This is the reason we pay so much in taxes

Discussion in 'Financial Cents' started by vonslob, Nov 20, 2014.

  1. vonslob

    vonslob Monkey++

    60% Of Households Get More Benefits Than They Pay In Taxes | Zero Hedge
    I visit zero hedge every morning, great website. I have been preparing tax for over fifteen years and seen my share of financially irresponsible people. Last year i did the prepared taxes for a young mother with two kids. She had gross income of 14,000.00(aprox) her federal refund was almost 8000.00 dollars, thats right 14 grand. It is because of two things, earned income credit and refundable child tax credit. I have known many people who take that money and run to vegas or buy something outrageous, all the while collecting all kinds of benefits. Something needs to change. Btw i pay almost 40% of my income to taxes: 15% federal tax, 15% self-employment taxes, and 5% to the state. I remember one years when kerry ran for president, him and teresas affective tax rate was under 5%. WTH is up with that.
    Last edited: Nov 20, 2014
    Marck and melbo like this.
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