Tax Rates Reflect Well-Being: Difference between revisions
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Revision as of 02:29, 16 September 2024
Tax, it's not a dirty four letter word, however for many of united states its connotations are far worse than any curse. It's been found that high tax rates generally relate to outstanding social services and high standards of living. Developed countries, from where the tax rate exceeds 40%, usually have free health care, free education, systems to nurture the elderly and a steeper life expectancy than individuals with lower tax rates.
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I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in 401k, making my federal income taxable earnings $64,744.
People hate paying tax returns. Tax avoidance strategies are entirely legal and may be made good use of. Tax evasion, however, isn't. Make sure you know where the fine lines are.