Posts Tagged ‘taxes’
A young college student comes home for a visit and tells her father what is all wrong about America. She feels that the country should be based on the Socialist scale so that everyone will be equal. Her father ignores her excitement and her new found “expert” knowledge.
Instead he says, “How did you do on your finals?” She replies, “I did just great – I got an “A” in all subjects.”
Her father proudly says, “That is just great – you must have worked hard, studied hard, and prepared for your test.”
“Oh, I did she said. I stayed up until all hours and crammed until I knew everything on the test. I didn’t go anywhere, skipped meals and kept my head in my books!”
“I am so proud of you daughter; but how did your roommate do?”
“Ah, she didn’t do so well.” The father then says, “Why don’t you talk to the dean and tell him that you feel bad for your roommate; and you would like to have your two grades averaged together so that you can share your grade to help pull up hers to passing?”
“What…? She replied with an exaggerated tone.
“I should give her part of my hard earned grades when she sat on her rump, watched TV, went to parties, didn’t crack open and book and I AM TO SHARE WITH HER?”
“NO WAY. I worked for my grades and she did nothing.”
Her father patted her on the back and replied, “Welcome to the world of capitalism, sweetheart!”
The Trust Fund Myth
People tend to think of their Social Security benefits as an actual account, in their name, which contains cash or investments. In reality, the Social Security trust fund contains nothing more than IOUs that have no value beyond a promise to impose higher taxes on future workers. The annual surpluses that many thought were being used to build up a reserve for Baby Boomers have been spent on other government programs or to reduce government debt.
Social Security is not like a savings account in which payroll taxes are saved for retirement. Social Security is a pay-as-you-go system, meaning that the taxes paid by today’s workers are immediately sent out to pay the benefits of today’s retirees.
The problem with this system is that it only functions when there are a lot of workers paying payroll taxes and just a few retired people getting benefits. This is no longer the case. Our senior population is growing much faster than our working population and this means there are fewer and fewer workers supporting more and more retirees.
No Cash Is Being Saved . . .
Read more from the US Chamber of Commerce
at what percentage is it NOT slavery?
Mary Beth Jachec lives in a three-bedroom house in Wauconda, a village of 14,000 in Illinois, 45 miles northwest of Chicago. Her semi-detached brick home is unassuming. Her tax bills are not.
The 53-year-old insurance manager gets a real estate tax bill for 20 different local government authorities and a total payout of about $7,000 in 2014. They include the Village of Wauconda, the Wauconda Park District, the Township of Wauconda, the Forest Preserve, the Wauconda Area Public Library District, and the Wauconda Fire Protection District.
Then there is Wauconda Road and Bridge, not to be confused with Road and Bridge, Wauconda Gravel, or with Wauconda Special Road Improvement and Gravel unit – all three of which have imposed separate taxes on her and the village’s other homeowners.
Read more by Tim Reid and Selam Gebrekidan at Reuters.com
Move to Wisconsin instead!
Perhaps it is a sign of the popularity of streaming that a city wants to tax the subscription fees of Netflix, Hulu, Spotify, and other services. Chicago is desperately trying to raise revenue for the city by tapping into a steady “stream” of income. Starting Sept 1, anyone who wants to stream video or music from online will have to pay more.
Read more by Barb Gonzalez at SoundAndVision.com
Move to Wisconsin instead!
Before Governor Scott Walker took office in January of 2011, Wisconsin was seeing high unemployment, stagnating incomes and a high tax burden. Fast-forward four years: The state enjoys strong growth in employment and improvements in living standards through higher after-tax incomes. Thanks to a fiscal policy of reducing tax and regulatory burdens while balancing the budget, Wisconsin now outperforms many of its neighbors.
Read more by Noah Williams at Forbes.com
In this guest post, Cato Senior Fellow Dan Mitchell offers advice for Republicans looking to hold their ground against tax increases.
(This piece was originally posted on the International Liberty blog).
Those who had the misfortune of seeing President Obama go after “tax breaks for corporate jets” as part of his press conference may be wondering why he was attacking a provision that was in his so-called stimulus and enacted by a Democratic-controlled Congress in 2009.
But that’s just routine politics. The folks in the White House are probably laughing about screwing jet builders after collecting campaign money from them in exchange for that provision two years ago.
The more important thing to focus on is the way that the big spenders in the White House and elsewhere are trying to build support for a big tax increase by characterizing tax breaks as “spending in the tax code.” The left obviously hopes Republicans are so stupid that Orwellian word games are all that is needed to get them to acquiesce to legislation that would increase the amount of revenue going to Washington.
because we value our Independence FROM Government NOT Dependence on the government.” -Governor Scott Walker
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2014, Wisconsin taxpayers worked until April 22nd (13th latest nationally) to pay their total tax bill.
Read more at TaxFoundation.org
. . . and a tax is a fine for doing well.
Well said . . . by whom?
P.S. So, government will get you either way?
P.P.S. Income taxes are due today!!
Tax: a payment to government for doing something good
Fine: a payment to government for doing something bad
Fee: a payment to government for doing business
Food stamps, welfare, Medicaid and other tax and transfer systems can sometimes penalize people for earning that extra dollar of income
Economists and many policymakers generally agree that our tax and transfer systems should promote opportunity, work, saving, and education rather than consumption. The problem is these programs often penalize people for earning that extra dollar of income. Rather than promoting work and savings, these implicit taxes punish such otherwise positive behavior.
These penalties occur in TANF (formerly welfare), SNAP (formerly Food Stamps), Medicaid, the new health exchange subsidy, Pell grants, student loans, and unemployment compensation. The tax code also is loaded with disincentives to work, save, and study.
Read more by Gene Steuerle at csmonitor.com
Last week, I learned four different friends are doing something that will save each of them tens of thousands – or even hundreds of thousands – of dollars each year.
And they’re not the only ones. Many of the smartest guys I know are moving this year.
They’re not just thinking about moving… They’re not saying “maybe someday”… They are doing it right now.
The reason why is the amazing part, as you’ll see. And it might make sense for you to consider moving, too. Let me explain…
I spoke with a friend on the phone last week… “What are you doing in Washington state?” I asked him.
“I’m moving here,” he said. “I love California. But moving to Washington state saves me $133,000 a year in state taxes on every $1 million I earn.”
This is not just a millionaire thing…
Read more By Dr. Steve Sjuggerud at DailyWealth.com
Support Governor Walker, and the Republicans in the WI Senate and WI Assembly, so this doesn’t happen in Wisconsin.
We are being played; it’s time we learned the game.
Conservatives have their Constitution. Progressives have their Narrative. The current battle for America is between these two concepts, and each side uses different rules to fight it.
One set of rules is consistent with an unchanging objective: limited government and individual freedoms. The other side’s rules are as fickle as their goals, which are never fully disclosed beyond the equivocal references to fairness and hyphenated forms of justice. They will have to remain vague and deny their true allegiances until a time when American voters will no longer squirm at the word “socialism.”
And yet spotting them isn’t that hard. As a bird is known by his feathers, socialists are known by their Game.
First tried and mastered in the USSR, the Game has since been popularized around the world, assuming various forms, names, and colors — from red to brown to green. It is now taking hold in the United States under the blue web banners of Obama’s campaign infomercials.
Read more by Oleg Atbashian at American Thinker