I hate taxes, but "50%" drastically overstates it. Assume an income of $100k. Tax brackets here: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets … ~17% to federal gov. avg state income tax maybe 4%? now we're up to 21% of income. real estate, car, sales tax ... we're up to perhaps 26% or so.https://twitter.com/BuucketHe4d/status/1303337850327502848 …
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Self Employment Tax feels like the biggest bite of all.
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All of us self-employed pay that directly. All others indirectly.
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5/ I didn't "forget it". See my previous in this thread. https://twitter.com/TheFireTracker2/status/1303340379568107520 …
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6/ Yep. And I get annoyed at it. The case against high taxes and high spending is clear enough and virtuous enough that one shouldn't muddy the data with misrepresentations to "punch it up". But that''s me.https://twitter.com/Jeff_Weimer/status/1303341354471305216 …
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And of course, the point where income taxes really roll out to play are at (about) the points where SS hits the cap once you're done adjusting for deductions. So the system ends up being quite flat. 30 is easy, 40 is quite hard, 50 all-in you need to bribe some Congressmen.
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There is no "employer contribution". 100% of that tax comes out of YOUR productivity.
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