Here are a few aspects little considered as to the whole underpinning scheme surrounding the federal income tax:
Breaking down your lifelong loss:
Additional loss realized through stoppage at the source (W-4 Withholding):
The Crux of Federal Taxation | POINTS IN SUPPORT of CFT
A good start: #Impeachment @BarackObama, @EricHolder, @DianneFeinstein, & @NancyPelosi
Countering Evilness, Hypocrisy, and Lunacy: Giving Up on Progressivism
“Reason obeys itself; and ignorance submits to whatever is dictated to it.” ― Thomas Paine
“Democracy is a pathetic belief in the collective wisdom of individual ignorance.” – H. L. Mencken
When you include deductions, the average tax rate a person making $50k a year (you used $52k in your example- this is pretty close), that person is actualy paying closer to five percent in income taxes or $2,600 ($50 a week).
The marginal tax rate (the rate listed in tax bracket rate lists) is not applied to every dollar you earn which brings the average rate on your entire income lower.The effective tax rate, meanwhile, is the amount a taxpayer pays in taxes as a percentage of total income. The average effective federal tax rate for American taxpayers is 11%, according to an analysis of 2009 IRS data by the Tax Foundation, a non-profit research organization. For individuals with adjusted gross income of $50,000 or less, the average effective tax rate is less than 5%, according to the Tax Foundation.
That rate doesn't include the amount taxpayers pay in Social Security and Medicare taxes.
Confusion about the difference between marginal and effective tax rates often causes taxpayers to overestimate their tax liabilities,
Adding in your FICA figure of $3,978.00, that comes to $6578 a year- less than half of the $14,768.00 you came up with in your article.
Last edited by Zippyjuan; 08-10-2012 at 12:11 AM.
Freedom is a state of mind. Nobody can take that from you unless you let them.
Who was buying cars ? I was buying silver at $5 an ounce .
Too many variables. I would like to think this place would not focus so much on the money.
Overall it would even out, but how many more could home school? Not have to have a second income? Be able to take their time finding a job that suits then rather than accepting whatever? Would a small business hire an extra worker? Would people go with a shorter workweek?
Yet I can't afford $200 to go to a seminar--Matt CollinsWell, I got Rand started on his campaign (just search around here to see). I advised Thomas Massie before he ran for Congress. I am currently advising 2 liberty campaigns for the state legislature. I ran the war-room and won Minnesota for Ron Paul a few weeks back. There are other things I'm probably forgetting.
If you suddenly got the money back in one fell swoop it'd be different.
I am generalizing, but personally if there were no income tax I would not be making oodles more money. I write "exempt" at my steady job, and most of my deductions help offset what I supposedly "owe." There's no state income tax to worry about. What would I do with it? Not much. Especially if it was just over time, rather than one giant windfall. The truth is that if people's paychecks all increased by the amount they were paying in Federal taxes, most folks would just amplify their current habits.
My Mrs. is going to retire in Feb, work part time and continue to expand her home business , I am going to work another 14 years , I imagine, it took , us collectively , around , nearly 80 years of work to get here , would have been a hell of alot easier not just working with half our earnings ( after all taxes ) , but much more .