Nov 05

Bad Idea: Confiscatory Rates

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40  %  -  Obama’s intended tax rate on over 250,000 200,000 150,000 120,000 / year
15.3% -  FICA / Medicare extended to all income
  7%   -  Utah Income Tax
———-
62%    total tax rate on $ over $120,000

Now of my 38 cents on the dollar, let’s go to dinner.

$100 tab
$    6 tax
——–
106 $ total…

I need to earn $171 dollars to take the family out to dinner.

Something makes me think I’ll do that less…

image thumb11 Bad Idea: Confiscatory Rates

2 Responses to “Bad Idea: Confiscatory Rates”

  1. TR Says:
    November 5th, 2008 at 9:41 pm

    I’m no accountant but based on a 2008 tax calculation for $150,000 income it’s 42 cents on the dollar or $182.75 to earn for that dinner out. You can’t have pie at Coco’s or flan at Chevy’s either! Chez Mac at best, but there’s alway Del Taco and Subway.

  2. Ken Says:
    November 6th, 2008 at 8:33 am

    Either stinks! I was trying to be conservative. I also under estimated the Utah tax, which varies by county.