Re: Hastert (nbc)

On 19 May 2006 14:55:36 -0700, "gully" <gulliverfoyle2@xxxxxxxxx>
wrote:

Steve:
What would an equivalent family of four made, in today's dollars, and
what would their taxes been on that amount, before 18 years of
inflation?
gully

The point of my post was to do exactly what you ask, to adjust for
inflation and compare the federal tax burden of the family of 4 in
question earning $40,000 today compared to the federal tax burden 18
years for such family earning the equivalent of $40,000 then.

And adjusting for inflation, that family would have paid the exact
same amount in FICA and medicare taxes 18 years ago, but would have
also been hit with a federal income tax bill several thousand dollars
higher than today. The federal tax savings today over 18 years ago is
probably the equaivalent of about a 15% increase in gross pay for this
family of 4 over what it was 18 years ago. In other words, 18 years
ago such family of 4 would have needed to earn 15% more to have the
same amount of net pay as today after federal taxes were paid.
.

Relevant Pages

  • Re: Taxes vs Seignorage
    ... Congress could specify an a growth rate for M0 that would finance their ... is that it would get rid of our complicated tax system. ... associated with collecting federal taxes would vanish. ... because of inflation isn't this the same thing as if the Fed taxed me ...
    (sci.econ)
  • Re: High Rise Living
    ... but take that amount directly from the corporations paying ... tax corporations owe is a function of the amount they pay in salary, ... to pay it. ... division between kinds of taxes." ...
    (rec.arts.sf.fandom)
  • Re: Some questions
    ... Are you asking about paying taxes as company driver ... Company drivers will have taxes withheld from paycheck, ... "Per Diem" is a feature of tax law which will be an amount of money your ...
    (misc.transport.trucking)
  • Re: Avoiding Underpayment Penalty (AI Method vs Withholding)
    ... withheld 100% of the previous year's federal taxes and did not have to pay ... You are taxed on the profits regardless of the amount you take ... You may wish to consult with a local CPA, EA or tax attorney about changing ...
    (misc.taxes)
  • Re: Ideas
    ... the IRA, I pay no taxes. ... And inflation is not the problem right now. ... I am fully capable of losing money without taxes or inflation ... You stand to both pay past income tax and capital ...
    (rec.outdoors.rv-travel)