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Old 08-29-2006, 10:02 AM
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Default Re: Stupid things people thought about Finance

State have certain responsibilities, federal as certain responsibilities, both need money.

The federal government get is by federal taxes...this is a nationwide thing.

States can do it a number of ways, and not all states have an 'income' tax. Those states that don't have a higher sales tax or higher property taxes. Either way, they get their money.

Oh and it doesn't stop there, counties and cities even, have their own taxes. Generally these are sales and property taxes though and not 'income' taxes which are the ones that are done yearly.

It's really sad, but because of the way it's set up american's are generally working close to half a year to pay all the different forms of taxes. They just do it in different forms so we don't notice it as much...makes us feel better I guess.
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