Page 10 - iAV Antelope Valley Digital Magazine #399

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How Much Americans Really Pay in Taxes
Ben Steverman
Some $1.4 trillion in individual income taxes are due to the IRS on April 15. But for many Americans, that’s only the half of it. A new report from the U.S. Congress’s Joint Committee on Taxation shows that looking only at income taxes miss- es most of what we pay to the federal government each year.
The average American pays an income tax rate of 10.1 percent, the Joint Committee shows, although that varies quite a bit depending on income:
Ten percent seems low, doesn't it? The official income tax rates start at 10 percent and go all the way to 39.6 percent. The Joint Committee is also accounting for lots of income that never gets taxed, such as Medicare and Social Security benefits, employer-paid insur- ance, and the employer portion of payroll taxes. Also, taxpayers pay the
highest rates, above 28 percent, only on earned income above $200,000 or so. The IRS takes far less from the first $200,000 earned, especially after deduc- tions, and from invest- ment income. Finally, as the chart shows, many poor Americans pay zero taxes and even get money back: About 32 million people benefit from that Earned Income Tax Credit.
Just looking at income taxes can be misleading, however. All salaried workers also pay a 7.65 percent payroll tax to cover Social Security and Medicare, and high-
er earners owe another Medicare tax. Their employers also must pay the same amount in payroll taxes for each worker. The government collected $1 trillion from payroll taxes last year:
Wealthy Americans end up paying taxes at a lower rate than poor and middle-class Americans, because the government collects Social Security tax only on annual wages up to $118,500.
On top of individual income and payroll taxes, the federal government collects $93.4 billion in excise taxes on such things
as fuel, ciga- rettes, alco- hol, and plane tickets. The feds take 7.5 percent of every air- line fare, plus $4, for exam- ple; the gas tax is current- ly 18.4¢ per gallon.
Add up all the cate- gories of taxes paid by individuals— income, pay- roll, and excise—and
this is what each income group will end up paying this year, the Joint Committee estimates:
The tax burden rises progressively with income, with the wealthi- est paying a third of their income to the federal government. One excep- tion to the tax rate's steady rise through the income brackets: Americans who earn less than $10,000 per year, who don’t get enough from their earned income tax cred- its at tax time to make up for the payroll and excise taxes they pay all year.
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FURniTURE
2 China cabinets $300each
8:30pm only403
Good looking dining table w/ 2 matching chairs $55 • 272-9273 bet 8:00am- 8:30pm only403
Lazy Boy cream, like new
1950’s Maple hutch, xlnt cond $100 • 943-6071401
Oversized sofa sectional, 1 recliner $500 • 544-2698400
7’ Dining set, 6chairs w/ plastic cover, darkwood, heavy, good cond • 544-
400 2698
7pc Dining room set • 974-
400 3380
$55 • 213-864-7883398
Solid oak dining tablew/ 6 oak chairs, like new $235 • 722-6785402
Antique solid wood end table. Maybe late 50’s to early 60’s. 19 1/2” wide x 23” tall x 26” long $50firm •
272-9273 bet 8am-8:30pm 377
Torch style lamp, upright, black, sturdy, great cond $27 • 272-9273 bet 8:00am-
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Antique wooden fold down dining table $75. Maybe mid 1950?. Sturdy & fashion- able. 46 3/4” wide x 40” long x 30” tall. 2sides, fold down. No removable leaf • 272-9273 bet 8:30am-
8:30pm only373
Twin size metal rolling “L” shape bed frame. Looks & works great $28. Frame only, no bed • 272-9273 bet 8am-8:30pm only359
Twin/full size adustable rolling bed frame, great cond $30 • 272-9273 bet 8:30am-8:30pm only354
Wooden stool for work bench, solid & sturdy $15 • 272-9273 bet 8am-8:30pm only352
HOBBiES
Remote helicopter • 974-
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AnTIqUES
1920’s Tappan gas stove,
xlnt cond $500 • 943-6071 403
1900’s large coffee grinder, xlnt cond $600 & other cof- fee grinder $400 • 943-
6071 403
1900’s Hope chest $200 & dresser$300. Both in xlnt
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Vintage late 50’s to early 60’s. Look to pop, xlnt cond • 943-5723402
Antique radio jet wagon $69. It’s been exposed to outside weather. Great peti- na • 272-9273 bet 8:30am- 8:30pm387
Antique wooden chair. Real old, solid wood chair. Mid 1940’s- Mid 50’s. Maybe old school house chair. Ready
$125 • 442-285-9322
402
• 943-6071
402
2 Recliners, rocker, blue & grey $70ea or $125 • 718-
2020 Dining table & 4 chairs, dark
2 Patio chairs • 974-3380 Cherrywood table w/ exten-
sion $300 • 940-1139 399
• 943-6071
403
401
wood $125 • 718-2020
400
2pc Loveseat & sofa $150 • 948-3924398
Single day bed, good shape
401
Round oak dining w/ 2 matching chairs. Great cond $75 • 272-9273 bet 8:00am-
Kids dresser, 6 drawers bot- tom & 3 on top • 943-6071401
Costco jewelry boxes w/ 8 drawers & storage panels. Top open out, xlnt cond $75
Antique Mantel Clock collection Antique Mantel Clock collection Late 1800's to 1930's & 60's 6 clocks total, All $2200.00 661-265-0261
10
661-266-4-ADS
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