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Linking super tax breaks to income tax rates is not a new idea – a similar plan was first proposed by the Henry Tax Review back in 2009. It was also proposed by the Greens under Christine. gains.
How do you figure? Social Security and Medicare taxes alone are 15.3%. Add state and federal income taxes, add personal property tax and sales tax. An average American couple with no children is definitely going to be paying close to 30% of their income in taxes if they earn $48,000 per year.
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