If you are making about $100,000 a year, you are probably paying a lot more than 40% in taxes.
First off, 15.3% of every dollar you earned is taxed for SS. Next the federal income tax on that (single) is $21,720 - or 21.7%. You've already hit 37%. Then you have state taxes - my state is roughly 6%. So the government has already taken 43% or $43,000 of you income.
Lets say you don't save a dime of your income and spend it all on disposable products (food, clothing, cars - etc...) the sales tax rate here is 6.2% to 7.8% so you'll pay another $4000 in sales taxes - now of your $100,000 in income taxes you've paid $47,000 to the government or 47%. That doesn't include your property taxes on your home or car - if they are like mine that's another $3000 easy.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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