Poverty On The Rise, Temperatures Dropping UPLC Report
Friends, Over at the Holladay Diner yesterday, I was talking with Jug Cochs about the economy and his tax preparer told him that Tennessee was going to require him to purchase workmans compensation insurance on hisself ! Now I ain't that bright, but Jug is self-employed with no employees ceptin hisself . Tennessee wants him to be both employer and employee. He said he would be faced with a 15% tax of his gross if he made more than $52,000, imagine a tax of this magnitude applied to his other taxes. It might look something like this: Jug Cochs tax return 2010 Gross income: $52,001 self employment tax / medicare tax $7,600 workmans comp tax $7,600 income tax $7,600 business tax $3,000 property tax $1,500 sales tax $2,000 total tax $29,300 total left for Jug to spend is $22,701 Jug is not a happy camper. He was even unhappier when I told him that even the serfs of the middle ages only had to give 1/12 to the lord o...