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Do you have any idea how much you would have to pay in federal and state sales tax just to buy something? Think about a 50% or more mark up on everything you buy.
Well, since you'd have that same percentage back in your paycheck, it would be a wash, no?
I can lose 40% of my income when I get paid, or I can pay 40% more for the things I buy. The former requires an entire bureaucracy at the federal, state and local levels, tax accountants, preparers, laywers, probably 5k of the 80k pages in the federal register, etc...while the latter requires far less and almost nothing from the individual.
There's nothing about a consumption tax you can think of that is not already a problem with the current taxation system.
Plus it would expose most of that 300 billion the IRS says is unreported in income. They are not just talk the rich there; who are much more likely to be audited.
Well, since you'd have that same percentage back in your paycheck, it would be a wash, no?
I can lose 40% of my income when I get paid, or I can pay 40% more for the things I buy. The former requires an entire bureaucracy at the federal, state and local levels, tax accountants, preparers, laywers, probably 5k of the 80k pages in the federal register, etc...while the latter requires far less and almost nothing from the individual.
There's nothing about a consumption tax you can think of that is not already a problem with the current taxation system.
If you are paying 40% of your income to taxes, then you are doing your taxes wrong.
If you are paying 40% of your income to taxes, then you are doing your taxes wrong.
Federal + state + RITA (OH city taxes) + SS + Mediwelfare = ~42% (because oh yes, the 6.2% and 1.45% my employer pays to FICA and Mediwelfare are subtracted from my compensation, I just don't see it on a pay stub).
Federal + state + RITA (OH city taxes) + SS + Mediwelfare = ~42% (because oh yes, the 6.2% and 1.45% my employer pays to FICA and Mediwelfare are subtracted from my compensation, I just don't see it on a pay stub).
Mark my words, there will come a day when you're extremely grateful for having that 1.45% paid into you're so called "Mediwelfare" account. I know of no person over the age of 65 who doesn't appreciate that feature of government. Including right wing conservatives.
Remember "Tell the government to keep their damn hands off my medicare"? (tea party spokesperson)
You also can't assume that employers are subtracting that 7.65% from your compensation to balance the books. Employers get a tax write off for the contributions they make on your behalf to these programs. Shorting your paycheck would be double dipping.
Federal + state + RITA (OH city taxes) + SS + Mediwelfare = ~42% (because oh yes, the 6.2% and 1.45% my employer pays to FICA and Mediwelfare are subtracted from my compensation, I just don't see it on a pay stub).
Do you think you would get out of state and city taxes just because the federal government moved to a sales tax system? And you should really check your taxes, you are letting them take too much.
Federal + state + RITA (OH city taxes) + SS + Mediwelfare = ~42% (because oh yes, the 6.2% and 1.45% my employer pays to FICA and Mediwelfare are subtracted from my compensation, I just don't see it on a pay stub).
Its always amazing how few people understand that the additional 6.2% is theirs. Nice to see someone else make this comment!
318,000 federal government employees owe $3.3 billion in unpaid taxes and lets not forget Al Sharpton owes $5 million and the IRS said it needs more money or they will be late paying your refund check.
I smell a setup.
This is old news.
About 3% of all federal workers/ retired owed back taxes in 2014 for 2013. This is significantly lower than the proportion of delinquent taxpayers in the general population- about 9 %.
Delinquencies include those who work for the House and Senate but records do no indicate if they are elected members.
IRS treats all employed deadbeats the same. Past due notices are issued and eventually a court order to garnish wages will be secured.
Self employed typically are required to enter into court ordered payment plans as is the case with Sharpton.
No "set-up" -- this list come out every year and the numbers are similar.
Federal Government Employees are ELITE and not required to pay taxes if they don't want to.
The IRS really doesn't care whether they pay or not ..... same is true for Al Sharpton (owes $5 Million) & Warren Buffett (owes $9+ Million).
Do you make this stuff up or did you read it on the Internet and assume it's correct?
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