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Taxes by income table

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Taxes by income table Powered By Docstoc
					       1           2            3          4         5           6          7        8           9       10     11       12        13         14          15         16     17       18
                                                                                                         Total Taxes                                                 Total Taxes Tax reduct'n
               Nontaxable                 -------------CURRENT TAX SYSTEM----------------> % of                 % of    ----PROPOSED TAX SYSTEM----> % of                  % of (- increase)
     Income    Investment     Wealth    Federal    Payroll     State      Sales & Property     Total     Incm   Net    Income Wealth         Excise     Total       Incm   Net     under
                 Gains      (Net Worth) incm tax   taxes      incm tax Excise       tax       2007 tax +Gains Worth     tax*       tax*       tax        tax        +Gains Worth Proposed

     $10,000       $102       $30,000   -$3,043      $763            $0     $652   $1,600         -$28    0% 0.0%             $0        $0         $0          $0     0%   0.0%        -$28

     $20,000     $1,594       $63,600   -$2,290    $1,501       $480        $906   $1,920       $2,518   12% 4.0%             $0        $0    $835        $835        4%   1.3%      $1,682

     $30,000     $3,903      $100,800    $1,038    $2,244      $1,080     $1,119   $2,240       $7,721   23% 7.7%      $1,212           $0   $1,371      $2,583       8%   2.6%      $5,138

     $40,000     $6,519      $141,600    $1,946    $2,984      $1,680     $1,390   $2,560     $10,559    23% 7.5%      $3,246           $0   $1,706      $4,953      11%   3.5%      $5,607

     $50,000     $9,411      $186,000    $3,123    $3,722      $2,280     $1,665   $2,880     $13,670    23% 7.3%      $5,370           $0   $1,842      $7,212      12%   3.9%      $6,458

     $60,000    $12,581      $234,000    $4,297    $4,458      $2,880     $1,950   $3,200     $16,785    23% 7.2%      $8,074           $0   $1,977     $10,051      14%   4.3%      $6,734

     $70,000    $16,028      $285,600    $5,469    $5,192      $3,480     $2,244   $3,520     $19,905    23% 7.0% #####                 $0   $2,112     $12,885      15%   4.5%      $7,020

     $80,000    $19,752      $340,800    $6,637    $5,923      $4,080     $2,547   $3,840     $23,028    23% 6.8% #####                 $0   $2,248     $16,167      16%   4.7%      $6,861

     $90,000    $23,754      $399,600    $7,802    $6,653      $4,680     $2,859   $4,160     $26,154    23% 6.5% #####                 $0   $2,383     $19,667      17%   4.9%      $6,487

    $100,000    $28,032      $462,000    $9,291    $7,380      $5,280     $3,170   $4,480     $29,601    23% 6.4% #####                 $0   $2,519     $23,161      18%   5.0%      $6,440

    $110,000    $32,588      $528,000   ##### $7,581           $5,880     $3,490   $4,800     $33,008    23% 6.3% #####            $346      $2,654     $26,996      19%   5.1%      $6,012

    $120,000    $37,421      $597,600   ##### $7,718           $6,480     $3,818   $5,120     $36,355    23% 6.1% ##### $1,066               $2,789     $34,209      22%   5.7%      $2,145

    $130,000    $42,531      $670,800   ##### $7,855           $7,080     $4,151   $5,440     $39,705    23% 5.9% ##### $2,237               $2,925     $40,095      23%   6.0%       -$390

    $140,000    $47,919      $747,600   ##### $7,991           $7,680     $4,490   $5,760     $43,058    23% 5.8% ##### $3,466               $3,060     $46,049      25%   6.2%     -$2,990

    $150,000    $54,107      $828,000   ##### $8,127           $8,280     $4,833   $6,080     $46,452    23% 5.6% ##### $4,752               $3,196     $52,070      26%   6.3%     -$5,618

    $160,000    $59,525      $912,000   ##### $8,262           $8,880     $5,183   $6,400     $49,787    23% 5.5% ##### $6,096               $3,331     $58,160      26%   6.4%     -$8,373

    $180,000    $69,840     ####### ##### $8,536 ##### $5,831                      $7,040     $56,568    23% 5.3% ##### $8,712               $3,566     $70,186      28%   6.6%   -$13,617

    $200,000    $80,710     ####### ##### $8,809 ##### $6,433                      $7,680     $65,205    23% 5.4% ##### ##### $3,802                    $83,609      30%   6.9%   -$18,404

E    $14,500           $0      $1,000    $1,274    $1,109       $280        $517         $0     $3,180   22% 318%             $0        $0    $530        $530        4% ####        $2,650

S    $73,000           $0     $58,000    $4,741    $5,575      $3,044     $1,900   $5,500     $20,760    28%    36% #####               $0   $2,500     $13,109      18%    23%      $7,651

R    $32,300    $94,700     #######       $740           $0     $700      $3,550         $0     $4,990    4% 0.4%      $1,646 ##### $2,000              $19,290      15%   1.5%   -$14,300

B       $46M    $8,100M      $50,000M    $8.1M     $7,400      $3.1M ##### #####               $11.3M    0.2% ####       $18 M $1,800M ##### $1,818M 29% 3.6%                      -1,810M
                                                                                                                          ^        ^
    M=Million                                                                                                          * Includes federal, state, and municiple taxes
Assumptions
A family with two 40 year old adults and one child
Income consists of wages, interest, non-qualified dividends (both 3% annual yied), qualified dividends (1% annual yield), and realized long term capital gains (1% annual yield)
Non-taxable investment gains consist of gains in retirement accounts (8.5% annual yield) and unrealized capital gains in other accounts (6.5% annual yield).
Net worth varies from 3 times to 6 times income (low income to high income)
Net worth consists of home equity, autos, personal property exceeding $30,000, tax free accounts and the remainder in and taxable accounts ($800 - 27,000 in interest
   & oridnary dividend bearing, remainder in stocks and bonds)
Homes bought and valued at $80,000 plus 2 times annual income; Mil mil rate of 16 on full value; In year 5 of 30 year 5% mortgage with 20% downpayment
Family drives 18,000 mi per year at 20mpg; No cigarette puchases or significant unreimbursed medical expenses
For Current tax calculations:
  Current tax rates and earned income credits at 2007 levels; Negative federal income taxes reflect Earned Income Tax Credit
  Federal deduction on other taxes, mortgage interest, charitable giving at 3% of income; No adjustments or credits
  State income tax 6% on federal gross income exceeding $12000
  Expenditures at 100-80% of income after taxes, depending on income; 6% sales tax on 30-60% of spending depending on income; Gas tax of $.40/gallon
For Proposed tax calculations:
  Receiving additional compenstion which, excluding health insurance, is 10% of wages
  Tax free contribution is 6% of income (although 8% allowed up to $8,000 per spouse or tax-free account cap)
  State and municiple governments funded with a total 100% surcharge on federal income and wealth tax
  Gas tax $1/gallon; Electric and heating costs $1500-$4500 annually depending on house value with 20% excise tax
  To balance excise taxes: Federal payment up to $1300 for low income and taxable net worth

				
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