RSSStart Thinking Taxes!
J.J. Jackson* | January 7, 2008
Its tax time once again! So start thinking about what you owe to the benevolent federal government.
Single Filing Status
(Tax Rate Schedule X)
10% on income between $0 and $7,825
15% on the income between $7,825 and $31,850; plus $782.50
25% on the income between $31,850 and $77,100; plus $4,386.25
28% on the income between $77,100 and $160,850; plus $15,698.75
33% on the income between $160,850 and $349,700; plus $39,148.75
35% on the income over $349,700; plus $101,469.25
Married Filing Jointly or Qualifying Widow(er) Filing Status
(Tax Rate Schedule Y-1)
10% on the income between $0 and $15,650
15% on the income between $15,650 and $63,700; plus $1,565.00
25% on the income between $63,700 and $128,500; plus $8,772.50
28% on the income between $128,500 and $195,850; plus $24,972.50
33% on the income between $195,850 and $349,700; plus $43,830.50
35% on the income over $349,700; plus $94,601.00
Married Filing Separately Filing Status
(Tax Rate Schedule Y-2)
10% on the income between $0 and $7,825
15% on the income between $7,825 and $31,850; plus $782.50
25% on the income between $31,850 and $64,250; plus $4,386.25
28% on the income between $64,250 and $97,925; plus $12,486.25
33% on the income between $97,925 and $174,850; plus $21,915.25
35% on the income over $174,850; plus $47,300.50
Head of Household Filing Status
(Tax Rate Schedule Z)
10% on the income between $0 and $11,200
15% on the income between $11,200 and $42,650; plus $1,120.00
25% on the income between $42,650 and $110,100; plus $5,837.50
28% on the income between $110,100 and $178,350; plus $22,700.00
33% on the income between $178,350 and $349,700; plus $41,810.00
35% on the income over $349,700; plus $98,355.50
Talk about work hard because millions of people on government handouts are depending on you! My word! With 60% of the federal budget consisting of unconstitutional spending think about how low these rates could be if we just stopped letting American’t suckle off the government. Then remember that every time you buy something you get another 20% to 30% worth of taxes wrapped into everything you buy from costs and taxes the government places on business.
How does it feel to be sending a quarter out of every dollar you earn to the politicians in Washington D.C.? Because most of us as Americans are in at least the 25% marginal tax rate. And it all comes right off the top of every paycheck you earn.
Happy Tax Season! And think about supporting the FairTax.
Contributor's website: http://www.libertyreborn.com
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