income tax 101 , not including capital gains or state tax?
single person that owns a house making 45,000 a yr would pay(10%x10750)+(15%x30300)+(25%x3950)=
ok so thats basic 6607+2790(social security)+652(medicare)+3442(fica)=13491 in federal income taxe (no deductions no dependants nothing just a single person owns a house)
now if a single person home owner same as above makes 250,000 a yr
and following the same as above would be 82,045 fed income tax
so If the 250,000 dollar a yr is paying 82,045 dollars a yr and and the 45,000 is paying 13,491 a yr ,
please explain where the the person earning more gets a tax break ?
now remember this is just a home owner with no other deductables and single
i cant add state tax due to it changes per state
and agian the question to all this is where is this so called tax break for those in higher incomes?
no it not 42 lol
- MuttLv 71 decade agoFavorite Answer
I'm no tax expert so I don't know if your figures are accurate, but I will assume they are. Based on that, the person that makes $45,000 is paying under 30% of what he makes in taxes. The person making $250,000 is paying over 32% of his income to taxes.
Doesn't sound like a tax break to me. But then again, I'm not liberal, and I don't believe in the whole "redistribution of wealth" idea, nor the "the rich can afford to pay more" line of thinking.
- Anonymous1 decade ago
First off the people who have high incomes tend to have a large amount of investments. Income coming from those investments is taxed at 15% which is a lot lower than the tax bracket it would be in if it came from wages.
Second most rich people move their money to offshore accounts in countries like the Caymen Islands where they pay NO taxes on their accounts. This is how they get tax breaks.
- edubyaLv 51 decade ago
I don't think anyone wants those who make "more" to pay more...end the madness promote Fair Tax.
- doug4jetsLv 71 decade ago
Your tax liability is zero. The income tax act for personal income on wages earned was never ratified. The only income tax allowable by US law is on profits from a business.
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- 1 decade ago
The answer to this question is 42