libertylies taxes approaching 50% for the middle class not counting Sales tax, spin it libertylies spin it
The president is convinced Americans need to pay more in taxes. Here's what he said yesterday.
“I think everybody out there understood that was an important debate and the majority of voters agreed with me. By the way, more voters agreed with me on this issue than voted for me! So we've got a clear majority of the American people who recognize if we're gonna be serious about deficit reduction we gotta do it in a balanced way."
But let me tell you, come January 1, you're probably not going to be happy with the amount of taxes you're paying. That's because it's not just Federal taxes that you pay.
A middle class taxpayer pays 25% percent of their income in Federal Income Tax. Sounds, ok?
Then there is the Federal Social Security and Medicare payroll tax of 13.3%. You pick up 5.65% while you're employer pays 7.65%. Add them up and that's 38.3% of middle class family incomes going to Uncle Sam. But we aren't done, not by a long shot.
According to the Tax Foundation, the average state's income tax rate on the middle class is 4.82%. Of course, some states have it and some don't, but we're taking an average here.
Now the total: 43.12% of middle class income to taxes.
Oh, and I almost forgot, unless congress makes a move, Federal Income taxes go to 28% for middle income folks next year as the Bush tax cuts expire.
Neither party has said they want that to happen, but in Washington, well, you never know.
Also the payroll tax for those folks will go to 15.3% from 13.3%percent.
Did I mention state, property, corporate, and excise taxes? No?
All told, next year, total taxes will go to almost 50% for the middle class; the very group that the president says he wants to protect. That means 50 cents out of every dollar earned has to go to the government. Half of everything will go to an entity that didn't earn that money, and shouldn't be entitled to all that dough.
Unbelievable. You think most Americans agree that's fair?
I don't care, I'm rich and only pay 7% max. in a bad year .... and the republican house will ensure I pay even less if they get their way because I am a "job Creator" , of course the jobs are in China since it cheap labor and I do not have to put up with the cost of Safety, Env., or those other things. It increases my wealth, so what do I care if a few people die every month. The only thing that matters is me and making more money.......... by the way thanks for supporting me in this effort even though I am ensureing you get worse off every day , while I just keep getting richer and richer.
PS Please do not forgit to call anyone a Socialist who desires to change this good deal I have going because even though it harms America , me and my buddies are the only ones that really count anyway.