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TAX DAY, and 47 percent of all adult Americans pay NO Federal Income Taxes

By maxwell edison ·
I wonder if such a thing happens in other industrialized countries? (Great Britain, Canada, Australia, France, Germany, Japan, et al?)

I wonder what will happen when the percentage of those paying NO Federal Income Taxes surpasses 50 percent?

I wonder what will happen when our national debt equals - or exceeds - our GDP (Gross Domestic Product)?

I wonder what will happen when the 20-somethings, 30-somethings, and 40-somethings realize their future is saddled with a huge unsecured debt?

I wonder what will happen when the 20-somethings, 30-somethings, and 40-somethings realize they've been saddled with huge unfunded entitlement obligations to others?

I wonder what will happen when .....

But what the ****? Many of those 20-somethings, 30-somethings, and 40-somethings actually voted for it! To them: Have fun sleeping in the bed you made.

This madness is simply not sustainable.

The progressives have been able to trump reality by playing the compassion card. But in the end, they will be proven to be the Jokers - unfortunately, it will come at the expense of the rest of the deck.

Yes, I wrote a pretty big check today. And not only am I not thanked for it, but I'm actually ridiculed. Maybe they want my heart as well?

As hard as I try, and as hard as I work, funding my own retirement remains that elusive butterfly. Other people just won't allow me to do it. And the check I wrote today proves it - maybe when I'm 80 or when pigs fly.

Maybe I should chuck the effort and become a ward of the state. Maybe I'll just do what's necessary so I can become a tax receiver instead of a tax payer. Maybe I'm on the wrong band-wagon. Yea, that's it; I'm on the wrong band-wagon.

Happy tax day!

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US Government debt

by ExCorpGuy In reply to TAX DAY, and 47 percent o ...

This blog got me thinking of Social Security deductions that I have paid my entire working life. I am currently 46 years old.

Originally when Social Security was started, it was only supposed to be a supplemental income in retirement. Also, at the time life spans were only within a year or two of when one started getting the benefits.

Fast forward to today and many people have not saved enough money during their lives to support their retirement years. Many rely entirely on their Social Security checks for their existence.

The simple fact is that Congress has spent the Social Security fund over the years. More people have been added to the roles without ever having worked and added to the existing fund with SSI and death benefits.

Do I believe that I will receive ANY Social Security benefits after years of payroll deductions? It is simple math that the number or people draining the fund dry vs. those paying into it say NO.

I expect very soon that age cutoffs will be enacted that those of a certain age will continue to be benefits. Those that fall under the magic number will be SOL.

Add to this VAT and a National Sales Tax to bleed everyone with a few more years of this Ponzi scheme.

My 2 cents...

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I was with you, up to a point.

by CharlieSpencer In reply to TAX DAY, and 47 percent o ...

"The progressives have been able to trump reality by playing the compassion card."

Plenty of blame to go around across the political spectrum. Progressives didn't go to war in the Middle East with no plan to pay for it other than running up the debt.

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Do yourself a favor

by maxwell edison In reply to I was with you, up to a p ...

And look at a breakdown of the federal budget. How much is spent, and where does it go?

P.S. And try to just answer the five questions. Even if you want to blame Bush and the war in the middle-east, the questions are still worthy of being asked - and answered.

P.P.S. I'm actually rethinking my position on the middle-east. Maybe simply isolating the whole lot of them the best we can is the better approach.

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If it makes you feel any better...

by NotSoChiGuy In reply to TAX DAY, and 47 percent o ...

...your/our money is going to reform people and put them on the path of righteousness:

http://www.cnn.com/video/#/video/us/2010/04/15/am.zarrella.scamming.irs.cnn

In the article I read on this yesterday, the part that slayed me was that the IRS was given mountains of evidence from police/department of corrections sources, and pretty much only had to take it to a DA for prosecution. Instead, it was stated that they needed to start their own investigation from scratch.

So, not only was the money flying out the door for the scam, but double the fact-finding efforts = double the taxpayers' money it takes to stop these felons.

Unreal.

The Joker had it right in 'The Dark Knight'; the government may as well put it in a pile and burn it. The heat from the fire would provide more tangible value than what we're getting now.

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Sometimes, lunatics provide intelligent answers.

by jfuller05 In reply to If it makes you feel any ...

Perhaps lunatic is an understatement when it comes to the Joker, but you understand what I mean. :)

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Some answers re Canada

by JamesRL In reply to TAX DAY, and 47 percent o ...

According to the Calgary Herald, 30% of Canadians pay no Federal Tax (though when you look at taxes, there are many other taxes that everyone pays.

http://communities.canada.com/calgaryherald/blogs/hannaford/archive/2009/04/17/30-per-cent-of-canadians-pay-no-tax-at-all.aspx

Regarding Taxes:
http://www.fraserinstitute.org/Commerce.Web/product_files/CanadianConsumerTaxIndex2007.pdf

On National Debt to GDP ratio by country:
Canada (62.3%)is similar to the US(60.8 %), better than some worse than others. Japan makes us all look good (170.4%). But I have to say, Canada's trend over the past while has been going down (running surpluses yearly) until the recession.

James

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Please qualify your comments

by maxwell edison In reply to Some answers re Canada

I ask this not because I doubt you, but because they do not match up with the information in the following article:

http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20071108/tax_rich_071108?s_name=&no_ads=

....Canadians with an income of $13,523 -- the lowest 10 per cent of family earnings -- were paying 30.7 per cent in federal and provincial taxes....

By contrast, any American family of four with a household income of $50,000 per year or less, pays NO federal income tax - ZERO.

Those with an annual household income of less than $50,000, not only pay NO federal income taxes, but it's very likely they'll get a gift of cash from those who do pay taxes.

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Assumptions

by JamesRL In reply to Please qualify your comme ...

You assume the two statements are incompatible or inconsistent.

The Calgary Herald article claims 30% of Canadians pay no income tax. Their article is based on a study from the right wing think tank, the Fraser Institute (who I don't always agree with, but who I respect).

The CTV story is based on a study by a left wing think tank. They claim the higher income earners have benefited from tax cuts which started in the mid 90s more than lower or middle income. It shows the top 5% pay less tax on a proportional (percentage of income basis) than poor. But when you look at the study directly (just look at the charts) you see the bottom 10% pay little federal and provincial tax, but proportionately more "other" taxes. The "total" taxes for the bottom 10 is about 25%, the top 1% 30%(the middle class pay more as a percentage).

Certainly I know a large number of people who are adults who do not earn enough income
to file, my wife is one. She has health issues which precludes her holding a steady job, but according to standards she does not qualify for any kind of government support. So much for living in socialist canukistan.

I also know a number of women who raise kids instead of working, or take only part time jobs. The income threshold for filing a tax return in Canada is around $8500 for a single person. They would be part of the 30% that don't pay taxes. I honestly don't think it would equal 30% if that was the only group involved.

Rough calculation for Ontario is that about 7% are on welfare, thats up as some people laid off in the recession use up their employment insurance benefits go onto welfare. If you are unemployed for a full year you'd probably get any taxes paid on employment insurance refunded. We also have seniors on limited incomes, and single mothers on welfare.So while 30% doesn't seem outlandish, I couldn't find a good breakdown. But that doesn't mean all of those people are living off government funding.

BTW I paid income taxes on the employment insurance income I got from the government when I was laid off in 2002.

James

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I see 30% too

by Oz_Media In reply to Please qualify your comme ...

30% of Canadians pay no 'income tax' anyway.

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answers

by jck In reply to TAX DAY, and 47 percent o ...

Yes, I wrote a pretty big check today. And not only am I not thanked for it, but I'm actually ridiculed. Maybe they want my heart as well?

As hard as I try, and as hard as I work, funding my own retirement remains that elusive butterfly. Other people just won't allow me to do it. And the check I wrote today proves it - maybe when I'm 80 or when pigs fly.

Maybe I should chuck the effort and become a ward of the state. Maybe I'll just do what's necessary so I can become a tax receiver instead of a tax payer. Maybe I'm on the wrong band-wagon. Yea, that's it; I'm on the wrong band-wagon.

Happy tax day!


Just a simple question, Max.

Do you claim all your exemptions during the year?

As your investments earn dividends, do you actively pay tax on them throughout the year?

If you're writing out a "big" check every tax year, I tend to think it's because you have deferred paying taxes until the latest time possible, rather than at the point you are paid.

I claim zero exemptions, plus pay in $10 each pay period extra.

Each year, I get a 4-figure tax refund. About 2/3 of that is due to home mortgage interest write-off.

Something is wrong if you're writing a big check, because if you pay taxes on all your income at the time that you earn it within the tax tables the IRS publishes...you should have little or no tax burden to pay.

And if you have any exemptions/write-offs, you should end up getting somewhat of a refund.

I'm no tax advisor, but I'd bet there's something else there.

Anyways. Sorry you had to pay.

I got my refund in February, and paid off some debt. :)

Happy tax day :^0

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