Monday, June 20, 2011

Internet Sales Tax Would Cover More Than 46,000 Teacher Salaries: BLS

The income tax is just one of the taxes we pay. Excise taxes, etc. take a much higher percentage of the incomes of the poor and Middle Class than of the wealthy. In terms of total tax burden, according to the Federal government for 2009, the last figures I found, the total tax burden of a family living in Chicago and earning $25K per year was 13.1% of their income. A family earning $100k paid 9.5% of their income in taxes. The gap grows wider the higher the income.

The figures for $25k earners are low since it assumes that $25k earners rent and thus does not include property taxes - even though renters actually pay their landlord's taxes.
Read the Article at HuffingtonPost

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