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My aunt had private insurance pre-ACA and got kicked off her policy in the middle of the year after she got lung cancer and huge claims. She died. Had ACA been in-effect, it's possible she might have lived. Getting kicked off insurance in the middle of lung cancer treatment caused her to miss many treatments and also have severe financial hardship due solely to the insurance company kicking her off the policy AND refusing to pay the large claims which occurred while the policy was still active.
The American Taxpayer Relief Act of 2012 increased the highest income tax rate to 39.6 percent. The Patient Protection and Affordable Care Act added an additional 3.8 percent on to this making the maximum federal income tax rate 43.4 percent.
2018-2019
The highest income tax rate was lowered to 37 percent for tax years beginning in 2018. The additional 3.8 percent is still applicable, making the maximum federal income tax rate 40.8 percent.
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add to that state, ss and medicare ...
You know there's more than just income tax, right? Take me, for example. I pay about 33% of my income to state and federal income tax. Sales tax is around 9%. Then add property tax, social security, and medicare. That actually puts me around 50% already, and that doesn't even include the high gas tax, the annual vehicle registration "fees", or increases in insurance premiums thanks to the ACA. And I don't make anything close to a million a year.
It's very unlikely you pay 33% in federal and state tax. You need to look at your effective rate, not your marginal rate. Your effective rate is the rate you pay after all deductions divided by your gross income. Most people are in the low teens. It's higher earners, like me, who pay an effective rate in the 30's. As your income rises, you pay a higher effective rate.
When I said half, I was including state. Between state and federal, I am around 40%.
The American Taxpayer Relief Act of 2012 increased the highest income tax rate to 39.6 percent. The Patient Protection and Affordable Care Act added an additional 3.8 percent on to this making the maximum federal income tax rate 43.4 percent.
2018-2019
The highest income tax rate was lowered to 37 percent for tax years beginning in 2018. The additional 3.8 percent is still applicable, making the maximum federal income tax rate 40.8 percent.
___________
add to that state, ss and medicare ...
Thank you. Most people think they pay a much higher rate than they actually pay.
The American Taxpayer Relief Act of 2012 increased the highest income tax rate to 39.6 percent. The Patient Protection and Affordable Care Act added an additional 3.8 percent on to this making the maximum federal income tax rate 43.4 percent.
2018-2019
The highest income tax rate was lowered to 37 percent for tax years beginning in 2018. The additional 3.8 percent is still applicable, making the maximum federal income tax rate 40.8 percent.
___________
add to that state, ss and medicare ...
I should add that if you live in ANY state, especially a blue one, with a state tax, you lost your SALT deduction, which usually way more than offset any reduction in the rates. So this was NOT a giveaway to high earners.
I should add that if you live in ANY state, especially a blue one, with a state tax, you lost your SALT deduction, which usually way more than offset any reduction in the rates. So this was NOT a giveaway to high earners.
"Hawaii has the broadest sales tax in the United States, but it taxes many products multiple times and, by one estimate, ultimately taxes 105.08 percent of the state’s personal income."
"Left to their own devices, states and localities may also invest only modestly in spending programs and tax benefits that benefit low-income residents. But Americans who care about providing struggling families with assistance might be willing to subsidize states and localities to do more."
"Hawaii has the broadest sales tax in the United States, but it taxes many products multiple times and, by one estimate, ultimately taxes 105.08 percent of the state’s personal income."
"Left to their own devices, states and localities may also invest only modestly in spending programs and tax benefits that benefit low-income residents. But Americans who care about providing struggling families with assistance might be willing to subsidize states and localities to do more."
If you do your taxes on Turbo tax or any software, go to the back up. It should tell you your effective tax rate.
"I could see no reason why I should, at the end of each week, pour the reward of my toil into the purse of my master. When I carried to him my weekly wages, he would, after counting the money, look me in the face with a robber-like fierceness, and ask, “Is this all?” He was satisfied with nothing less than the last cent. He would, however, when I made him six dollars, sometimes gives me six cents, to encourage me. ~ Frederick Douglass, Narrative of the Life of Frederick Douglass, an American Slave (Boston: Anti-Slavery Office, 1845), 102. ~
<snip>
Modern taxation has simply codified the arrangement that separated the plantation slave from the city slave."
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" ... federal government was established to protect citizens against the burden of government."
Interesting enough is hasn't worked out that way, as people have defined liberty and their freedoms, that which they pay the government to grant them. (ACA is but one example)
PS: Jefferson believed in the people. However, the people today, it seems they don't believe in themselves, as they empower the government.
Last edited by Ellis Bell; 12-06-2018 at 08:42 PM..
Starting my third year of subsidizing your health insurance.
-Tax payers.
Continuing the many, many decades of subsidizing employer-based health insurance.
-Tax payers.
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