Author Topic: What's your 2017 tax bill (by percentage)?  (Read 1586 times)

Greg Davidson

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What's your 2017 tax bill (by percentage)?
« on: February 23, 2018, 08:17:12 PM »
Just finished with Turbotax, the last filing of taxes prior to the massive shift of tax cuts to the wealthy that will be in place for 2018.  We had a good year for family income, with some stock option equivalents coming in that won't be here in 2018, and so this illustrates the current tax burden for families within the top  1%:

24%  Federal income tax
8%    California state income tax
0.5% Total combined % paid for Social Security and Medicare (both my wife and myself)
0.1% Property Tax (on a 2400 sq-ft home with a shared garage with another home; roughly $1M value)

And 99% of our income is from the wages/salaries/tips category - the tax rates would be even lower if more of our income came from investment (you know, the money that comes because you own stuff, not because you performed tasks in exchange for money).

So what percentages do you pay? And looking at the data, do you believe that the most important change in our tax structure was to cut rates so that 80% of the savings went to people in my income level or those who are wealthier?





 

Greg Davidson

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Re: What's your 2017 tax bill (by percentage)?
« Reply #1 on: February 24, 2018, 01:08:39 AM »
Updated with correction dropped a decimal place on the last two (should not have tried to perform calculation while drinking plenty of wine and preparing for dinner)

24%  Federal income tax
8%    California state income tax
5% Total combined % paid for Social Security and Medicare (both my wife and myself)
1% Property Tax (on a 2400 sq-ft home with a shared garage with another home; roughly $1M value)