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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
Must be nice.
I made $73k last year and paid $11k in fed taxes (does not include SS, Medicare or state taxes)
I am getting back a whopping $78.00.
Then you include the other $9k in state, SS and medicare (and the $178.00 due to state after I did my taxes).
Can you read? I said I think everyone should be paying even less taxes...period, all income levels. I certainly don't want those living below the poverty level paying more. That was in no way my point so get off your high horse before you fall and hurt yourself.
You used the number as part of your statement. If you were not stating such, why did you include it?
I made $73k last year and paid $11k in fed taxes (does not include SS, Medicare or state taxes)
I am getting back a whopping $78.00.
Then you include the other $9k in state, SS and medicare (and the $178.00 due to state after I did my taxes).
How many credits are you getting?
I gather you're single? Single people, and those w/o kids, get screwed by our tax code. Just the same, you might want to look at a creative accountant to help you keep some of your money. Our combined income is a just a bit more than yours, we pay a touch under 10% (federal income tax).
I gather you're single? Single people, and those w/o kids, get screwed by our tax code. Just the same, you might want to look at a creative accountant to help you keep some of your money. Our combined income is a just a bit more than yours, we pay a touch under 10% (federal income tax).
Yep. Single, no kids. About the only thing I was able to claim was a few hundred $$$ in interest paid on my student loans (they're almost paid off now and only a very small % goes to the interest these days, most is going directly to the premium). I do have 401k and insurance as well but obviously that didnt reduce my taxable income enough.
Rented last year as well but am looking to buy my first house (condo actually) in April or May this year. So at least that will help somewhat next year.
My effective federal rate was 16.2%. Taking into account SS, Medicare and State taxes, and deducting insurance and 401k from my taxable income I was basically taxed @ 29.4%.
Yep. Single, no kids. About the only thing I was able to claim was a few hundred $$$ in interest paid on my student loans (they're almost paid off now and only a very small % goes to the interest these days, most is going directly to the premium). I do have 401k and insurance as well but obviously that didnt reduce my taxable income enough.
Rented last year as well but am looking to buy my first house (condo actually) in April or May this year. So at least that will help somewhat next year.
My effective federal rate was 16.2%. Taking into account SS, Medicare and State taxes, and deducting insurance and 401k from my taxable income I was basically taxed @ 29.4%.
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?
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