If you are making about $100,000 a year, you are probably paying a lot more than 40% in taxes.
First off, 15.3% of every dollar you earned is taxed for SS. Next the federal income tax on that (single) is $21,720 - or 21.7%. You've already hit 37%. Then you have state taxes - my state is roughly 6%. So the government has already taken 43% or $43,000 of you income.
Lets say you don't save a dime of your income and spend it all on disposable products (food, clothing, cars - etc...) the sales tax rate here is 6.2% to 7.8% so you'll pay another $4000 in sales taxes - now of your $100,000 in income taxes you've paid $47,000 to the government or 47%. That doesn't include your property taxes on your home or car - if they are like mine that's another $3000 easy.
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Today's Featured Article - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil’s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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