|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:
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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