Comments on: How US tax system works http://probargainhunter.com/2008/02/21/how-us-tax-system-works/ News, Tips and Resources for Online Bargain Hunters Wed, 03 Dec 2008 22:46:29 +0000 http://wordpress.org/?v=2.6.2 By: Dreams http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-37220 Dreams Thu, 13 Nov 2008 01:50:35 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-37220 You forget to mention that the rich man has tax lawyers working for him to make sure that he never pays a dime in taxes to begin with. You forget to mention that the rich man has tax lawyers working for him to make sure that he never pays a dime in taxes to begin with.

]]> By: Nick Adkins http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35929 Nick Adkins Sun, 02 Nov 2008 05:45:40 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35929 this story is silly. this isn't the way the American tax system works at all. this is just capitalist propaganda. in reality, the bottom four still pay sales tax on the beer, and more than likely grew up with less opportunity than 7-10. so i say make numbers 7-10 pay more towards the government that gave them the opportunity to get to where they are today. this story is silly. this isn’t the way the American tax system works at all. this is just capitalist propaganda. in reality, the bottom four still pay sales tax on the beer, and more than likely grew up with less opportunity than 7-10. so i say make numbers 7-10 pay more towards the government that gave them the opportunity to get to where they are today.

]]> By: julian http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35858 julian Sat, 01 Nov 2008 14:55:24 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35858 yeah, those evil single people. yeah, those evil single people.

]]> By: Jayle http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35853 Jayle Sat, 01 Nov 2008 14:25:06 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35853 Because if you're not shacking up with a woman and making babies you're a godless heathen and you probably aren't paying your tithe at church. Because if you’re not shacking up with a woman and making babies you’re a godless heathen and you probably aren’t paying your tithe at church.

]]> By: Wattssr60 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35741 Wattssr60 Fri, 31 Oct 2008 14:12:52 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35741 I like the example but you forgot one tax payer that always pays more than there fare share...SINGLE Now no matter how much you make you will pay a LOT more in taxes. Why is this? I like the example but you forgot one tax payer that always pays more than there fare share…SINGLE Now no matter how much you make you will pay a LOT more in taxes. Why is this?

]]> By: Lance http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35739 Lance Fri, 31 Oct 2008 13:49:34 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35739 "No matter how rich you are, you can still only drink 17 to 18 liters of beer a day." Anonymous German nobleman. “No matter how rich you are, you can still only drink 17 to 18 liters of beer a day.”

Anonymous German nobleman.

]]> By: david http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35723 david Fri, 31 Oct 2008 10:12:28 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35723 They spend much of their time overseas anyway, the wealthy become wealthy because the country showered them with the opportunity at the expense of the poor and middle class. They stay here to maintain control and prestige of the most powerful nation on earth and probably even tell themselves that they had a hand in creating it. This country is a safe haven for them or they would go somewhere else and good riddence. They spend much of their time overseas anyway, the wealthy become wealthy because the country showered them with the opportunity at the expense of the poor and middle class. They stay here to maintain control and prestige of the most powerful nation on earth and probably even tell themselves that they had a hand in creating it. This country is a safe haven for them or they would go somewhere else and good riddence.

]]> By: David http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35695 David Fri, 31 Oct 2008 01:44:16 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35695 maybe the poorest shouldn't be out drinking? i have no problem with the rich paying more but we all need to live within our means. maybe the poorest shouldn’t be out drinking? i have no problem with the rich paying more but we all need to live within our means.

]]> By: Brad taylor http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35288 Brad taylor Mon, 27 Oct 2008 04:39:13 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-35288 Nice story, but if they really "paid their bill the way we pay our taxes", it would go like this: The bill for all ten comes to $100. The first four men (the poorest) would pay 12.5% for SSI 8% for local sales and import taxes plus the landlord's property taxes from their rent. It all adds up to about 25% of income even for the poorest. http://www.taxfoundation.org/news/show/335.html http://www.truthandpolitics.org/tax-burden-pechman.php The next to the richest would pay about the same (25%), since only a small fraction of his income is spent retail, because his SSI tax caps at $85K and because he has access to tax planning. The richest pays even less since he shelters his income out of the country and all of it comes from rent and capital income such as dividends which do not pay into SSI. While the rich pay most of the income tax, capital gains and dividends, the poor pay the bulk of SSI, sales tax, property tax, gas tax and other miscellaneously taxes such as phone and utility taxes. The poor men order beans and bread, while the wealthier order steak. The richest one orders 5 courses and eats only a bit from each plate before sending it back nearly untouched. When the sit down to pay, the wealthiest proposes that since they should pay equally since they each pay an equal percentage of taxes. The poor men regret having to pay for the wealthy man's expensive dinner and complain, but he says he has a brilliant solution. He pulls out a credit card. He says "this is a magic credit card. We can charge anything we want to it and it will never be cancelled." When the poor complain that that is illogical, he says no it's real and here is the secret why. "it's not my card" he says, "it belongs to your kids" They agree that this is indeed a good plan and order a round of drinks 'on the kids Nice story, but if they really “paid their bill the way we pay our taxes”, it would go like this:

The bill for all ten comes to $100.
The first four men (the poorest) would pay 12.5% for SSI 8% for local sales and import taxes plus the landlord’s property taxes from their rent. It all adds up to about 25% of income even for the poorest.

http://www.taxfoundation.org/news/show/335.html
http://www.truthandpolitics.or.....echman.php

The next to the richest would pay about the same (25%), since only a small fraction of his income is spent retail, because his SSI tax caps at $85K and because he has access to tax planning.
The richest pays even less since he shelters his income out of the country and all of it comes from rent and capital income such as dividends which do not pay into SSI.

While the rich pay most of the income tax, capital gains and dividends, the poor pay the bulk of SSI, sales tax, property tax, gas tax and other miscellaneously taxes such as phone and utility taxes.

The poor men order beans and bread, while the wealthier order steak. The richest one orders 5 courses and eats only a bit from each plate before sending it back nearly untouched.

When the sit down to pay, the wealthiest proposes that since they should pay equally since they each pay an equal percentage of taxes. The poor men regret having to pay for the wealthy man’s expensive dinner and complain, but he says he has a brilliant solution.

He pulls out a credit card. He says “this is a magic credit card. We can charge anything we want to it and it will never be cancelled.” When the poor complain that that is illogical, he says no it’s real and here is the secret why. “it’s not my card” he says, “it belongs to your kids”

They agree that this is indeed a good plan and order a round of drinks ‘on the kids

]]> By: Bob http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-29986 Bob Mon, 21 Apr 2008 16:36:38 +0000 http://probargainhunter.com/2008/02/21/how-us-tax-system-works/#comment-29986 As good an example of basic economics as you'll find on the Internet. And, about as many "get it" as you'd expect in any high-school Economics class. We've become a generation (or two) of whiners who want the proceeds of individual initiative without making any sacrifice to obtain them. Keep trying to pick the story apart and baying about how WRONG and UNFAIR it all is. Then move to Denmark, where cry-babies get a "better deal". The guy with the biggest piece of the pie won't miss you miscreants. He's too busy taking risks so you can have entry-level jobs. As good an example of basic economics as you’ll find on the Internet. And, about as many “get it” as you’d expect in any high-school Economics class. We’ve become a generation (or two) of whiners who want the proceeds of individual initiative without making any sacrifice to obtain them. Keep trying to pick the story apart and baying about how WRONG and UNFAIR it all is. Then move to Denmark, where cry-babies get a “better deal”. The guy with the biggest piece of the pie won’t miss you miscreants. He’s too busy taking risks so you can have entry-level jobs.

]]>