Cut Taxes Now!

2010 Tax Burden on a self employed worker earning $70K/year who owns a property valued at $295,000 in Atlanta, GA and purchased $1,200/month on goods (food, clothing, gas, car expenses, living expenses, entertainment, anything subject to sales tax) and drives a car valued at $20K.

Net Tax After Deductions:

Federal Tax:
State Tax:
Property Tax:
1.7% of "value"
Sales Tax:
8% on $14.5K
Car Tax:
1.5% of "value"
Waste Disposal Tax:  

Over 50% 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.  Set to go up in 2011 by 4%, thus increasing taxes in this example by $2,800, increasing the total tax to over 54%.

**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 43% in taxes.

***Property tax rate in City of Atlanta, GA increased 40% in 2009.

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