Quote:
Originally Posted by Alfisti
it's the same here and the numbers to start are near double. My household pays about 50% in taxes.
That's an estimate for everything from income tax, property tax, gas tax, sales tax blah blah blah.
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As noted above, most rates posted in this thread are just federal income taxes. Social security and Medicare are up to an additional 15%, subject to caps on social security but not Medicare. Employers pay 1/2 and employees pay 1/2 but those of us who are self employed pay both employer and employee portions. We also have property taxes, sales taxes, gas tax etc. Some states also have state income taxes, intangible / investment taxes and all sorts of creative taxes.
On an "all in" basis, I think there are plenty of people paying 40%+. Of course we also pay for health insurance. If not obtaining through an employer that can easily cost 5% - 10% (or more) of gross earnings. I still think we do well compared to a lot of countries, particularly after tax reform, but it isn't as much of a difference as implied by comparing a 50% "all in" rate to the federal income tax rates in this thread.