Saturday, April 10, 2010

CNBC Nonsense and 5 Myths about your taxes

In my last post I claimed that CNBC is full of sh*t. Here are 5 Myths about your taxes from the same source (The Tax Policy Center) that Erin what's-her-name of Street Signs, CNBC, claimed as her source for taxing rich Americans 60% or more. All she is doing is creating yet more myths. Americans with incomes of more than $1 million pay around 27% tax. Add state taxes, around 2% to 3% more, and you get around 30%. Also, anyone who makes more than around $100,000 does not have to pay Social Security Taxes all year long. For example, a person who makes less than $100k pays a little over 8% all year, but someone who makes more may pay 6% or 5% Social Security Tax.

So, it's bunk. Go make a million if you can. You get to keep the rest of it.


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