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 - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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