If you earn $50-200k, they you’re in the 22-24% federal tax bracket, but probably pay 15-20% Federal income tax. Plus 7.65% payroll tax (also federal). Plus 5-10% state tax. Some cities have an income tax. But yeah: 25-35% total tax burden is pretty common for middle income people.
Part of the problem is that we, the people, don’t get to determine the requirements. Our elected representatives do, and wouldn’t you know it - corporations pay them off to siphon money to the richest among us and give us nothing in return. Legalized bribery is the bread and butter of American politics, it’s why things are so incredibly corrupt here and why we’re living in an oligarchy, not a democracy.
Then after retirement and benefits it’s anywhere from 20% to 50%. I’m at about 25% just with tax, 36% with benefits and retirement.
Depending on if your deductions are calculated correctly (you have to negotiate that with your job) you might end up getting a refund layer or have to pay, so in reality my rate is more like 30% overall. People with more expensive insurance or less tax credits and or other things on top of that are going to have it worse off.
I make half what I would need to be able to afford buying a home in my area and be able to make mortgage payments and still have money left
Most people are either sheep, or have given up the fight. That is why anything that requires great change either doesn’t happen, or happens only when something impactful affects them personally. ‘Look over there…Netflix!’
There are also State taxes that aren’t normally differentiated from when complaining about tax rates even though they go to different places. In some states it’s pretty much the same things.
Federal income tax rates for individuals are categorized into seven brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%
10%: Applies to the lowest income bracket.
12%: Applicable just above the 10% bracket, capturing more of the median incomes.
22%, 24%: These middle brackets cover a broad range, reflecting moderate to higher-income levels.
32%, 35%: Affect those with substantially higher earnings before hitting the peak rate.
37%: The top rate, reserved for the highest earners.
It’s important to note that these rates apply to different portions of your income rather than the entire amount. This means that if you fall into the 24% bracket, only income within that range is taxed at 24%.
I am guessing that not too many pay over 30% then? Also that this is in brackets, so that only the amount over certain point is taxed higher?
I am still surprised that taxes can be so high, and people require so little for it!
If you earn $50-200k, they you’re in the 22-24% federal tax bracket, but probably pay 15-20% Federal income tax. Plus 7.65% payroll tax (also federal). Plus 5-10% state tax. Some cities have an income tax. But yeah: 25-35% total tax burden is pretty common for middle income people.
Part of the problem is that we, the people, don’t get to determine the requirements. Our elected representatives do, and wouldn’t you know it - corporations pay them off to siphon money to the richest among us and give us nothing in return. Legalized bribery is the bread and butter of American politics, it’s why things are so incredibly corrupt here and why we’re living in an oligarchy, not a democracy.
Then after retirement and benefits it’s anywhere from 20% to 50%. I’m at about 25% just with tax, 36% with benefits and retirement.
Depending on if your deductions are calculated correctly (you have to negotiate that with your job) you might end up getting a refund layer or have to pay, so in reality my rate is more like 30% overall. People with more expensive insurance or less tax credits and or other things on top of that are going to have it worse off.
I make half what I would need to be able to afford buying a home in my area and be able to make mortgage payments and still have money left
Most people are either sheep, or have given up the fight. That is why anything that requires great change either doesn’t happen, or happens only when something impactful affects them personally. ‘Look over there…Netflix!’
There are also State taxes that aren’t normally differentiated from when complaining about tax rates even though they go to different places. In some states it’s pretty much the same things.
Federal income tax rates for individuals are categorized into seven brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%
10%: Applies to the lowest income bracket. 12%: Applicable just above the 10% bracket, capturing more of the median incomes. 22%, 24%: These middle brackets cover a broad range, reflecting moderate to higher-income levels. 32%, 35%: Affect those with substantially higher earnings before hitting the peak rate. 37%: The top rate, reserved for the highest earners. It’s important to note that these rates apply to different portions of your income rather than the entire amount. This means that if you fall into the 24% bracket, only income within that range is taxed at 24%.
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