myiW Current Conditions and Forecasts Community Forums Windsurfing Videos Buy and Sell Services
 
Hi guest · myAccount · Log in
 SearchSearch   ProfileProfile   Log in to check your private messagesLog in to check your private messages   RegisterRegister 
Low Taxes
Goto page 1, 2  Next
 
Post new topic   Reply to topic    iWindsurf Community Forum Index -> Politics, Off-Topic, Opinions
View previous topic :: View next topic  
Author Message
keycocker



Joined: 10 Jul 2005
Posts: 3334

PostPosted: Mon May 17, 2010 9:34 am    Post subject: Low Taxes Reply with quote

I spent my whole adult life complaining about wasted taxes and high tax rates. This put me squarely on the side of the Tea Party folks on this issue,even though they seem like a know nothing GOP PAC puppet, led by a politico who completely blew off her duty to the American people in Alaska who were tricked into voting for her.
I was surprised to learn that taxes are the lowest they have been in my whole lifetime right now.
Tax rates have not been this low since the 1950's.
Back to top
View user's profile Send private message
isobars



Joined: 12 Dec 1999
Posts: 14050

PostPosted: Mon May 17, 2010 9:58 am    Post subject: Reply with quote

Just wait 'til Jan 1, 2011.
You better be rolling those IRAs into Roths before it's too late and hoping your rich uncle dies this year before his death taxes go from zip to 50%.
Back to top
View user's profile Send private message
mac



Joined: 07 Mar 1999
Posts: 5143

PostPosted: Thu May 20, 2010 12:29 pm    Post subject: Reply with quote

Front page of SF Chronicle this morning, in response to Whitman's claim to be able to just cut State employees and thereby balance the budget. "California has the nation's third-lowest ratio of full-time govenment employees to population, according to the nonpartisan Center for Continuing Study of the California Economy.

Isobars just invents this stuff, or copies from web sites that invent this stuff. But as they found when polling people about evolution, if a scientific discovery was inconsistent with a religious belief, 60% of American's would reject the scientific discovery. Substitute ideology for religion and it explains a lot.
Back to top
View user's profile Send private message
swchandler



Joined: 08 Nov 1993
Posts: 5774

PostPosted: Thu May 20, 2010 9:26 pm    Post subject: Reply with quote

Had brunch with an good friend, and the subject of income taxes came up. Both of us were in agreement that we should elevate income taxes on the federal and state levels to begin to address critical problems that have been developing for some time. Hey, we decided to conduct two wars in the Middle East, and unbelievably, the decision at the top (Republican mind you) was to blow off paying for it. How stupid is that?

Anyway, it's time for Americans that believe in the strength of our nation to pony up a reasonable contribution to keep our country responsible. Cut programs as you might, it will take more than that to turn the corner. Even someone like myself who's retired on a fixed income realizes that freedom and strength doesn't come for free.

You get what you pay for. I'm tired of selfish cheap bastards that think only about themselves.
Back to top
View user's profile Send private message
stevenbard



Joined: 11 Nov 1993
Posts: 4057

PostPosted: Fri May 21, 2010 12:40 am    Post subject: Reply with quote

Let's say the fatcat makes $1,000,000 and currently pays 55% (Federal 25%, State 10% and local prop/sales/gas 20%) That leaves $550,000. Let's say the feds raise the rate to 40% Now mr. fatcat is left with $300,000 after tax.

A guy who make a million generally has to spend at least $25k per month on cars, food, mortgage etcetera.

Under the lower taxes he'd have $250k to invest in employees and capital expenses.

Under the new higher taxes he'd only have $25k to invest.

What this means is, he won't hire anyone to expand his business under Obama taxes.



Item Rate Notes
Federal personal income tax 17% Top 25% rate. It ranges from a credit up to well over 40%. Source
State & local income taxes 10.1% State taxes range from under 6% to over 12%. Local taxes run from zero to 2.75%. Source, source, source2008 source
Sales tax 8.6% Figure is the average rate. State sales taxes range up to 7% and local taxes run from zero to over 5%. Source, source, source
Social security & Medicaid 7.65% Total rate is actually 15.3% since half is paid by the employer, but we're ignoring that to be kind. Source, box 1
Federal corporate income tax share 3% Based on corporate taxes being approximately 1/6 of personal taxes, and that they are paid by individuals in the final analysis. Source
Property tax 2.5% Yearly average actual costs range from under $200 in Alaska to almost $1900 in New Jersey. Source
Fuel/gasoline tax .5% Approximately 23% of the 2005 gasoline price is for federal & state taxes. The federal excise tax is 18.4 cents per gallon. Per the CPI, about 6% of the average budget is for transportation. Estimated. Source
Other 5% Includes estate tax, fees, licenses, inflation losses, inheritance, deficit allowance, gift, and others too numerous to mention. Estimated.



Total tax percentage paid by the above average US citizen, 2005 - 54.4%
Back to top
View user's profile Send private message
keycocker



Joined: 10 Jul 2005
Posts: 3334

PostPosted: Fri May 21, 2010 8:24 pm    Post subject: Reply with quote

That math is interesting.I notice no one gets a deduction.I looked on my return and I paid 6.35%
of my gross income combined fed and state.I didnt have any estate tax , fees, licenses, inflation losses, inheritance, deficit allowance, gift, and others too numerous to mention.
Both my cars have historic license you only buy once, I don't count inflation as a tax.
I don't spend 6%of my income on gas.I ride bike.
I have modest home in Maui- my taxes are $200 a year like most middle class there.
I am a landlord so I don't pay Social Security-Rich folks who live from capital gains don't either.
Corporate expenses don't count as a tax to me any more than bad weather delaying a shipment counts as a tax.The huge deductions those guys get don't count as a deduction to me either. I am the only real human being whose taxes I can figure-they are less than 10% of my income under Obama even including sales tax the time that I live in the US
I am still happy for a while anyway.
Back to top
View user's profile Send private message
swchandler



Joined: 08 Nov 1993
Posts: 5774

PostPosted: Fri May 21, 2010 10:37 pm    Post subject: Reply with quote

Thanks keycocker for shedding a practical light on Bard's tax post. While I'm paying probably a bit more than you, I'm hardly being taken advantage of on the scheme of things.

Really, it's only the folks making over $250k a year that will be targeted for a greater contribution. It's my understanding that the highest federal income tax rate would increase from 35 to 39% when the Bush tax cuts expire in 2011. With such a relatively minor tax increase, which isn't anything but a resumption of prior rates before Bush foolishly gave them a temporary windfall, it's hardly a heavy burden historically.

Moreover, at least from my point of view, I think such high income earners could easy afford to pay a bit more too into Social Security than they do now to help the program work into the future for our seniors who labored their whole career. Really it's not just a "me" thing, it's more about "us" as a nation. It's not about welfare, it's simply making good on the trust and commitment for those who paid their own way and contributed to the well being of their parents and grandparents, who also paid in for those before them.
Back to top
View user's profile Send private message
isobars



Joined: 12 Dec 1999
Posts: 14050

PostPosted: Sat May 22, 2010 7:39 am    Post subject: Reply with quote

The best solution appears to be the Fair Tax, but it's never happen because it takes both the stick and the carrot away from the politicians.
Back to top
View user's profile Send private message
stevenbard



Joined: 11 Nov 1993
Posts: 4057

PostPosted: Sat May 22, 2010 12:01 pm    Post subject: Reply with quote

With all due respect, it's not the people making less than $250k who create the jobs.

As you all know, I wanted them to let all the banks fail so that responsible entrepreneurs could pick at the carcases, and build a new America. The leeches on Wall Street are no better than the scum in Congress. The true inovators such as high tech companies food producers and cautious investors would not fail.

Instead, we continue to give the leeches the money. We print paper money, and the only possible outcome is worldwide inflation. If you make $200k today, you'll have to make $800k in 15 years to live the same lifestyle you do today.

FOR THOSE OF YOU ON FIXED INCOMES, YOU WILL BE POOR IN 15 YEARS BECAUSE OF THESE INSANE POLICIES.
Back to top
View user's profile Send private message
swchandler



Joined: 08 Nov 1993
Posts: 5774

PostPosted: Sat May 22, 2010 12:37 pm    Post subject: Reply with quote

Hey Bard, let's get serious and focus on a huge part of the problem in our economy today and fix it for good. Let's ban hedge funds and all shorting activities, as we all know that there's no innovation and honest jobs associated with gaming the system in that way. After that, investors will invest in building a real future that is related to making, building and growing things, especially jobs. If investors lose, it will be because those business interests didn't pan out in the real world, and nobody makes a dime betting on failure. If one invests in success, they will profit appropriately for the risk they take.

Let's get rid of the parasites that boldly bleed our economy by praying on the failure of our economy. Are you with me on this?
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    iWindsurf Community Forum Index -> Politics, Off-Topic, Opinions All times are GMT - 5 Hours
Goto page 1, 2  Next
Page 1 of 2

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

myiW | Weather | Community | Membership | Support | Log in
like us on facebook
© Copyright 1999-2007 WeatherFlow, Inc Contact Us Ad Marketplace

Powered by phpBB © 2001, 2005 phpBB Group