GOP to Jobless: Drop Dead

[Fast_Eddie]

Originally Posted by whell

Current Highest Federal income tax rate = 35%
FICA Tax = 6.2%
Medicare Tax = 1.45%
Total tax on income - 42.65

Let's try this, because I think I now understand what you mean. A hypothetical example. You believe there is an American, let's call him Rube, who has a sallary of $275,000 a year. If I follow you, you believe that Rube had deducted from his check, or pays at tax time a total of 275,000 * 42.65%. Right? You think Rube pays the government $117,287 a year?

Using the IRS Calculator for our friend Rube "Your anticipated income tax is $72,781" again assuming NO deductions, single, no contributions to tax deferred... etc. Again, NO ONE does that. Zero people. But even with that, 72,781/275,000= 26.4%.

Is there some Tea Party propoganda that leads you to believe this? If so, I can see why they're so angy. They think people are paying insane amounts of tax, almost higher than anyone in the world!

[finnbow]

Originally Posted by Fast_Eddie

Let's try this, because I think I now understand what you mean. A hypothetical example. You believe there is an American, let's call him Rube, who has a sallary of $275,000 a year. If I follow you, you believe that Rube had deducted from his check, or pays at tax time a total of 275,000 * 42.65%. Right? You think Rube pays the government $117,287 a year?

Using the IRS Calculator for our friend Rube "Your anticipated income tax is $72,781" again assuming NO deductions, single, no contributions to tax deferred... etc. Again, NO ONE does that. Zero people. But even with that, 72,781/275,000= 26.4%.

Damn you, Eddie, with all your fact-based arguments!
You shouldn't let truth get in the way of indulging in a good fantasy.

[Fast_Eddie]

Originally Posted by finnbow

Damn you, Eddie, with all your fact-based arguments!
You shouldn't let truth get in the way of indulging in a good fantasy.

Man, I'm pretty sure that's what he meant. No wonder he thinks taxes are too high. I'd be marching on Washington myself if I paid 40% of my income in taxes.

[whell]

Originally Posted by Fast_Eddie

Let's try this, because I think I now understand what you mean. A hypothetical example. You believe there is an American, let's call him Rube, who has a sallary of $275,000 a year. If I follow you, you believe that Rube had deducted from his check, or pays at tax time a total of 275,000 * 42.65%. Right? You think Rube pays the government $117,287 a year?

Using the IRS Calculator for our friend Rube "Your anticipated income tax is $72,781" again assuming NO deductions, single, no contributions to tax deferred... etc. Again, NO ONE does that. Zero people. But even with that, 72,781/275,000= 26.4%.

Is there some Tea Party propoganda that leads you to believe this? If so, I can see why they're so angy. They think people are paying insane amounts of tax, almost higher than anyone in the world!

If you want to try calculating it with actual wages, the 35% tax bracket starts with income earned above $373650/yr. And yes, individuals do earn and are taxed on income at that level. Also, the increased Medicare withholding on wages/investment income starts in 2013, so that may be why you're not finding it in 2010 tax calculation data.