!!

Hey, nice to see you around these parts. Quit being a stranger!

:hi:

[asdjrocky]

5. Hey AK.

I do a lot of reading, and only sound off when I have something to say. Which isn't often these days. Great to see you! :hi:

[Debi]

2. We're close

about 47%. Our tax rate + self employment tax.

[ieoeja]

7. Most of us do not think of Social Security and Medicare as income tax. n/t

[Debi]

12. Thank you. n/t

[asdjrocky]

8. Wow.

I've had good years in the past with my small business, but I've never paid close to half of my income in taxes.

[Debi]

13. I must be mistaken. n/t

[asdjrocky]

16. Not at all Debi.

When you add them all up, it does come to a lot. Also, every case is different, so I don't doubt at all what you are saying. I just saw this woman on Faux right before the bit with the DU guy, and she said she was paying half her income in taxes, and that prompted the question. Again, with the complicated tax codes, every case is different.

[Nicholas D Wolfwood]

10. You're doing something wrong.

Most businesses, particularly small ones, don't pay any taxes at all - legally.

[Debi]

14. I also am obviously thinking wrong today.

:hi:

[Nicholas D Wolfwood]

20. Hey, my dad's got the same problem.

His accountant sucks but he's scared to change for some ungodly reason.

At any rate, I apologize - I didn't mean it as a personal affront.

[Debi]

22. I didn't take it as one.

I only know what comes in and what goes out.

[kath]

17. That's your MARGINAL tax rate (at most) though.

Sad how few people understand the concept...

[Debi]

21. Yes it is

thank you for pointing it out to me.

[On the Road]

3. That's Just the Federal Income Tax

to that has to be added state and local income taxes, property taxes, sales tax, payroll tax, and miscellaneous other categories. Depending, of course, on exactly what question is being answered.

I have never added it up, but I do not doubt that such people exist. In New Jersey, for example, property taxes on a large single-family house can be in the tens of thousands of dollars.

[Debi]

15. Thank you -

That must be what I was thinking about.

[GoCubsGo]

4. Not me.

I barely made anything last year (under $10K), yet I still didn't pay anywhere near half my income in taxes, even though I paid property taxes on my house and car. I guess if you counted sales tax, then maybe...

[depakid]

6. Even if the top marginal rate was 50%, no one would pay half their income in taxes

at least, not per the federal income tax.

[safeinOhio]

9. tax rate in Somlia is zero and no government regulations

[asdjrocky]

11. Sounds like heaven for the pugs.

[Jennicut]

18. Maybe we should ship em there and let the people of Somalia take their place

After all, they love no rules and regulations on anything.

[Sgent]

19. Keep in mind

as income goes up, the marginal rate can actually be higher than 39%. For instance, as it goes up you lose significant deductions, exemptions, etc.

[peaches2003]

23. They say 1/2 their income goes to taxes, but do not say......

that they are paying that much in Federal income taxes which is what most people read it as. Of course they word it this way so people will be enraged by Fed income tax rates which are actually lower now that when Reagan was Pres.

They are counting every single tax they pay to get to the 1/2 their income amount- Fed income tx, State inc tax, payroll txs, Medicare tx, Soc Sec tx, sales tx, etc.

[rucky]

24. Was this from that one FOX interview with Steve...

or are they repeating this elsewhere?

[brooklynite]

25. Don't forget to add State and Local income taxes

Living in NYC adds about 11% at the highest income levels

[ItNerd4life]

26. Over 40% of my income goes to taxes, not income taxes.

Federal Income Tax: 15%
Soc Security and medicare: 13%
State Income Tax: 3%
Sales Tax: 7%
Real Estate Tax: 8%
Phones, cell phones, cable taxes, car stickers, etc: 2%

Many people mistakenly think only of Income taxes. Actually track your income and expenses
on a spreadsheet and you will be amazed at how much in taxes you pay.

That's why I believe the government needs to be fiscally responsible, something it has never been.

[LiberalFighter]

27. I hope you don't try to tell us that after adding all those taxes you

pay over 48% on all of your income.