The major tenet of a democracy is to follow the will of the majority.
So you tell me if the following is the will of the majority or not.....
There is a payroll tax cap in this country and that cap is $97,000
This means that any income over $97,000 is tax free.
So if you make $250,000 a year, or $2 million a year, or even $10 million a year, you will only be taxed for the first $97,000.
The income over $97,000 is tax free.
WOW sounds great huh!!!
But wait, lets be clear here, if you make anything under $97,000 per year you are taxed on every penny of it.
Doesn't sound so great now does it!!!
So who reaps the rewards of this policy??
Not me that's for sure, and I doubt it helps any of you either.
I know I don't make anywhere near $97,000 per year and therefore every God damn dime I make is taxed!!!
Infact the MAJORITY of people in this country do NOT benefit from this lovely little policy.
So you tell me, whose will is being followed here?
The will of the majority or the will of the elite minority??
Democracy at work??......I don't think so!!!
9 comments:
You should read the tax coded indepth. Because, a person is now taxed on all earned income...even over $97K. That is just an old tax code. I make over that amount and still taxed on my entire income. As well as taxed on any capital gains made in investments and so on.
That damn honkey tried to tax my income from my 40 acres.
Hummm well here it is....
Dated - Wednesday, December 27, 2006
Under current law, Americans pay a 12.4% Social Security tax on all wages up to $94,200 in 2006, and the cap rises each year with inflation. It is presently at $97,000.
(There is also an uncapped 2.9% Medicare payroll tax on top of that.)
I guess I should have been more clear.
I was speaking of Social security taxation.
yeah you have to be clear loki because some people like proving smart girls like you wrong
I dont really think the above writer was out to prove me wrong, he/she was just stating facts.
And I should make myself clear at all times, but as I am only human I too make mistakes, however when they occur I am woman enough to admit it and rectify them
So woo hoo me lol!!!!
yeah that's on social security tax and not on regular earned income tax. so that 12.4% is the FICA tax you see on your pay stub and this is no reflect of the FED Tax on your pay stub. In fact if you research it further. You will discover that you only pay half of that % and your employer pays the other half.
And wasn't attempting to dis-respect you loki. I happen to like your blog the best amongst the rest. Yours is informed and constructed well. As well as, I like a lot of your views too. Some people actually say by the constitution that the IRS is actually illegal.
All I know is the IRS needs to be overhauled or better yet totally re-written. We're not suppose to be be taxed without representation or double taxation. This was one of the main reasons we had our revolution war with the brit, as well as other things.
Don't think it's fair if you earned money and saved some of it. And then you invest that saved money which was taxed already. And then if the invest makes a profit your subsequently taxed on it again...known as capital gains taxes. In any free economy and democracy. The economy (strength or weakness) is based on 2/3 of consumer spending which has a huge trickle affect in all aspects of the economy. Then the other 1/3 of the economy is based on other mitigating factors. So, if these politicians allowed us to keep more of our money. We more than likely would spend it in which would keep the economy strong and growing. You can't raise taxes and then have tax cuts. This just negates this process.
The democrats are for raising taxes and more government spending which will definitely weaken our economy. Whereas, doing the opposite will grow the economy. Go figure. I would love to see an average person run for government who knows what it's like to really work hard to have the things we have. Of course I want this individual to be an intelligent and smart person too. But, at least they would be humble. Too many of our current politicians are arrogant and seem to think they're entitled to their positions.
Also, our government cannot continue to just keep printing money and throwing into the economy without having anything to back it up with like gold. Every great nation threw history that did this ruined their economies and they no longer remained a great and powerful nation...even Ron Reagan said this. I wish we had Reagan as president now. He would have fixed a lot of things. And would have never tolerated many things or allowed them to occur if he was presiding during this time span.
Yes I agree 1000%
I dont make investments however I do get pissed at the fact that I pay taxes on the money I earn and then every time I go to the store I pay taxes again!!!
I will admit that at least here in Nevada I do not have to pay taxes on the food I buy.
Well if I go to a restaurant or fast food joint I do, but at the grocery store I dont!!
So I guess I can be greatful for at least thar much anyway.
I also wish a normal person would run for president.
However considering how much it costs to do so there will NEVER be an "average Joe" in the white house.
So much for "in America anyone can be president" huh!!!
Yeah your right...seems the person with the biggest bank account has the opportunity to become an elective offical. Anyway you sumise it, people at some juncture are being taxed and even re-taxed again on earned income already taxed...which is wrong. All states should be tax free when buying groceries. Lost of revenue won't be lost. Just will be gained in some other area of consumer spending. See that's the problem you have the federal govt. taxing us as well as, at the state level too. Last I recall only like 3-5 states don't have a state tax on earned incomed and they tax on consumer products is reasonable or within states that do tax earned income. Places like florida...maybe this is why everyone is so keen to moving there.
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