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SickOfTheOnePct

(8,710 posts)

6. These aren't income taxes

Reply to DustyJoe (Reply #3)

Fri Oct 30, 2015, 12:07 PM

Oct 2015

So workers that don't make enough to file income tax, or who pay no income tax currently, will still have to pay their portion of the 10% payroll tax.

I incorrectly stated yesterday that it will be split between employees (3.5%) and employers (6.5%), when it's actually employees 3.3% and employers 6.7%. When you figure that you won't be paying insurance premiums anymore, it may well not be any increase in what's taken from your paycheck.

Non-wage income will also be taxed at 10%, but with exceptions (haven't found yet what those are).

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ColoradoCare backers collect 156,000 signatures for single-payer plan [View all] Nuclear Unicorn Oct 2015 OP

I look forward to seeing how this goes in Colorado. They seem to be way ahead of the curve.... think Oct 2015 #1

I'm glad that a state is finally taking it on SickOfTheOnePct Oct 2015 #2

as usual DustyJoe Oct 2015 #3

Pot is already taxed at 25% or higher (no pun intended) Nuclear Unicorn Oct 2015 #4

I think these same questions can apply to ACA also. jwirr Oct 2015 #5

These aren't income taxes SickOfTheOnePct Oct 2015 #6

That's contingent upon costs keeping within that 10%. Vermont wasn't able to do so. Nuclear Unicorn Oct 2015 #7