this post was submitted on 08 Jul 2024
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Look through the thread and you will see people showing their work and coming up with similar numbers. 40% was a rough estimate off the top of my head. Figures from a recent paystub of mine: gross income of $2700.80, net income of $1774.41. My deductions are more than just taxes, but regardless that is an effective reduction in pay of %35.31. This is a real life figure that the others may be similarly subjected to, as opposed to the numbers you get out of a calculator.
I'd be glad if rich people paid 40% tax.
But it is closer to 4%, while they could easily pay 95%.
Taxes are not the problem. They are necessary for a functioning society. And if other people avoid paying taxes, that means YOU will have to pay more. Because the money will have to come from somewhere.
I'd gladly pay 90% taxes if it meant the rest of my expenses were provided by the government.
In the UK if you earn over £100k you effectively get taxed 60% (using PAYE)
I'd happily pay 75% if it meant public services were actually effective, but we have the double whammy of high taxation and crumbling services - that's what over a decade of conservative rule does... Here's to the next 4 years!
I've not seen anyone so far in this thread quoting 40% taxes. Looking at
I just pulled my paystub (single income household) and I'm at 37% of income going to taxes and full benefits (including 7% to my 401k) covering my whole family while not making much more than the OP