When are taxes too HIGH

in #life7 years ago

You know the United States was founded on the fight against High taxes. But that is a history lesson for another day. Lets talk about 2017 tax amounts. I was getting all my stuff together, and because I pay throughout the year, I never have really sat back and looked at the over all numbers. https_%2F%2Fblogs-images.forbes.com%2Fkellyphillipserb%2Ffiles%2F2016%2F09%2FSingle_20172.jpg

So I looked up a chart, and found this, I believe it to be pretty accurate, and it was really disturbing. If you make 91,901 in taxable income, you are paying 18,713 dollars. Lets break that down. If you make 91,901 a year, that is about 1767 a week of taxable money, and if you owe 18,713 that is 10.59 weeks, or 20.3 % of the year. So that means January, February, and some of March is just to pay the man.

I don't even believe that takes into social security and medicare, it might but I had a long day and don't want to be more depressed so I did not double check it. Also I have state tax, property tax, gas tax, sales tax.... We are taxed to death....

I realize that is why I stopped doing my own taxes, and had someone else do it. I lose too much sleep.

Sort:  

Our forefathers fought a war for independence over taxes that were far lower than those we now pay without complaint. It's time we got up off our sofas and demanded real tax relief.

So many people are commiting suicide over debt and due taxes.

When you put it into actual weeks of how many you work to just pay taxes it is crazy.

The worst part is that Americans are taxed based on citizenship, not residency - even if you move to another country and never set foot in the U.S. again, they will take a large portion of your income for the rest of your life. Exponentially increasing numbers of people are renouncing their American citizenship every year, although this is becoming more expensive and difficult to do. As a Canadian the tax situation is even worse, with a top income tax rate of nearly 60% (!) I moved abroad, largely due to these ridiculous tax rates, and never looked back...I now rotate between Colombia, Georgia, and Malaysia, effectively giving me a legal 0% income tax rate.

Interesting, and ya the tax rates for these 2 countries are crazy. My parents worked for years, and just shelled out money on there last couple years of working.

Sad information.
Thanks for sharing valuable post
Follow and upvote

taxation is theft.

True but sad. Best wishes to you :)

The disparities between personal and corporate, wage and investment taxes are more appalling imo.

Seems like they are scaling the money out of the skin !