Tue Mar 04, 2003 4:50 pm
Amazing how the taxes have shifted since their inception. Originally it was the businesses that paid the bulk of them, not the case these days...
Tue Mar 04, 2003 5:16 pm
While we're on the subject of taxes, I will start a rant about the withholding tax.
Until April 15 all of it is my money. I should be earning interest on it right now. The withholding tax was only introduced to help finance World War II, but like most other things with the government, once it got started there was no stopping it.
It's not just the lost interest I could have earned, but the fact that the withholding tax makes higher levels of taxation more palatable in general. A lot fewer people would be against tax cuts if they actually had to write a big check in April, rather than sitting back and waiting for a refund of their own damn money.
Until April 15 all of it is my money. I should be earning interest on it right now. The withholding tax was only introduced to help finance World War II, but like most other things with the government, once it got started there was no stopping it.
It's not just the lost interest I could have earned, but the fact that the withholding tax makes higher levels of taxation more palatable in general. A lot fewer people would be against tax cuts if they actually had to write a big check in April, rather than sitting back and waiting for a refund of their own damn money.
Tue Mar 04, 2003 5:37 pm
When compared to other OECD countries (Organization for Economic Co-Operation and Development), the U.S. is near the bottom of the list when looking at tax revenue as a % of GDP. Guess things could be worse for us here in the States.
Definetely wouldn't like to live/work in a state like New York or others where you get taxed up the wazoo.
Definetely wouldn't like to live/work in a state like New York or others where you get taxed up the wazoo.
Tue Mar 04, 2003 5:46 pm
If these boards have taught us anything, it is that other countries are generally wrong on the issues.
Tue Mar 04, 2003 7:44 pm
Hey, as long as no one minds "something" called a National Debt, if you look throughout history, everytime we have had one, the economy has suffered.
On that note, I think Bush is doing the right thing, because the economy won't get better for a while, even though there is a national debt, he should be helping people(although the rich more), regardless, since the economy will remain poor until the threat of terrorism falls considerably & consumer confidence is restored.
Although, I am happy with the cuts now, let's assume & hope that the threat or terrorism falls & CC rises. If Bush is still president & he continues with the cuts, it won't help the economy at all, he will be hurting it, just like all past depressions that included a national debt.
I know for a fact that his economic advisors know history & tell him these things, but that hasn't changed Bush family policy before.
On that note, I think Bush is doing the right thing, because the economy won't get better for a while, even though there is a national debt, he should be helping people(although the rich more), regardless, since the economy will remain poor until the threat of terrorism falls considerably & consumer confidence is restored.
Although, I am happy with the cuts now, let's assume & hope that the threat or terrorism falls & CC rises. If Bush is still president & he continues with the cuts, it won't help the economy at all, he will be hurting it, just like all past depressions that included a national debt.
I know for a fact that his economic advisors know history & tell him these things, but that hasn't changed Bush family policy before.
Re: Taxes
Wed Mar 05, 2003 2:29 am
Originally posted by Camel toe joe
I have a friend thats an accountant look over my tax records and it looks like i'm going to have to pay $4000 this year I have been trying to save up to buy a house but it looks like I am majorly screwed at this point:mad: any suggestion on what to do??
Three words: HOME OFFICE DEDUCTION
If you have a work space/office at home that you use for work, you can use it as a write off. You can also write of computer equipment, cable modem service, software, etc. if you use them for work, based on their business use percentage.
HOD took me from owing $1K to getting back $1.6K. Not too shabby.
Wed Mar 05, 2003 2:47 am
Guys, if you live in the US then you don't know what paying taxes is.
Currently I give about 40% - 45% to gov't.
Rob from the rich, give to the poor?
Wed Mar 05, 2003 3:30 am
Dan the answer to the National Debt is less spending, not more taxes. You can tax the shit out of the people who create all the jobs and prosperity only so long. How about we start by not perpetuating the welfare class? We actually pay out-of-work crack whores to have more babies that will be wards of the state? Is that a good investment of the money taken from your paycheck?
Doom, I have 9 employees ... you should see the f%$@ing taxes, fees, mandated insurances I pay!
As a small businessman I create and sustain jobs. I pay inordinate corporate taxes and fairly high personal taxes. Am I the bad man? Should I be taxed more? When I've had enough I'll just take down my shingle and be an employee. Someone else will have to take care of those I employed and maybe even me...
Some complain that people like me will get a disproportionately large share of any tax cut. Yes! Half of the people in this country basically contribute NOTHING in income tax, and are supported by the top half. Class envy is simply a tool being used to garmer the votes of the 'entitled' class that the far left is breeding.
'The Truth about Taxes '
Let's put tax cuts in terms everyone can understand.
Suppose that every day, ten men go out for dinner.
The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men-the poorest-would pay nothing;
The fifth would pay $1:
The sixth would pay $3;
The seventh $7;
The eighth $12;
The ninth $18.
The tenth man-the richest-would pay $59.
That's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement-until one day, the owner threw them a curve.
"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20."
So now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes.
So the first four men were unaffected. They would still eat for free. But what about the other six-the paying customers?
How could they divvy up the $20 windfall so that everyone would get his "fair share?"
The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would end up being *paid* to eat their meal.
So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same proportionate amount of their share, and he proceeded to work out the amounts each should pay.
And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59.
Each of the six was better off than before. And the first four continued to eat for free.
But once outside the restaurant, the men began to compare their savings.
"I only got a dollar out of the $20," declared the sixth man.
He pointed to the tenth. "But he got $7!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got seven times more than me!"
"That's true!" shouted the seventh man.
"Why should he get $7 back when I got only $2? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"
The nine men surrounded the tenth and beat him up.
The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They were $52 short!
And that, boys and girls, journalists and college instructors, is how the tax system works.
The people who pay the highest taxes get the most benefit from a tax reduction.
Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.
************
No quicker way to lose friends than talk politics. Thinking twice before I post this ... oh well, it's late.
Take care,
mecujo
'Artists like cats, soldiers like dogs.'
Doom, I have 9 employees ... you should see the f%$@ing taxes, fees, mandated insurances I pay!
As a small businessman I create and sustain jobs. I pay inordinate corporate taxes and fairly high personal taxes. Am I the bad man? Should I be taxed more? When I've had enough I'll just take down my shingle and be an employee. Someone else will have to take care of those I employed and maybe even me...
Some complain that people like me will get a disproportionately large share of any tax cut. Yes! Half of the people in this country basically contribute NOTHING in income tax, and are supported by the top half. Class envy is simply a tool being used to garmer the votes of the 'entitled' class that the far left is breeding.
'The Truth about Taxes '
Let's put tax cuts in terms everyone can understand.
Suppose that every day, ten men go out for dinner.
The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men-the poorest-would pay nothing;
The fifth would pay $1:
The sixth would pay $3;
The seventh $7;
The eighth $12;
The ninth $18.
The tenth man-the richest-would pay $59.
That's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement-until one day, the owner threw them a curve.
"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20."
So now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes.
So the first four men were unaffected. They would still eat for free. But what about the other six-the paying customers?
How could they divvy up the $20 windfall so that everyone would get his "fair share?"
The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would end up being *paid* to eat their meal.
So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same proportionate amount of their share, and he proceeded to work out the amounts each should pay.
And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59.
Each of the six was better off than before. And the first four continued to eat for free.
But once outside the restaurant, the men began to compare their savings.
"I only got a dollar out of the $20," declared the sixth man.
He pointed to the tenth. "But he got $7!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got seven times more than me!"
"That's true!" shouted the seventh man.
"Why should he get $7 back when I got only $2? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"
The nine men surrounded the tenth and beat him up.
The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They were $52 short!
And that, boys and girls, journalists and college instructors, is how the tax system works.
The people who pay the highest taxes get the most benefit from a tax reduction.
Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.
************
No quicker way to lose friends than talk politics. Thinking twice before I post this ... oh well, it's late.
Take care,
mecujo
'Artists like cats, soldiers like dogs.'
Wed Mar 05, 2003 4:07 am
Originally posted by Chacal
:rotflmao: Guys, if you live in the US then you don't know what paying taxes is.
Currently I give about 40% - 45% to gov't.
Ahh, I love living in Canada. Paying so much in taxes gives me that warm, squishy feeling that only an empty wallet can provide.
Although I just got my tax return back; $1300 for me to blow on whatever I feel like, WOO HOO!
Wed Mar 05, 2003 10:23 am
The thing that drives me crazy is that if I file as married..we owe $4000. If I file as married/seperated we actually get money back..
and god forbid you live in NY and work in NJ you have to pay both state taxes... I was lucky last year because I worked half the year in NJ and half the year in PR so when I filed in each place it was like I was only earning half my salary...loop holes...gotta find the loop holes
and god forbid you live in NY and work in NJ you have to pay both state taxes... I was lucky last year because I worked half the year in NJ and half the year in PR so when I filed in each place it was like I was only earning half my salary...loop holes...gotta find the loop holes
Wed Mar 05, 2003 11:15 am
Cpl. Bingham it is so damn hard to read your posts with
that poor bastard blinking at me.It's great.
Although
I feel sorry for the canadiens with the 40-45% taxes be
glad you dont live in Europe.My relatives in Sweden are
paying 60% to those lovely socialists.
that poor bastard blinking at me.It's great.
Although
I feel sorry for the canadiens with the 40-45% taxes be
glad you dont live in Europe.My relatives in Sweden are
paying 60% to those lovely socialists.
Wed Mar 05, 2003 12:12 pm
I won't deny that you are over-taxed Chacal, I just think I am too. I just looked at my tax return, and I see that I will have paid almost exactly 29% of my income to the government in income or social security/medicare taxes. How am I supposed to afford booze, gambling, women, and video games on 71% of my income?
Joe, do you have until April 15 to file in P.R. too?
Joe, do you have until April 15 to file in P.R. too?
Wed Mar 05, 2003 12:23 pm
Originally posted by Chacal
:rotflmao: Guys, if you live in the US then you don't know what paying taxes is.
Currently I give about 40% - 45% to gov't.
Can't some of that extra tax be justified by socialized medicine programs, etc.? I mean it does strike me as high (especially considering I pay roughly 30%), but I would think that part of the reason they're a bit higher are socialized programs.
Dunno - just a guess. I'm admittedly ignorant of Canada's social/political systems.
Wed Mar 05, 2003 12:39 pm
We joke about the taxes up here, but in reality I'm happy to pay what I am since, as you say, many of our socialized systems are a godsend.
Right now my animation production company is between productions, so I collect EI(employment insurance). That means $1000 a month until I'm back at work. And our much vaunted health care system benefits from all the taxes collected. As long as you have a health card(which is free to every citizen), you can walk into any hospital or doctors office and receive everything from minor treatment to major surgery for free.
Right now my animation production company is between productions, so I collect EI(employment insurance). That means $1000 a month until I'm back at work. And our much vaunted health care system benefits from all the taxes collected. As long as you have a health card(which is free to every citizen), you can walk into any hospital or doctors office and receive everything from minor treatment to major surgery for free.
Wed Mar 05, 2003 12:39 pm
Originally posted by Ralph Wiggum
Joe, do you have until April 15 to file in P.R. too?
yup