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#1
10-14-2005, 06:21 PM
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Re: Aren\'t taxes just too high?
We've been over this ground quite a bit before, so just this:
Highest marginal tax rate in 2005 is 35%, not 38%. And you have to make $326,450 to pay that. And you pay it on only that portion of your income that exceeds $326,450. So, for example, if you make $350,000, 35% would be $122,500. But you don't pay $122,500. If you're married and filing jointly, you pay $102,240, which works out to 29.2%. That still might be too high (or too low) depending on your politics, but this just points out that when you're in the 35% bracket, that doesn't mean you pay 35% federal income tax on all your income. 
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#2
12-23-2005, 03:14 AM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
We've been over this ground quite a bit before, so just this: Highest marginal tax rate in 2005 is 35%, not 38%. And you have to make $326,450 to pay that. And you pay it on only that portion of your income that exceeds $326,450. So, for example, if you make $350,000, 35% would be $122,500. But you don't pay $122,500. If you're married and filing jointly, you pay $102,240, which works out to 29.2%. That still might be too high (or too low) depending on your politics, but this just points out that when you're in the 35% bracket, that doesn't mean you pay 35% federal income tax on all your income. [/ QUOTE ] It's amazing how few people actually understand this. My opinion: any percentage is too high when it's spent on the wrong things. And it's often too low when it's spent on the right ones.
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#4
10-14-2005, 06:32 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] That is probably the better question.
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#5
10-14-2005, 06:50 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] All of them, except for: 1) Police 2) Small reserve military 3) Judiciary Then we can talk about privatizing the preceding three as well.
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#6
10-14-2005, 06:52 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
[ QUOTE ] What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] All of them, except for: 1) Police 2) Small reserve military 3) Judiciary Then we can talk about privatizing the preceding three as well. [/ QUOTE ] Do you think that this is realistic for a country this size?
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#7
10-14-2005, 06:56 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] All of them, except for: 1) Police 2) Small reserve military 3) Judiciary Then we can talk about privatizing the preceding three as well. [/ QUOTE ] Do you think that this is realistic for a country this size? [/ QUOTE ] It's not a matter of "size" but rather of the dominant political philosophy.
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#8
10-14-2005, 07:08 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] All of them, except for: 1) Police 2) Small reserve military 3) Judiciary Then we can talk about privatizing the preceding three as well. [/ QUOTE ] Do you think that this is realistic for a country this size? [/ QUOTE ] It's not a matter of "size" but rather of the dominant political philosophy. [/ QUOTE ] So in your mind all of these functions can be carried out by private institutions or individual citizens?
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#9
10-14-2005, 07:35 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] Everyone else's. q/q
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#10
10-14-2005, 07:40 PM
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Re: Aren\'t taxes just too high?
[ QUOTE ]
[ QUOTE ] What government functions/services are people willing to have cut back (or eliminated) in order for taxes to be lowered? [/ QUOTE ] Everyone else's. q/q [/ QUOTE ] ding ding ding Here's the correct answer folks
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