The federal corporate tax rate stands at 35%, and jumps to 39.2% when state rates are taken into account, but large profitable U.S. corporations pay an average effective federal tax rate of 12.6%, according to the Government Accountability Office. The highest marginal tax rate is 39.6% for individuals, but a married couple filing jointly with a taxable income of $400,000, would pay only 27% of their income to the federal government. It’s worth noting that as far as a US taxpayer is concerned, what really counts is the effective tax rate not the published rate. Unfortunately my republican friends will have you believe the US has the highest rate hence any talk of tax increase is an abomination. Although I’m against the idea of making community colleges free when graduation rate for inner-city high schools stand at 53% compared to 71% for suburban high schools. I see nothing wrong with increasing taxes on the rich to fund education, as this will go a long way in bridging the income gap. Some people have so much disdain for Barack Obama they’ll accuse him of making doctors lose their job if he finds cure for cancer. SMH
Posted on: Wed, 21 Jan 2015 19:31:45 +0000
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