Wednesday, April 8, 2009

taxes on my family's income this year

This refers to the most direct taxes on my income-- rather than the slough of other taxes that are imposed on me as a consumer directly (sales taxes), indirectly (e.g., through corporate taxes), and less directly (e.g, regulations, restrictions in competition, and other policies that drive up prices).

For 2008...

$12,064 Federal payroll taxes
$1,216 Federal "income" taxes (update: excluding the "recovery" credit)
$2,379 State income taxes
$1,049 County income taxes
$16,708 Total income taxes

Interestingly, because the Federal government does not impose many taxes on middle-income families, our Federal "income" tax burden is modest-- especially in comparison to our State and County income taxes. (Our State & County taxes are 2.8 times larger than our Federal income taxes.

Of course, the preceding paragraph ignores the over-arching impact of the Federal payroll taxes-- half of which is paid directly and half of which is paid through the employer (and results in lower compensation for employees).

Hey, in providing this information, if you enjoy algebra, you can probably figure out my AGI!


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