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Started By
Message
re: Care to share where your money goes?
Posted on 7/22/19 at 9:03 pm to bayoubengals88
Posted on 7/22/19 at 9:03 pm to bayoubengals88
The government takes the largest pie piece
Posted on 7/22/19 at 9:19 pm to Mr.Perfect
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.
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 on 7/22/19 at 9:21 pm to Mr.Perfect
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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