SALES TAX RANT

[Steppenwolfe]

Taxation without representation. We should all go free and make the lobbyists pay an access fee.

 

[murphy1244]

This tax is something different has more to do with environmental people in Washington than local. Will show up nationwide soon

They took this to court in Cleveland and the Sewer dept. lost and now has to repay the taxpayers back.

 

[SPIKER]

:Lets see do quick ballpark figuring:

Fed Income taxes, somewhere around 33% that I pay, then SS is ~8% my State Income tax ~4%, County School income Taxes 1.75%, City I work in 1.5% (total INCOME taxes 48.25% of my INCOME is taxes)

the Property Taxes (rate per 1000 value)
State Property tax rate $74.50/1000
County rate $9.40/1000
Township rate $6.10/1000
Fire Dept rate $5.50/1000
Local School rate $49.40/1000
JVS School rate $4.10/1000
Other tax rates $55.70/1000
and Ohio River Flood abatement taxes ~12.50/10 acres of land in CAUV

Those Property Taxes hit me for ~2100/year on my place ~ 4.25% of my income (so around 52.5% of my income ate by taxes.)

Then County Sales taxes 7.25%, (on everything but Food) so figure I spend 10K on expenses that would mean ~ 725.00 or 0.7% of my income. (overall taxes now up to ~53.2% of my income ate by taxes)

Now for Car plates I spend ~$210/year, & spend maybe 2K in Gasoline between the cars & farm which 28cents/gal is taxes
Insurance and Medical probably additional 4500/year

SO overall I'm paying probably at least 55% of my income out in taxes at bare minimum as I am sure I have forgotten some somewhere & if ya add in the Insurance/Medical insurance (mandated by Gov.) It would easily push that to 60% of my income lost to Government MANDATES Taxes and the like.

Mark

 

[Loren49]

:Lets see do quick ballpark figuring:

Fed Income taxes, somewhere around 33% that I pay, then SS is ~8% my State Income tax ~4%, County School income Taxes 1.75%, City I work in 1.5% (total INCOME taxes 48.25% of my INCOME is taxes)

the Property Taxes (rate per 1000 value)
State Property tax rate $74.50/1000
County rate $9.40/1000
Township rate $6.10/1000
Fire Dept rate $5.50/1000
Local School rate $49.40/1000
JVS School rate $4.10/1000
Other tax rates $55.70/1000
and Ohio River Flood abatement taxes ~12.50/10 acres of land in CAUV

Those Property Taxes hit me for ~2100/year on my place ~ 4.25% of my income (so around 52.5% of my income ate by taxes.)

Then County Sales taxes 7.25%, (on everything but Food) so figure I spend 10K on expenses that would mean ~ 725.00 or 0.7% of my income. (overall taxes now up to ~53.2% of my income ate by taxes)

Now for Car plates I spend ~$210/year, & spend maybe 2K in Gasoline between the cars & farm which 28cents/gal is taxes
Insurance and Medical probably additional 4500/year

SO overall I'm paying probably at least 55% of my income out in taxes at bare minimum as I am sure I have forgotten some somewhere & if ya add in the Insurance/Medical insurance (mandated by Gov.) It would easily push that to 60% of my income lost to Government MANDATES Taxes and the like.

Mark

According to your numbers you provided you would pay about $20,470 per 100,000 of assessed value? Is this correct?

Loren

 

[PILOON]

Just wait guys, now that gas prices are falling, gov't will need a new source of revenue as that tax is a huge % of their income.

 

[smstonypoint]

:Lets see do quick ballpark figuring:

Fed Income taxes, somewhere around 33% that I pay, then SS is ~8% my State Income tax ~4%, County School income Taxes 1.75%, City I work in 1.5% (total INCOME taxes 48.25% of my INCOME is taxes)

Mark

To pick nits, is the 33% your marginal tax rate? For 2014, the 33% marginal tax rate applies to incomes of $226,851 to $405,100 for married couples filing jointly. Your average rate would be less than 33% due to the lower tax rates on lower income brackets. You are making really big bucks if your average rate is 33%. Also, there is a limit on your income that is subject to SS taxes -- $117,000 in 2014.

On the other hand, you didn't mention capital gains taxes. If you are in the 33% marginal rate bracket, the capital gains tax rate is 15% in 2014.

Taxes on Income and Capital Gains for 2014

Steve

 

[Steppenwolfe]

Let's face it. There is a place setting at your table for the Government. They eat first, and always get seconds. Heck, I think they even take the leftovers...