I make $80,000 a year. What should my tax burden be?

Question

$ 80,000 is my gross income

Would Hillary explain to me how much my tax bill should be each year. Would she tell me how its fair that I buy health insurance for someone that isn't working even though I work 60 to 70 hours a week (self employed)?

BTW my current tax burden is about 27% not including sales taxes, property taxes, and certain fees I have to pay as part of my business. (remember I pay all of my social security because I don't have an employer paying any of it).

Answer 1

We should all be paying 10%. So your tax burden should be 8,000. Sound fair?

Answer 2

Not as much as someone who make $20,000,000 a year.

Here is the thing - if I take even 90% (an exagerration) of the 20 mil that will still leave that person wil 2 mil to live on. I have no real pity for someone with a million in spending money.

If I take 20% from a person making 80K per year that still leave them with 60k not great, but more than the median household income of $48k

If I take 10% from someone making 40K per year I've just reduced their income to 36K net. or 3k a month - before other deductions and before shelter, transpotation, and food. That is about subsistence level to stay "middle class" without sinking into some real nastiness.

Another question to ask is why incme above about 95K is immune from social security taxes, espcially when we have looming insolvency (in 20-40 years)

It supirses me that we often don't talk about these things in raw numbers more often.

Answer 3

So you think you got a tax cut with Bush? You fell for that one didn't you.
Follow me on this:
The price of the dollar has decreased over 20% and falling since Bush took office, so bad in fact they are discussing taking Oil value off the American Dollar standard because of its loss of value. Rising fuel Prices are causing the cost of goods to go higher. Since sales tax is a %, you are also paying more in taxes on top of the increase in Price. Because Bush has spent so much and driven up our debt to countries like China, our interest rates have risen to pay that back. My disposable income has been cut in half since 2000 and it is far more expensive to live. That tax cut was like giving you a dollar back but raising the price of everything to $2 so they take even more money. they sure have you fooled.
As for health care, I still don't see why people have a problem with state or federal health care. We shouldn't help the least fortunate in this country? The richest coutnry on the planet and our Children are dying and being turned away from hospitals and People, that work full time are going into backruptcy over medical bills, its a shame that that would happen in this country.
People think its "Socialism and its evil" well I say to those people -"the health insurance companies and Pharmeceutical companies OWN YOU" That is what they want you to believe. If someone commits a crime do the Police show up and someone has to pay them before they investigate the crime or stop it? If your neigbors house catches on fire-do they have to pay the fireman a co-pay before he puts the fire out? Do you walk in to your childs classroom every morning and give the teacher money to teach your child that day? No Its paid with our taxes, so why should heath care be any different.

Answer 4

Im not a republican but Im all for a universal tax on all consumer goods and possessions.

Its really time to stop letting prostitute drug dealers illegal immigrants get away with out paying taxes.

Plus, the real ones that are benefiting from the current IRS Blunder is the wealthy who can afford the Tax Attorneys to find every loophole and deduction imaginable.

How can someone who makes 20 million get away with only paying 4% tax, when someone like the asker has to pay 27%, AND MORE?

Answer 5

Not to sidestep your question, but the new French Prime Minister Sarozky had an interesting proposal.

To summarize his proposal, he thought that your income during your regular workweek should be taxable, but since you are working overtime to better yourself, this income should be tax free.

I thought this was interesting. After all, why should you be subjected to more taxes just because you are working overtime or a second job, when someone else utilizes this time to do nothing productive?

Of course, the devil is in the details. How would one monitor how much of a self-employed person's time is overtime and how much is regular time?

However, it sort of dovetails into your question of tax burden.

Answer 6

Here is another good one... My wife and I make about 110,000 a year. Both putting in 50+ hours a week for a corporation. After paying State, Federal, Local, and SS tax our tax bill comes to about 33,300. About 30% of our pay. I just think, I am paying for at least 2 families that do not WANT to work.

Answer 7

The fact that some corporations paid little or no taxes and the fact that the corporate tax rates are among the highest in the world has to tell you that something is wrong with the tax code. It is set up by politicians to reward their donors and screw the American people. I don't blame Obama for corporations actions, I blame him for not making an environment that is conducive to small businesses creating jobs. They have no real sway with politicians because they are not big donors.

Answer 8

Heaven help you if Hillary gets elected ! You know who will be screaming the loudest if she is elected when her tax hikes start hitting the citizens pocketbooks , you guessed it ; the liberals`. It will be interesting to see who they blame , as they wouldn`t have President Bush to blame ?? You`re more than likely looking at a 38% to 40% shock !!

Answer 9

Yes, I'm sure Hillary could and would explain it to you. Is it fair that you have to pay for someone else's health care? Not necessarily. But I think the more important questions is, is it RIGHT that 50 million Americans don't have health insurance and therefore can't live their lives like human beings?

Don't blame Hillary, blame the money-grubbing insurance companies. You live in a democracy, therefore you have to contribute to the country's expenses. Maybe if those making $200K + a year were forced to pay more taxes, you'd see a little relief for yourself come mid-April. Too bad it's those same people that make the laws.

Answer 10

Pretty hillarious that Hillary get's all the blame for your current tax burden, you already cover the unemployed, it's called medicaid (part of your 27% burden).

Answer 11

Charlie Rangle is about to put you around 32%. If you go above 90K 40%.

I'm already close to 50%. If Hillary gets elected, it won't pay for me to continuing working.

He says he's not increasing taxes, he's just redistributing the burden. What a crock!

Anyway; Guess where he's redistributing it too?