Income Taxes Going To 50%

Discussion in 'Politics' started by pspr, Nov 17, 2012.

  1. pspr


    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 think so.

    And let's not forget about the death tax that climbs to 55% on estates over $1 Million and the tax rate on dividends that will climb from 15% to 25% on all and as high as 39% on some.

    Do you think the government will use that money to pay down the deficit? HELL NO! Thank you voters for re-electing Obama. :mad:

    Read more:
  2. Thank you pspr, for helping Obama get reelected.:)
  3. In California I'm paying over 10% in state income taxes, plus property taxes, sales taxes, etc. etc. etc. I'm already at 50% total taxes.

    What's truly amazing is that California has the 4th highest per-capita tax burden in the country, yet the state is broke with the worst schools and roads in the nation. And our taxes are going up again on January 1st.

    We've been through these tax increases out here before. Nothing ever gets better. It just gets worse. For our high taxes we get lousy schools, lousy roads, the largest per-capita debt in the nation, and the worst credit rating of any state in the country.

    Anyone who thinks that higher taxes leads to better schools, better roads and benefits to the taxpayers need only look at California to see that it just ain't so.
  4. Illinois, here. Over 50% in taxes here as well.:(
  5. I wouldn't mind paying if we got something for it. I pay high taxes and then have to pay an additional tax on top it -- I have to send my kids to private schools because the public schools are so lousy.

    In California we have the 4th highest per-capita tax burden in the country, yet our schools are ranked 47th and our roads and bridges ranked 45th. How is this even possible?
  6. pspr


    It's just mind boggling how politicians can screw things up.
  7. Wait until obamacare kicks in. 60-70% tax rate.

    Why bother working?

  8. Lucrum


    One minute you're cheer leading for Obama knowing full well it means higher taxes. And the next you're pouting about - higher taxes?

    What are you, stupid?
  9. Nope.

    You, otoh...:D
  10. Lucrum


    "One minute you're cheer leading for Obama knowing full well it means higher taxes. And the next you're pouting about - higher taxes?"

    So...enlighten us nurse.
    #10     Nov 17, 2012