Quote:
Originally Posted by CoachAlan
How can his tax burden be 60%? It's my understanding that the Federal Income Tax limit is around 33%. I guess if you want to count social security, sales tax, toll booths, and so on, you might arrive at 60%, but the use of that number in a regular argument is just a thinly veiled attempt at sensationalism.
Of couse, I could be totally wrong and maybe there is some crazy tax bracket out there that I don't know about.
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Remember if you are self employed, you pay twice the Social Security tax. So thats 6.2 twice for 12.4 %. Ouch!