Home Forums Hunting & Shooting Hunter's Campfire Cutting the Check Today...

God, people like you make me insane. You keep driveling about what an unplanned medical catastrophe costs, as though you are entitled to having the government shield you from the unplanned. Get insurance. If you can't, get a job that has it. Or, save your money. The government collects trash, not provide free benefits to the unprepared. You're lucky I'm not President.

Just curious, at what percentage of taxation on income would be considerd too much?

50%?

60%?

70%?

more?

I agree. My wife and I both claime zero deductions, have extra taken out of our checks, and still woe money. I'd be satisfied, if I could claim myself, and come out square with the government.

I think if tax day were in November, nobody would get re-elected.

The company has Deloitte prepare my taxes, this year for three countries, as they are a bit complicated. Throw in the tax equalization provided by the company which becomes imputed income and we end up with a second round of preparation of the US ones. I am always stunned at how much gets paid to the Canadian government. The Kazakh's tax code is pretty simple. If you work less than 182 days in the tax year, no tax is due. If you work 182 days or more, the tax rate is 10%, done. When the dust settles I owe or receive nothing.

I just want a number; what's the maximum % of earned income that is "just" taxation for the federal government.

If the objective were maximizing tax revenus I am sure that a relatively scientific percentage could be developed. I'll wager a number somewhere in the 15% range on everybody would generate max revenue. Get way above that and I would say screw it. We can agree it isn't 0 and it isn't 100%. After that there won't be a lot of agreement.

I don't think the primary objective of taxation is revenue generation however.

15%, there's a start. Plenty high, but a number none-the-less.

As to how the thieves buy votes with the maximum, I don't care - but there must be a limit - NOW.

I actually don't think that is high. Calculate sales tax, gas tax, property tax, payroll tax, etc, etc and I am somewhere around 40% today total. I hear what you are saying and agree completely. And they can't spend a dollar more than they take in.

The fed takes more than 40% of my earned income.

15% would be a step in the right direction, but at the upper end of just taxation.

Change, it's comin'.

I would guess its above 50% for me.

Some where around 20% federal income tax, add SS medicare, state tax, near 25K in property taxes. 8% sales tax, fuel taxes, Federal fees and income taxes that are part of the goods we buy. State income taxes. It would be lucky if the % was below 50% Do keep in mind that a chunk of state money goes to fund federal/state joint programs.

Sent out check in last week. It really pisses me off the amount of money they take. Couple years ago I added up fed/state/medicare/SS/property taxes and it was well over 50%.

One good thing, didn't get hit with AMT.

I'm somewhere between 40-50% considering State and Fed, not counting SS, medicare and state sales taxes. Throw in those and property taxes, vehicle registration, all the various fees and licenses and it is way above 50%. And then there is the cost of the CPA to prepare them. Taxes are by far the largest item in my "Cost of Living".

Everyone agrees that taxes are necessary to the running of a First World Country but it has gotten out of hand.

Other than true hardship cases I cannot understand how any reasonably healthy and intelligent individual can arrive at retirement age without enough money to live comfortably. For years now most companies have had tax deferred compensation plans. Even our small company provides those. Also available are Roth IRAs and personal IRAs.

I would wager that those who arrive at retirement depending upon SS without enough other investment income have made very poor choices over the span of their working career. Oh well, Wally World needs greeters and Costco needs food demonstrators...

Sure you do - same reason they struggle to live.



Pretty obvious that when over half your income is taken, times are going to be tough.

Depends on how much income you have and how many reserve assets you have.

To supplement taxable income you can always draw down your reserve funds (funds you have already paid tax on).

I'm not an economist, so any guess is just that...a guess. Let's say a flat tax of 15-18%. And every swinging d_ck in this nation pays it -- EVERY one.

Honestly though, it's not about the rate for me so much as it is that not everyone pays it. We have a system that pays incentives for doing nothing. EPIC FAILURE. Make it consistent across the board, do away with all loopholes as far as I'm concerned, and I'm good.

Would you do away with the home interest deduction, charitable deduction, children deduction, etc.?

Yes.

Yea I had to pay !And I'm discus-ted with what were all seeing At least I'm square with the world.

What about business deductions?

My wife and I both claim 0-married and still pay every year. I allways thought of it as my duty as a productive part of society. But I'm thinking its more of a punishment for working hard and trying to make a good liveing. The loan on our house is getting low enough that we dont pay much interest, I think 2011 will be the last year we have enough deductions to itemize. I'm sure we'll have to pay even more going EZ form.