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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (718806)	5/31/2013 8:09:37 PM
From: Tenchusatsu	Read Replies (3) of 1580109

Inode, A middle income wage-earning (MFJ) pays about 20-25% in federal income taxes. Depending on the state, he pays maybe 5-10% in state income taxes. He pays on average around 8% in SS & MC taxes. And he pays 8% in sales taxes. That amounts to nearly half his income, right there. The 20-25% in federal income taxes is actually rather high. IIRC, most people's effective federal income tax rate is around 10-15%, which makes sense (mathematically) when you look at the tax brackets. Of course, when you add in SS and Medicare taxes, then you end up with an effective federal tax rate of around 18-23%. But then you'd have to count deductions like state income taxes and home mortgage interest, which will then bring that figure down to around the mid-teens. All of this is tricky to figure out and really depends on which income brackets you are looking at and which tax breaks you want to count. That's why I'd rather rely on the "tax freedom day" measurement, since that is a good indication of how much the American public is being collectively taxed. Tenchusatsu

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