Abe Vigoda;1253791 wrote:Wow this topic got off track.
Fish, you do understand what the concept of averaging is correct? I doubt very much that if you have a descent job and you do not own your own business that you are paying anything less than 22%
If we are talking federal income tax only (not SS, not Medicare/Medicaid, not State/Local/etc), then I, combined with my wife (mostly mine, she only works part time) am in the top 10% (over $100k).
According to the IRS averages, the top 10% averages 18%. At the end of the day, after all deductions possible, I paid 6.2%.
That's, again only federal income taxes, and based off of my starting gross income. Its about 10% based off of AGI (which most of the averages use).
So, based off of AGI I paid 9.8%. I guess if you go by AGI I'm technically only in the top 25% since through deducting/exemptions I drop down 40% of my income as non-taxable (3 kids, 401ks, mortgage, charitable donations, etc).
I guess I am a tax cheat too huh? I mean I made over $100k last year but was only taxed on <$70k?
I'm sorry, but if anyone is really paying 22% and aren't honestly rich, they need to find someone else to do their taxes because they either suck, or are single, or really don't do anything with their money that can in any way be deducted (aka they rent instead of own, they give $0 to charity, have no kids, etc).