View Single Post
Old 09-15-2011, 10:01 AM   #33 (permalink)
user removed
Master EcoModder
 
Join Date: Sep 2009
Posts: 5,927
Thanks: 877
Thanked 2,020 Times in 1,303 Posts
Taxes are intentionally hidden by the gubmint as other charges. The FICA Medicare tax is 15.3% total for the self employed. That applies to the first dollar you make, even if you worked a year to earn that dollar.

Anyone who thinks the employer matching contribution is not a part of your total compensation is delusional, and any calculation that does not include the total is just wrong.

Around here meals are taxed at close to 11%. Delaware used to have a max state income at 16%. New Your City even has an income tax, above the state and Federal income taxes.

They have dribbled us to death with increased taxes. In WW2 the Fica rate was 1% employee and 1% employer. Do you think an employer does not consider his FICA payment as a part of your compensation? Try being an employer for a while and see how that works for you.

If you purchase any item from a store or manufacturer you are paying for all the taxes they accumulated in providing that product to you.

As I said earlier it would take some serious work to just get a decent estimate of all the taxes you pay. The fought the revolution to stop taxation on taxation. Today's best example is a pack of cigarettes, which in VA you pay sales tax on the total cost per pack which is probably 87% tax already. A bottle of booze costs about $1 to produce, all the rest of the money you pay is tax. Christ (haven't heard anything from Him lately) in a restaurant today they are charging $2 for a glass of soda. The tax on that is 20 cents, probably more than the soda cost the restaurant in bulk dispensers.

Never forget we live in a country that is run so stupidly that they loose money manufacturing money itself. A penny costs more to make than it is worth. They should not exist in today's economy, just another gubmnt boondoggle.

regards
Mech

Last edited by user removed; 09-15-2011 at 02:46 PM..
  Reply With Quote