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Originally Posted by LivinLOS
Compare to the Euro (holland) 60% deductions on wages for social taxes along with 25 - 35 % from the employer.. 21% sales taxes.. etc etc etc .
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That is f*cking amazing! How can people put up with it?
In 1986, Reagan got the Tax Simplification Act passed(didn't simplify things much and thye've been passing laws ever since to complicate it more). At that time, the rates were set at 28% on income over $28,000. Later, they added a surplus charge to boost it to 33% on income to $120K. Then you had state tax of 5 %, which is now 6%. That was a very fair system, because in those days, doctors and lawyers made 50 or 60 grand. The average guy made probably closer to 20 or 25 Gs, so he wasn't much affected and had a low tax rate.
But now incomes are way over double that. Doctors and lawyers make $125K to $300K or more. So now it is the average guy who is getting slammed! The rich people don't have to pay the 5% surcharge on income over $120K, and they don't have to chip in on Social Security or Medicare for income over $73K.
A system that was fair in 1986, and intended to put a larger percentage of the tax burden on wealthier people has become, by virtue of inflation, a system that totally screws the middle class.
As if that wasn't bad enough, then Bush comes in and passes tax cuts for the rich people!!!
JayBee
