strider57

I've been hearing a lot about who pays what tax rates these days and are these tax rates fair? The propaganda being put out by the President and parroted by the Main Stream Media is that the average American pays a 30 percent tax rate, while the rich only pay 15 percent. Is this true? Well, I decided to go the the IRS and find out. in 2011 The "median" (average) income in America was $46,362.00 for singles and $67,348.00 for married couples. This is the breakdown for each income. For a Single individual with an income of $46,362.00, the taxable income after standard deductions and personal exemption would be $36,862 and the Federal tax owed would be $5,340.00, or an effective tax rate of 14.4 percent. For a married couple with two incomes of $67,348.00 the taxable income after standard deductions and personal exemptions would be $48,348.00 and the Federal tax owed would be $6,402.00, or an effective tax rate of 13.2 percent. For a single individual with one child filing head of household with an annual income of $46,362.00 taxable income would be $3,517.00, or an effective tax rate of 10.3 percent. Now, let's say you are a married couple with an annual income of $250,000.00, you have one child and you are able to deduct $18,000.00 annually for your home mortgage interest. You taxable income would be 224,600.00 and your tax liability would be $51,572.00, or an effective tax rate of 22.9 percent. So, the next time you hear someone spout off that the rich pay lower tax rates then average Americans, please feel free to call BULLSHIT on that piece of misinformation. Also, it's important to keep in mind that 48 percent of Americans pay absolutely NO FEDERAL INCOME TAX whatsoever!! Consequently, if we want to make the tax code more "FAIR" it would seem to me that EVERYONE should be paying something, don't ya think?