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Old 03-11-2014, 01:36 PM   #1
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Income Tax System


Do you believe in a progressive income tax system and do you think the wealthy should pay a higher percentage than they already do (approx 39%).

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Old 03-11-2014, 05:24 PM   #2
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Have to. To adequately fund the government, there needs to be a taxation on the upper brackets that high. I would say a flat tax rate with no deductions would be the best/most-fair system, but that would effectively raise taxes on everyone else to near the upper limit while it dropped the upper level by maybe a percentage point or 2.

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Old 03-11-2014, 09:13 PM   #3
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If you don't figure in the deductions, the self-employed pay 39% too.
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Old 03-11-2014, 09:18 PM   #4
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This is a VERY simple way to understand the tax laws. Read on — it does make you think!!

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, and 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 (in tax language a tax cut).

"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 $80.00.

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 amount, 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 who 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, a little late what was very important. They were FIFTY-TWO DOLLARS short of paying the bill! Imagine that!

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.
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Old 03-11-2014, 11:08 PM   #5
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Income Tax System


Everyone is paying sales tax and use tax on gasoline, etc. Property tax is paid for by everyone.

Obviously it is not ok for some poor schmuck to pay 60% of his income of $20,000/year in income tax.

On the other hand, a guy making $300,000 should be able to pay some taxes and still have enough to eat.

That is how we have arrived at where we are.
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Old 03-12-2014, 06:32 AM   #6
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I don't mind paying taxes.....I just don't want the money spent on people who don't 'feel' like working and want to just sit on their a$$ watching TV paid for with my tax dollars.
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Old 03-12-2014, 07:51 AM   #7
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Having a higher income tax also serves the purpose of encouraging better pay and benefits for employees and more investment in the company.
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Old 03-12-2014, 03:15 PM   #8
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Quote:
Originally Posted by strategery
Having a higher income tax also serves the purpose of encouraging better pay and benefits for employees and more investment in the company.
can you elaborate on this?
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Old 03-12-2014, 03:54 PM   #9
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Income Tax System


This is the chart of the Canadian income tax. The Canadian budget was in balance 2013 /2014 and is projected to be in surplus by 2015.


http://www.budget.gc.ca/home-accueil-eng.html



Federal tax rates for 2014


  • 15% on the first $43,953 of taxable income, +
  • 22% on the next $43,954 of taxable income (on the portion of taxable income over $43,953 up to $87,907), +
  • 26% on the next $48,363 of taxable income (on the portion of taxable income over $87,907 up to $136,270), +
  • 29% of taxable income over $136,270.

Last edited by creeper; 03-12-2014 at 03:56 PM.
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Old 03-12-2014, 04:06 PM   #10
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Income Tax System


In the US, you can make $20,000 a year and if you have no deductions, and between soc sec and income tax, it can cost 39%.
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Old 03-12-2014, 04:11 PM   #11
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Jeepers..throw in Health Insurance premiums and yikes...
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Old 03-12-2014, 04:20 PM   #12
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the U.S tax system and expenditures is perfectly fair.
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-said no one ever.
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Old 03-12-2014, 04:27 PM   #13
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Quote:
Originally Posted by ddawg16 View Post
I don't mind paying taxes.....I just don't want the money spent on people who don't 'feel' like working and want to just sit on their a$$ watching TV paid for with my tax dollars.

Here Dawg..this is for you..

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Old 03-12-2014, 05:26 PM   #14
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Income Tax System


Quote:
Originally Posted by TheEplumber
can you elaborate on this?
Instead of taking a bigger salary and a big bonus (which will be taxed at a progressively higher rate), reinvest that money into the company.
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Old 03-12-2014, 07:26 PM   #15
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Quote:
Originally Posted by strategery View Post
Instead of taking a bigger salary and a big bonus (which will be taxed at a progressively higher rate), reinvest that money into the company.
Sounds similar to a 401, roth,etc.-- a lot of people don't choose these plans.
I don't know they would reinvest either.

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