What did your tax return buy?
#21
05-09-2007 | 01:59 PM
Veteran
Joined: Dec 2004
Posts: 291
Likes: 0
From:
RE: What did your tax return buy?
Meh, don't get me started on taxes. I ended up owing $5,000. I had a feeling this would happen, so I had my employer take out more than normal from my paycheck. I guess that still wasn't enough. Does anyone know the average percentage of your income that actually goes to the government? I read somewhere (nothing official though) that 60% of your income goes to the government after you figure in state, local, federal, and various other taxes and fees.
#22
05-09-2007 | 02:41 PM
Legend
Joined: Aug 2006
Posts: 8,529
Likes: 0
From: 100% Heaven Sent
RE: What did your tax return buy?
ORIGINAL: minex
I read somewhere (nothing official though) that 60% of your income goes to the government after you figure in state, local, federal, and various other taxes and fees.
I read somewhere (nothing official though) that 60% of your income goes to the government after you figure in state, local, federal, and various other taxes and fees.
#23
05-09-2007 | 03:01 PM
Banned
Joined: Feb 2007
Posts: 2,619
Likes: 0
From:
RE: What did your tax return buy?
the avaerage is 35% +/ - depending on if your very wealthy or very poor.
after you hit 60g's or so a yr, you enter the next tax bracket.
I eneded up payin bills, buyin new tail light assemblies for my ctd..well, ok the truck anyway
it bought a new set of shiny treads for the wifes 1 ton 15 passenger van!
the grip of new tires on the mountain climbs has never sounded so good!!
after you hit 60g's or so a yr, you enter the next tax bracket.
I eneded up payin bills, buyin new tail light assemblies for my ctd..well, ok the truck anyway
it bought a new set of shiny treads for the wifes 1 ton 15 passenger van!
the grip of new tires on the mountain climbs has never sounded so good!!
#26
05-09-2007 | 03:46 PM
Veteran
Joined: Dec 2004
Posts: 291
Likes: 0
From:
RE: What did your tax return buy?
ORIGINAL: Mayfair
Even though it FEELS like it's that high, I don't think it is. I think it's more like around 35%
Even though it FEELS like it's that high, I don't think it is. I think it's more like around 35%
#27
05-09-2007 | 04:13 PM
Captain
Joined: Mar 2007
Posts: 680
Likes: 0
RE: What did your tax return buy?
ORIGINAL: minex
It has to be higher. Don't forget that income tax is only one form of tax. There's tax on fuel, property tax, sales tax, AMT, etc. You also have to register your vehicle every year. Basically, if money moves, a portion is taken away. I'm in the 33% tax bracket, plus the 4.63% from state, then the 8% sales tax whenever I purchase something at the store. Correct me if I'm wrong, but fuel in Colorado is taxed at a rate of 20%. I just bought my brand new 2007 Dodge Ram 2500. How much of that went to taxes? The interest rate in my bank was taxed. The gain I got on my stocks were taxed too (AMT). Property taxes in my area is about $1.9774 per $100 of assessed value. Adding up all of these values comes up to about 60%, but obviously, each person will vary depending on how much they make, what they buy, where they live, etc.
ORIGINAL: Mayfair
Even though it FEELS like it's that high, I don't think it is. I think it's more like around 35%
Even though it FEELS like it's that high, I don't think it is. I think it's more like around 35%
Fortunately I spent half of last year in a combat zone after getting called to active duty by Uncle Sam, otherwise my tax bill would have been considerably higher. In 2005 I did a rough estimate of my total tax hit, trying to include everything such as vehicle licensing. For my wife and I together it was over $80,000! I've had it up to here with the tax-and-spend politicians in both parties!
#29
05-09-2007 | 05:55 PM
Legend
Joined: Aug 2006
Posts: 8,529
Likes: 0
From: 100% Heaven Sent
RE: What did your tax return buy?
Oooooooh, NOW I understand what you are talking about Minex !! I thought you were only asking about what comes out of your paycheck each week.
You're talking about ALL taxes !! Someone just sent me a couple of weeks ago all of the new taxes that have come out in the last 60 years or so. I was blown away. Phone taxes, utility taxes, inheritance tax, ect ect ect ... ALL new within the last 60 or so years.
Sucks ...
You're talking about ALL taxes !! Someone just sent me a couple of weeks ago all of the new taxes that have come out in the last 60 years or so. I was blown away. Phone taxes, utility taxes, inheritance tax, ect ect ect ... ALL new within the last 60 or so years.
Sucks ...
