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Eat out less, use less prepared foods, get generic canned fruits/veggies, set aside 20$ a week. In a year's time that's over 1000$. Put it in an IRA that allows you to deduct that 1000$ from your income, and you actually come out well, since you have saved 1000$, you paid less in taxes, and your on your way to a healthy retirement.
I am a bit luckier, I have a 401K and my employer matches a percentage.
Aaaaaaahhhh I see the problem here..... Do you believe that Low earners can afford to go eat in Restaurants two three times a week.... No...probably not at all...so eating out less doesn't mean a thing as they don't eat out anyway. Many don't have $20.00 a week spare, in fact they are in a deficit each week. Thinking that low earners have a lavish lifestyle or have anything left over at the end of the week is silly and not the case.
Maybe if some on here realised that Low earnings DO NOT pay the necessary bills let alone give any amounts for 'luxury's" it might lead to a better understanding of what millions now go through in America.
This SOUNDS like Smith was advocating a REGRESSIVE tax, not one that is proportional.
Most people don't linearly scale up their homes with their income; those earning $500K generally do not own 5x the property value of those earning $100K. Indeed, many $100K homeowners stay where they are even when their income rises to $500K. (Remember The Millionaire Next Door
You have to understand that Smith favored some form of a consumption tax, NOT an income or wealth tax.
Rent won't change. It's not a tangible good such as a pair of tennis shoes, nor is it a service.
If anything, it will actually drop, as income taxes paid by those who charge rent will decrease, however small, will also be added to the employer matching incomes taxes paid on behalf of all the employees working in all those rental offices, all the maint workers, etc etc etc.
FairTax supporters say rent is a service, and want to tax it.
Most people don't linearly scale up their homes with their income; those earning $500K generally do not own 5x the property value of those earning $100K. Indeed, many $100K homeowners stay where they are even when their income rises to $500K.
Interesting.
Can you please provide a source for these statistics.
Currently, my income is so low that after personal exemption, I pay less than $100/year in income taxes. So I give up a night out every month to ensure I have that $100 in my checking account to pay taxes with come April.
Quote:
Originally Posted by shadowne
Forgive me, I am not understanding your complaint. Do you think you are paying too much?
Wasn't actually a complaint. Was an explanation to someone else about my current circumstances. Of course, that $100 would come in handy for other things that I might want or need either throughout the year or all at once at the end of the year. But, no, I don't think I'm paying too much in taxes. It just came as a surprise on my 2010 taxes to find I actually owed because for all of my working life I had enough withheld from wages that I usually got a good sized refund. Now, I'm not working, collecting SS and a very small pension and suddenly I owe taxes.
Eat out less, use less prepared foods, get generic canned fruits/veggies, set aside 20$ a week. In a year's time that's over 1000$. Put it in an IRA that allows you to deduct that 1000$ from your income, and you actually come out well, since you have saved 1000$, you paid less in taxes, and your on your way to a healthy retirement.
I am a bit luckier, I have a 401K and my employer matches a percentage.
What she's saying is that an IRA is pointless because her income now is SS and pension only - not wages or salary - and therefore putting $1000 (or any amount) into an IRA would not save her $1000 (or any amount) in taxes.
If you don't have earned income, IRA contributions do not reduce your taxes.
The difference is, an exemption negates, (or in the even oF EITC, pays in excess to the low income earner), all taxes, where as a tax break, reduces the total tax load paid.
Since all parties share equally in the protection of these United States, and share equally in the cost of government, why should some people not only contribute nothing, but actually receive monies over and above what they have paid, while the top 50% of wage earners/business/etc pay over 97% of the nation's total tax load, (Which includes EITC which has given money back in EXCESS to the taxes paid)?
I think you've just made a great case for a wealth tax. Wealth also shares in the protection of these United States - if you doubt this, put your wealth in a Third World country and see how safe it is.
I see the "Let them eat cake" ideal didn't die with Marie Antoinette here in the USA. Do you NOT understand that many many hard working American's do NOT have any surplus to invest with.... none, zero...in fact they live from paycheck to paycheck and every month decide on which bills they can pay and what they cannot pay.... get into the real world here. Millions of Americans work 2/3 or more jobs just to break even. Maybe the minimum wage should be $80.00 an hour then everyone can have a decent lifestyle that reflects their extremely hard work and be able to invest for their future. Not everyone can be Donald Trump who inhereted a fortune, went bankrupt a few times ( leaving his huge debt behind him) and played the system to stay wealthy.
So a janitor should make $80/hr just because they work hard at a job that requires almost no training or skills? Or someone cooking french fries? $80/hr = $160,000 per year. Should everyone make that? Absolutely not.
You're right - not everyone can be Donald Trump. That is how it should be. As for Trump's wealth, I don't believe he inherited it. His parents were wealthy and Trump surely benefited from it. But I haven't found anything thats says he inherited his wealth. Trump's father died in 1999 - long after Donald's rise in the business world.
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hmm...
Do you think you are paying too much?
