The Real Middle Class Tax Rate Is Minus 5 Percent

There are a number of ways that you can calculate tax rates: average, marginal, including only direct taxes, adding indirect taxes and so on. But the most complete method is to look at taxes paid and then net off against that benefits received. This gives the true tax and benefit [...]

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Topics:  middle class   tax rate   taxes   
  • Owner of Mystic Pizza pleads guilty to tax charges
    The owner of the Mystic Pizza restaurant made famous in a 1988 movie has pleaded guilty to federal tax charges. More
  • On Marijuana Tax, Colorado Asks: What’s Too High?
    If marijuana is legalized and properly regulated, its proponents have long said, it could generate millions of dollars in state tax revenue. But how the drug should be taxed has proved to be a thorny question. More
  • Senate planning vote on Internet sales tax bill
    The days of tax-free online shopping could finally be numbered. The Senate is planning to vote on a bill as soon as Monday that would give states the authority to collect sales taxes on all Internet purchases, handing local governments as much as $11 billion per year in added revenue that they are legally owed — but that hasn’t been paid to them for years. More
  • Where do more tax cheats live? South and West, IRS study shows
    Worried the Internal Revenue Service might target you for an audit? You probably should be if you own a small business in one of the wealthy suburbs of Los Angeles. You might also be wary if you're a small-business owner in one of dozens of communities near San Francisco, Houston, Atlanta or the District of Columbia. More
  • Obamas paid $112,000 in taxes in 2012
    President Obama and first lady Michelle Obama paid more than $112,000 in taxes in 2012, an effective federal income tax rate of more than 18% for 2012, according to the White House. The Obamas and Vice President Biden and his wife released their tax returns Friday, three days before the April 15 tax filing deadline. More
  • Trump Tax Plan: Plant Beans and Wait for the Beanstalk
    The nominal corporate tax rate would be lowered from 35 percent to 15 percent ... Depending how the brackets are structured, it looks to me as if many middle-class taxpayers might pay a little less while some pay a little more. I don't know whether ...
    04/28/2017 - 2:28 am | View Link
  • Property tax: what’s the problem?
    Land rented for low-income housing—tenantry land—was charged a micro-rate for land tax. We did a check on tenantries ... and runs to TT$2,500 or so for a solid middle-class house. Perhaps unfairly, there’s no further jump for a nine-bedroom palace ...
    04/27/2017 - 3:35 pm | View Link
  • Trump Tax Plan Could Be Jackpot for Luxury Real Estate
    “The lower tax rate and the pass through of certain income at the corporate ... but in effect has offered limited payoff for entry-level and middle-class homeowners while providing major tax breaks to owners of multi-million-dollar properties, said ...
    04/27/2017 - 11:28 am | View Link
  • Donald Trump is fumbling his real chance at tax reform
    The Trump team says it will limit that practice — restrict the rate to actual businesses ... "It appears to me that it's worse for the middle class, and that more working families will face a tax increase," she said. "I, or many tax nerds, could have ...
    04/27/2017 - 5:14 am | View Link
  • If Trump ends property tax deduction, that could mean ‘real trouble’ for NJ families
    Hayes expects the tax plan – which also would end the estate tax, slash the corporate tax rate to 15 percent from 35 percent ... so Hayes said some middle-class families could be negatively impacted by the proposed change. Will you be audited?
    04/26/2017 - 11:41 am | View Link
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  • Repealing Obamacare is A Giant Middle Class Tax Cut ...
    A recent analysis by the Congressional Budget Office (CBO) found that repealing this tax would decrease spending by $311 billion over ten years.
    04/25/2017 - 10:51 pm | View Website
  • 9 Tax Breaks for the Middle Class
    There are plenty of tax breaks available only for middle- and low-income Americans -- and, in many cases, tapping into them is far easier than the accounting ...
    04/23/2017 - 10:03 pm | View Website
    A 20% PROPERTY TAX RELIEF CREDIT FOR NEW JERSEY’S MIDDLE-CLASS Nearly $1,600 for New Jersey’s Families Nearly $2,000 for New Jersey’s Senior Citizens
    04/23/2017 - 4:17 am | View Website
  • American middle class
    The American middle class is a social class in the United States. While the concept is typically ambiguous in popular opinion and common language use, contemporary ...
    04/21/2017 - 10:13 pm | View Website
  • Middle-class squeeze
    The middle-class squeeze is the situation where increases in wages fail to keep up with inflation for middle-income earners leading to a relative decline in real ...
    04/20/2017 - 4:20 am | View Website
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