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We have a CPA, and have been to over 15 CPAs trying to minimize insane over-taxation. We still pay over 50% when adding up local, state and federal taxes. That's NOT counting all the hidden taxes. Look at how much of your gasoline price, electric bill, and cable bill are taxes: I can't imagine how much the total tax level is, since so much is hidden. The media will never allow that info to come out.
If you're a wage slave and want to live in a decent house (not a McMansion, but similar to the one you grew up in as lower-Middle Class), you WILL pay taxes through the nose. There are pretty much ZERO deductions if your wage income is over $150,000, even if you own rental property and have major losses (not counting rehab expenses, which are largely depreciated over 30 years) AND one spouse works full-time doing the rehab and rental management. So if you inherit a family home and try to fix it up to rent it, don't bother if one spouse earns a decent salary. You don't get one penny off your taxes, other than the rental income for the year--which will be zero for all the years of rehab and probably the first year the property is ready for rent, and very low until you get 100% percent occupancy.
Here's the sad truth: if you're a successful professional, you MUST be sucked dry by a voracious and fiscally insane government. The rich WON'T pay--they own the politicians who make the laws. The poor CAN'T pay--they must be supported by the government give-aways that keep them voting for spendthrift politicians. All that's left is the workaholic, educated working class. We support ourselves, the tax give-aways to both rich and poor, and the massive monstrosity of government that now comprises 40% of the entire economy.
The cancer now weighs 40% of the host. No wonder our economy is non-functional, and government oversees/licenses/inspects/issues permits/taxes every move a citizen tries to make.
I really don't want to know enough about your finances but, I would make some changes if I were you.
Wouldn't my posts give you a clue as to the answer to that?
Read The Millionaire Next Door and stop making excuses. Expand your horizons instead of always trotting out the victim card. Self-actualization is power!
When she pushed a sales tax, I don't think that Nancy Pelosi was talking about the Fair Tax. Too many people don't really seem to understand the difference between the Fair Tax and a sales tax. I think I saw somewhere that Nancy was pushing for a 5% sales tax. However, that is just a new tax stacked on top of all the others. Actually when people talk about a regressive tax they have to look at the fact that the sales tax is about as regressive as you can go.
When 47% of our people aren't paying income tax, which makes up about 60% of our taxes they must be pretty poor and yet, they are going to have to pay the sales tax on everything they buy.
I am saying this to you because you sound like you think the 5% she asked for would hit drug dealers and other criminals. How about really hitting them with the 23% Fair Tax?
I'm all for that, I wasn't quoting anything from Pelosi. My question without doing research is what a 23% Fair Tax would cover? Lets say a 23% national sales tax would cover state and federal taxes (income that is) not just federal income taxes.
Instead of a flat tax or national sales tax, I'd implement an debt tax. Then exempt all income, saving, and investments from taxes. The way the system is currently structured, we punish people for making 'too much' money; meanwhile there is little upfront consequences to people taking on too much debt. If you look at all of the economic problems we've had it's because of debt:
- Federal and state deficit spending? Government debt
- Housing bubble? People taking loans that blew up (debt)
- Investment bubble? Leveraged investments that tanked (debt)
- Excess consumer credit card debt? straight up debt.
- Trade deficits? Debt to other countries that also exports jobs.
It's time to start rewarding people to earn and save money rather than borrow it until it becomes a crisis.
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