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About to start a new job so just trying to figure out my budget and stuff.
I've heard they tax more in NYC than other cities so about how much % would be a good estimate? Keep in mind that I am not married or have any kids
NYC taxes more on income tax but has lower property tax.
Filing single, living in NYC, and assuming you have no dependents or large tax deduction items you'll pay probably 35-40% in taxes for NYS, NYC, Fed, SS, etc.
If you want more detailed numbers, go to IRS site, go to NYS site, go to NYC site, and pull the income tax table. Don't forge to deduct SS tax too which is now 4.2? 6.2? (google for it)
And run some numbers on spreadsheet to get a better idea.
Once again, this is assuming you are single, don't have any dependents or large tax deduction items that'll knock your income down by a ton.
Why can't there just be a flat tax? 10% of income across the board, regardless of income, capital gains, etc. All loopholes closed. That way the rich are "paying their fair share" and so is everybody else. Same for corporations and businesses, 10% of everything. No IRS, no confusing paperwork and/or difficult to understand tax codes, no exemptions/withholdings or any of that stuff. You make one dollar, you pay ten cents. Nice and easy.
because a flat tax would consume to big a percentage of lower incomes who live hand to mouth and spend 100% of what they earn and not enough of the higher incomes. basing it on spending really is not a good way. many high earners spend little in comparison to what they earn.
what is rich to you? with 1/2 the country paying no income tax at all that is the bigger problem. i do not think 10 bucks minimum income tax per person is to much to ask for living in this country.. if you are talking about upper incomes but not what i would consider rich they already do pay a huge amount of taxes.
when you are hit with the nasty amt tax as many are a 28% standard marginal tax rate which is what all the tax ignorant folks think in terms of is very very very different from a 28% amt rate.
the amt can be pretty much that flat rate you were thinking of once the phase out points are hit. this tax is no longer a rich tax either. it can hit a couple with as little as 75k in income
Last edited by mathjak107; 01-17-2013 at 03:43 AM..
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