Top marginal tax rate in US now ~65%

[Ben Kenobi]

Since the tax rate as a percentage of GDP is so low, I figure you must be upset about how taxes in the US are levied (not enough towards capital gains/consumption)?

As always, low compared to what? Europe? It's not a good argument that arguing that the US is less bad than Europe is a flaw of the present system. Why do we want to copy Europe and their failed policies?

[Ben Kenobi]

The only tax increase I'll see will be from payroll taxes (4400 dollars or so on my end, and 4400 total from my employer and my wife's employer).

Which is going to **** me over. Despite all the grandstanding here - those not earning that much are going to see large jumps in their tax rate too. That is, only if they happen to work. This is bad.

[kentonio]

How do you even pay taxes? You earn less than most 18th century chimney sweeps.

[regexcellent]

Sales tax. FICA withholding.

[Ben Kenobi]

How do you even pay taxes? You earn less than most 18th century chimney sweeps.

I pay more than Obama does! Sales tax, FICA withholding, payroll taxes, SSID, etc. Plus the fact I run my own business too, so I pay both employer + employee federal SSID taxes on that portion of my income.

[kentonio]

They're taxing male prostitution these days? Wow, times must be hard..

[Ben Kenobi]

They're taxing male prostitution these days? Wow, times must be hard..

So which is it? I'm a virgin, or I'm a male prostitute at the same time. Wow, I must be incredibly good.

[Dr Strangelove]

How is 35 + 10 + 3.8 equal to 65? Furthermore your 10% state income tax is after your 35% federal tax is subtracted from your income, so it's really 6.6 %.

[kentonio]

So which is it? I'm a virgin, or I'm a male prostitute at the same time. Wow, I must be incredibly good.

Well just a month ago you were a poor teacher on $10k a year. Now you're apparently a business owner struggling under a heavy tax burden. This seems.. odd.

[Kidlicious]

I think the fiscal cliff deal is pretty poor friendly (and middle class friendly), and puts the burden where it belongs.

[DinoDoc]

I think the fiscal cliff deal is pretty poor friendly (and middle class friendly), and puts the burden where it belongs.

On our children and grandchildren?

[Kidlicious]

On our children and grandchildren?

If they become rich, then yes.

[DinoDoc]

If they become rich, then yes.

$4 trillion added to deficit as a result of the fiscal cliff deal.

[Sir Og]

Do any of the US posters have an idea what their fellow citisens think of the US tax system.
From what I know you have a ridiculous system in place that should not appeal to anyone but for some reason there seems to be no preasure on the politicians to actually do something about it.

[kentonio]

$4 trillion added to deficit as a result of the fiscal cliff deal.

Or not really..

CBO begins its analysis from its March current law baseline that assumes all of Bush-era tax cuts would expire at New Year's Day, and therefore gives no deficit-reduction credit for the fact that the deal begins to raise rates for the wealthiest Americans.