This cat is wrong. The US has a marginal tax system. Someone with a taxable income of 250,000 is in the marginal tax bracket of 33%. They don't pay 33% on the whole 250,000-only on the amount that exceeds the next lower tax bracket. For a married couple-they pay 10% on the first 17,400, 15% on the income from 17,400 to 70,700, 25% on the income from 70,700 to 142,700, 28% from 142,700 to 217,450 and 33% from 217,450 to 383,000. Above 383K, it's 35%.So, lets take the OP. Say he makes 250,000 and has 3 kids. Assume he has 400,000 mortgage, at 5%. That deducts 20 grand of interest. Then his state property tax is probably around $5000 per year-fully deductible. He and his wife are eligible to deduct 22,000 in 401k-since they are over 50-that's 44,000. The exemption for each family member is 3800-so thats another 19,000 off the top. So our friend's taxable income of the 250K easily could be 162,000. Using the marginal rates above-his tax bill is 33,139. That is 13.2 percent of 250,000. Something else to consider, if his kids are under 18, they give him a credit of 1000 each. That drops his bill to 30,139-that's 12%. And I am not even touching on the 10 grand worth of tax free medical insurance he is probably compensated with.I am in a similar situation-my wife and I make 160,000. My federal tax bill is about 10 grand a year. That's 6.25%-not anywhere near the 28% bracket my unadjusted income resides in. If ya'll want to bitch about tax rates-at least get the numbers correct within a factor of 4 or so.
Hipsterlosers wrote:
The gross tax liability for someone making $250,000 at 36% rate is $90,000 per year; at 33% it is $82,500 per year. .
And, this is before state and local taxes. In the midst of your 90 mile weeks, most of you letsrunners and google plus-ers forget that the real world runs on money, and it's the the higher earners in this country that carry us.
Not only do they provide the most jobs, but they pay for all your shit. I'm tired of seeing them demonized and their contributions discounted. This administration's victimization and entitlement mentality is a cancer that has swept the nation and is on course to erase much of the superior shit about America that you take for granted.