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A place to talk about general business discussions.
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  #1  
Old 04-08-2010, 08:38 AM
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Default Taxes

Before you sign and mail those checks to pay your taxes, you may want to read this article.

I am amazed with what goes on!

Half of U.S. pays no federal income tax - About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

Is this unbelievable or what?
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  #2  
Old 04-08-2010, 12:14 PM
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Originally Posted by Steve View Post
Before you sign and mail those checks to pay your taxes, you may want to read this article.

I am amazed with what goes on!

Half of U.S. pays no federal income tax - About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

Is this unbelievable or what?
It’s only going to get worse!

Ideal world - Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for life.

Real world - Give a man a fish and you feed him for a day. Teach a man to fish and he will vote for the man who gave him the fish.

A politicians #1 job is to spend money to get re-elected! His tools are PORK, ENTITELMENTS, TAX DEDUCTIONS, TAX CREDITS and CLASS ENVY.

As it stands now in the 2009 tax season:
A family of 4 earning $50K pays no federal income tax. With the new health care law, a family of 4 earning $88K gets healthcare paid by taxes paid by those earning over $88K.

The Tax Code is the greatest weapon Government has for Social Engineering!

Steve
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Old 04-08-2010, 01:19 PM
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The other end of that is interesting too. 2006 data: The top 1% (earning approx. 388K/yr. and up) earned 22% of all US income but paid 40% of all income tax collected. Add in the next percentile (starting around 200K/yr. earnings) and you have about 62% of all income tax collected paid by the top 2% of earners.

That's just income tax of course. Us poor folks do pay sales tax, property tax, gas tax, etc. Get this: in my state there is "gross receipts" tax on businesses. The gross receipts tax is 7.5%. That's right. I have to give the state/city 7.5% of my business' gross receipts, before expenses or anything, whether I made a profit or lost money, right off the top.

"Give a man a fish and you feed him for a day. Teach a man to fish and he will vote for the man who gave him the fish." That's the greatest! Thanks SWStout.
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Old 04-08-2010, 01:29 PM
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Originally Posted by Jack Rabbit View Post
The other end of that is interesting too. 2006 data: The top 1% (earning approx. 388K/yr. and up) earned 22% of all US income but paid 40% of all income tax collected. Add in the next percentile (starting around 200K/yr. earnings) and you have about 62% of all income tax collected paid by the top 2% of earners.

That's just income tax of course. Us poor folks do pay sales tax, property tax, gas tax, etc. Get this: in my state there is "gross receipts" tax on businesses. The gross receipts tax is 7.5%. That's right. I have to give the state/city 7.5% of my business' gross receipts, before expenses or anything, whether I made a profit or lost money, right off the top.

"Give a man a fish and you feed him for a day. Teach a man to fish and he will vote for the man who gave him the fish." That's the greatest! Thanks SWStout.
Our government is now pushing a VAT (Value Added Tax) on top of everything else. Go to WalMart and buy an $800.00 computer in an area that has a 10% sales tax and add the 10% VAT and you will pay $960.00. But unfortunately, you won't be able to get that $800.00 computer because the VAT will be added to every step of the price. added to the manufacturing cost, the shipping cost, the mark-up and every other step from cost of the raw material to the store shelf.

Greece has a 25% VAT and look at the shape of their population.

Steve
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Old 04-08-2010, 04:01 PM
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Old 04-09-2010, 05:08 AM
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Quote:
Get this: in my state there is "gross receipts" tax on businesses.
I have never heard of that! WOW how long have they had that? It is a amazing! Do you think that has a negative effect on business in your state?
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Old 04-10-2010, 06:05 PM
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Hi Steve,

They have that instead of sales tax. I think it does have a negative effect. It certainly makes it hard to start a small business here. And they wonder why NM is one of the poorest states.

A few other states have gross receipts tax too.
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Old 04-11-2010, 08:26 AM
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Do you know any of the history behind that? Like why they decided to go with that over sales tax? And when that was first instituted?
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Old 04-12-2010, 06:58 PM
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Don't know.
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Old 04-26-2010, 04:15 PM
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remember cash is hard to find or to tax
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