Re:San Jose: New law would make city first to allow “tiny ho...
by jbuzbee on Sunday October 09, 2016 @02:01PM
(#12672390)
Regarding federal payroll taxes, i.e. Social Security and Medicare, it's not accurate to lump these in with other taxes as they are basically forced-savings. And due to their progressive nature, low-income individuals will get more out then they ever put in.
Re:San Jose: New law would make city first to allow “tiny ho...
by arjie on Sunday October 09, 2016 @02:04PM
(#12672408)
I looked through and it seems to me they excluded the 7.65% for social security and Medicare. I don't see it explicitly mentioned, at least, and some of those numbers seem too low to be including it.
Total tax burden in the US is about 30%, slightly higher for the top half of the income scale. http://ctj.org/ctjreports/2015/04/who_pays_taxes_in_america_...
> The lions share goes to Washington where as far as I can tell it either evaporates or gets spent on very expensive jobs programs like the F-35.
About 2/3 of taxes go to the federal government. Half of federal spending is on Social Security and medical spending (Medicare, Medicaid, etc.). About 16% is defense and international security assistance.
http://www.cbpp.org/research/federal-budget/policy-basics-wh...
> At the same time we also have large numbers of people who pay no taxes, 51%.
About 45% of households pay no federal income tax, but most of them still pay federal payroll taxes, sales taxes, property taxes, and so on. The estimated tax burden for the lowest income 20% of the population is 19.2%, less that the overall 30%, but still significant.