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Quoted from jaytrem:Perhaps he included his property taxes. That would make a huge difference here in NJ. Plenty of people are paying way over 10% of the income to that here. Not sure how bad Chicago are is.
I'm surprised no one is outraged the state can seize 50% of a mans earnings and not complain, even think its laudable.
And its north of that when you factor in every tax at point of sale and vehicle and property taxes.
Quoted from chuckwurt:How much of your paycheck goes to property tax in NJ? 0%.
Property and vehicle taxes in CT cost me over 5k per year.
Quoted from chuckwurt:But they aren’t payroll taxes. OP said 65% of his check goes to taxes. Property tax is not a payroll tax. Nothing is withheld from your check for that.
Splitting hairs at this point in my opinion.
"check goes to taxes"
Does it matter if it is lifted out right before the check is handed to you or immediately afterwords when you make your first purchase?
If they don't grab it at payroll its just thefted after. And some areas have a higher rate of confiscation than others.
Quoted from chuckwurt:Even if you include the other stuff, not 65%. Who says the person even owns property that is taxed?
I have trouble seeing how anyone in any state in the US sends 65% of their gross wages off to some taxing authority unless they are being charged interest and penalties out the wazoo. Haha
I don't see a lot of difference between 50% and 65% frankly.
If a man works and 100% of his wages are taken its slavery.
What is it called if only 50% is taken? Try not paying and see what happens.
Quoted from floyd1977:The highest income tax rate jumped from 15 percent in 1916 to 67 percent in 1917 to 77 percent in 1918.
In 1944, the top rate peaked at 94 percent on taxable income over $200,000 ($2.5 million in today’s dollars).
(got to pay for those wars somehow)
Reagan was asked why he only did 2 movies a year when he was an actor during this timeframe.
Because the Federal Government would seize all monies earned from the third movie was his reply.
Quoted from Trekkie1978:They had write-offs that existed back then that don’t exist today.
1986 tax code cleaned a lot of that up. No one paid that rate back then.
I just pointed out a famous example of what happens when you "overtax"
Reagan simply refused to work as the fruits of his labor would be confiscated.
If there was a dodge I'm sure he would have utilized it.
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