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That includes social security and medicare (as self-employment tax) Property tax: $2200/yr Sales tax: hard to say, local rates are in the 5% range I do my own
by PaulDavisThe1st 3y ago
That includes social security and medicare (as self-employment tax)
Property tax: $2200/yr
Sales tax: hard to say, local rates are in the 5% range
I do my own taxes, have done every year since I moved to the USA 35 years ago.
I don't really have time for this over-generalized argument about "they tax everything", least of all when you try to bring inflation into it.
- ifyoubuildit 3y agoJust to be clear, I'm not claiming nothing should be taxed. My point is that people often look at their federal income tax rate and think thats the whole story, when it's not even close. New mexico is a middle of the road state when it comes to taxes (https://taxfoundation.org/data/all/state/tax-burden-by-state-2022/ https://taxfoundation.org/data/all/state/tax-burden-by-state...), so that lowers yours a little bit. Mine is on the higher end of that. Maybe you don't find the argument that taxes increases your costs in other ways compelling, though I don't see how. I think the usual objection to that is "well its worth it", which could be true, but it should show up in an accurate accounting. I'd argue the same for inflation (this isn't some novel argument on my part https://en.m.wikipedia.org/wiki/Seigniorage#Seigniorage_as_a_tax https://en.m.wikipedia.org/wiki/Seigniorage#Seigniorage_as_a...). I guess back to the original question though. If you're convinced your total tax burden is 22.5%, how much more would you like to have taken?