Toofdoc said:
This thread stresses me out, you guys post blatant Republican propaganda and when people like Midnite Football try to make normal points he is shot down...I'm not worried as I don't believe the American people want to step backwards by electing Romney..
As for taxes, Obama is right - your highest rate of tax is something ridiculous like 35%!! Tax should be charged at a higher rate for higher earners, that is only fair and it WOULD NOT stop investment, the suggestion otherwise is plainly ridiculous
p.s. Bill O'Reilly is a bigot
35% Income + 8% State + 10% sales + 4.5% Social Security(temporarily reduced from 6.5%) + 6.5% company matching Social Security= 64% then add property taxes and business license fees and some areas have a 1% occupational tax. Considering 50% of the people pay ZERO income tax, how can you say ridiculous?
[/quote]
Highest rate of income tax, the other taxes you mention are independent of income tax - you can't just add them all up and come to a figure it deosnt work like that - they are all differetn sources of income
[/quote] Why can't you add them up? 35% federal 8% state income tax The Fed takes 11% of my income for Social Security and the city I live in takes 1% of income as an occupational tax. Plus now Obamacare is a tax! I'm working for less than 36% of my income so why would I take a risk to try and make more by investing? If there is no reward for spending years in college or working for nothing building a business then everyone will just become lazy mediocre non productive members of society.
[/quote]
35% Federal, on ALL of your income? or PART of it?
[/quote] It is a graduated system something like 10% on the first 9k 15% up to 35k 25% up to 85k 28% up to 180k 33%up to 375k and 35% after that. Then we have state taxes that can be up to 16% plus they take out 11% for Social Security that they have already said would be broke before I get any of it. After about 100k you start losing benefits like deductions for student loan interest or IRA contributions. I also pay 3-4k in property taxes and 10% sales tax on anything I purchase.
I used to buy houses and renovate them and give jobs to painters, carpet installers, and roofers but it is not worth the risk or the hassle when any profit is taxed to hell and back. Who wins?
[/quote]
Yes so originally you MISLED people by saying you only recieve 34% of your earnings which obviously cannot be true based on the tax system you outline above
Maybe its not worth buying houses anymore and renovating them because the housing market no longer exists for such purposes
and TBH if I was making over 375k p/a i wouldn't woory about paying tax on the earnings above that much at 35%