The combined governmental tax rate is 57%. Our family gross income is $55,000. Subtract the tax rate (-$23,650), and we're left with a net income of $31,350.
I think poverty level for a family of 4 is $32,000, so we're actually taxed back to poverty level by our own governments!
We are also left with the choice of either trying to squeak by, or making up the difference by having a second income.
Gee THANKS, Uncle Sam!
I think the net income & the income taken by the governments should be swapped, but you get the idea. :)
Now that's some figuring that's worth the attached commentary, thank you. I'm all for small government. And I'm with you on being taxed backward everytime one gets ahead of things. Government trade policy cost me my career and I'm still trying to find work 3 months later.. Can't even find a job flipping burgers here and just about at the end of my rope before taking advantage of unemployment - which I'm on my way to check into now as it happens. One more person on the government's back now instead of taking care of myself - and not by my own choice. I can't tell you how infuriating it is.. But, I'm off.
You are not being taxed at a 57% rate on 55,000 income.
That's a joke right ? Please tell me you have a source for that.