Hatrack River Forum: It's TAX TIME again

This is topic It's TAX TIME again in forum Books, Films, Food and Culture at Hatrack River Forum.

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Posted by aspectre (Member # 2222) on :

And I thought maybe you all would like somethin' to warm the cockles of your heart sose ya'd wanna give more generously.

Posted by lem (Member # 6914) on :

The article, not surprisingly, only mentions the "percentage" of money that is taxed. However, if we look at the aggregate of taxes paid and break it down to what income bracket pays what percentage of total taxes, a different picture emerges.

I would like a reporter to look at both percentage of money taxed versus percentage of total taxes paid by income level.

So far it just seems that the right shouts out that Big Business brings a higher percentage of the total money the government collects, and the left shouts out about how the middle and lower class pay a higher percentage of their money to taxes--especially for taxes like food and gas.

You can almost pinpoint a person’s political affiliation by how they choose to view our current tax codes.

Posted by mr_porteiro_head (Member # 4644) on :

What does it mean if I don't want to pay so much in taxes?

Posted by lem (Member # 6914) on :

That you are like the rest of us.

Posted by mr_porteiro_head (Member # 4644) on :

When it comes to pinpoint accuracty, I was hoping for more.

Posted by The Pixiest (Member # 1863) on :

Election day should be April 15th. And there should be no witholding so you have to pay it all in one lump sum.

Then we'd have lower taxes for everyone.

Pix

Posted by mr_porteiro_head (Member # 4644) on :

I sooooooooooo agree.

Big-government jokers like W. wouldn't last long in such an environment.

Posted by lem (Member # 6914) on :

Let me clarify. I have noticed that when people start debating how to change the tax code, who deserves tax breaks, and what changes need to be made, it usually ends up in a shouting match between the left and right. Our whole political environment seems to be defined by a left/right model--thanks in part to Hannity and Limbaugh.

If you step into one of these heated arguments, it is easy to see how the "parties" choose to look at the tax code.

Would you be more surprised if the writer of the article was democrat or republican? Whether Johnston has valid points or not, most of the people who disagree with him will dismiss him as just another “liberal” writer for the Times. Those who agree will probably be more liberal democrats. We can test my theory by asking aspectre his/her political slant. I am guessing s/he is not a fan of Bush (of course I have a 60% chance of being right on this one thanks to sinking polls.)

My post was partly lamenting the current state of our political environment.

Posted by lem (Member # 6914) on :

quote:
Election day should be April 15th. And there should be no witholding so you have to pay it all in one lump sum.

Then we'd have lower taxes for everyone.

That is the best tax plan I have ever heard! [ROFL]

I would vote for it!

Posted by aspectre (Member # 2222) on :

Undoubtedly, you would also vote to allow the government to continue breaking its record spending levels and to continue breaking its deficit-increase records.

Posted by lem (Member # 6914) on :

I am no fan of Bush. I am a fiscal conservative and a social liberal--Bush is the opposite. Just because he is strident on defense and against stem cell research does not mean he knows anything about balancing a budget or cutting spending. bah!

Posted by cheiros do ender (Member # 8849) on :

I hate taxes so much. I earn just $1000 in one paycheck, and lose over 25% of it on income tax alone. [Wall Bash]

Posted by Belle (Member # 2314) on :

Yesterday my CPA sister-in-law called me to say she just completed a return for a guy who owned a couple of businesses. His total tax paid that year, counting what was withheld, what he paid in estimated taxes, and what he had to write a check for that day was 1.3 million dollars.

She called to ask me if it would be a good idea to tell that man that the rich didn't pay their fair share of taxes. [Wink]

As that article pointed out, there is no cheating on income tax, not really. If the government knows what you made because of W-2's filed, then you cant lie and say you made less - you have to pay income tax on what you made. And the rich do pay a higher percentage of income tax than the poor, plus they aren't eligible for many of the same deductions and credits. I don't consider us to be rich at all, and yet there are some credits we don't qualify to receive the full amount for.

Now, when you get into capital and such, then yes there are tons of tax shelters and some of them might be unfair. But then again, I look at someone like my SIL's client and think - how many people have jobs because he is a business owner? More people are employed in this country by small businesses than by big corporations. Small business owners do tons for their local communities. This man is creating jobs and income for others. I can tell you from experience that the tax system is not kind to business owners. Those of you that complain about the percentages taken out of your check out to try paying self-employment tax for a few years. So I can live with a few tax shelters to help protect capital and wealth that this man has built over the years, because I think he's earned it.