Posted on 02/04/2010 4:51:56 AM PST by grundle
This doesn’t make sense. The marginal tax rate for $80K is a lot higher than the 12% shown on the graph.
That’s just the federal take... add state/local tax and families keep less than 50% of what they earn
I'd amend that to "can't"
If I make 50K a year, that puts me solidly in the middle of middle class. Food, Mortgage, and Utilities eat up a pretty good chunk of that.
The reason that I don't hide my money in tax-free offshore accounts isn't because I don't know how. It's because there isn't any to hide.
That's a fact. No thinking about it.
Damn, are you all wee-weed up? You need to chill .Depends on what the definition of “maybe” is ! Hell, he can fall off his chair and break his neck in the oval office when he sits back and puts his feet up on the desk.Always live for the day . Tomorrow may never come .
When ya add up all the taxes the individual pays in the ol USofA these days, state fed and local plus parcel plus ??, isn’t the rate close to what the most socialist country tax their herds at?
drink
That chart is incorrect.
For married filing jointly, the standard deduction is $11,400. 4 times the personal exemption of $3,650 is $14,600. Added together these are $26,000. This is deducted off the AGI to get taxable income (for a very simple return.)
The 15% bracket starts at $16,700 or $42,700 AGI. That goes all the way out to $67,900 or $93,900 AGI where the 25% bracket kicks in.
The chart shows 12% out to $90,000.
Holy !@#$.
And if you were in a high-cost part of the country you’d be struggling to support a family at $50k. Maybe this will help to further wake up voters in the Northeast and CA.
Any Which Way - including loose...
Sooner or later the will be a tax revolt. It’s coming if this doesn’t stop now.
YES! YES! YES!
That is why the rich love to soak people with taxes. They moved their money offshore years ago and they won’t feel a thing. Offshore IBCs and Offshore trusts are perfect instruments formed against the corruption in Washington.
“and are thus not subject to Federal income taxes.”
Which will be eventually subjected to Federal confiscations.
“That chart is incorrect.”
That was my first reaction. I think the reason that the term “effective MTR” was used is because behind the scenes they are accounting for the current tax subsidy for employer-based coverage. So while the nominal MTR at $50K AGI might be 15%, the tax exclusion effectively gives people in this income bracket a 15% discount on the cost of employer-provided HI. This discount applies to the “employer-paid” share even though the employee never directly sees this savings, as the CBO and other modelers generally assume that every dollar paid for health benefits is a dollar the employer otherwise would have paid in wages etc.
So if the typical worker in this income range has a family policy with premiums equal to 20% of income, the savings amount to 3%, dropping the EMTR from 15% to 12%.
Thanks - that sort of makes sense. I figured they weren’t making weird adjustments when they said they were not counting payroll taxes.
Of course loose, impeach or march on Congress!
I want change I can believe in.
why work...why save....anything you have they'll take ....assume....or index so you pay the highest taxes or insurance rates...
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