• Taxation and incomes

    From BOB ACKLEY@1:273/216 to ALL on Monday, March 18, 2019 16:17:14
    Another blast from the past. Remember that this was 22 years ago and
    the taxes are higher today than they were then.

    ============================ Politics Fidonet Echo
    From: Matthew Russotto 1:273/216 09 Nov 97
    To: Vern Humphrey 09 Nov 97
    Taxes ========================================================================
    In a message dated 11-08-97 VERN HUMPHREY wrote to ROSS SAUER:
    "Americans are suffering from a 70% tax burden."

    Let's see.. let's assume someone in the top marginal tax rate,
    who has the highest income which is fully taxed by social security
    drops off at a certain income level), and California income tax... I
    come up with maybe 45%.

    Now add in sales tax and the "employer's contribution" to the FICA
    tax -- which YOU, not your employer, earn -- that's another 10%
    to 15%.

    Add the employer's contribution to both numerator and denominator,

    Next come various excise taxes, gasoline tax, real estate tax,
    personal property tax, sewage and water tax, tax on the
    electricity and phone bills, fishing and hunting licenses, driver's licenses, car tags, boating license, and so on, and you get up

    I suspect there's some double-counting going on there. A rough cross
    check --
    average income in 1992 was $23,227. Federal revenues for that year
    about $1,091,692 million. Total state revenue was $741,857 million.
    Employed population was 117,598 thousand.

    This gives total income at a staggering $2,731,450 million

    Total taxes at $1,833,550 million

    For a figure of about 67%. Hmm, maybe not so much double counting at
    Subtracting out import tariffs and corporate income taxes would drop the
    figure a little, but not much.

    Alice4Mac 2.4.4 E QWK Eval:16Dec96
    Origin: Life begins at 100...MPH

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