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- - Taxes (http://www.politicalchat.org/showthread.php?t=8967)

Gonna be writing checks Wednesday for around $4K. That doesn't count the $5.5K check I wrote today for the IRA, which was necessary to get the other one down to $4K.

I figured the overall rate for the taxes I paid, including, Fed., Social Security, Medicare, state tax, sales Tax, gasoline tax, property tax, and car tags bring the total percent of my taxes to over 35% of my family income. And we are far from even the top ten percent. What was Mitt's total percent - less than 20%? Those job creators sure need protection from taxes, don't they?

Regards,

D-Ray

Less than 14% was the best guess I've heard.

2.5k to the Feds
1.5k to California

I already had close to 12k withheld also.

I'll be visiting the library to do mine this afternoon if my intermittent motivator works. Already know I'll be due a refund though and penalties are based on taxes owed.

Taxes suck.

That is all..

Quote:

Originally Posted by d-ray657 (Post 267016)

I could care less what someone else is paying for an effective tax rate. The fact that an "effective" tax rate even enters into a discussion is - to me - absurd. Set side for a moment that Mitt's 20% as a dollar amount is HUGE compared to your 35%.

That's not the issue. THIS is the issue:

http://s3.amazonaws.com/content.wash...Complexity.jpg

The issue is that the average Joe needs a software program or a CPA to figure their taxes out. The average company needs an army of CPA's and attorneys to figure their taxes out. The costs of that alone aren't figured into anyone's equation, but that not really what matters. What matters is that the political class uses the tax code far less as a revenue tool and far too much as a way to wield power. So, when someone says we need to "turn back the clock", I'm all for that as it relates to the absurd, arcane and overly-complex tax code.

Comparing Mitt's taxes? He finally disclosed where he is hiding his billions? As if he actually pays any taxes anyway.

Carl

Quote:

Originally Posted by whell (Post 267151)

I could care less what someone else is paying for an effective tax rate. The fact that an "effective" tax rate even enters into a discussion is - to me - absurd. Set side for a moment that Mitt's 20% as a dollar amount is HUGE compared to your 35%.

That's not the issue. THIS is the issue:

The issue is that the average Joe needs a software program or a CPA to figure their taxes out. The average company needs an army of CPA's and attorneys to figure their taxes out. The costs of that alone aren't figured into anyone's equation, but that not really what matters. What matters is that the political class uses the tax code far less as a revenue tool and far too much as a way to wield power. So, when someone says we need to "turn back the clock", I'm all for that as it relates to the absurd, arcane and overly-complex tax code.

Unfortunately, we're dependent on the same Congress-critters who created the abomination of the US Tax Code to fix it. As long as they continue to use the tax codes to reward their respective constituencies, there's no chance of it being meaningfully fixed. Hell, they can't even raise the gas tax a few percent to fix the Highway Trust Fund shortfalls.

Americans are spending $153 billion a year to subsidize McDonald’s and Wal-Mart’s low wage workers

This is nothing new but coming around tax time does provide a stark contrast.

http://www.washingtonpost.com/postev...rkers/?hpid=z2

Quote:

Originally Posted by BeamOn (Post 267211)

What a country, eh? :(