What percentages of our incomes go to taxes ?

Question

It crazy.. Income tax, property tax, taxes on all your fuel and purchases... what percentages do average people pay ... do they get to spend any of there money

Answer 1

It depends on your marriage status, your income, if you own real estate etc.

For example:

~If you make less than $12,000 annually then you pay no taxes except for taxable merchandise.

~ If you have 6 or more children you pay no taxes except for taxable merchandise.

~ If you are an average person, who makes average income ($50,000 annually) and you are married with two children, you will be paying from 15 to 18 percent it depends on your exemption.

~If you own a house that cost $800,000, you will be paying an additional $10,000 property tax. (You will probably get an average of $2,000 when you claim your income tax.) Meaning you paid a net of $8,000 if you own a house.

HOME TAX PAID / TOTAL INCOME = $8,000/ $50,000 = 16%

In conclusion, if you are an average person that makes about $50,000 annually and have a non-working wife and two children, and you own a house, which you paid $800,000 for, you will be paying about 32-33% of taxes.

If you are single, you will be paying about 5% more.

The following do not count as taxes:
~insurance
~401k
~IRA
~social security
~unemployment

Answer 2

I've heard a lot of percentage bandied about so I had a close look at my finances for last year. Due to the sale of some real estate holdings I grossed a bit over $125k last year. I added up all of the income taxes that I paid plus real and personal property taxes and an allowance for sales taxes and gasoline taxes. The total crunched out at 28%. There are other hidden taxes that are not included in that though. There are excise taxes buried into the cost of most items you buy and it's not feasible to calculate those with any accuracy so the ultimate total will be somewhat higher.

Just for giggles, I crunched some numbers as if I still lived in the UK. The total bite would have been 52%. Good thing I'm back in the good old US of A! Income taxes in the UK are somewhat higher than in the US but VAT at 19% and $4.00 a gallon in petrol (gasoline) taxes would REALLY add up over time -- plus the damned $200 per year tax just to turn a TV set on for an hour a day!

Answer 3

Depending on what state you live in, most states have state income taxes as well. If you live in high tax states such as New York or California, depending on how much money you make, you can end up giving up 50% of your earnings to the various government entities. What a rip off!! Someone said one time that for the first 5 to 6 months of the year, you are really working for the government. How true that is.

Answer 4

Vote for fiscal conservatives to stop this. And when someone proposes 'shouldn't the govt' or 'they ought to provide', ask 'Who's gonna pay!?' There's no free lunch, and govt introduces additional inefficiencies, unfairness, and waste.

But most people only focus on the free part - free helath care, sounds great - Hillary, Obama, Edwards are all out there pandering on this already.

But really it's just another tax on the working class.

The Club for Growth is an indie group that points out and supports fiscal conservatives, as is the National Taxpayers Union.

Answer 5

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Answer 6

I think it is 40-50% in my case.
Many politicians want to get as many people beholden to the gov't as possible. The more tax credits, deductions and checks issued by the gov't to the citizens (welfare, Soc Sec, medicare, pensions, payments for not farming lands etc etc) the more control they have and the easier to implement their social programs.
We need to free ourselves of the bonds to gov't where possible. Gov't should stick to the large things that individuals and groups of citizens cannot take care of. National security, raising an army (all the services), building and maintaining roads.

Answer 7

About 56% of the average persons income goes to taxes in one form or another. Income, property, excise, and every other variety, including Federal, State, and local that net tax consumer politicians can think of to keep them, and their net tax consumer public dependents in the style that they want to become accustomed to.

Remember that every penny of "Government" money came ou of the wages of some net tax paying worker.

Answer 8

If you take all of the taxes we pay expect to lose more than 50% of your earnings to taxes in one form or another. Until people decide they can buy things for themselves and stop looking for government to supply all of their needs, that isn't likely to change.

Answer 9

Around 50% ++ .....

We pay tax till we die...