Another blast from the past. Remember that this was 22 years ago and
the taxes are higher today than they were then.
============================ Politics Fidonet Echo
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From: Matthew Russotto 1:273/216 09 Nov 97
19:03:00
To: Vern Humphrey 09 Nov 97
19:03:00
Subj:
Taxes
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In a message dated 11-08-97 VERN HUMPHREY wrote to ROSS SAUER:
VH> RS> "Americans are suffering from a 70% tax burden."
RS>Let's see.. let's assume someone in the top marginal tax rate,
RS>who has the highest income which is fully taxed by social security
(it
RS>drops off at a certain income level), and California income tax... I
RS>come up with maybe 45%.
VH> Now add in sales tax and the "employer's contribution" to the FICA
VH> tax -- which YOU, not your employer, earn -- that's another 10%
to 15%.
Add the employer's contribution to both numerator and denominator,
however.
VH> Next come various excise taxes, gasoline tax, real estate tax,
VH> personal property tax, sewage and water tax, tax on the
VH> electricity and phone bills, fishing and hunting licenses, driver's
VH> licenses, car tags, boating license, and so on, and you get up
around
VH> 70%.
I suspect there's some double-counting going on there. A rough cross
check --
average income in 1992 was $23,227. Federal revenues for that year
were
about $1,091,692 million. Total state revenue was $741,857 million.
Employed population was 117,598 thousand.
This gives total income at a staggering $2,731,450 million
Total taxes at $1,833,550 million
For a figure of about 67%. Hmm, maybe not so much double counting at
all!
Subtracting out import tariffs and corporate income taxes would drop the
figure a little, but not much.
-> Alice4Mac 2.4.4 E QWK Eval:16Dec96
Origin: Life begins at 100...MPH
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