If you are a “Maker,” get ready to pony up 50% of your Paycheck taxes starting 2013

Get ready for the government to take an even bigger bite out of your pay check.

But let me tell you, come January 1, you’re probably not going to be happy with the amount of taxes you’re paying. That’s because it’s not just Federal taxes that you pay.

A middle class taxpayer pays 25% percent of their income in Federal Income Tax. Sounds, ok?

Then there is the Federal Social Security and Medicare payroll tax of 13.3%. You pick up 5.65% while you’re employer pays 7.65%.

Add them up and that’s 38.3% of middle class family incomes going to Uncle Sam. But we aren’t done, not by a long shot.

According to the Tax Foundation, the average state’s income tax rate on the middle class is 4.82%. Of course, some states have it and some don’t, but we’re taking an average here.

Now the total: 43.12% of middle class income to taxes.

Oh, and I almost forgot, unless congress makes a move, Federal Income taxes go to 28% for middle income folks next year as the Bush tax cuts expire.

Neither party has said they want that to happen, but in Washington, well, you never know.

Also the payroll tax for those folks will go to 15.3% from 13.3% percent.

Did I mention state, property, corporate, and excise taxes? No?

All told, next year, total taxes will go to almost 50% for the middle class; the very group that the president says he wants to protect. That means 50 cents out of every dollar earned has to go to the government. Half of everything will go to an entity that didn’t earn that money, and shouldn’t be entitled to all that dough.

And after all this, the Federal government,  many states and cities are flat broke.

Also, this article didn’t mention how much tax there is on a gallon of gas, or Federal Excisie Tax and Universal Service Charges on your cell phone bill.

  • Jim at Conservatives on Fire November 21, 2012 at 3:45 pm

    What should be obvious to any casual observer isn’t. The middle class will continue to shrink and more Americans will be classafied as living in poverty. That is what 62 million people voted they wanted. They are going to get it and so will many that didn’t want it. It sucks, my friend!

    • steve November 21, 2012 at 4:03 pm

      I have a really hard time wrapping my head around the fact 62 million people voted for this.