Taxes

[Truthiness Inspector]

1. For those of us working hard for our paychecks, do you think we should have even MORE taxes taken out?
2. For those of us not working, are you comfortable taking money from working peoples' income?
3. For all of the above, do any of us want our money wasted on ridiculous programs?
4. I have to wonder about supposed incentives to "educate" people. For what jobs, exactly, when the economy is in the tank? I think vocational training is more important and useful than many traditional degrees right now.


Thoughts?

[Eric J in MN]

1. I want us to return to the Clinton tax rates...

...even though that would mean I'd pay more taxes.

They weren't talking about raising the retirement age in 2000 when the Clinton tax rates gave us a budget surplus.

Better to pay more taxes than have the retirement age go up.

[Truthiness Inspector]

2. Ok

So you think the Federal Government can do a better job of handling YOUR money than you can. Or am a I misundertanding you?

[Eric J in MN]

8. I want a federal budget surplus again.

For the national debt to be paid down, instead of increasing interest having to be paid on it.

[PBS Poll-435]

3. Answers

1. You choose what is taken out of your paycheck. It is called a W-4.

2. The Federal Government provides block grants to the States. Therefore if a poor individual/family is paying local/county/State sales/property/personal property/real estate taxes then I have no issue with UI/EIC.

3. The only measurable waste that I see is in Defense contracts and our 2 wars.

4. There are several Federal incentives in our tax code for education: AGI decrease for student loan interest/tuition both billed and paid, tax credits in the form of the Hope Credit & Lifetime Learning Credit.




:shrug:

[Truthiness Inspector]

4. What % of tax would be too much for you? n/t

[PBS Poll-435]

5. It really depends on the ability to pay.

And keep in mind that there is a huge difference between marginal and effective tax rates.

An Example...

For 2009 -

Single Male, Age 25

W2 Income - $25,000
Retirement plan not available at work.
Deferred $3,000 into an IRA
AGI now $22,000

Taxpayer is now in the 15% bracket.

Subtract $5,700 for Standard Deduction
Subtract $3,650 for Personal Exemption

Tax is $837.50 + $641.25 = $1,478.75

Minus Retirement Savings Credit of $1,000


Total tax paid is $478.75 or 1.9% of income even though the taxpayer is in the 15% bracket.


:shrug:

[dkf]

6. $25,000 gets you a lot farther in Texas than in Hawaii.

I don't understand why taxes aren't adjusted for COL.

[Warren DeMontague]

7. Answers:

1) "Those of us working hard for our paychecks" - As opposed to who? Those of us getting paid to fuck around? Christian Rock Stars? Hedge fund managers? The people who do voice overs for infomercials?

Should we have even more taxes taken out- who is "we"? Are "We" making $20,000 a year, or $10 Million a year? I'm comfortable with the top income bracket paying a higher marginal rate. Perhaps even creating a super-high income bracket with an even higher marginal rate. During Eisenhower, the top marginal rate was 90%. If you make over 7 figures in a year, for instance, I think you can pay a little more to get our society functioning at a better level, honestly. OTOH, I don't think people making 20K a year should be paying much at all.


2) Those of us not working/taking money? Define "taking money"- you mean to pay for schools? Roads? Our massively bloated Military Industrial And Prison Complexes? Or perhaps you mean that daily bon-bon and expensive vodka ration that everyone not working "takes" from working peoples' incomes? I'm not sure what you're talking about. Personally, during the times in my life that I didn't have a job, I'm pretty sure I never got a check in the mail from an anonymous job-holding taxpayer.


3) "wasted on ridiculous programs". No, I most certainly do not. I'm pretty resigned to the fact that the money wasted on the ridiculous program known as the Iraq War isn't coming back, but I wouldn't mind seeing about half the money spent on the ridiculous program known as our massively outsized Military Budget be cut. And the ridiculous program known as the drug war, for $40 Billion plus a year- that could go, too.

4) A better educated populace is only part of the equation. We need to support research and development for domestic high tech industries that will produce those jobs. Vocational training has gotta be part of it, too. But all that costs money. I.E. Taxes.