If you are making about $100,000 a year, you are probably paying a lot more than 40% in taxes.
First off, 15.3% of every dollar you earned is taxed for SS. Next the federal income tax on that (single) is $21,720 - or 21.7%. You've already hit 37%. Then you have state taxes - my state is roughly 6%. So the government has already taken 43% or $43,000 of you income.
Lets say you don't save a dime of your income and spend it all on disposable products (food, clothing, cars - etc...) the sales tax rate here is 6.2% to 7.8% so you'll pay another $4000 in sales taxes - now of your $100,000 in income taxes you've paid $47,000 to the government or 47%. That doesn't include your property taxes on your home or car - if they are like mine that's another $3000 easy.
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Today's Featured Article - Tractor Profile: Allis-Chalmers Model G - by Staff. The first Allis-Chalmers Model G was produced in 1948 in Gasden, Alabama, and was designed for vegetable gardeners, small farms and landscape businesses. It is a small compact tractor that came with a complete line of implements especially tailored for its unique design. It featured a rear-mounted Continental N62 four-cylinder engine with a 2-3/8 x 3-1/2 inch bore and stroke. The rear-mounted engine provided traction for the rear wheels while at the same time gave the tractor operator a gre
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