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your tax rate. are YOU paying YOUR fair share?

M

mookie1995

there's a good buck in that racket.
2010 my effective federal income tax rate was 8.66%

still looking for my 2011 around here somewhere... but this will do to get things started.
 
Re: your tax rate. are YOU paying YOUR fair share?

I think I would prefer to suggest a different definition of "effective tax rate". Your suggestion is that we divide federal income tax by pre-tax income; however, that excludes so much from the picture. What matters to me is what I have left under my discretion and control. The federal government collects payroll taxes too; and also, by inserting mandates into federal law without providing funds to implement those mandates, the federal government also indirectly causes my state income tax and local property tax to increase more than it otherwise would.



For 2010:

> If I add up federal income tax, FICA (payroll) tax, state income tax, local property taxes, and estimate state sales tax on the difference between net take-home and amount saved....
I get 35.6%, and that does not include the taxes on my cell phone bill or my cable / internet bill.

> If you mean federal income tax, FICA tax, and state income tax, I get 29.5%

> If you mean federal income tax and FICA tax, I get 24.3%

> If you mean federal income tax, I get 17.8%. the Alternative Minimum Tax sucks if you live in a blue state.

> 2010 was an unusually good year since we spun off an operating division and we all received a portion of the sales proceeds as a once-in-a-lifetime bonus.


For 2011, I get 33.1% / 26.7% / 21.6% / 16.5% for the same categories.

This shows you the effect of graduated income tax rates; notice how the tax on the top bracket income in 2010 moved the total federal income tax as % of pre-tax income from 16.5% to 17.8%: my 2010 income was 3.5% higher but my 2010 federal income tax was 12.0% higher. My federal income tax increased more than 3 times as much as my income did when you compare 2010 to 2011.



So total taxes exceed 1/3 of income. To me, that's the effective tax rate that matters.




If my bosses pay a lower effective rate than I do, God bless 'em! I'm happy to have such a good job. I'm sure the people who work at Staples or Sports Authority also are happy to have good jobs too, and I'm sure their customers are happy paying lower prices than they otherwise would be paying had Bain Capital not turned them around successfully.
 
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Re: your tax rate. are YOU paying YOUR fair share?

federal income tax form. total tax / total income

2005 effective federal income tax 4.85%

5mn_Major said:
Nope. I should be paying more. :)
Click to expand...

you realize of course you are allowed to pay any amount over what the form calculates, right? so if you should be paying more and your are not you are no better than romney or anyone else. put up or shut up. :D (or do you just want those making more than you to pay more ;))
 
Re: your tax rate. are YOU paying YOUR fair share?

2004 effective federal rate - 8.63%

FreshFish said:
I think I would prefer to suggest a different definition of "effective tax rate"..
Click to expand...

dont muddy the waters. different states have different rates. different sales tax rates. people that don't work don't pay into social.
"keep it simple, stupid" ;)
 
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Re: your tax rate. are YOU paying YOUR fair share?

2001 effective rate - 13.12%
2003 effective rate - 10.96%
 
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Re: your tax rate. are YOU paying YOUR fair share?

5mn_Major said:
Nope. I should be paying more. :)
Click to expand...

You know that you're able to do so, yes?

All you have to do is send your check to:
Bureau of the Public Debt
Department G
P.O. Box 2188
Parkersburg, WV 26106-2188

Your gift may be tax deductible.
 
Re: your tax rate. are YOU paying YOUR fair share?

FreshFish said:
You are always free to make voluntary donations to the US Treasury, you know.

Funny how all the people who say they should be paying more, rarely ever actually do so!
Click to expand...

Just like anyone who disagrees with the DH should voluntarily bat their pitcher, right?

Seriously, that talking point makes no sense. Disagreeing with a rule but abiding by it are not mutually exclusive ideas.
 
Re: your tax rate. are YOU paying YOUR fair share?

mookie1995 said:
federal income tax form. total tax / total income

2005 effective federal income tax 4.85%



you realize of course you are allowed to pay any amount over what the form calculates, right? so if you should be paying more and your are not you are no better than romney or anyone else. put up or shut up. :D (or do you just want those making more than you to pay more ;))
Click to expand...

...or I'm just messin with ya.

Personal opinion is that rates are pretty close to where they should be and high income brackets might even get a little bit of a discount on rates in my book. The major exception is long term capital gains, which are way too low. I also think there are too many loopholes.

Romney may not (and maybe not Obama) appreciate my plan for their personal accounts.
 
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Re: your tax rate. are YOU paying YOUR fair share?

What is "fair share"?? I pay just what the tax man ordereth.

If I get out of the market I will pay more than I did last year.
 
Re: your tax rate. are YOU paying YOUR fair share?

FlagDUDE08 said:
I hear complaints about Mittens and tax forms and how much he pays, yet for you... zip. Greed at its finest.
Click to expand...

ncles5.jpg
 
Re: your tax rate. are YOU paying YOUR fair share?

Holy crap. I didn't even have a line in the water and somehow I caught one of these:

sturg060806.jpg


0% was a joke. I pay somewhere between Mittens and 20%. I can't remember my exact rate but I remember talking about Romney paying less with my old man and I know it was under 20%.

And if you've even been paying attention at all, you'd have seen that I'm one of the loudest out there saying, "Who gives a f*k about the tax returns?"

Congratulations. You can take your "I expected no different" (which must mean you have some sort of preconceived notions about me) and you can shove them straight up your ass
 
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Re: your tax rate. are YOU paying YOUR fair share?

I once caught a fish TH.................................................................................IS big.
 
Re: your tax rate. are YOU paying YOUR fair share?

dxmnkd316 said:
Holy crap. I didn't even have a line in the water and somehow I caught one of these:

sturg060806.jpg


0% was a joke. I pay somewhere between Mittens and 20%. I can't remember my exact rate but I remember talking about Romney paying less with my old man and I know it was under 20%.

And if you've even been paying attention at all, you'd have seen that I'm one of the loudest out there saying, "Who gives a f*k about the tax returns?"

Congratulations. You can take your "I expected no different" (which must mean you have some sort of preconceived notions about me) and you can shove them straight up your ass
Click to expand...

One bit of spin that was used when these arguments started is that they used the percentage of Mittens' total tax to gross income, while they used the secretary's bracket, thinking the secretary was ineligible for standard deduction, exemptions, and the like.
 
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