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I agree with most of what you say. The tax code should change. Not only to make it fair, but also to make it so people with above average intelligence like myself can then do their own taxes. It's ridiculous. Every year the government sends you a bill that you have to fill out yourself. And there are a bunch of rules and it makes your head hurt trying. Then if you get it wrong it can cost you dearly. Yes, change this.
There are only two possible systems: 1) the IRS decides how much tax you owe and sends you a bill each year, 2) YOU decide how much tax you owe and send the IRS your explanatory worksheets each year. Most countries use the first system. We use the second. Want to change?
If you get something wrong on your tax return, you will receive a letter from the IRS explaining the error and pointing out what additional amount of tax is owed or to be refunded. There is no penalty for making a mistake. What can cost you dearly is a deliberate attempt to defraud the goverment by falsifying information on your tax return.
I think it really is misconception people are living such great quality of life just because they earn 2x median income or even people earning $1 million. For example, with this income you can't afford a private jet. With 2x median income even 1st class might be too much. You might be able to get a more expensive car or house, but that's it.
Most like these people are still working full time, many over 40 hours a week. If their income stops, they will go bankrupt.
What do you think there really is extraordinary about their lifesytle?
Most people will never be able to afford a private jet. But so what? The relationship between income and happines starts to flatten out around 40K or 50K per year. Maybe that number is higher in more expensive metro areas...but the bottom line remains the same....Living an extraordinary lifestyle in material terms doesn't add anything to your happiness. Once you have your basic needs are met, plus a little more, your happines has to come from something other than money or the things money can buy.
And working for a living is not always a bad thing. Having money to walk away from a job you hate is wonderful....but a lot of people in this world (generally men) retire with a lot of money but some haven't thought about what to do with their lives once they retire. Having no purpose in life can lead to premature death.
Also a lot of it has to do with geography. For example, I live in NJ right outside of Philly. My husband is our sole income and he makes about 48,000 without overtime. We live in a small lower priced (820 a month) apartment and drive a modest car. We have enough money to live off but we dont live particularly well. But 48,ooo in NC where I grew up is enough for my sister to have 2 cars and a 4 bedroom house. Plus trips to Disney every year. We dont manage our money poorly but money spends different everywhere. In Park City Utah the median income is something like 75000 and a house cost in the hundreds of thousands, like 400,000 or more.
.....................I do disagree with everyone paying. I think only those able to work should pay. There are severely disabled that cannot work. Their small income comes from the government. They have little enough and shouldn't have to pay.
We'll have to agree to disagree. If you can vote you should not be able to vote yourself money without some of it coming from your own pocket, IMO, without exception. The failure of everyone to have skin (a.k.a money) in the game is exactly how the welfare state has grown to the monster it has become and why politicians pander to those who have something to gain monetarily by electing certain politicians.
Think how much corruption alone would instantly disappear from Capitol Hill if there were no special interests who could profit financially by electing certain representatives.
As a group, the poorest 20% of the population pays 16.3% of their income in federal, state, and local taxes. Their NET federal income tax payments appear to be low because we administer two major income support programs for the working poor through the tax code, and they pay a much higher percentage when it comes to payroll and excise taxes.
Last edited by saganista; 01-21-2012 at 11:26 AM..
I say anybody making over 10 mil pays half their income to the gov. Screw em where else in the world they gonna go to have the security and make as much money as they do here. Look at kobe's wife she gets 10 mil and 3 huge houses for what just being married to the guy and because he bangs around on her she gets all that maybe she should have picked a better husband I say soak em there not going anywhere.
I say anybody making over 10 mil pays half their income to the gov. Screw em where else in the world they gonna go to have the security and make as much money as they do here. Look at kobe's wife she gets 10 mil and 3 huge houses for what just being married to the guy and because he bangs around on her she gets all that maybe she should have picked a better husband I say soak em there not going anywhere.
If that was the case people would stop making money after 10 million. Unless they made over 20 million. They would give anything over 10 million away to friends and family, or just stop working for the year.
I prefer a free markey approach. The government should require disclaimers on all companies and individuals who make over a certain amount of money. That way people would understand where there money is going
Such as during half time at sporting events, the salaries of the players would be displayed. It would explain to the people that their tickets are helping the players get rich, it would explain all their income sources and it would explain to the people what they could do to reduce the players pay checks.
The same would go for any product bought, there would be a disclaimer on all products and services and it would explain how much the owner and ceo makes compared to their employees.
People would be educated about the subject and could chose to spend their money on products and services were the money is better distributed.
Some missing perspective: 25% of households (not individuals, households) in this country make less than $25,000 a year. 50% of households in this country make less than $50,000 a year. 80% of households in this country make less than $100,000 a year. An income of $250,000 to $1,000,000 a year is not by any stretch of the imagination middle class.
This is the thing. 98% of American households earn less than 250,000 pa. So people can say what they like about the amount it costs to live what they subjectively regard as a 'rich' lifestyle, but if you're in the top 2% of earners in one of the world's richest countries, it's really quite difficult to justify claiming just to be 'upper-middle class', even if that does make you feel better about yourself...
Some missing perspective: 25% of households (not individuals, households) in this country make less than $25,000 a year. 50% of households in this country make less than $50,000 a year. 80% of households in this country make less than $100,000 a year. An income of $250,000 to $1,000,000 a year is not by any stretch of the imagination middle class.
What are you talkin about? My co-workers make over 100k per year by themselves. Most of my friends have family incomes ove $250k/yr and they like me live a "Normal" and even a somewhat conservative lifestyle.
Upper class now are those in the hundreds of millions to billionaires. Plenty of them, as you and I get poorer the rich are getting mega rich.
Yup we are a sinking ship, and the Federal Reserve is printing money to pay our bills so any dollars you have saved are being devalued at an alarming rate. They say inflation is at 3% but not sure how they are coming up with those numbers. Just look at your grocery bill.
So, is 10 Million rich? Well, What good is having 10 million when it cost that much for a cup of coffee?
The Zimbabwe dollar was at one time worth more then the US dollar.
I have a 100 trillion dollar bill I bought off ebay for $3 and that include shipping.
Soon nobody is going to accept us currency, Iran was the first, teamed up with Chavez and trying to get Opec to follow suit.
Every time I calculate how much I need to retire each year the bar goes higher. At the rate we are going with the money printing we will soon go to hyperinflation so as far as dollars go you will need billions.
Long story short. They key is to not hold dollars but instead a true form of money that was used for thousands of years.
I would consider myself rich if I made more that $200,000 a year.
I would consider myself "very" rich if I made more than $500,000 a year.
I would consider myself "filthy" rich if I made more than $1,000,000 a year, and would probably feel a bit of shame at making that much unless I discovered the cure for cancer or started a successful business.
Net worth is a different matter. I have about $900,000 in net worth and don't feel rich at all because of it. (I only make about $65,000/year).
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