12%

[underpants]

I did our taxes the other day. We are paying 12% of Gross income in INCOME taxes. We actually have to write out a check as we didn't have enough deducted.


Of the AGI it works out to about 16%.

Two college educated professionals. One child. Don't own a home yet (that hurts). Good salaries.

Eh not too bad all things considered. I don't like paying taxes but I am mature enough to know that it is unavoidable so there is no need to have a hissy fit about it. I would prefer that our money be used differently than it is now, or has been traditionally, but still 12% to live in this country....I'll pay that.

[kstewart33]

1. Income taxes really aren't that high

It's the payroll taxes that really hurt.

[Kansas Wyatt]

19. Especially since the payroll taxes

Are only used for cutting income taxes for the Wealthy Elite, instead of funding a legitimate Trust that reasonably covers the sick and elderly.

Why more people cannot see that they have used the 'New Deal' framework to implement a regressive tax system over the last few decades, is baffling. They have been enslaving the middle and lower classes for years with layers laminated regressive tax laws, and nobody has noticed.

[Midlodemocrat]

2. Once you buy a house, you will start getting money back.

I couldn't believe the difference the interest on our house made on our taxes.

[underpants]

9. Yeah yeah yeah I know

We are getting there. The baby was enough for this year and last.

I like change but I like it slow.

[Midlodemocrat]

17. LOL. I know what you mean.

It took me 8 years to design the attic office and another 2 to design the sunroom.

I am currently working on redoing the kitchen. I figure it should be done sometime 2020.

I am not good with change, nor decisions.

[dcfirefighter]

22. But that mortgage interest deduction

makes it more expensive for those of us who don't to 1) rent and 2) buy.

Very few things that help the homeowner don't hurt the renter. Cheap loans, and favorable tax status just inflate prices. Good if you're already in, bad if you aren't. Unfortunately the very few that are stinking wealthy benefit from the rabid defense of such favorable treatment by Harry Homeowner.

One of the few tax changes that helps the homeowner AND the renter is shifting property tax off of improvements and onto land values. Most homeowners own a lot more house than they do land. While, economically speaking, landlords can pass on the tax against improvements, it is impossible for them to pass on the tax against land value. So this helps renters, as well.

This is a tax change that can occur at the most local levels.

[Midlodemocrat]

23. Yes, I know, but for some people

owning their own free and clear at some point is their only retirement money. Some folks can't contribute to 401Ks or SEP IRAs or the like and are barely squeaking by.

I knew SO many people growing up that counted on the house increasing in value over the 30 year mortgage period so that they could sell it, downsize and retire. For some it is all there is.

[dcfirefighter]

27. Land shouldn't be an investment though some use it as such

And, if, due to an elimination / change of tax protection, no one would count on it as such.

The wealthy few benefit from the popular defense of homeowner protections, far more than the run-of-the mill homeowners.

I've got no problem with protecting retiree's nest egg, but in the long run, the system should change, and change starts with little steps, right now.

[unblock]

25. don't forget you can deduct property taxes, too!

[commander bunnypants]

3. I will trade you a house for a kid

:popcorn:

CB

[Midlodemocrat]

8. Hell, CB, you can have all three of mine.

[commander bunnypants]

15. Whatever happenedto the meetup?

CB

[Midlodemocrat]

21. Good question. I posted in the VA forum. I need to go check responses.

[underpants]

12. I HAVE THE SAME HOUSE

Okay it's a rental.

Mmmm nope can't make that deal.

[commander bunnypants]

18. Betcha you have cooler neighbors also

Mine are asses

CB

[Viking12]

4. Is that 12% federal income tax only...

or all taxes combined? Just curious because my property tax alone is about 8%.

[underpants]

14. Yeah Fed only

I haven't done the state tax yet.

[elehhhhna]

5. Did you take the child-tax credit? Just checking. You should.

Our rate's 11% after the CTC

[underpants]

7. Yep

$1,000

[elehhhhna]

10. ouch.

[madokie]

6. I never complain about the taxes I pay, I see it as a good investment that

allows me to live with what comforts I used to have and security I used to feel. thanks * for taking each away little by little.

[ihaveaquestion]

11. 10.2% for me.

I got "lucky" this year - bought a house and my son was in college full-time, so I could still claim him as a dependent. Next year - who knows if the kid will go to college, but I'll still be paying for the house.

[chicofaraby]

13. Exactly the point.

The right wing nuts act like they are being crushed by taxes. The reality is they are greedy pigs, whining that they have to pay a small fee to live in this great nation.

Cheap, greedy bastards....

[underpants]

16. Better yet

the Red states complain about the Blue states paying their taxes.

Okay not really but the blue states do (as a state) pay more than they (the state) gets back from the Feds---almost across the board. Red states are the opposite (save for NC) lots of reasons but one of the big ones is military bases in the South.

Look it up

[CornField]

20. .

Taxes. I guess I'm one of the few people who don't mind paying taxes. I drive on the roads. My children attend the schools. I like knowing police and fire are 3 minutes away if I need them. I enjoy drinking clean water. I believe most government employees are doing the best they can for the people they serve.

In order to help our children understand why taxes are important to society, we instituted a family tax jar. When they get birthday money, allowance or what-not, 10% goes into the jar. When someone in the family does something wrong (swears, for instance), they pay a fine to the tax jar. Anyone in our family is allowed to call a family meeting to discuss disbursement of the tax proceeds. We've used them to fund family trips, help the less fortunate, purchase needed household items and make household repairs. The idea is for them to understand that everyone pays into a fund which helps us all.

Now, all of this being said, I must admit that this year when I wrote out my Federal and state payments, I wasn't pleased. It was so difficult to pay into a system I no longer view as for the betterment of whole. It is difficult to pay for my little piece of the next round of ammunition... the next covert program... the next faux news item... the next sleezy journalist... the next mess.

[underpants]

24. That is excellent

I heard Billy Crystal on Letterman the other night saying he couldn't wait to pay his taxes since they had done such a great job on Iraq and Katrina.

[terip64]

26. 14% here. I thought I made a mistake because it was so low.

We were audited when we were 23 and 24. I think that the IRS thought that we were mentally retarded or something. Honestly. We made about $9,000 in 1987. We had done Amway, I know, I know, and I had a daycare out of my house, and two kids of our own. I had had my taxes done by a family member, thank God, but I had to go to the audit with him because my husband was acting like Tony Soprano.

Anyway, I didn't have good enough receipts for some of the daycare stuff and I, oops, used the inventory from Amway that I had reported to clean my house. Lost money all around.

Ever since the IRS scares the hell out of me. You realize when you walk in there that you are at their mercy. When I saw 14% I thought sh*t, I did something wrong. I think it is way low and I would pay a lot more if I didn't have to worry about health insurance and could go back to school to get recertified to teach for less than the $8000 that it will cost me at a state school. Wouldn't mind a little help putting these kids through college, either.