Rush said 7 1/2 percent on top of what we’re paying. For those of us who are self employed or who own the company, the Social Security tax is 13%.
It may come as a surprise that US companies pay the highest taxes in the world. Yes, you read that right! American businesses, large and small and across all industries pay from 35% to 41.6% of their income in combined state and federal taxes. The 41.6% maximum rate is scheduled to rise to 46.2% in 2010 when President Obama’s promised tax increases are implemented. Compare that to socialist France where companies pay only 34.4% in taxes, to China where the rate is 25%, or Russia which levies a mere 24%. Corporations in Ireland, Europe’s fastest growing economy for the last 18 years, pay just 12.5% in taxes.
Because of its dual taxation system, US businesses and individuals are required to pay both state and federal taxes on their income. When combined both these taxes range from a minimum of 35% in states like Nevada, South Dakota, and Wyoming that do not tax business income, to a maximum of 41.6% in Iowa, the state with the highest corporate tax rate of 12%.
(Excerpt) Read more at chrisbanescu.com ...
Obama: 100,000 to 250,000 new FEDERAL employees to be hired this year. In the middle of a deep recession.
Unbelievable
As a nation, we are so stupid and so screwed.