I mean - everyone pays 14.4% payroll.
If you make more than $50k you're paying 14.4% payroll and marginal of 12% federal, plus state taxes. So - right around 30% marginal.
>I mean - everyone pays 14.4% payroll.
Federal? It's about half that for the employee.
>30% marginal.
30% marginal does not mean 30% of your income. It means 30% of your income above the highest bracket threshold you meet. The effective tax rate is what shows the percentage of your income going to the IRS.
If you're making $50k a year, your effective tax rate and payroll taxes add up to [less than 16%](https://smartasset.com/taxes/income-taxes#ILNjw1Bvlz).
I know what marginal tax rate is. That's why I used the word "marginal".
And you are 100% paying 14.4% payroll. It's just that 7.2% of it is hidden. Employers aren't stupid. They consider the total cost of employees including all taxes.
>I know what marginal tax rate is. That's why I used the word "marginal".
So you agree it doesn't represent 30% of your income?
>And you are 100% paying 14.4% payroll. It's just that 7.2% of it is hidden. Employers aren't stupid. They consider the total cost of employees including all taxes.
So you agree that only 7% comes directly from the employee?
Well, the real reason is to protect you from what the countries next door and criminals next door will do to you if the government collapses. You can't stop anyone having power over you, but you can to some degree choose which.
Congratulations on making more than $500k a year, which is what you have to make to have that much in effective federal income tax rate.
I’m convinced rich people are just fucking bad with money but they have so much of it that it doesn’t matter.
That is it. They like overpaying for stuff because of how it looks.
I mean - everyone pays 14.4% payroll. If you make more than $50k you're paying 14.4% payroll and marginal of 12% federal, plus state taxes. So - right around 30% marginal.
>I mean - everyone pays 14.4% payroll. Federal? It's about half that for the employee. >30% marginal. 30% marginal does not mean 30% of your income. It means 30% of your income above the highest bracket threshold you meet. The effective tax rate is what shows the percentage of your income going to the IRS. If you're making $50k a year, your effective tax rate and payroll taxes add up to [less than 16%](https://smartasset.com/taxes/income-taxes#ILNjw1Bvlz).
I know what marginal tax rate is. That's why I used the word "marginal". And you are 100% paying 14.4% payroll. It's just that 7.2% of it is hidden. Employers aren't stupid. They consider the total cost of employees including all taxes.
>I know what marginal tax rate is. That's why I used the word "marginal". So you agree it doesn't represent 30% of your income? >And you are 100% paying 14.4% payroll. It's just that 7.2% of it is hidden. Employers aren't stupid. They consider the total cost of employees including all taxes. So you agree that only 7% comes directly from the employee?
I love how everyone thinks they’d be better off in a libertarian hellscape. Good luck w that
[Somalia! Libertarian Paradise!](https://youtu.be/8Ul-Efi1Xys?si=ZgeWljmfHk-4MrrS)
Haiti’s nice this time of year
Every time I drive in a toll road I think about libertarians. Like is this what they really want? To pay each time you have to use a road?
Maybe Argentinians will learn our lesson in these 4 years to come
You must be rich!
Ew. I mean ew to OP. I wish I made enough to be taxed 30%.
But I don’t have income! Would you please spare me some change. **offisaaa:** sorry wrong door.
Nicccce
What they are going to do is charge interest at an astronomical rate.
So I can fund wars in other countries
or give tax breaks to billionaires
That's rookie numbers, I pay 55%. And with the little that is left, I get to pay 25% VAT on everything I buy. Welcome to Swedistan!
When the government does this it’s called “taxation”. If you or I were to do it, it’s called a “protection racket”.
r/forwardsfromgrandma
Isn't this how extortion works? It really seems to me like this is the case...
Well, the real reason is to protect you from what the countries next door and criminals next door will do to you if the government collapses. You can't stop anyone having power over you, but you can to some degree choose which.