Talk to me about taxes.
#1
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Talk to me about taxes.
Topic #1
Before posting, please do a little homework.
Look at your last paystub & figure out your total taxes paid; Fed, State, SDI, etc.
Now, what percentage of your pay is going to the gov't?
For extra credit, determine how much you spend on sales tax, property tax, VLF, etc.
I pay just about 27% in total payroll taxes every payday.
"So where are going with this?", I hear some of you saying.
Well, my point is this: Why is it that Socialists preach that when money is tight, taxes must be raised?
Think of it this way.
I get laid off tomarrow and now Mrs. Oaf has to cover the household bills.
What do think would happen if Mrs. Oaf then approached her boss & said, " I demand that you pay me more because Mr. Oaf lost his job & the Oaf household has to increase revenues."
Think she'll get the raise?
What could the Oaf household do to prevent going into debt?
Topic#2
Should income tax be progressive? Why?
Paul
Before posting, please do a little homework.
Look at your last paystub & figure out your total taxes paid; Fed, State, SDI, etc.
Now, what percentage of your pay is going to the gov't?
For extra credit, determine how much you spend on sales tax, property tax, VLF, etc.
I pay just about 27% in total payroll taxes every payday.
"So where are going with this?", I hear some of you saying.
Well, my point is this: Why is it that Socialists preach that when money is tight, taxes must be raised?
Think of it this way.
I get laid off tomarrow and now Mrs. Oaf has to cover the household bills.
What do think would happen if Mrs. Oaf then approached her boss & said, " I demand that you pay me more because Mr. Oaf lost his job & the Oaf household has to increase revenues."
Think she'll get the raise?
What could the Oaf household do to prevent going into debt?
Topic#2
Should income tax be progressive? Why?
Paul
Last edited by FW Motorsports; 08-25-2004 at 08:35 PM. Reason: Maker's Mark
#2
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I've got another one for you guys.
Try to figure out how much taxes you'd actually see getting pissed away if you pay quarterly.
Mark my words that it's one of the most depressing things ever...
Try to figure out how much taxes you'd actually see getting pissed away if you pay quarterly.
Mark my words that it's one of the most depressing things ever...
#3
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Topic #1 , I hate to even look, last time it was something like 35% of mine going to taxes off the paycheck, not including about $6G in property tax and its fair to estimate probably 8% of all the rest of my income going to sales tax.
Pretty brutal given the cost of living here in the SF bay area.
Topic 2- I've always been a flat tax proponent, a flat percentage of your adjusted gross income, same for everyone above the poverty line-but no tax on income up to that- in fact if it were up to me I'd make the nominal "poverty line income" the base deduction.
Or better yet, no tax at all on personal income, but rather a flat 50% of all corporate profits, I think I could go for that, especially if it covered a national health care plan.
(that ought to get you guys going!)
Pretty brutal given the cost of living here in the SF bay area.
Topic 2- I've always been a flat tax proponent, a flat percentage of your adjusted gross income, same for everyone above the poverty line-but no tax on income up to that- in fact if it were up to me I'd make the nominal "poverty line income" the base deduction.
Or better yet, no tax at all on personal income, but rather a flat 50% of all corporate profits, I think I could go for that, especially if it covered a national health care plan.
(that ought to get you guys going!)
#4
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I pay about 32% of my income to various taxes, not including sales, property, and automobile taxes.
i almost flamed that, but decided to debate instead. there are several problems with that idea. 1) your company will take that right out of your pay to make up for their increased tax burden, you're still paying for it. 2) large corporations are very good at minimizing their annual profits. how would the government account for a company that can show a legitimate loss?
Originally Posted by psoper
...Or better yet, no tax at all on personal income, but rather a flat 50% of all corporate profits, I think I could go for that, especially if it covered a national health care plan...
#6
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RussB,
1) Nobody would take anything from your paycheck, taxes would be imposed on profits, your paycheck is a cost of doing business, so your company would actually have incentive to give you a raise more often.
2) No corporation would want to minimize their profits- profits are what attract investors and shareholders demand profits, half of them going to the government would only make shareholders demand more profits.
Oaf,
Flat taxes are typically pitched from the most conservative side of the spectrum, and actually most of my political philospohy is rooted more in Jeffersonian Libertarianism, than any particular brand of socialism.
However, I do feel that between the prescription drug, malpractice insurance and HMO industries screwing this country over royally is sufficient evidence that the self regulated medical industry being run exclusively as a "for-profit" enterprise is not in the long term best interest of the country.
and I just looked at my last pay stub- you have it easy- 34.88% of my gross is gone to various taxes right off the bat, and I have to say I really hate the way its being spent these days.
1) Nobody would take anything from your paycheck, taxes would be imposed on profits, your paycheck is a cost of doing business, so your company would actually have incentive to give you a raise more often.
2) No corporation would want to minimize their profits- profits are what attract investors and shareholders demand profits, half of them going to the government would only make shareholders demand more profits.
Oaf,
Flat taxes are typically pitched from the most conservative side of the spectrum, and actually most of my political philospohy is rooted more in Jeffersonian Libertarianism, than any particular brand of socialism.
However, I do feel that between the prescription drug, malpractice insurance and HMO industries screwing this country over royally is sufficient evidence that the self regulated medical industry being run exclusively as a "for-profit" enterprise is not in the long term best interest of the country.
and I just looked at my last pay stub- you have it easy- 34.88% of my gross is gone to various taxes right off the bat, and I have to say I really hate the way its being spent these days.
Last edited by psoper; 08-30-2004 at 12:18 AM.
#7
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Originally Posted by Oaf
.......What do think would happen if Mrs. Oaf then approached her boss & said, " I demand that you pay me more because Mr. Oaf lost his job & the Oaf household has to increase revenues."
Think she'll get the raise?
Think she'll get the raise?
Originally Posted by Oaf
What could the Oaf household do to prevent going into debt?
Originally Posted by Oaf from another thread
......My grandparent's income more than doubled when grandpa retired from the Navy and thats discounting both Navy pension & SSI.
Why?
Because they both worked their asses off and saved, saved, saved!
Why?
Because they both worked their asses off and saved, saved, saved!
Or are you speaking hypothetically?, in today's reality the job market ain't what it once was if you're out looking for employment, that option might not be readily available to you.
Originally Posted by Oaf
I feel for the people that lost their life savings when those companies failed, but did anyone put a gun to their head & force them to invest solely in said companies?
Originally Posted by Oaf
Oh boo ****ing hoo. You're tugging at my heartstrings. You forgot to mention children, gays, and "people of color".
Originally Posted by Oaf
So what you're trying to say is that the Mean Green Machine is the only gov't "program" that suffers from fraud?
Originally Posted by Oaf
Welfare is fraud. A fraud perpetrated by people like you against people like me. You want to take my money a give it to people that don't have the intestinal fortitude to make it on their own in this country......
How that is handled has varied through the ages, religious groups, and the medical profession have always been the cornerstones of "welfare" through most of what has led up to "modern civilization", but both of those institutions themselves are seemingly awash in greed and corruption these days.
Originally Posted by Oaf
It must just drives you crazy knowing that the rents your offspring will pay are going to better my offspring's lives.
****, my family lives for virtually free because I'm a "slum lord".
****, my family lives for virtually free because I'm a "slum lord".
Congratulations on living the American dream though, My brother and parents and I all own property too, although only my brother has income property.
You'd be well advised to keep in mind who's paying your mortgage though, because if you let the "Slum" part of the slum lord thing got too real you'll have your tenents and the city and state sueing you for everything they can get.
Fortunately there are still some laws on the books.
sorry about the hijack, but I think relevent points were made in other thread.
Last edited by psoper; 08-30-2004 at 08:36 AM.
#8
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Originally Posted by Oaf
Topic#2
Should income tax be progressive?
Why?
By the way, my answer to this question is no.
Why? -because that unfairly weighs the tax scale to those who can best avoid paying taxes anyway, so the state gets gypped out of most of what they should have coming, and the burden is born by those who can least afford it.
#9
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^^ awesome post.
The sad thing is, whenever people start bringing up the idea of helping others, hard-line conservatives cry "socialist" and the ideas get no traction.
I am not in favor of hand-outs... we need to hold people accountable while acknowledging that there indeed exists socialized segregation in this country and we collectively need to evolve above it
The sad thing is, whenever people start bringing up the idea of helping others, hard-line conservatives cry "socialist" and the ideas get no traction.
I am not in favor of hand-outs... we need to hold people accountable while acknowledging that there indeed exists socialized segregation in this country and we collectively need to evolve above it
#10
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Originally Posted by psoper
Do you know what Progressive income tax means?
By the way, my answer to this question is no.
Why? -because that unfairly weighs the tax scale to those who can best avoid paying taxes anyway, so the state gets gypped out of most of what they should have coming, and the burden is born by those who can least afford it.
By the way, my answer to this question is no.
Why? -because that unfairly weighs the tax scale to those who can best avoid paying taxes anyway, so the state gets gypped out of most of what they should have coming, and the burden is born by those who can least afford it.
Click here for more information.
I asked this question to see how my fellow i-clubbers think in terms of fairness regarding taxation.
#11
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Actually if it could be imposed and collected I'd favor a progressive tax structure over a regressive one, which is pretty much what we have currently- only because of the more wealthy being better able to shelter their income from taxes.
#12
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Federal = 21.9%
Fed MED + OASDI = 1.4%
CA = 7.4%
Just under 31% in "taxes".
Parking = .7%
Medical/Dental = 3.5%
Mortgage = 37%
71.9% of my gross is gone before any discretionary savings, entertainment, vehicle, food or clothing expenses.
Fed MED + OASDI = 1.4%
CA = 7.4%
Just under 31% in "taxes".
Parking = .7%
Medical/Dental = 3.5%
Mortgage = 37%
71.9% of my gross is gone before any discretionary savings, entertainment, vehicle, food or clothing expenses.
#13
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I heard one thing that rings true here. A society is all about helping out your fellow man, not laughing about how rich you are and how poor they are. Even lions and wild dogs know better than that Oaf guy (they share food, the biggest hunt for the smaller ones, etc...). The best-off give a higher percentage of what they make because it won't hurt them very much, while the gains they can provide to the worse-off are huge. You could make it a mathmatical equation if you want; minimize total hardships and mazimize total contendedness. There'd still be room in the system for wealthy people, there would just be a lot less poor people which means less crime and more education. And when it really comes down to it, education is the key. EVERY country that has ruled the world or part of it (by might or economically) starting with Babylon, Greece, Rome, England, Japan, China, USA has been the most educated place at the time. We won the cold war because of education; it wasn't the amount of money spent, it was the fact that we had smarter people who came up with better technology before the USSR. EDUCATION is the key, and educated people vote DEMOCRAT for the most part and understand that their taxes are neccesary for everyone to live a decent life, so they vote for PROGRESSIVE taxes. Get an education and realize the big picture, that's what it's about. (I'd put money on Oaf being from 'old money' and not having gone to college, and if he did he didn't learn anything because he knew he could always take advantage of the people living in his slum buildings).
Last edited by MVWRX; 08-31-2004 at 08:39 PM.
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