Forum Replies Created
-
Posts
-
[quote=”loraine”] I understand it’s Federal Income tax…the original 7.65%, however, is fica w/h, isn’t it? I think it used to be broken down 6.2% for social security and 1.45% for medicare, yes? Does that money go and stay in those programs? And do those who choose not to work pay payroll taxes (fica w/h). And doesn’t the bad, mean corporations have to match those w/h? I’m not talking talking about p/r taxes–fica/med.
I want to know where my fed w/h is going and why I have to pay it and others don’t? I have to pay a mortgage, property taxes, health insurance, etc.,and ‘choose’ to live beneath my means and sacrifice. Why am I doing that again? [/quote]
Since I’m retired I haven’t kept up with the percentage that is withheld for SS and Medicare but, yes, the money stays with the programs.
Here’s the kicker… the Social Security Act requires that the fund can ONLY be invested in instruments that carry the full faith and credit of the U.S. government. The ONLY instruments that fit that description are federal debt. Federal bonds have the poorest return of any investment at 2.651% per year. The SS fund is the single largest holder at 17.9% ($2,427,598,000,000) of the total federal debt. The return paid to SS for that investment is $64,355,622,980.
Since end-of-year 1932 (i.e., after the crash) the Dow Jones has paid an average of 11.1% per year (7.0% in gains, plus 4.2% in dividends). If 10% of the SS fund had been allowed to be invested in the Dow there wouldn’t be an issue with its funding.
The inability of those we elect to congress to foresee possible future issues such as this or to take corrective measures when these issues appear and their obvious lack of knowledge of economics or economic history is what has caused the major issues that the U.S. economy faces today.
[quote=”loraine”]How much does rich GE pay in taxes? [/quote]
Our congress has elected to provide major tax exemptions, deductions and adjustments to the largest corporations (like GE) at the expense of small and medium sized businesses. This is the reason you hear so many complaints about the corporate taxes. It isn’t the giants that are complaining, it’s the little guy.
[quote=”loraine”]You know, I don’t have a problem with ‘social’ programs…welfare, food stamps, etc. But they should be working for these benefits. If you want this stuff for free, then you can go and work it off whether it be in a homeless shelter, a church, cleaning a park, burger king etc. It gives them a sense of purpose in life as well giving something back for what their getting. And, yes, i would subsidize daycare to get these girls out there working.
I’ll say it…it burns me to see an 18 year old girl walking down the street with 4 kids under the age of 5. Rather than sitting at home, it would make more sense to me to have her daycare subsidized and have her working 40 hours per week. I think she might appreciate her money a little more. [/quote]
I don’t think any of us would disagree with this issue. What happened to the “Workfare” programs started in 1981? Anyone on welfare should be required to enter some kind of job training or educational program that will make them suitable to hold a job while we pay for childcare and other necessities. If they don’t join such a program welfare should be denied.
[quote=”loraine”]And, while I completely understand the one poster about encouraging his parents to get food stamps…I don’t disagree with you at all. they should. Because they have put into the system when others haven’t, they deserve it. But, but, but…this is the way this country is heading…well, everyone gets ‘it’, so why shouldn’t I? this is not directed toward you at all. it is more as a whole where those that work for their money and pay so much in Federal ‘income’ tax are starting to get really angry about the taxes they pay, when they see so many around them, getting something for nothing. it’s a mob mentality…I want something, too.
There is a big difference between poor, lazy and those that just take advantage.
it’s like a bad employee who takes advantage. It so lowers the standard. The good employees see what the dead weight is doing and getting compensated to boot, that the good employee becomes resentful and starts doing the same. And one bad apple has spoiled the whole bunch. [/quote]
That simply isn’t true of the majority but we all know that it happens. I have a brother a year younger than I who spent his entire life sponging off of others rather than to contribute to his own life. He ended up homeless, sleeping on bus stop benches and ended up with frostbite in his feet. He has had both legs amputated and is now living in a home for the indigent. Do you think I feel sorry for him? Not on your life. He was warned what was coming in his future and chose the way he lived. Now he is sponging off of all of us.
[quote=”loraine”]I don’t want to see the elderly or the disabled ever eating cat food, but I also don’t want to see an 18 year old with 4 kids in tow living on welfare. The old folks have paid their dues–and now they will be paying more once their various taxes go up. How much more will the able bodied be paying in entitlements—nothing.
.
99 weekers…they couldn’t find ‘a’ job in 2 years? I’ve been unemployed and it doesn’t take that long to find another. Well, unless you were making 100k and still expect to make that.A flat tax is fair. There are those who pay nothing and those who pay a lot. Level the playing field and that way no one is getting something for nothing. Plus eliminates the tax cheats with those creative tax returns. ? [/quote]
It isn’t the percentage of taxes that we pay or the progressive tax system that is the problem. The problem is the deductions, exemptions and adjustments to both corporate and individual income. If you move to another city to take a job that improves your condition why should the cost of moving be written off as an adjustment? In 1989 I moved from Colorado to California to stay employed in an economic downturn but paid for the move out of my pocket. Why should I expect someone else to pay so that I can stay employed?
[quote=”loraine”]Call me simple, call me simplistic, but things cannot go on as they are. I am by no means wealthy (other than in spirit) or in the 1%, but playing Robinhood doesn’t work. As long as we continue to ‘give’ with expectation of nothing in return from those who take, we will continue to have these problems. It will (already has) create a lazy, stagnant, me,me,me society.
Ask not what your country can do for you, ask what you can do for your country. That goes for everybody!!! He was before my time, but makes a lot of sense to me. Where did that sentiment ever go? Now it’s…me,me,me. I expect, I expect, I expect. [/quote]
You are blaming the entire society for the problems created by the few. The vast majority of Americans are ready, willing and able to work. The issue of job availability varies from place to place and from state to state.
If you want to place blame look to the people we are electing to congress. We are electing them based on their belief system, conservative or progressive, rather than on their ability to make intelligent decisions in running the country. To my knowledge there is not one person in the Senate or the House that knows anything about economics, economic history or how the American economy works. Their only interest is playing to “the base” and guaranteeing that they get re-elected to their cushy, do nothing jobs.
Look in the mirror and ask yourself if the last representative elected to your district has done anything to benefit your situation. My bet is that you are not happy with them.[quote=”davidd”]Waggoner41
can you imagine how many hours of life that you can never replace by pursuing this course of action. its a huuuuuge endeavor and would take years.
I for one would never allow any type of goverment to take my years of life that is so precious and we have so few of to engage in this bureaucratic time suck. [/quote]
There are only three alternatives.
1 ~ You can do something about it knowing full well that congress wont do it.
2 ~ You can kick back and complain about your plight.
3 ~ You can do as I do and join any of the forums on the internet and try to encourage others to participate in making changes.Living out of country this last is my only real option.
[quote=”sprite”]davidd,
Engaging people with the truth is not silliness. And I just can’t sit back and silently watch them roll around in bovine excrement with each other on these matters without speaking up.
And I could not say the conversation went nowhere. Who knows? Maybe somebody read here for the first time my claim as to what the Federal Income Tax is and what it is used for. Maybe that somebody will look it up and find out I was telling the truth.[/quote]
david is correct. You always come to the forum with complaints about the taxes but you offer no solutions.
There is, in fact, only one solution to this issue and that is grass roots petitioning of every state legslature to call for a Constitutional convention to amend the Constitution to take the bulk of federal financial decisions out of the hands of congress.
It would require setting the annual budget as a percent of GDP (20.5% of the previous years GDP), require payments on debt as a percent of GDP (2.5% of the previous years GDP), limit the percent of GDP that can be allocated to finance the government annually (17.5% of the previous years GDP)and require that congress work within those restrictions.
The only financial decisiios that would leave congress is what to do with the 17.5% that is allocated to finance government business.The process would require years of effort even if you could get voters to agree to do it.
The same procedure could be used to force a revision of the tax code eliminating all of the deductions, exemptions and adjustments to both corporate and individual taxes.
[quote=”waggoner41″]You cry and moan on this forum about what is wrong…what are YOU doing about it?[/quote]
[quote=”sprite”]I don’t consider it “crying and whining” by trying to wake up a few people with facts. And I am resisting all this evil with non conformance to the most egregious assaults by the bankers and government. At the very least, I do not participate in the voting joke, I do not celebrate soldiers (who offer themselves as murdering servants) and I practice extreme tax avoidance.[/quote]
I think most of us are of an age that we have seen the middle class sliding into poverty since the 1970’s. It is a historical fact that the middle class drives the U.S. economy but now the fat cats have bought congress at the expense of the middle class.
There was, and still is, a better way to deal with the issues of the gold standard. (1973)
Supply side economics has been a non-starter since it was first introduced as the “horse and sparrow economy” in 1897 (led to the financial panic of 1907). It didn’t work then, it didn’t work in 1982 as a Reagan policy (increased debt to GDP by 36%) and it didn’t work in 2001 as a GW Bush policy (increased debt to GDP by 29.11%) and it won’t work if Romney becomes president.
Congress’ expectation that the financial industry will self regulate is a fantasy. It is, in fact, the only industry that REQUIRES severe regulation because they are toying with the financial condition of every one of us. Their only interest is in how much money goes into their pockets. (rescission of Glass-Stegall in 1999)
Initiating war on credit for the first time in WORLD history has put the burden of paying that debt on our grandchildren and great-grandchildren.
You are preaching to the choir on this forum. We all know that there are inequities in the tax code but for the most part we still believe in helping our fellow man when it is needed even knowing that a few will gull the system or at least attempt to.
You are insulting my intelligence as well as that of many other by voicing your extremist diatribe. You still have the option of buying a deserted island where you don’t have to put up with listening to the likes of me or any governkment.
I, for one, would rather be discussing the beauty, the wonderful people and the benefits of living in Costa Rica on this forum.
[quote=”sprite”]. They don’t use it to care for the elderly and sick. They don’t use it to educate our young. In the US, most of it goes to the banks to pay interest on money created by the banks out of thin air, “lent” to the people. Most of the remainder goes to maintain an imperialistic arm of state force to ensure an obedient world population. [/quote]
[quote=”hakesp”] While I too object to the expensive, unproductive and cruel war machine of the US, and have not voted for any warmonger presidents, that is not the only thing the US government spends money on. I, like many of you, am receiving Social Security and Medicare benefits and am thankful for them. After many years of fighting for other people as an underpaid government lawyer, representing consumer rights, abused children, a banking regulator, nursing home regulator, etc., I feel it is fair that I receive these benefits, as it is for anyone who has worked hard in or outside the home and thus contributed to society. People who pay taxes are contributing to my well being, as I contribute to the welfare of others by paying my taxes, and I appreciate them. I also think as human beings we all have an obligation to help support the disabled, abused kids, etc. and have seen with my own eyes that while churches and charities help, they cannot carry the entire load. [/quote]
Some of us are willing to walk past a man, beaten, bleeding and lying in the gutter, and look the other way. Some are willing to provide some assistance or least call 911.
[quote=”hakesp”] The idea that we will get rid of government by not paying taxes and somehow make the world a better place is either extremely naive or sophistry to rationalize tax evasion. Maybe in pioneer days when the world was less populated a local community could provide what regulation and assistance was needed on an informal basis, but those days are long gone and government is more and more needed. Government is inevitable. Politcians who encourage you to “kill the beast” are just trying to channel your anger into votes for themselves. That is why after 12 years of antigovernment rhetoric and actions by certain politicians in the US we actually have a MORE invasive government. [/quote]
The “GOOD OLD DAYS” were much simpler and a community knew who everyone was and took care of its own even down to the town drunk who would be provided a night in jail so that he didn’t have to sleep out in the weather.
As you say “Those days are long gone”. The larger the population in a given area the greater the need to provide what is needed within that area. How would our society deal with no police departments while all of us carry guns or the professional fire department and the water infrastructure on which they depend or the transportation system that moves goods and food to the local markets and on and on. Who built Hoover Dam and the TVA that provides electricity for a major part of the U.S.?
I have known for a number of years that there is a solution to the issue of government finance but it will never happen until the nation is bankrupt and people realize that voters are incapable of selecting representation that is not economically illiterate.
[quote=”cgc1279″]Has anyone driven from Arizona to San Jose Costa Rica? My husband plans to do this soon, I don’t think it is a good idea. He has very limited use of Spanish.[/quote]
The thugs from Mexico through Nicaragua are waiting for anyone attempting that drive.
[quote=”sprite”]Wagoneer, now YOU are bringing a little comedic relief to this post. Do you really still believe that Congress, through the people, is in charge?
It is not “our congress”. The government belongs to the bankers. The republic is dead and you and so many others are still sleep walking in the american dream clutching your little voting registration cards. It is going to take a bit more than that to effect any change. And THEY know it. That’s why they are working at removing the 2nd amendment.[/quote]
No, I’m not among the walking dead which you would realize if you paid attention. The wealthy and corporate America run the country through congress because the American voter doesn’t have the brass to fight against it…and probably doesn’t know how.
You cry and moan on this forum about what is wrong…what are YOU doing about it?
[quote=”davidd”] Waggoner
I am disappointing in you really 🙂 you bring up a point regarding we have been paying the lowest taxes since 1932
taxes have become so ambiguous and is in everything you do its absurd
in 1913 there was 400 pages of the U.S tax code
in 2012 there are 73608 pages to the tax codedo you really think we are paying less taxes 🙂
My reference was to the basic tax structure. U.S. Federal Individual Income Tax Rates History, 1913-2011 (Nominal and Inflation-Adjusted Brackets)
There is no doubt that the tax code needs to be changed. Congress, over the years, has circumscribed giveaways to certain classes of society that cost the rest of us in excess payments.[quote=”davidd”] taxes are everywhere whether its federal, state, local, goods and services, you cannot wipe your ass without paying some tax.
it’s simple robbery. inflation is robbery, fiat currency is robbery. but again most people are just cruising along.
and we continue as a nation to kick that can down the road further.
the middle class carry so much debt because they are in the middle my friend and the easiest to milk and pilferage.if your a W2- working stiff then you get the worst shaft because they just take it from you and in the end you just get used to it. [/quote]
Take a look at what you are paying for with the taxes you pay then decide what it is that you feel is unnecessary. If you feel that you are unwilling to assist those who cannot do for themselves or those who are currently unemployed take your complaints to your legislators. They are the decision makers and you have voting rights if you don’t like their decisions. Although I have never participated in the Medicare programs, you would probably prefer that I didn’t receive Social Security either.[quote=”davidd”] looks at these stats.. and this is where all your hard earned money goes. this is why more and more people are just opting to NOT PARTICIPATE.
http://www.statisticbrain.com/welfare-statistics/
http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
http://www.statehealthfacts.org/comparemaptable.jsp?ind=290&cat=6' defer onload='
We have 4.1% of our population (15,000,000 people) on welfare, 15% of our population (46,500,000) using food stamps, 61,572,000 receiving social security or supplemental security, 10.8 million receiving disability, 12.7 million receiving unemployment, and 47,672,971 receiving Medicare.
[b]Now, if my rusty math skills don’t fail me, that totals almost 200,000,000 out of our 313,000,000 people, or a full 60%+ of our population (!) who depend on the government for some type of financial aid
[/b]
really staggering [/quote]
Combining those figures does not give a true picture of who is getting assistance on your tax dollar. There are those who are getting a combination of benefits including those in the SNAP program who are required to pay for the food stamps based on income. Currently there are some 23 million out of work or under-employed maybe it would be best to cut off unemployment and welfare checks and put them on the streets because they are too lazy to look for work.
The middle class has been slipping into poverty since the 1970’s. Where were your complaints then? In the 1960’s my average annual income was above $105,000 in 2007 dollars but my final year of employment I made just under $55,000. In the 1960-s and 1979’s I was supporting six kids on my income alone but by 1984, with the kids grown and gone it required two incomes to provide enough income that the two of us could continue to live the same lifestyle.
The policies of Ronald Reagan added 36% to the debt to GDP between 1982 and 1995 and George W Bush policies added 29.11% to the debt to GDP. Where were your complaints then?
[quote=”davidd”] actually it makes me sick to my stomach.. and after this post because of health reasons I cannot speak of this any further :shock::shock::shock::shock::shock:and to top this off
when after all the risks and sacrifices and even maybe after a few bankruptcies you finally get a business running and are successful we have a president that tells you
government helped you be successful :D:D
http://www.youtube.com/watch?v=192oEC5TX_Q%5B/quote%5D
Don’t spin me your version of what Obama said in that speech. I know exactly what he meant. Without infrastructure to accommodate commerce where would we be?
I worked in the construction trades at all levels from line worker to business owner. Without financial assistance through taxes there would be no paved roads, no schools, no public hospitals or any of the rest of what we now consider the necessities of living.[quote=”waggoner41″][quote=”loraine”]
Fairness? 50% of Americans pay NO federal tax. How is that fair? Why not a flat tax so EVERYONE gets to pay their ‘fair’ share? If these gains get taxed as ordinary income, that’ll go from 15% up to 25% and higher. That’s more than a few dollars. And what are the stats on increasing the taxes on every millionaire–doesn’t it come out to an extra $85 billion in tax revenue or something like that–enough for 8 days of what we spend. [/quote]
The taxes Americans really pay, in two graphs
http://www.washingtonpost.com/blogs/ezra-klein/post/the-taxes-americans-really-pay-in-two-graphs/2012/04/16/gIQA6o4yLT_blog.html
Why do half of all Americans pay no federal income taxes?
http://www.washingtonpost.com/blogs/ezra-klein/post/why-do-half-of-all-americans-pay-no-federal-income-taxes/2011/07/11/gIQA8olBuI_blog.html
If you take into account the total tax burden, most everyone is paying, and they’re paying surprisingly similar effective rates. And it’s easy enough to understand why someone struggling to make it on $30,000 a year would chafe at paying 25 percent to the tax man in a way that someone cruising along at $500,000 wouldn’t
[quote=”loraine”]If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet? [/quote]
That is precisely why the middle class carries so much debt. Everyone wants to keep up with the Joneses and own the newest of whatever is on the market rather than planning a budget and sticking to it.[quote=”loraine”]I live in NYS and we are taxed to death (and in one of the highest property taxed counties in the US). When one of two pay no federal tax, there is something wrong there. [/quote]
You are confusing local property taxes which finance only local issues. If you don’t like the tax structure there you can move to Alabama or Mississippi where the taxes are substantially lower and the infrastructure is substandard.
[quote=”loraine”]The only people who think this tax structure is fair are those who are paying nothing…50%.[/quote]
Read the citations that I provided to find out how wrong you are.
[/quote][/quote]
As a last word, I don’t consider the tax system in America to be fair. If you want to find someone to blame, look in the mirror. The voters are the ones who are responsible for electing their representation in congress. Until voters become intelligent enough to question candidates on their knowledge of economics and economic history there will be no changes.
Cutting taxes is not the answer. Rewriting the tax code is what must be done. Why is it that 1% of the population holds more than 33% of total wealth and earns nearly 25% of total income? It isn’t because your congress has allowed this to happen, they have legislated it to happen.[quote=”dbserv”]Was wondering if this site could have a section with personal examples of nightmares and the names of people to watch for. Costa Rica is beautiful but it does have its share of con artists just waiting to pounce! Is there a legal reason we can’t give the “Heads up” to those planning on making the move?:roll:[/quote]
I posted a similar question which you can find at: https://www.welovecostarica.com/members/cfmbb/messages.cfm?threadid=B63D820A-24E8-5ED2-F13F299CFC64D62C
Be aware that what David says is absolutely true. Bad mouthing anyone in Costa Rica can present more problems that you can imagine. Any response should be by PM.
[quote=”sprite”]I am watching people all around me in some kind of trance, asleep or hypnotized by the matrix, trapped in a false paradigm of left-right politics, a failing fiat currency economy and the belief that large powerful central governments can be brought to heel and made to serve us.[/quote]
Count the number of people who are around you or in your community or your state who believe as you do. Obviously it has not occurred to you that such a miniscule minority is not going to carry any weight whatsoever.
It is good, though, to find such comic relief among the subjects that have real meaning on this forum.[quote=”DavidCMurray”][quote=”waggoner41″][loraine wrote] If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet? [/quote]
[b]And waggoner41 replied,[/b] “That is precisely why the middle class carries so much debt. Everyone wants to keep up with the Joneses and own the newest of whatever is on the market rather than planning a budget and sticking to it.”[quote=”DavidCMurray”]But it’s more than that, waggoner. While loraine’s position is understandable, if painfully superficial, it simply doesn’t work in the real world. [/quote]
Obviously, even with what I know about economics, my ideas will not work in the real world because the average person doesn’t bother to research what they hear or believe.[quote=”DavidCMurray”]Deficit spending is sometimes unavoidable whether it’s governmental or private. [/quote]
Whenever we commit to purchasing a home are we not committing ourselves to a form of deficit spending. As we have seen since 2006 there is no guarantee that we will end up with the value that we expected.[quote=”DavidCMurray”]Next time you fly to Costa Rica, ask yourself whether you’d rather do so without the publicly funded airport, the government supervision of aircraft maintenance, or air traffic control. [/quote]
There is also the obvious choice of traveling by car through Mexico with its cartels or by rowboat. The U.S. government does not control what happens in other countries or on the high seas.[quote=”DavidCMurray”]One could, of course, argue that we should eliminate all governmental support for human beings. So make the argument, loraine and sprite. Let’s hear your arguments in favor of eliminating Social Security, Medicare and Medicaid, family support for active duty service members, SSI for the disabled. I’m confident you can make a convincing argument but what you cannot do is make such an argument without at the same time exposing your total lack of conscience. [/quote]
Conscience is for those who care what happens to anyone other than themselves. Those of us who believe that we are our brother’s keeper also understand that there are those few who will gull the system without compunction.[quote=”loraine”]
Fairness? 50% of Americans pay NO federal tax. How is that fair? Why not a flat tax so EVERYONE gets to pay their ‘fair’ share? If these gains get taxed as ordinary income, that’ll go from 15% up to 25% and higher. That’s more than a few dollars. And what are the stats on increasing the taxes on every millionaire–doesn’t it come out to an extra $85 billion in tax revenue or something like that–enough for 8 days of what we spend. [/quote]
The taxes Americans really pay, in two graphs
http://www.washingtonpost.com/blogs/ezra-klein/post/the-taxes-americans-really-pay-in-two-graphs/2012/04/16/gIQA6o4yLT_blog.html
Why do half of all Americans pay no federal income taxes?
http://www.washingtonpost.com/blogs/ezra-klein/post/why-do-half-of-all-americans-pay-no-federal-income-taxes/2011/07/11/gIQA8olBuI_blog.html
If you take into account the total tax burden, most everyone is paying, and they’re paying surprisingly similar effective rates. And it’s easy enough to understand why someone struggling to make it on $30,000 a year would chafe at paying 25 percent to the tax man in a way that someone cruising along at $500,000 wouldn’t
[quote=”loraine”]If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet? [/quote]
That is precisely why the middle class carries so much debt. Everyone wants to keep up with the Joneses and own the newest of whatever is on the market rather than planning a budget and sticking to it.[quote=”loraine”]I live in NYS and we are taxed to death (and in one of the highest property taxed counties in the US). When one of two pay no federal tax, there is something wrong there. [/quote]
You are confusing local county taxes which finance only local issues. If you don’t like the tax structure there you can move to Alabama or Mississippi where the taxes are substantially lower and the infrastructure is substandard.
[quote=”loraine”]The only people who think this tax structure is fair are those who are paying nothing…50%.[/quote]
Read the citations that I provided to find out how wrong you are.[quote=”sprite”] If you pay income tax, you are part of this evil. It doesn’t matter whether you do so at the point of a gun or out of a misguided sense of social responsibility or out of ignorance. As individuals, each of us must decide for ourselves where, when, how and even IF we will stand up against this tyranny. [/quote]
The vast majority of us don’t hold your anarchist views.
I think we all know that there is a certain amount of waste in the federal budget but what are you going to do? You can move to a desert island where you don’t have to put up with any taxes. If you need a road you build it.
No matter who you have in control of government finances, at some point they are going to find a way to see things that they think need to be done that you don’t agree with. Some of it will eventually find its way into their pockets.
The fact is that we, collectively, pay the lowest tax rates since 1932. Check it out: [url=http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2011-nominal-and-inflation-adjusted-brackets]U.S. Federal Individual Income Tax Rates History, 1913-2011[/url]
[quote=”bogino”]
[/quote]
I, for one, am happy to finally see the possibility of taxes increasing enough to pay for what the [b]majority of Americans want[/b][u][/u].[/quote]And what might that be?[/quote]
Fairness in our tax system.
[quote=”loraine”] That is very, very scary. I don’t know who really thinks that dividends and capital gains rate increases will only affect the rich. Besides the retirees living on dividends, I am single, very middle class, and have quite a few dividend paying stocks/mutual funds that are reinvested (I don’t need the income at this age). I, as well as many others that have these investments, will simply sell them and have to look for something else. Who’s going to take that kind of risk in the stock market for little payoff by paying it back in taxes? Can’t buy CDs or money market accounts…now no dividend paying stocks. What’s left? I guess it’s a nonissue in a Roth IRA…until, of course, they decide to change the rules on that, too! Middle class and I’m probably paying close to 40% of my income in taxes, whether it be income tax, property tax or sales tax. They raise the rates on those particular investments and watch how many more will no longer be able to live on what they make.[/quote]
Unless your income is above $250,000 you will not pay more than a few dollars. If you are making more than $250,000, my heart bleeds for your losses.
These scare tactics over a minimal increase for the 98% of us is shameful.[url=http://galesburgplanet.com/posts/16606]That means that two-thirds of personal dividends from corporate stock are not subject to personal income tax.[/url]
[url=http://galesburgplanet.com/posts/15652]Comparing Obama vs. GOP approaches to extending Bush Tax Cuts[/url]
[url=http://www.jsonline.com/news/opinion/obamas-tax-proposal-reasonable-aims-at-fairness-cg62rv9-162655816.html]Obama’s tax proposal reasonable, aims at fairness[/url]
