shempmcgurk wrote: > --- In FairfieldLife@yahoogroups.com, "BillyG." <[EMAIL PROTECTED]> wrote: > >> >> I think you're wrong...the democrats want a 1cent increase in the >> sales tax across the board, that affects everybody,and is bad for >> business. We already have one of the highest sales tax across the >> > country. > > > > > > ...and your income tax rates aren't that pretty, either. > > This is the marginal tax rate that a single, self-employed taxpayer > reaches once he has about $38,000 in taxable income: > > 25.0% Marginal Federal Income tax > 15.3% Payroll tax (FICA) > 08.0% Marginal California Income tax > ----- > 48.3% TOTAL > > ...and I'm probably leaving out a few little taxes that you have > which not living in California I am not aware of. > > Thus, BillyG, once earning a measly $38,000 (which isn't alot) a self- > employed single taxpayer is essentially giving half of every dollar > he earns at this point to various governments and he keeps half (and > we haven't even factored in property taxes because property taxes > aren't levied on income). > > Where is the incentive to work? > To eat? To not live under a bridge? Of course finding a job in California is not an easy trick either.
There were proposals on the State Assembly floor to modestly increase taxes on the rich and corporations. The 1 cent sales tax increase has been bandied about for a while. I don't keep up that much on the badminton games or the circus in Sacramento. Someone making $38K a year in California would not be rich by any means. And self employed they can probably come up with enough deductions to pay very little tax overall.
