General Discussion
In reply to the discussion: I just finished my Federal taxes for 2012 ..... [View all]oldhippie
(3,249 posts)... professional capacity in a job that required some education and continual training. I also lived frugally, paid all my debts, saved and invested a goodly part of my income. I always contributed the max to every retirement plan I had. I planned to retire in comfort. Should I feel bad about that?
If those making less than $19,000 a year in Texas are paying 12.6% tax, then it must be mostly payroll (FICA) tax. ( I hope you are not counting sales tax.) Because their federal income tax would be very low. If my income were from working, then yes, I would be paying FICA and my rate would be 6% more. But I already did my time working, and now receiving my entitlement back. But the OP was about Federal Income Tax, not total taxes, as everyone's situation in regard to total tax is different. Federal income tax is a constant.
Yes, my income was higher last year because of some one time capital gains, as I explained. But I still can not think of myself as "rich." I've led a thoroughly middle middle class existence for all of my life and hope to keep it.
Are you planning for your retirement? If so, I hope it is successful.