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Ouch. A house, with the associated interest and property tax payments should result in your federal income tax dropping a bit. However...I think you only accounted for the portion of your "contribution" to SS. The employer's portion, also a part of your compensation package, is another ~7%. Making your tax load closer to 36%. All this before sales taxes, fees, fuel taxes and the embedded taxes in all goods and services you purchase. Most likely your total tax load is 40-55% of your income. Doesn't that make you feel all warm and fuzzy?
Not only that, wasnt the SS rate only like 4.2% this year for employees instead of the normal 6.2%?
So you can add another 2% whenever that stops.
It's insane. And the middle to upper-middle class gets screwed. Especially single, childless workers.
I'm going to make about 30% more in 2012 than I did in 2011 as well so I cant wait to see how that turns out
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.
97% of Americans pay less than an effective income tax rate of 15%.
47% of American households pay an effective tax rate of 0% or even make a profit off of income taxes.
Maybe Romney should/could pay more...but the spin that he pays less than the common American is a lie.
Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
Just a quick question: if that's the case, why so many argue that we Americans are "taxed to death"?
Originally Posted by michiganmoon
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.
97% of Americans pay less than an effective income tax rate of 15%.
Quote:
Originally Posted by oberon_1
Just a quick question: if that's the case, why so many argue that we Americans are "taxed to death"?
Kinda throws out the whole 'T.E.A.' argument..........
Of course with Newt's proposed plan, Romney would pay next to nothing, and the rest of the working stiffs would still pay a lot more.
Americans pay numerous taxes like payroll, federal, state, local, gas, rentals, capital gains, cigarette, inheritance, liquor, marriage license, luxury, property, real estate, sales, soc. security, telephone, utility, vehicle and probably many more. Add that to 15% and yikes!! That's probably what "taxed to death" means. I know I feel taxed to death.
Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
Many Americans with a low level of earned income pay 0% on long term capital gains.......
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.
97% of Americans pay less than an effective income tax rate of 15%.
47% of American households pay an effective tax rate of 0% or even make a profit off of income taxes.
Maybe Romney should/could pay more...but the spin that he pays less than the common American is a lie.
Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
For the poorest I think payroll taxes are enough. I could handle zero. It's the negative tax rate that gets me.
which is what most of the poor/middle get
between housing interest credit, tax credit, child credit, tuition credit, health care cost credit, energy credit, EIC, make work credit,..most have a zero to negative tax rate
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Add that to 15% and yikes!! That's probably what "taxed to death" means.
I know I feel taxed to death. 
