What portion of your income goes to the government?

[NightFox]

This site is pretty good and easy to input. Gross $2K/week gets you about $1.3K take home in Iowa.

Salary Paycheck Calculator to Calculate Your Tax Withholding – QuickBooks

.. except taxes don't stop with your take home pay. Even if you don't spend a dime of that $1.3K and just stuff it in your mattress it's still getting taxed every second of every day since inflation is eroding its buying power. If you do spend it, you'll be getting taxed on everything you buy since the price of goods and services include the taxes that the producers pay and then there are the sales taxes, excise taxes or federal user fees that you'll be subject to.

 

[deltex1]

You seriously expect people to answer that and answer it honestly...on a message board?

Here's what you do: Look at the tax tables to find how much you paid last year, divide it by your income for last year, and that will be the percentage of tax you paid.

Incredible...

That is just income taxes! Lets include all taxes such as sales tax, new car tax, etc.

The net amount? In other words, the amount you pay in vs. the value of the services you receive in return?

How do you calculate the value of the services you receive versus the quality of those services? Or do we iggy that....

 

[NYcarbineer]

You seriously expect people to answer that and answer it honestly...on a message board?

Here's what you do: Look at the tax tables to find how much you paid last year, divide it by your income for last year, and that will be the percentage of tax you paid.

Incredible...

That is just income taxes! Lets include all taxes such as sales tax, new car tax, etc.

The net amount? In other words, the amount you pay in vs. the value of the services you receive in return?

How do you calculate the value of the services you receive versus the quality of those services? Or do we iggy that....

If you pay someone 20 bucks to plow your driveway, you 'lose' money to the snowplow guy, but you get a service in return, so your net loss is effectively zero.

If you pay county taxes, and among other things the county plows the roads, are you out money?

 

[Timmy]

I earn a paycheck, have a home, and commute to work.

Safe to say I pay a higher % in taxes than the mitt romneys out there .

 

[eagle1462010]

25% taken out this year adding them all up on final check stub.
Doesn't include local sales tax paid all year.
Doesn't include the gas tax every time we pump gas.
Doesn't include car tags, property tax, fees on phone service and etc...........

I used the calculator to figure item 1.

 

[Little-Acorn]

If I buy a bottle of whiskey, approx. half the money I pay, goes to excise taxes on liquor.

And of the rest (the money that actually goes to the manufacturer), how much of that does he pay in income taxes for his workers?

And taxes on gasoline for the trucks he uses to transport his raw materials and products?

Add up all of those, for all the products you buy, and you will find that more than half of your money goes to pay govt taxes of one kind or another.

 

[leftwinger]

I earn a paycheck, have a home, and commute to work.

Safe to say I pay a higher % in taxes than the mitt romneys out there .

So yu pay yur 50% or $50K total dollars tax.

Mitt gross $10mil pays what? 17% FED you say? = $1.7mil + 1mil property tax + $50K sales + $50K misc SSI MED etc? + $1mil state.
Mitt getting close to 40%? or $4mil dollars total paid. just a guess.

 

[Timmy]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

 

[NightFox]

If you pay someone 20 bucks to plow your driveway, you 'lose' money to the snowplow guy, but you get a service in return, so your net loss is effectively zero.

That's not how it works, I pay the guy 20 bucks to plow my driveway because the time and effort it would take for me to plow it myself is worth more to me than the $20, so via the transaction I PROFIT and conversely the time and effort the plowman puts into plowing the driveway is worth less to him than the $20 so he PROFITS too.

When I pay the gub'mint to do something I don't have a choice since they have a gun to my head and take my money by force whether I want the service(s) they are "offering" or not.

 

[leftwinger]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

 

[leftwinger]

Forgot to add: If you tax capital gains at max rate 40%, the experts claim no one will take "risk" and GDP would begin to drop. Social Engineering is tricky business.

I would say flat rate and be done with it. OR let those pay into what they want to support. For instance I pay 100% toward military, someone else says 100% to Education. Just a thought.............

 

[Timmy]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

 

[bripat9643]

You seriously expect people to answer that and answer it honestly...on a message board?

Here's what you do: Look at the tax tables to find how much you paid last year, divide it by your income for last year, and that will be the percentage of tax you paid.

Incredible...

That doesn't include state and local taxes, excise taxes, tariffs, and a host of other fees and taxes that various governments impose.

 

[NightFox]

You seriously expect people to answer that and answer it honestly...on a message board?

Here's what you do: Look at the tax tables to find how much you paid last year, divide it by your income for last year, and that will be the percentage of tax you paid.

Incredible...

That doesn't include state and local taxes, excise taxes, tariffs, and a host of other fees and taxes that various governments impose.

Yep, apparently some people are too simple to understand that the amount of taxes that Americans pay goes FAR beyond just the federal income tax, It sort of explains why some people advocate for higher income taxes.

 

[Admiral Rockwell Tory]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

That is why YOU are not in charge!

 

[Timmy]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

That is why YOU are not in charge!

Churches are not charities . Am I wrong !?

 

[Admiral Rockwell Tory]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

That is why YOU are not in charge!

Churches are not charities . Am I wrong !?

Yes, without a doubt, you are wrong. Check your tax laws.

 

[leftwinger]

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

They already PAID 40% when they first earned the money. They made a lot, saved a lot. Now they smart enough to invest it and make profit. You think 40% again is OK?

AND you not answer to GDP drop if investments drop. Is 40% too high to risk investing savings? I really don't know? The system is supposedly supposed to encourage growth. Social Engineering is hard. You can't pack a room full of Al Frankenstien and expect idiots to find the magic recipe. I don't have answers.

 

[Timmy]

heres an article on mit. I only pick on him because I remember his taxes being public .

Does Romney Pay a Lower Rate in Taxes Than You?

According to Romney’s 2010 tax return, he had an adjusted gross income of about $21.7 million in 2010 and paid about $3 million in taxes. That comes to an effective tax rate of 13.9 percent. That’s considerably less than the amount paid by most people with that high of an income, but in Romney’s case most of his income comes from dividends and capital gains — which are taxed at 15 percent rather than the highest marginal rate of 35 percent. Romney dipped below the 15 percent threshold because he donated about 14 percent of his income to charity.

High Tax rate now 39.4%.I had huge reply but gave up.

Boils down to: CAP gains is from money already taxed? Should they pay 40% FED rate again on income from investments? RW said yes, on profits (at least I think he did).

Second is AGI? what are these "adjustments"? only for the mitts? we get them too?

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

That is why YOU are not in charge!

Churches are not charities . Am I wrong !?

Yes, without a doubt, you are wrong. Check your tax laws.

I'm talking the real definition of charity , not the tax code definition .

 

[Timmy]

Well we are talking income tax . These articles are also "adjusted " income . Not true income . And if someone works their fingers to the bone is it "fair" to tax them the same as capital gains? Where the person just invested money .?

And mitt donates to church, I wouldn't consider that charity .

They already PAID 40% when they first earned the money. They made a lot, saved a lot. Now they smart enough to invest it and make profit. You think 40% again is OK?

AND you not answer to GDP drop if investments drop. Is 40% too high to risk investing savings? I really don't know? The system is supposedly supposed to encourage growth. Social Engineering is hard. You can't pack a room full of Al Frankenstien and expect idiots to find the magic recipe. I don't have answers.

They only get taxed on the gains, not the investment.