To: Cincinatus' Wife
My guesstimate is between 40-60% after you factor in SS, property, fuel taxes, the cost that regulations add to the price of everything, that idiotic Gore Tax on everyone's telephone bills, etc., etc., ad nauseum...
9 posted on
09/17/2003 3:20:22 AM PDT by
backhoe
(A modern, consumer-driven society hinges on cheap, dependable energy supplies...)
To: backhoe
Unfortunately too many Americans are beginning to believe the government owes them, when in fact they need to understand the government is bleeding them dry.
To: backhoe
My wife and I made between 80-90 k last year. Taxes were:
$12,000 Federal
$2,500 state
$6,000 SS + Medicare
total $18,500
about 22% effective rate
However Marginal rate was 27.5 Federal 2.8% state + 7.5 for SS + Medicare = 42.3%.
When I lost my job we really only took a 60% paycut.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson