Wednesday, February 8, 2012

I just did my taxes and over 10% of my money went to the government and I only made 20k. should I be mad?

I think someone who only makes $20,000 shouldn't have to pay anything, I need that money for food and clothing and shelter. I think rich people should pay more so I don't have to pay anything.|||Someone who only makes 20k is below the poverty line, and actually shouldn't have to pay anything. I think you made a mistake on your taxes.





Was that income tax, or did you start a small business? And was the 20k gross, or net?|||No, you should not be mad. You are at 85% above the federal poverty line ($10,830 for individuals in 2010). You only paid 10% of your income in taxes, while those who make more pay a LOT more and a much higher percentage of their income in taxes. I certainly sympathize that at your income level, 10% in taxes is a lot of cash. On the other hand, you get so much for it (believe it or not).|||That's the point president Obama is trying to make with the new policies on taxes.

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