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Gov. Nikki Haley is demanding that legislators cut personal income taxes to make South Carolina more competitive with neighboring states. But South Carolinians already pay less in income taxes than.
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South Carolina’s effective income tax rates are much lower than what the tax code suggests. The state’s top marginal rate is 7percent, compared to Georgia’s 6percent and North Carolina’s 5.
The account could be funded with pass-through funding made available from the advanced medicare payment rates, which are much lower than.or the small-business. costs and uses
$392B total income tax paid (38% of total income taxes) 23.3% aggregate tax rate So the gov’t debt is running at $1.2T+ per year (varies by year and actual data seems fuzzy) and the left seems to argue that we can close this gap by simply taxing the wealthy more.
Usually what is referred to as the tax rate is what we call the marginal tax rate (the rate of tax you would pay on the next dollar of income). The marginal tax rate is the rate we use for most tax planning. But the marginal tax rate does not take into account any payroll taxes (ie. social security, medicare, etc) that you pay on earned income.
In 2003, the range of industry tax rates was even greater, ranging from a low of -30.0 percent (a negative rate) up to a high of 27.9 percent. Aerospace and defense companies enjoyed the lowest effective tax rate over the three years, paying only 1.6 percent of their profits in federal income taxes.
Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.
How much taxes are actually paid by income level. We’d have to tax the Top 1% at about 75% to cover the debt. I’m sure liberals would love it, but that doesn’t seem feasible to me – or it isn’t feasible for long. Here’s why: if you take 75% of their income, then their average annual after-tax earnings fall to ~$285K / year.