Archived posting to the Leica Users Group, 2012/03/23
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]That is absolutely correct. When we are evaluating a tax position, the only way to determine the marginal rate is make a with and without calculation. However, I have long thought that the way you pay tax is more important. I think there should be no payroll withholding or quarterly estimated tax payments. Every year, people line up and pay their taxes in currency (folding money). OK, that may be a tad extreme but if we had that system, the next Solyndra that popped up would probably draw a Frankenstein mob at the White House instead of talk show criticism. Ken On 3/22/2012 10:44 PM, Jayanand Govindaraj wrote: > Bharani, > What is the effective tax you pay on gross income? In most countries, tax > brackets or slabs have no meaning, what with the slew of loopholes and > deductions available. > Cheers > Jayanand > > On Fri, Mar 23, 2012 at 9:12 AM, scleroplex<scleroplex at gmail.com> > wrote: > >> not so. >> you just have to have no dependents. >> as a single man with no family and no mortgage i have been in the highest >> tax bracket for 15 years. >> when my gross income was less than $70,000, my total tax rate was 38%. >> now it is 44% and i do not make more than $200,000. >> >> i don't particularly mind it as brookline does me nicely and my tax >> accountant is honest. >> many people in my tax bracket fiddle with the itemised deductions, declare >> a home office, do a section 179 deduction for everything and get their >> rate >> down to 13%. >> i prefer to be able to look anyone in the eye. and i like services like >> police and fire and ambulance. >> our fire service here does not stand around watching a house burn down >> saying the folks did not pay the $70 fee. quality of life needs to be paid >> for. >> bharani >> >> >> Date: Thu, 22 Mar 2012 20:02:41 -0500 >> From: Ken Carney<kcarney1 at cox.net> >> Subject: Re: [Leica] Fuji X-Pro1 - Jim >> To: Leica Users Group<lug at leica-users.org> >> Message-ID:<4F6BCBB1.1030606 at cox.net> >> Content-Type: text/plain; charset=windows-1252; format=flowed >> >> Yes, but that marginal federal rate does not begin until taxable income >> somewhere around USD200,000. If you are paying an aggregate rate of >> 46%, that is a much higher income than $200,000. >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information >> > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >