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the bottom 50% (those earning under 50k) pay nearly NOTHING in federal taxes
I earn 60k and pay nothing in federal income OR PAYROLL taxes..I even get back an additional 50 bucks MORE than was originall deducted in TOTAL federal taxex (both income and payroll)
what we need is to make the tax system more simple and EVEN
if we got rid of many of the duductions but also lowered EVERYONE (every level) down to 10% we would have MORE revenue
think of it, set the tax rate it at 10%..a person earning 10k would pay 1k..a person making 10 million would pay 1 million...minus a standard deduction based on family size
I never understood why we tax peoples incomes. Why are people's hard earned money taken away from them? If you want to tax other things fine but do not take people's money they earned from them.
the bottom 50% (those earning under 50k) pay nearly NOTHING in federal taxes
I earn 60k and pay nothing in federal income OR PAYROLL taxes..I even get back an additional 50 bucks MORE than was originall deducted in TOTAL federal taxex (both income and payroll)
what we need is to make the tax system more simple and EVEN
if we got rid of many of the duductions but also lowered EVERYONE (every level) down to 10% we would have MORE revenue
think of it, set the tax rate it at 10%..a person earning 10k would pay 1k..a person making 10 million would pay 1 million...minus a standard deduction based on family size
I made under 50k and I paid nearly 20% taxes this last year...I didn't get anything back (except for $170 for textbooks for school). My coworker paid 18% and also got nothing back.
Maybe we're doing something wrong, but I would have loved to get all my income tax back.
I made under 50k and I paid nearly 20% taxes this last year...I didn't get anything back (except for $170 for textbooks for school). My coworker paid 18% and also got nothing back.
Maybe we're doing something wrong, but I would have loved to get all my income tax back.
oh please 50k would put you in the 15% bracket and would have you paying AT THE MOST 12%
between right-offs like :
the standard deduction
the personal exption
any contribution to a 401k/ira
health/medical costs
energy star costs for home/apartments
child care costs
child credit
plus any business/employment costs
your taxes are nothing...
if you paid 20% , you need to find a better tax guy
Personally when I see a working family "getting by" on less than $30k my first thought isn't. Darn, lucky them, they don't pay taxes. It's, how do they do that? Mitt and friends just wants them to put in their "pound of flesh", oops I mean "put their skin in". And, yes I believe there are a lot of hard working people making less than $30k a year.
oh please 50k would put you in the 15% bracket and would have you paying AT THE MOST 12%
between right-offs like :
the standard deduction
the personal exption
any contribution to a 401k/ira
health/medical costs
energy star costs for home/apartments
child care costs
child credit
plus any business/employment costs
your taxes are nothing...
if you paid 20% , you need to find a better tax guy
I said UNDER 50k....I grossed 38k last year. I don't have any children, I don't own my own home and I made too much for any big write offs. I also didn't have any business or employment costs. My company doesn't offer a 401k or ira and I have an HMO for health costs, so no write offs there.
Between federal and state, it was a hair under 20%.
I said UNDER 50k....I grossed 38k last year. I don't have any children, I don't own my own home and I made too much for any big write offs. I also didn't have any business or employment costs. My company doesn't offer a 401k or ira and I have an HMO for health costs, so no write offs there.
Between federal and state, it was a hair under 20%.
ok...
well where to start
1. we were talking federal not state....my local property tax hits me for nearly 20% of my gross
2. you grossed 38k...well the right off the top is the standard deduction 5800, and the personal exemption of 3700 bringing you down to 28.5k
3. 28.5k taxable income would have 3800 dollar tax (just about 10% of your gross)
4. even with a HMO you can write off the costs if you choose to itemize..
5. your company doesnt HAVE to provide YOUR retirement fund..you do that, and what you contribute to YOUR 401k/IRA can reduce your tax (line 50 of the 1040 with form 8880)
6. what you pay in stateincome tax is also deductable if you chose to itemize...or in state sales tax
7. are you sure you have no employment costs...ie if you work in a shop enviroment and they REQUIRE steel toe shoes (and they DONT supply them to you, or re-emburse you)..its your COST, and you can deduct that cost
It's just as relevant as your comment. Obama's upbringing was anything but average.
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bleh
