47% of households will pay no federal income tax

[terraformer]

I'm sure the study exists somewhere, but I'd really love to see a comprehensive estimate of how much tax upper middle class earners actually pay in TOTAL taxes. I know it STARTS at 50% taxes for Fed/State/FICA. But from there, with the remaining 50%, what does the average person pay in taxes?

There's property tax, I pay about $5,000/year
Sales tax in RI is 7%.
Federal tax on cable TV, internet and phone
Tax on gasoline
Tax on beer
Tax on cigs if you smoke
Tax on dividends/interest/capital gains

Then the hard part is figuring out how much corporate tax rates affect consumer prices, because that is just a tax passed on to consumers. I'd guesstimate that adds at least 10% to the price of EVERYTHING.

Anyhow, my best guess is that when all is said and done, I probably pay almost 70% of every penny I earn in taxes of one form or another. Maybe it's only 65%, I'd love to know.

This is why they like taxes like excise and sin taxes. It hides the revenue.

 

[Chris]

Best analogy I can think of is Agent Smith in the courtyard losing the battle against Mr. Anderson and he steps back and his only answer is "MORE".

 

[EZEKIEL 25:17]

http://money.cnn.com/2009/09/30/pf/taxes/who_pays_taxes/index.htm?cnn=yes

Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability or negative liability as do 9% of households with incomes between $75,000 and $100,000.

That is the part that burns me. If you don't pay any taxes, how are you eligible to get something back.....

 

[center442]

That is the part that burns me. If you don't pay any taxes, how are you eligible to get something back.....

Hey, it's just "redistributing the wealth." Our President says that's a good thing, so quit complaining.

 

[Ray-500]

I'm sure the study exists somewhere, but I'd really love to see a comprehensive estimate of how much tax upper middle class earners actually pay in TOTAL taxes. I know it STARTS at 50% taxes for Fed/State/FICA. But from there, with the remaining 50%, what does the average person pay in taxes?

There's property tax, I pay about $5,000/year
Sales tax in RI is 7%.
Federal tax on cable TV, internet and phone
Tax on gasoline
Tax on beer
Tax on cigs if you smoke
Tax on dividends/interest/capital gains

Then the hard part is figuring out how much corporate tax rates affect consumer prices, because that is just a tax passed on to consumers. I'd guesstimate that adds at least 10% to the price of EVERYTHING.

Anyhow, my best guess is that when all is said and done, I probably pay almost 70% of every penny I earn in taxes of one form or another. Maybe it's only 65%, I'd love to know.

Don't forget the "gross profit tax" passed on to you along with "customer service charge" by National Grid....both gas and electric. Just another way for the State to get into your pocket, knowing full well that the cost would be directly passed on to consumers. But hey, they are not taxing YOU, they are only taxing the utility. Houdini would laugh at the obvious, most customers don't even realize its there....and the beat goes on..and on..and on.

 

[calsdad]

Here's a good thread on how high the tax burden is:

http://www.politicalforum.com/budge...x-burden-estimate-including-hidden-taxes.html

For somebody earning a decent salary - it looks like the tax burden is somewhere around 50%. If you start including all the hidden taxes in the products you buy and services you need and so forth - I am sure the tax burden is probably somewhere in the 75% range.

Another thing to think about:

I have heard for decades now about how jobs are going overseas because it foreign labor is cheaper. I don't know for sure - but I believe a lot of the foreign countries where US industry has migrated to have much lower tax burdens. And they probably have far lower amounts of people living on the govt. dole.

So in essence what has happened is that we have priced ourselves out of the market with the massive amounts of taxes that get paid here. Think of it this way - if you suddenly could cut out just the income tax you pay - most of us could take a 30% or so cut in pay - with absolutely no effect on our standard of living. Once those pay cuts started echoing thru the economy the prices of goods and services could drop - again having the potential of reducing the amounts of wages that could be paid - while still retaining the same standard of living.

Once you start thinking this out like this - you see how the massive taxes that are imposed on people in this country are literally destroying the economy and our ability to make a living when we are in competition with people all over the world for those jobs.

 

[KRL]

Wealth redistribution. This is what socialists aim for, and this is what they got. The nation is divided into 'haves' and 'have nots'. The choice is voluntary though, because of the upward mobility that is part of what makes US unique. But the aim of the socialists is to create a permanent under-class that depends on the handouts, and which votes to strip the productive population of their money. This is why Democrats/Socialists are trying to legalize illegals and to keep the inner city in a permanent ghetto state, as well as to create permanent dependence with 'bailouts' and all kinds of other handouts at the expense of the taxpayers. This creates a disincentive for many people - it is more profitable to NOT work than it is to work. What would happen if the unemployment benefits suddenly run out in 2 years for everybody? We may not have a lot more unemployed (though the jury is still out on that one), but the existing ones will go from 30k to 0 (in MA). What will this do to the economy? Or will Obama continue the welfare state by offering perpetual unemployment benefits?

 

[Bob J]

Gotta support that 47% some way..... Am sure they would take more if they felt they could get away with it.... As employment continues to drop, YOY tax revenues are dropping as well....

FTF cash or barter is going to be huge in the "new economy".....

I guess I shouldn't complain and just be super grateful Obama is letting me keep almost half of my pay.

 

[weekendracer]

I'm ready to put together a NES search for Galt's Gulch.


Who's in?

 

[upStomp]

I wonder if Ed and Elaine Brown were counted in those statistics.

 

[TheIglu]

Update:

I finally was able to save up enough scratch to buy a CCW from someone here on NES. Life is good!

 

[freedom2012]

I'm ready to put together a NES search for Galt's Gulch.


Who's in?

I am.




Who is John Galt?

 

[RKG]

When half the country rides for free or worse, gets PAID to ride, how will the Statists ever get thrown out of power? Answer? They won't.

Isn't that the point? This has been the MO of the Democratic Party since Franklin Roosevelt.

 

[gene]

But, But, But, It's for the children!

 

[George D]

That is the part that burns me. If you don't pay any taxes, how are you eligible to get something back.....

You would fall out of your chair if you saw how some people work the system.

I generally see two types of people that don't pay taxes:

1. People that live off the .gov

2. Self employed people that cheat on their taxes.

Not sure which annoys me more.

 

[soloman02]

You would fall out of your chair if you saw how some people work the system.

I generally see two types of people that don't pay taxes:

1. People that live off the .gov

2. Self employed people that cheat on their taxes.

Not sure which annoys me more.

I almost would rather have the cheats. At least most of the cheats contribute something to society.