Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Revision as of 15:39, 5 October 2024

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One more week until Tax Morning ,. Have you filed yours yet? I haven't (probably should onboard that, actually), considering the fact that I read in USA Today that roughly 47% of Americans won't even need to worry about paying federal income taxes, I start to wonder if I will even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what's the point if half the damn country isn't going invest up and leave scot-free?

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Remember, a personal exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This causes you to be under the marginal tax rate of 25%. Therefore the money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For mom and her spouse, that'll be multiplied by two anyone save $1825.

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Someone making $80,000 each year is not really making good of salary. The fed's 'take' is too much now. Property taxes originally started at 1% for extremely rich. And now the government is planning to tax you more.

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