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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (397413)	7/9/2008 2:28:36 PM
From: Road Walker	Read Replies (1) \| Respond to of 1575866

Don't bother David Ray with the facts, he's trying to make a point.

To: michael97123 who wrote (397413)	7/9/2008 2:40:52 PM
From: i-node	Read Replies (2) \| Respond to of 1575866

Nope..you are failing to note that the lower portions of earnings are taxed at lower rates. Plus it all depends on total income and deductions too. Same for state. Yes for federal, depends on the state. Your 15% number is really 7.5 because every employer pays fica to match so self employed are only doing the same thing as if they were corporation. Almost all self-employeds are now incorporated, and thus are paying both halves. 300K after deductions, empoyee half fica on 103k, federal taxes prorated by brackets, state taxes---i would guess you keep about 160-170. No, but your point holds on graduations for lower bracket rates -- this amounts to $22,000. The main point, however, is that the additional tax burden from adding another 5-6 points of flat rate taxes, plus eliminating the ceiling, is a burden we can ill afford. And the truth of the matter is that another 5-6 points isn't going to do it -- trustees' statements notwithstanding. They've blown it at every turn, there is no reason to think they are going to stop now.