Economics on the small scale

Sunday, March 26, 2006

I just did my in-laws income taxes this weekend. My dear but financially illiterate Mother-in-Law was a bit in shock about the money owed and complained about that 'they take out too much'.

Well, thanks to my Father-in-Law's attempt to itemize everything, I have a good picture of their total tax picture. Between sales tax, property tax, state tax, and federal taxes, the total is...under 30% of their income. (Income comfortably above the median, I might add. )

I believe that 30% of income going to taxes is actually on the low side compared to other industrialized countries.


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