Without percentages and how the system works this thread wont tell you much.
US Illinois.
Fed progressive tax on income. Income reduced by many deductions including state and local income taxes, and property taxes. From 0 to 35%. Everyone gets exemptions and minimum of a standard deduction.
Medicare tax 1.45%. Capital Gains not taxed.
FICA (Social Security) 6.2% of 1st $106K of income. Capital Gains not taxed.
State of Illinois 5% flat income tax.
Investment income taxed at flat 15%. Interest Income taxed as income not investment income.
Sales tax varies by location.
Property tax on realestate property varies by location.
Last year my family paid total of about 22% tax (not counting sales tax) on total income of about 400K.
Its libraries that sell systems not a single game.
