[ale] Defeated by the offshoring of America....

[Joe]

"Doug McNash" <dmcnash at smyrnacable.net> writes:

> >> >
> >> >> 	Sigh, its a shame that we had a revolution over a 5% tea tax,
> >> and no
> >> >> one gets upset over 66% of everything you earn going to ther
> >> government.
> >> >> (if you make over $50,000, own a home and have a car, you get to
> >> keep
> >> >> only 33% of what you earn today)
> >> >
> >> >??? Two years+ ago when I was in that income bracket and higher, I
> >> was
> >> >able to keep much more than 1/3 of what I earned. In fact, I was
> >> able to
> >> >keep much more than 60%.
> >>
> 
> Making 50K/year would put one in the
> 27% Marginal Rate, the Marginal Rate being the
> rate of tax on the next dollar you earn.
> 
> Now the Math
> 
> Fed   27.0
> State  6.0
> SS    15.3 (FICA + Mediscare)
> ========= Subtotal
> Total 48.3
> Sales 13.5  *(7/(1-.483)
> =========
>        61.8 Total % * Sales tax is calculated as an  effective rate on
> income If you don't spend it there is intangible taxes
> and estate tax (death and taxes).
> Add in property tax, ad valurem (sic), city tax (in inflated utility
> bills) and
> so on and so on and 66% on the next dollar
> you earn doesn't look too exagerated to me?
> 
> >
> > I don't think so. I am a pure W2 income employee, with a single
> 
> You don't see it because of the W2 witholding scheme.
> You need to write a hefty quarterly estimated tax payment!

I am *READING THESE NUMBERS OFF OF MY 2002 1040 FORM*. Please don't
tell me I don't know what I'm talking about. My total net income in
2002 was $54K, gross was $63K. That is a tax burden of 14.3%,
neglecting sales taxes (which I admit are a significant consideration,
but not *that* significant).

Obviously, a 66% *marginal* tax rate does not mean you pay 66% on your
entire income. The claim made by others (not you) was that a person
making aroud $60K would only see 33% of their income in their
paycheck. That is demonstrably false.

Cheers,

-- Joe Knapka
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