Taxes And Your Share By Income

[bbinacan]

With so much talk about taxes and fair share, I thought I'd see what my share and my burden by percentile is. Have some fun and try it for yourself.

Here's an income calculator to show your percentile:

http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you/

Next, do a search and see where you stand on the tax burden. I found mine to be enlightening.

[RC]

1. $250,000 is the 97th percentile.

$100,000 is the 81% percentile.

So why does Obama want the tax cut line at $250,000 and below? Why bother at all?

[Incitatus]

2. We need to increase revenue without hurting the working class. Where do you suggest the line be?

Should there be no line?

The fact that is only affects 2% of the population is playing well.

[bbinacan]

3. We should not hurt the working class

I'm in that class because I work 6 days a week with no paid vacations. I'm in the top 7%. Does that preclude me from being called "working class"? My standard attire includes steel toe boots and a hard hat.

[Incitatus]

10. After decuctions, if you are still over 250k taxable the amount of additional taxes you have to pay

should be fairly low. I do acknowledge that some in that range work a lot harder than others. I don't think 4.9 percent on taxable income over 250K is a burden regardless of how hard someone worked for it. I also think 39.9 should not be the top tax rate. When you are dealing with 7, 8, or 9 figures it should be significantly higher.

[RC]

4. $250,000 is a sop to make us think something is being done.

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=948915

[Incitatus]

9. Thanks for the clarification.

I certainly agree with the top tax rate being even higher and that the tax code needs work. Taxing capital gains as income is a step in the right direction and something with which I agree. I do wonder if doing much beyond that is feasible. We are still dealing with a Republican controlled congress beholden to Norquist and suggesting to let them all expire could cost him much needed votes.

[RebelOne]

5. My sole income is social security, so I am at the poverty level. n/t

[bbinacan]

6. You're Welcome

Signed, the folks that pay your SS.

[Vincardog]

7. It probably is the case that they paid into SSI all their lives as most of us have

The cut off for the higher rate should be where ever the SS tax is discontinued.

[steve2470]

8. Federal Income Tax Brackets by Tax Year (calculator at website)

http://www.efile.com/tax-service/tax-calculator/tax-brackets/