Quote:
Originally Posted by dippin
I guarantee that your effective tax rate is not 40%. In fact, only the top 1% even get anywhere close to 40%. And the situation in Wisconsin wasn't created by a linear tax cut, but a very targeted one, which means that people are still paying the same. Which makes your point both false and irrelevant.
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I looked up last years taxes. 12.2% federal income tax, 5.4% state income tax, 3.7% local property tax plus 15.3% for Social Security and Medicare gets me to 36.6%. Add in sales tax, gas tax, taxes buried in the costs of goods and services, and I'm within spitting range of 40%. I'm nowhere near the top 1% income group either. Time for the government to stop taking so much.
I read a number of articles that put Wisconsin's budget deficit in the $2 billion range last year. I attribute more of the curent problem to that than I do any tax cut.