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

[Doug McNash]

>> >
>> >> 	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!

--
Doug McNash
dmcnash at smyrnacable.net
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