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I also didn't include the fact that state income tax, and property tax are deductible from federal income. Also mortgage interest is deductible. So, back of t
by derekp7 13y ago
I also didn't include the fact that state income tax, and property tax are deductible from federal income. Also mortgage interest is deductible. So, back of the envelope comes down to closer to 42% taxation.
> The rest of your figures aren't really what I'd consider personal income taxation, although they're definitely interesting
I'd say that sales tax is personal, but property tax maybe not, since that isn't directly related to income. However, it still means that for every dollar that someone pays you to do work, you only get to spend 58 cents.
- EdwardDiego 13y ago> I'd say that sales tax is personal Does US sales tax apply to purchases by a business?
- derekp7 13y agoYes, for purchases that are consumed within the business (such as office supplies, etc). However anything purchased for resale does not get sales tax -- as that tax will be collected later when the item is sold to at retail.