Something to look forward to

Yesterday was Tax Day in America (Well, for about half of us) and, if you enjoyed it, you have so much to look forward to.  At FlashReport, Congressman John Campbell (R-CA) looks at the taxes enacted since January, 2009, and provides a list of those scheduled to go into effect through 2013, whether through direct increases or the expiration of cuts and credits.

Good times! Party

3 Responses to Something to look forward to

  1. Porkchop says:

    “Well, about half of us.”

    That makes it sound like half of the US is not paying taxes. That is pure bullshit. They are. That stat means they took out the right amount of deductions for FICA, so they don’t have to pay extra when they file. Doesn’t all that money the Feds take out of your check every week or month count as taxes? It can be more than a third of your paycheck! The “negative liability” cited in the article? It used to be called a refund.

    This is one of those bullshit statistics that really pisses me off.

  2. slamdunk says:

    The half paying thing to support a wide range of social programs would make even an idiot realize the system is doomed to fail.

  3. T Brosnan says:

    Dear Porkchop. You might want to check the American Tax Foundation website. The point is the Top 1-5% of the earners pay the bulk of the taxes. Yes, payroll deductions are taxes. Anybody who gets a paycheck (vs. living off cap gains like Buffett) pays that. Your employer must pay half, so you’re really paying 6.75% SS/Medicare if you’re not self employed. Still this is dwarfed by the tax rates on high-income earners. My wife and I fall into that bracket bcz we’ve worked for 30 plus years (started w/ nothing!) and our combined incomes exceed the “rich” rate (250K). So, our marginal rate will go back to 36% plus 4% AMT, plus 3.8% Medicare surtax on investment income, plus 1% increase in Medicare rate for earnings over $200K, plus dividends taxed at ordinary income or 39% vs. 20%, plus deduction phaseouts (about 2.3%) plus our state and local taxes (over 10%), which are also going up and will have to go up more to pay for unfunded mandates under HCR. All told, we pay an average of 50% of our income in some years (depends on the source of income) in taxes. My wife pays proportionately more since she self-employed and pays full 13.5% Medicare/SS payroll tax. After she pays an agent and other expenses,she clears about 25 cents on the dollar. So to get back to your point, yes, you’re paying a tax but it could be worse. Currently those under $50K generally get money back. Those under the poverty level get these taxes back as Earned Income Credit. I’ve always said that it would be better if folks had to pay there payroll taxes monthly so they’d see the hidden costs of government. When it’s taken out of folks pay authomatically, most folks just look at the bottom line, not how much they would’ve made (like you do!).. Pray you don’t make too much. This president and progressive Congress will tax you to death… and after death, literally!

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