Wednesday, January 25, 2012

Taxes 1% VS 99%

As I think it Over ...

Taxes - When is Buffett and his secretary going to release their tax returns. His secretary pays 35.5%. I do not believe it until I see it. 

My tax programs computes 2011 federal income tax of $12,506 for a joint
return, taking the standard deduction, no dependents with a salary of
$100,000. That is a tax rate of 12.5%. There is no other adjustments to income. This would be a high tax since most people filing a joint return at that salary level would probably have mortgage interest and property tax, contributions, health insurance and medical bills as deductions. If single the tax would be 19%.