Anonymous
Post 04/02/2014 22:29     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.


And yet it doesn't come close to the 50% some people say they pay.


I think those people are factoring in state taxes and employment taxes. If you pay 36% fed, plus 10% state, maybe 1-2% local, add on for personal property tax, etc., you might get close to 50% in some places (maybe NYC?). I still don't know that it's fully accurate, but I think that's what people mean when they quote those higher numbers.


Correct, even 30% is nuts, you basically are giving away 1/3 of what you make.

Add in a 5% sales tax, local tax, personal property tax it gets very close to 50%.


360k, 23%

Yup add in all the other taxes, the total tax burden is definitely close to 50%.
Anonymous
Post 04/02/2014 17:14     Subject: Re:What was your effective tax rate???
It is an absolute steal for people who make between ~100-150,00 who own a home to live in this country. I hope you appreciate all that you are getting for your low, low taxes!
Anonymous
Post 04/02/2014 17:09     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


We are one of those families at the lower ETR. We give a LOT to our church an that is why our rate is so low. If we couldn't write that off we would probably just give less.

And you could lower your rate if you owned a home and deducted interest, made charitable contributions, etc.


Now THAT's throwing your money away.
Anonymous
Post 04/02/2014 17:04     Subject: Re:What was your effective tax rate???
Are people listing their AGI as HHI?

For us, AGI was 160K and effective tax rate was 13.1
Anonymous
Post 04/02/2014 16:33     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


I make $300K and my effective tax rate is 20%. So I make twice as much money but pay four times as much in fed income taxes (because all those deductions get dropped when you enter AMT-land). That's a steep increase in the marginal tax rate.
Anonymous
Post 04/02/2014 15:24     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


They own houses. I'm guessing you do not.


+1.

I'm the 10.3% in the quote above. Before I had a mortgage, my ETR was 16%. It jumped to 10% once the mortgage started.
Anonymous
Post 04/02/2014 15:20     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


Try buying a place. It helps.
Anonymous
Post 04/02/2014 15:19     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


We are one of those families at the lower ETR. We give a LOT to our church an that is why our rate is so low. If we couldn't write that off we would probably just give less.

And you could lower your rate if you owned a home and deducted interest, made charitable contributions, etc.
Anonymous
Post 04/02/2014 15:18     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


They own houses. I'm guessing you do not.
Anonymous
Post 04/02/2014 15:17     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.


And yet it doesn't come close to the 50% some people say they pay.


I think those people are factoring in state taxes and employment taxes. If you pay 36% fed, plus 10% state, maybe 1-2% local, add on for personal property tax, etc., you might get close to 50% in some places (maybe NYC?). I still don't know that it's fully accurate, but I think that's what people mean when they quote those higher numbers.


Correct, even 30% is nuts, you basically are giving away 1/3 of what you make.

Add in a 5% sales tax, local tax, personal property tax it gets very close to 50%.


Giving away? Do you like being protected by a strong military? Do you like knowing the food you eat is safe? Do you like clean air and clean water? Do you like a legal system that enforces the rule of law?
Anonymous
Post 04/02/2014 15:15     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.


And yet it doesn't come close to the 50% some people say they pay.


People claim 50%? That seems like a mathematical impossibility given tax tables.



People look at the top marginal rate, add on whatever state taxes they pay and think that's their overall burden.

Never mind that you don't even begin paying at the top marginal rate until you earn nearly $500,000 a year.

Anonymous
Post 04/02/2014 15:15     Subject: What was your effective tax rate???
Anonymous wrote:
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.


I'm with you.
Anonymous
Post 04/02/2014 15:14     Subject: What was your effective tax rate???
Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.


Um. That's what marginal rates do.
Anonymous
Post 04/02/2014 15:13     Subject: What was your effective tax rate???
Anonymous wrote:Per TurboTax:
AGI = $132k
ETR: 9.49%


Anonymous wrote:HHI: 151
ETR: 9.5


Anonymous wrote:HHI : 164
ETR : 10.3


WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.
Anonymous
Post 04/02/2014 15:09     Subject: What was your effective tax rate???
Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.


People don't understand…they think you pay more because you make more. You pay more because you make more AND you pay a much higher rate AND a lot of the deductions phase out and/or you get hit with the AMT. Not to mention the marriage penalty. I'm willing to pay my taxes, but it does annoy me that the effective marginal rates climb so steeply.