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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (42982)	3/3/2001 12:09:30 PM
From: BWAC	Read Replies (3) \| Respond to of 70976

<Maybe 33% is just right. Maybe its 35%, i dont know. But almost 40% is too high.> Thats just the start of the tax rate. Take the top 39.6% bracket. Now add 7.5% State Tax. Total 47.1% Think you are finished? Not a chance. 6%+ Sales tax on retail purchases. Property taxes. 40 cent plus per gallon Tax on gasoline and fuels. Tax on cars. Car tags. It all adds up to and calclulates to well over 50% in total. Imagine being at just a family income of say for example $80,000 per year. 28% Federal Tax 7.5% State Tax 35.5% x 80k = $28,400 base $28,400 plus: Sales taxes of around $1000 on purchases. Fuel taxes of around $300. Property Taxes of around $1700. Car Tags and Taxes of around $500. Throw in another $500 of tax related charges that just seem to add up from additional sources. Total "other" Tax $4000 So now the "real" total tax is $32,400, or a whopping 40.5% for a young lower middle income two worker professional family. It just all adds up to too much. Too much for savings. Too much for doing other than just getting by.