All of a sudden, I hate the government.

[Thorny]

Originally posted by: Acanthus

Originally posted by: joshsquall
So you're making somewhere around $60k a year. Leaves you with about $3300 a month to live on. Effective tax rate of around 30-33%. Yep, you know how everyone else feels now. You've just discovered why the intelligent working class votes Republican.

The effective tax rate is 50%+ once you include sales tax, social security, state, local, property, utilities.

Don't forget about inflation, I consider that a tax too.

 

[daveymark]

I know what you mean, OP. it only gets worse from there, the more you make. The $$$ you pay for an accountant is well worth it though.

 

[slag]

Originally posted by: joshsquall
So you're making somewhere around $60k a year. Leaves you with about $3300 a month to live on. Effective tax rate of around 30-33%. Yep, you know how everyone else feels now. You've just discovered why the intelligent working class votes Republican.

+1

Well, working class anyway. I cant really call myself intelligent.

 

[3NF]

Don't work, and you won't have to pay taxes.

 

[Flyback]

It could be worse--you could live in Canada.

Our taxes are nuts. And it goes beyond income tax--gas, alcohol and tobacco taxes are huge. Also, you get charged $100 tax just for having an air conditioning unit in your car

You even have to pay a piracy tax on blank media (CD-R, cassette tape, minidisc etc.) regardless of their end use (for example, legitimate backups of user-generated content).

Family + friends + job + nice scenery + reasonable foreign policy are the reason I stick around Small price to pay I guess.

 

[mrkun]

We have alcohol, gas, and tobacco taxes here too, but they're mostly at the state level.

 

[mrkun]

Originally posted by: Engineer

Originally posted by: mrkun

Originally posted by: joshsquall
You've just discovered why the intelligent working class votes Republican.

Because they keep spending money on credit without any way of paying for it?

They are paying for it by borrowing, just like the people they serve.

The difference is most people's debt begins to decrease at some point.

 

[vi edit]

Originally posted by: Orsorum

Originally posted by: vi_edit
What is the state income tax rate in CA?

CA has a graduated personal income tax with MTRs ranging from 1% to 9.3%. In addition, just over two years ago CA voters approved an additional 1% surcharge on TI for taxpayers with TIs above $1 million.

Ouchee. Makes my 3% flat on all incomes here in IL feel pretty good. You guys are going to get royally hosed if that 4% tax for health care goes through.

 

[her209]

Originally posted by: mrkun

Originally posted by: MisterJackson
Only in San Fran

Did anyone else miss the part where he said there is no San Francisco income tax?

High cost of living!!!

 

[Engineer]

Originally posted by: mrkun

Originally posted by: Engineer

Originally posted by: mrkun

Originally posted by: joshsquall
You've just discovered why the intelligent working class votes Republican.

Because they keep spending money on credit without any way of paying for it?

They are paying for it by borrowing, just like the people they serve.

The difference is most people's debt begins to decrease at some point.

True, because as they get older and "start to wind down", they become more conservative (tired of work, etc.) and they also generally have less income. The US (as a country) doesn't really get "old" or "worn" down. It, for the most part, has an ever increasing income. As of now, the deficit is growning slower than the tax revenues. As long as your debt/deficits grow slower than your income, you're generally OK. However, with that said, the US hasn't done a great job of keeping the defict growth under GDP economic growth since Reagan took office. Even with that, the economy has grown pretty darn good in that same span so the money borrowed might not be that bad.


Debt to GDP percentage ratio graph.

Since I just read an article that stated that US tax revenues are pouring in and the deficit is (again), much less than originally estimated, I think it's time for a "middle class" tax cut!

 

[Mermaidman]

Originally posted by: notfred
I just got my first paycheck at my new job.
Total deductions for federal/state/social security/etc:
$853.46

That's for *two weeks* of pay. Taxes in principle don't bother me. I enjoy having roads and police and national defense and whatnot...

But, $1700/month? That's insane. I could buy a house with that. I guess I need to find a good accountant. There's got to be some way to get some of that back at the end of the year.

You probably have too much withholding. How many kids you have?

 

[Jeff7]

Originally posted by: Aimster
you must make a lot of money

No kidding. Those deductions are higher than any paycheck I've ever received

 

[bennylong]

San Francisco, eh? That explains it

 

[jagec]

Originally posted by: joshsquall
So you're making somewhere around $60k a year. Leaves you with about $3300 a month to live on. Effective tax rate of around 30-33%. Yep, you know how everyone else feels now. You've just discovered why the intelligent working class votes Republican.

Single-issue voters aren't "intelligent" at all, IMHO, the cost of fighting wars in Iraq and the future cost of cleaning up all the additional environmental degradation here FAR outstrips the tax cuts. You're voting for the whole package, after all, you have to decide if the good outweighs the bad.

Originally posted by: BlancoNino
Remember when your econ professor told you that there was no such thing as a free lunch? How about your college classmates that were on financial aid and flunking out of college? Yeah.. you're fitting their bill now!

Actually, when I went to college it was all the kids without financial aid, who were getting mommy and daddy to pay for everything plus buy them a new new car, who were doing badly. Everyone who actually had to work tended to do OK.

Originally posted by: LongCoolMother
IRS is BS. Graduated income tax is BS. Taxes are BS.

Have fun running a country without them.

 

[Jeff7]

Originally posted by: jagec

Originally posted by: BlancoNino
Remember when your econ professor told you that there was no such thing as a free lunch? How about your college classmates that were on financial aid and flunking out of college? Yeah.. you're fitting their bill now!

Actually, when I went to college it was all the kids without financial aid, who were getting mommy and daddy to pay for everything plus buy them a new new car, who were doing badly. Everyone who actually had to work tended to do OK.

Yeah, because those with financial aid have certain GPA levels to maintain, so good grades directly translate to money. If I go below a 3.0GPA, that can lose me thousands of dollars in aid per year. Not good.

Originally posted by: LongCoolMother
IRS is BS. Graduated income tax is BS. Taxes are BS.

Have fun running a country without them.

But we're running this country into debt, and no one in the administration seems to give a damn. Deficit spending is good for the economy! Too bad the bank doesn't follow the same logic, or I'd get in on this deficit spending myself. It's not like it needs to be paid back, right?

 

[dawks]

Originally posted by: Flyback
It could be worse--you could live in Canada.

Our taxes are nuts. And it goes beyond income tax--gas, alcohol and tobacco taxes are huge. Also, you get charged $100 tax just for having an air conditioning unit in your car

You even have to pay a piracy tax on blank media (CD-R, cassette tape, minidisc etc.) regardless of their end use (for example, legitimate backups of user-generated content).

Family + friends + job + nice scenery + reasonable foreign policy are the reason I stick around Small price to pay I guess.

Actually, Canada isn't as bad as most U.S. Citizens would like to believe, at least relatively speaking. Generally, income tax rates vary from 30-40%, so the 30-33% the O.P. is experiencing in CA isn't that far off.


Anyway, consider the $1+billion per day the U.S.'s bogus nation building effort is costing the wonderful U.S. tax payers. Your $1700 a month is going to build some roads and buildings for Iraq!

 

[GTaudiophile]

And believe or not, US taxes are way lower than in Europe.

But yeah, it sucks. And the wonderful crap your money goes to pay for...

 

[Ferocious]

That's good income for being hourly.

Now hopefully once Bush is gone...we can get relief for the middle class for a change!

 

[Rage187]

Originally posted by: Ferocious
That's good income for being hourly.

Now hopefully once Bush is gone...we can get relief for the middle class for a change!

only if he is replaced by another republican. Most democrat leaders are for taxing middle america to pay for social projects.

 

[CKent]

Edit: forget it, you people make me sad.

 

[Engineer]

Originally posted by: Jeff7

Originally posted by: jagec

Originally posted by: BlancoNino
Remember when your econ professor told you that there was no such thing as a free lunch? How about your college classmates that were on financial aid and flunking out of college? Yeah.. you're fitting their bill now!

Actually, when I went to college it was all the kids without financial aid, who were getting mommy and daddy to pay for everything plus buy them a new new car, who were doing badly. Everyone who actually had to work tended to do OK.

Yeah, because those with financial aid have certain GPA levels to maintain, so good grades directly translate to money. If I go below a 3.0GPA, that can lose me thousands of dollars in aid per year. Not good.

Oh, and if it makes you feel better OP, I had ~$23,000 (total: Federal, State, County, City, SS, Medicare) held out this year and will still be paying over $1,000 to the IRS.

Originally posted by: LongCoolMother
IRS is BS. Graduated income tax is BS. Taxes are BS.

Have fun running a country without them.

But we're running this country into debt, and no one in the administration seems to give a damn. Deficit spending is good for the economy! Too bad the bank doesn't follow the same logic, or I'd get in on this deficit spending myself. It's not like it needs to be paid back, right?

It does get paid back. It gets rolled over with new debt and the process repeats. To tell the truth, the percentage of federal revenues that go toward interest payments is on the way down because of lower interest the last 6 years or so. The cost of the debt is getting cheaper to service, especially as longer term debt matures and rolls over into new, lower interest debt.

Graph of interest vs revenues.

 

[TehMac]

Originally posted by: Mo0o
Be glad 1700 is'nt your monthly income

No, but then he could apply for welfare and mooch off of every decent American.

 

[Jeff7]

Originally posted by: TehMac

Originally posted by: Mo0o
Be glad 1700 is'nt your monthly income

No, but then he could apply for welfare and mooch off of every decent American.

Welfare? On $1700/month? That's over $10/hr, which is actually decent pay for low-end jobs like janitorial or retail service.

 

[Greenman]

Originally posted by: Ferocious
That's good income for being hourly.

Now hopefully once Bush is gone...we can get relief for the middle class for a change!

Middle class taxes will stay the same. What will happen is taxes on the rich will go way up. The bummer is, rich will be anyone who makes over 60k a year.

 

[Toastedlightly]

tax on how much you buy! National sales tax (no property or income) ftw!