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UniqueRaven -> RE: Closing Tax Loopholes for Billionaires (5/24/2010 8:17:24 AM)
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ORIGINAL: tazzygirl
quote:
ORIGINAL: UniqueRaven
Thank you MM, yes, i am talking total taxes, not just Federal. i'm talking about the amount of money he actually took home and put in his pocket after everyone else got their piece of it.
quote:
My ex was a Wall Street Banker (he's a consultant now).
He paid 62% of his income in Federal, State, and City taxes - and that was after any "loopholes" people think are so unfair.
Imagine earning $100,000 and only taking home $38,000 of it. How fair is that to you?
His income went to pay for schools, hospitals, retirement homes, garbage collection, city services, etc. - all for people who often had very little, or even nothing.
i'm not one for debate. Just saying that the perception that those that earn a high income are somehow "unfair" to those that don't isn't valid.
Thats not what you stated.
Who paid for health insurance? Are you saying he was an investment banker and did not invest any of his payroll before taxes? Was he that bad at his job?
That is exactly what i stated. Federal, State, and City taxes. And other taxes and deductions that MM just mentioned as well, FICA, etc.
His retirement and investments are his business. i'm not going to discuss those here.
And just to give some numbers, taxes alone:
Federal 35% (using Domiguy's number)
NY State 6.85%
NJ State 8.97%
NY City Tax 3.648%
Total - 54.468% in taxes alone. This doesn't include the other items that MM brought up above.
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