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Tax time. I filed and am pondering the tax codes
Posted: Feb 6, 2015
My husband and I file 1040 (not enough deductions to itemize). This year we made $10,000 less than last year. However, our tax due was only $200 less than last year. I could not believe that a $10,000 reduction in come made such little difference in the amount of taxes we owe. I don't think we are considered middle class anymore. It is very expensive to be poor.
I am not sure how accurate the figures are because I figured we are paying 13%, but I read a study analysis by the Institute on Taxation and Economic Policy peformed last week. According to the study, in 2015 the poorest fifth of Americans will pay on average 10.9% of their income in state and local taxes. The middle fifth will pay 9.4%. The top 1% will average 5.4%. That is less than half of what we pay!!!!
I forget now, but why does Congress think this is okay?
;
Because for the most part the members of Congress - are in that top 1%
[ In Reply To ..]If they personally are not in that top 1%, then their donors are and they will do anything to keep their donors happy.
What taxes are you including? - Tax tables
[ In Reply To ..]Did a spot check on the 2014 Fed tax tables and the difference is about $2000 (two thousand) between incomes with a 10,000 difference. Are you including State, local, property, SS, MC? Just wondering how you arrived at that. However, I do think the rich need to pay more for all the infrastructure this county is lacking.
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