You are currently browsing the Armchair Economist weblog archives for the day November 27, 2007.
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- April 3, 2008: Armchair Economist gets a much-needed update
- April 3, 2008: Ghost of Herbert Hoover
- April 3, 2008: Are you smarter than a high-schooler?
- April 3, 2008: Katrina hero: Wal-Mart
- April 2, 2008: No Child Left Behind
- April 2, 2008: The poverty hype
- April 2, 2008: Oil profits
- April 2, 2008: Don's response
- April 2, 2008: Oil refinements
- April 1, 2008: My profile
Archive for November 27, 2007
What’s in your wallet?
November 27, 2007 by Tom Armstrong.
Answer: Not much after Uncle Sam takes his share. Consider this 2007 Federal Tax Rate Schedule (single):
| If taxable income is over– | But not over– | The tax is: |
|---|---|---|
| $0 | $7,825 | 10% of the amount over $0 |
| $7,825 | $31,850 | $782.50 plus 15% of the amount over 7,825 |
| $31,850 | $77,100 | $4,386.25 plus 25% of the amount over 31,850 |
| $77,100 | $160,850 | $15,698.75 plus 28% of the amount over 77,100 |
| $160,850 | $349,700 | $39,148.75 plus 33% of the amount over 160,850 |
| $349,700 | no limit | $101,469.25 plus 35% of the amount over 349,700 |
Are the wealthy paying enough? Ignoring other taxes and exemptions, one’s effective tax rate could approach 50%. How? Let’s add it up. 35% on income over $349,700 plus your FICA share (7.65%) plus the FICA share of 7.65% indirectly paid through your employer. This 35% plus 15.3% equals 50.3%. So, let’s add the employer share to your income and we get: 35%+15.3%/income+7.65%=46.7%. (Note: the SS tax over approximately $100,000 ends but the combined Medicare share of 2.9% does not stop at this income level).
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Profile of a legend
November 27, 2007 by Tom Armstrong.
My fellow finance and/or econ grads will be very familiar with this man and his ideas. If you are not familiar, consider taking some time to learn.
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I’m rich. Who knew?
November 27, 2007 by Tom Armstrong.
…if I were to marry someone in my own tax bracket. Not bad for a twenty-something public school teacher. Here’s more.
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Say it ain’t so
November 27, 2007 by Tom Armstrong.
This author says Lou Dobbs (winner, incidentally, of the Biggest Douche In the Universe Award, just announced) is winning, unfortunately.
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Sowell
November 27, 2007 by Tom Armstrong.
It’s been said a thousand times, but Thomas Sowell says it best.
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Government waste
November 27, 2007 by Tom Armstrong.
This opinion says there are excessive inefficiencies in government. The hell you say.
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