|Cut Taxes Now!
2016 Tax Burden on a self employed worker earning $100K/year who owns a property valued at $500,000 in Atlanta, GA and purchases $2,000/month on goods (food, clothing, gas, car expenses, living expenses, entertainment, anything subject to sales tax) and drives a car valued at $30K.
Net Tax After Deductions:
Over 54% of income goes to TAXES.
Note: Does not include other taxes, such as capital gains tax, estate tax, gasoline tax, etc.
The purpose of Cut Taxes Now (CTN) is to organize and implement a plan to get our elected leaders to understand that we are an OVER TAXED society, and we as citizens cannot flourish under this harsh tax environment. LESS taxes = MORE wealth.
The goal is to get the Federal Tax rate topped out at 15%, total FICA tax rate on both employer and employee combined to 5% (2.5% each), the state of GA top tax rate to 3%, lower sales tax to 4%, and lower property taxes by 50%. This would create a total tax rate for self employed to around 25%, which is reasonable. Capital Gains and Estate tax should max out at 10%.
*Net Federal tax after averaging all brackets.
**FICA is 7.65% paid by the employee and 7.65% paid by the employer, thus a self employed person must pay both, so that is 15.3%. An employee who is not self employed would save 7.65% and thus pay 46% in taxes.
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