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FEDERAL INCOME TAX - Progressive

FEDERAL INCOME TAX - Progressive. Other Taxes We Pay. 1. CAPITAL GAINS TAX is 15% Tax on investment income or profit from the sale of stocks, bonds, real estate 2. SALES TAX IN PA OF 6%. Groceries, most clothing, and footwear are usually EXEMPTED from sales tax

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FEDERAL INCOME TAX - Progressive

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  1. FEDERAL INCOME TAX - Progressive

  2. Other Taxes We Pay 1. CAPITAL GAINS TAX is 15% • Tax on investment income or profit from the sale of stocks, bonds, real estate 2. SALES TAX IN PA OF 6%. • Groceries, most clothing, and footwear are usually EXEMPTED from sales tax • TAXABLE food items include soft drinks, hot beverages, hot prepared foods, sandwiches and salad bar meals (FAST FOOD IS TAXABLE!!!) 3. STATE & LOCAL INCOME TAX (same % for everyone in that state or town) 4. PROPERTY TAXES (% of value)

  3. ALTERNATIVE TAX PLANS • Flat Tax - everyone pays the same tax rate, regardless of income (for example, 10%) • Fair Tax – national sales tax on every item we purchase • Exemptions could be included for groceries, medical needs, clothing • This would function like state sales tax, but on a national level

  4. Federal Income Tax Rates

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