Taxes

[Angio333]

Every payday it is sickening to see how much money I get taken out of my paycheck in taxes. Not to mention all of the hidden taxes and sales tax.

If 10% is enough for God, then 10% should be more than enough for Uncle Sam.

[disneysteve]

I don't like taxes any more than the next guy, but compared to so many other countries, or even this country 20 or 30 years ago, what we pay today is minor.

[GREENBACK]

Every payday it is sickening to see how much money I get taken out of my paycheck in taxes. Not to mention all of the hidden taxes and sales tax.

If 10% is enough for God, then 10% should be more than enough for Uncle Sam.

Angio,

You and I are both Ohioans and you know the terrible state that our economy is in. I see everyone's taxes going up in the future. I work for the state and am taking a paycut that is due to the economic downturn and mismanagement by state goverment. State taxes will eventually rise again as they have no way to get us back on track without it.

At some point the feds are gonna hammer us with taxes to pay for all the wonderful projects they have in mind(see stimulus package #1). I'm appalled as much as you at this but so many just figure they know what they're doing.......Wrong!!!!

This is just the beggining.

[ActYourWage]

Every payday it is sickening to see how much money I get taken out of my paycheck in taxes. Not to mention all of the hidden taxes and sales tax.

If everyone would have this same reaction, WE as the people could speak out against these high taxes. Most people just complain and don't even know exactly HOW much they are being taxed.

[Daylily]

Seriously people, we are so lucky that we don't pay more. I have relatives in other countries who see half their paycheck gone to taxes and national health plans.
I'm not happy with the way that every single one of my tax dollars is spent but I know that overall we are still getting a reasonable deal for the services we receive.

[Angio333]

If they got rid of even a little of the waste, we could keep a lot more.

May be we should deduct the taxes from our paychecks. That would force people to write out the huge check once a year.

Hopefully that ould be enough to wake people up and vote the tax happy idiots out of office.

A Flat or a Fair tax would be awesome!

[GREENBACK]

[QUOTE=Daylily;230839]Seriously people, we are so lucky that we don't pay more. I have relatives in other countries who see half their paycheck gone to taxes and national health plans.
[QUOTE]

This is precisely where we are going. I can't believe so few see this. If national health care becomes reality and the current administration has it's way with all the plans they have in mind, we will pay taxes like a lot of other countries, and will become a bland malfunctioning entity like most other countries.

Buisnesses will run like hell from this stuff. The rich, who pay most of the countries taxes, will too. So much for "soaking" the rich.

[maat55]

I would think that a reasonable cunsumption tax would cover our defense and infrastructure needs.

I would like to be truly free and keep all my money and provide my own healthcare, unemployment and retirement needs. I think we all know with the way we conduct our finances around here, we would prosper much more.

[disneysteve]

If they got rid of even a little of the waste, we could keep a lot more.

This I agree with 100%. The waste in government is unfathomable. We're talking billions of dollars for crap.

Of course, the same is true in health care. If all the waste at the insurance companies could be reduced, we could largely solve the health care problems in this country without needing any government intervention.

[LivingAlmostLarge]

over 50% of americans pay 0% federal taxes. Another 25% pay less than 15%, so how is that high?

Truth is if you have 2 kids and make $100k you might be paying $0 in federal taxes with the child tax credit.

In fact with the child tax credit MANY people are getting taxes back from the government as a redistribution of wealth.

So how can we be paying a lot of taxes?

[elessar78]

Angio,

What kinds of things should the local, state, and federal governments reduce spending on to reduce taxes?

[boosami]

Truth is if you have 2 kids and make $100k you might be paying $0 in federal taxes with the child tax credit.

Please explain how the math works on that...

The child tax credit is $1,000 per kid. A married couple filing jointly with a taxable income (adjusted from $100k) of $75k pays $11,125 in federal taxes. A $2,000 tax credit isn't going to negate that.

[FrugalIII]

We live in a country built on and around capitalism. So I just don't understand why Obama and the legislators think the solution is to tax the rich more. Why should successful people who make a lot of money have to shoulder the burden for so many people in this country who pay 0 or very little tax just because they make more money? I really believe a flat tax would be a better solution. Eliminate all the loopholes, collect all the taxes that are due (yes, even from the legislators and government appointees who hide money or refuse to pay taxes) and see how that works. If it doesn't, then we can go back to the way things are now with a very small percentage of people paying almost all the taxes. Isn't it worth a try?

[PetMom]

But I don't think it is going to stay like it is either. And you are not factoring in some pay state taxes, and one tax economist once said even our car registration, license plate fees are a form of taxation. Our property tax and sales taxes have inched upwards. Luxury tax, and estate taxes, price of gas contains taxes in that - we have a lot of taxes in this country.

Then tax cuts that could be in effect and expire and we would have an automatically raised federal tax.

And this was not too bad to have our taxes like they are/probably soon to be were. It does not just go to Uncle Sam. It pays for things we use every day like our roads, lighting, parks, the fact we can call someone to come help us in an emergency - a lot of countries don't have that. And a good defense.

But now some states are faltering (California) and this govt. is not slowing down the spending and stimulus plans and bail outs.

This is all before the health care plan is anywherer near being started.

The govt. started to feel the waters this week with talk of taxing the middle class. Well, ya. That is where govt. money always comes from.

Then there is the VAT - value added tax which would be everywhere.

Someone mentioned the rich who are supposed to take the tax burden will and can afford to flee this country. Businesses have already done that. The rich will not just sit there and give up a lot of their money.

I also think it will get worse for us with more "hidden taxes", VAT and letting the tax cuts expire. And we will get used to them telling us we need to make some sacrifices for the country to get us out of this debt. And that will lead to us middle class people (as usual) paying the bulk of the taxes.

[MonkeyMama]

Please explain how the math works on that...

The child tax credit is $1,000 per kid. A married couple filing jointly with a taxable income (adjusted from $100k) of $75k pays $11,125 in federal taxes. A $2,000 tax credit isn't going to negate that.

Quite possible. I live in California - contribute to a 401k and have a mortgage - and have 2 children - you wouldn't pay any income taxes on $100k income.

Just watch out for AMT!

Which I have to agree with another comment. Taxes themselves aren't so bad (in my opinion - in a position to pay little) but the "hidden taxes" like AMT are atrocious.