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re: Care to share where your money goes?

Posted on 7/22/19 at 9:03 pm to
Posted by Mr.Perfect
Louisiana
Member since Mar 2013
17438 posts
Posted on 7/22/19 at 9:03 pm to
The government takes the largest pie piece
Posted by rotrain
Member since Feb 2013
390 posts
Posted on 7/22/19 at 9:19 pm to
Perhaps, but it might be less than you think.

Effective Tax Examples

Two examples in there:
1. Single, $100,000 income = effective tax of 18%.
2. Married, 2 kids, dual income $100,000 = effective tax of 8%.

State and local taxes might add a couple of percentage points to that.

But in each case the taxpayer would likely complain that they were in the 28% tax bracket, believing that is how much they pay in taxes. Most Americans pay far less in taxes than they perceive.
Posted by bayoubengals88
LA
Member since Sep 2007
18995 posts
Posted on 7/22/19 at 9:21 pm to
quote:

The government takes the largest pie piece


With the latest tax reform we’ll probably pay about 10% of gross income in Federal. Doesn’t seem too bad to me.

And of course the chart I posted is all based on take home pay. Post tax, post retirement, post 401k, post HSA.
This post was edited on 7/22/19 at 9:24 pm
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