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Old September 3rd, 2017 #3
Garrick Fenstad
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Join Date: Aug 2017
Location: why the FUCK am I still on moderation?
Posts: 245
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Quote:
Three years before that, in 2013, there were 125,670,000 “consumer units” in America. The average before-tax income of these consumer units that year was $63,784. In 2013, consumer units paid an average of $7,432 in taxes—including $5,743 in federal income taxes, $1,629 in state and local income taxes, and $60 in other taxes. From 2013 to 2016, overall personal taxes therefore climbed from $7,432 to $10,489—an increase of $3,057 or 41.13 percent. Federal income taxes climbed from $5,743 to $8,367—an increase of $2,624 or 45.7%. State and local income taxes climbed from $1,629 to $2,046—an increase of $417 or 25.6 percent. Other taxes climbed from $60 to $75—an increase of $15 or 25 percent.

In 2016, there were 129,549,000 “consumer units” in the United States. The average before-tax income of an American consumer unit was $74,664 for the year. The consumer unit then paid an average of $10,489 in personal taxes—including $8,367 in federal income taxes, $2,046 in state and local income taxes, and $75 in other taxes.
Average income in 2013 = $63,784

Average income in 2016 = $74,664

So a "family unit" paid $7,432 in taxes in 2013 and three years later paid $10,489. That's a difference of $3,057.

However, in 2016 an average "family unit" made $10,880 MORE than they did in 2013, which, after they've paid that additional $3,057 higher in taxes, still are ahead of where they were in 2013 by an additional $7,823.

Conclusion: the 2016 "family unit" has more money than they did in 2013, despite the higher tax rate.