The president is convinced Americans need to pay more in taxes. Here’s what he said yesterday.
“I think everybody out there understood that was an important debate and the majority of voters agreed with me. By the way, more voters agreed with me on this issue than voted for me! So we’ve got a clear majority of the American people who recognize if we’re gonna be serious about deficit reduction we gotta do it in a balanced way.”
But let me tell you, come January 1, you’re probably not going to be happy with the amount of taxes you’re paying. That’s because it’s not just Federal taxes that you pay.
A middle class taxpayer pays 25% percent of their income in Federal Income Tax. Sounds, ok?
Then there is the Federal Social Security and Medicare payroll tax of 13.3%. You pick up 5.65% while you’re employer pays 7.65%. Add them up and that’s 38.3% of middle class family incomes going to Uncle Sam. But we aren’t done, not by a long shot.