Question answer

My question last week regarding a family making a $120,000/yr.

First, note that this familial income puts you in the top 10% of all household incomes in the country. Congratulations, you are rich. So when some clown running for office talks about tax cuts for the rich they are talking about you.

Here's the tax breakdown

Federal tax $15,009
FICA tax $7,440
Medicare tax $1,740
State of Ohio tax $4,797
City of Cincinnati $2,520
Real estate taxes $3,000
Sales tax $1,192 ( per IRS table )
Total taxes paid $35,698

We now have $84,302 remaining which stills sounds like a lot but let's back out a mortgage of $2,200 a month, utilities & phone of $400.00/month, insurance $50.00/mo. a couple of car payments $800.00/mo., auto insurance $100.00/ month. groceries $700/month.

You now have $51,000 in annual expenses related just to home and car.

That leaves you with $33,302 to pay for retirement (401k), soccer fees, vacations, gas and oil, repairs & maintenance (car and home), cable, entertainment, clothing, appliances, day care/school tuition, gifts etc, etc, etc.

So in my mind if someone says "it's a tax cut for the rich" my response is "it's about damn time".