How high is the marginal tax rate on each additional dollar the average American earns? In other words, if you got a raise of one dollar, how much of that dollar would be taxed away? These rates are already high, and they’re getting higher next year.
A middle-class taxpayer’s income is subject to a 25 percent federal income tax. Then there is the federal Social Security and Medicare payroll tax of 13.3 percent in 2012—5.65 percent of that is removed from the employee’s paycheck, and the remaining 7.65 percent is paid by the employer. (In reality, the employee pays the entire 13.3 percent, because the employer’s portion of the tax does not affect the cost of labor: The employer would pay the employee 7.65 percent more if there were no employer’s portion of the payroll tax.)
So the 25 percent federal income tax plus 13.3 Social Security and Medicare payroll taxes equals 38.3 percent going to federal taxes in 2012.
And then there are state taxes. According to the Tax Foundation, the average state’s income tax rate for the middle-class taxpayer is 4.82 percent, which brings the total to 43.12 percent in federal and state taxes. And it’s going higher, thanks to the nearly $500 billion in tax increases for 2013 that some have called Taxmageddon. In January of next year, the federal income tax rate for middle-class taxpayers is scheduled to rise from 25 percent to 28 percent, and the payroll tax is scheduled to rise from 13.3 percent to 15.3 percent. This drives the marginal tax rate based on the aforementioned three taxes to 48.12 percent. Add in state and local property, corporate, excise, and other state and local taxes, and the percentage of each additional dollar that is taxed hovers around 50 percent.
When half of each additional dollar earned is taxed away, taxpayers experience a disincentive to start businesses or expand existing ones. This leads to fewer jobs being created.
It is outrageous that any dollar earned by a middle-class taxpayer would go as much to taxes as to supporting the taxpayer’s family. The government didn’t earn the taxpayer’s paycheck and shouldn’t be entitled to it.
Have you figured in sales tax on your purchases INCLUDING THE TAXES ON YOUR PHONE, CABLE, AND UTILITY BILL WHICH ARE WAY MORE THAN 8%!?!?!?
Now they can raise the tolls for trucks. The truck companies will raise the rates to ship the goods to the stores, the stores have to raise prices. Anyone who thinks differently is truly mentally retarded and I can think of a few people on this forum who never had the courage or will to go beyond a high school education, so I guarantee these few will say that the trucking firm just eats the difference and will make less money this year IF they continue to carry goods to NY State. In my position you find out that many truck companies won't even bother to do business in this state or region when they can do so much better elsewhere. And yeah- then with less competition, we have even higher pricing on truck transport.
This all has to be factored in. When I realize, as a small business person how much the tax bite really is in addition to property tax, it is more like 75% of what one makes.
Ultimately a socialist state devours itself and all in its path. We are well near that tipping point as a nation, and the insane liberal democraps cry for more blood from the taxpayers only to transfer to the lazy, incompetent and unwilling so that they may have a stronger power base from which to rape America's working people.
You want to rage against a machine, rage against a government growing so huge it will devour everything in its path.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Now they can raise the tolls for trucks. The truck companies will raise the rates to ship the goods to the stores, the stores have to raise prices. Anyone who thinks differently is truly mentally retarded and I can think of a few people on this forum who never had the courage or will to go beyond a high school education, so I guarantee these few will say that the trucking firm just eats the difference and will make less money this year IF they continue to carry goods to NY State. In my position you find out that many truck companies won't even bother to do business in this state or region when they can do so much better elsewhere. And yeah- then with less competition, we have even higher pricing on truck transport.
Freight rates are already high because of the shipping lanes are tight into upstate New York because we produce very little for trucking companies to back haul. Increasing the toll prices to travel will only enhance this problem. The State doesn't care...Like any organized criminal operation, they need to get their cut first. Screw the consumer.
Freight rates are already high because of the shipping lanes are tight into upstate New York because we produce very little for trucking companies to back haul. Increasing the toll prices to travel will only enhance this problem. The State doesn't care...Like any organized criminal operation, they need to get their cut first. Screw the consumer.
The proposed toll hike will mean $135 for a single trip down the thruway for class 5 vehicles.(tractor-trailers)
Remember, the Thruway is also run by an "Authority," like Metroplex.
Logged
