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Senior Contributor

Re I DIDNT MENTION OBAMOS TAXES

 
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Senior Contributor

Re: your hedging again

I ran some figures for you and Ollie based on my income. I pay 1.33% personal property and real estate combined (that's for three tracts of land, two with homes and one unimproved, about 2.5 acres more or less). I pay 8.55% withholding (Social Security, Medicare - all Federal withholding). Pay 13.33% Federal income tax. I pay 5.2% state tax. That's a grand total of 31.41% and does not include the homestead exemption for property tax, standard deduction for Federal and state taxes and the earned income tax credit, all of which add up to many thousand dollars in deductions off that 31.41%.

 

Since we are considering ALL taxes, we have to include the standard deductions and since I am married, I got $11,400 Federal and $4,000 state. I have no dependents, so that's what I got $15,400 deducted off that 31.41%.

 

What taxes did I miss? I got money back, though I did pay net taxes and was due a refund on what I paid in both federal and state.

 

How does this make up 50% in taxes when I am nowhere near that, especially with standard deductions taken away from that figure?

 

 

Frequent Contributor

Re: your hedging again

Actually, Mr. Deere, I think you have a point.  Sometimes costs mandated at higher levels of government DO get shifted down to the local level where the only recourse is Property Taxes.  The Republican legislature of Kansas has been doing that repeatedly the last several years during this recession/budget crisis.

 

I despise property taxes.

 

That is why it pains me to watch my legislators avoid the  taxation at the Federal and State level necessary to fund the spending levels they mandate.  Those least able to pay......the widows and orphans who happen to own a house, or a piece of property end up paying the bills, whether they have any income or not.    KenJ

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Veteran Advisor

Re: your hedging again

Do you really pay sales tax on your whole income?

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Senior Advisor

Re: your hedging again

Because you haven't paid 28% federal in your life. Not ever and neither have most contributors on here.

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Senior Contributor

Re: WHERE did i say i did ????

why are you making up tales again

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Senior Contributor

Re: your hedging again

i have been paying that rate a long time --why what are you not doing right to make enough

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Advisor

Re: your hedging again

Anybody who was? This might be the last place on earth they'd hang out.

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Senior Advisor

Re: your hedging again

What am I not doing right? I've not been earning $365000  or more per year. Convince us that you have.

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Advisor

Re: your hedging again

Be happy that you weren't  around and knocking that sort of jingle down in 1956:

 

http://www.commondreams.org/view/2011/05/31-6

 

SNIP:Government paid for all of this with tax revenues from an expanding middle class with rising incomes. Revenues were also boosted by those at the top of the income ladder whose marginal taxes were far higher. The top marginal income tax rate during World War II was over 68 percent. In the 1950s, under Dwight Eisenhower, whom few would call a radical, it rose to 91 percent. In the 1960s and 1970s the highest marginal rate was around 70 percent. Even after exploiting all possible deductions and credits, the typical high-income taxpayer paid a marginal federal tax of over 50 percent. But contrary to what conservative commentators had predicted, the high tax rates did not reduce economic growth. To the contrary, they enabled the nation to expand middle-class prosperity and fuel growth.