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| taxes (Photo credit: 401K) |
Can you imagine paying $162,000 in taxes? The President did. The GE Corporation - and far too many other Wall Street folks - didn't even pay that much. What's wrong with that picture? Check out the links to their names above to go directly to the pdf files online for the Obamas and the Bidens if you want to see the actual returns and read the details.
What was interesting is the fun White House page where you can calculate how your federal tax dollars are used for the national budget. OK, I wouldn't be inclined to put in personal information but there is a pull down menu of a few choices so you can get the idea.
Here is one screen shot scenario from the White House page to help you gauge where your tax dollars go using a married couple with two children that make $80,000 a year. If you want to expand the items you may have to go to the link.
I do like it that the White House provided this taxpayer receipt. Can I also tell you how annoying it is that the military takes 25 percent of our tax dollars? That is far too much and indicative of how a several front war is rapidly depleting the national treasury. But hey, I'm just saying. :)
$80,000 income — married with two children
This assumes this family contributes 5 percent of their wage income to a 401(k) or IRA, does not itemize, and claims the Making Work Pay and Child Tax Credits.
PROGRAMS & SERVICES
YOUR TAX PAYMENT
$3,360.00
Social Security Retirement, Survivors, and Disability Insurance
$3,360.00
Medicare Tax
$1,160.00
Medicare Hospital Insurance
$1,160.00
TOTAL INCOME A
ND PAYROLL TAXES YOU PAID
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ND PAYROLL TAXES YOU PAID
$9,110.00
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