After all this tax rumbling and call for fairness something occurred to me. I am single with zero deductions and do not pay nearly that much, and I get part of it back. I also get earned income credit and several other AGI adjustments when I file.
There is more to this "pay stub" than meets the eye.
The with holding is 60%. There is no 60% braket for that income amount. This guy has other "deductions" from his check that have nothing to do with "taxes".
Medical insurance, retirement, 401K.......
I am single with zero deductions and my "taxes" and with-holding only run 20%. Even Warren Buffet nor the President's secretary does not pay 60%!!!! There is no 60% bracket.
Corperate rates are only 38%.
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