While I agree that there are a high percentage of people that make stupid decisions with how they spend their money (and that is not exclusive to poor people), it can't be said that every single poor person makes stupid financial decisions. The sales tax would punish every single poor person. Is it fair to punish all poor people because some percentage of them make stupid financial decisions?
Bill, I sold my business that we started in 2001. My brother stayed on at a lower percentage but I’m out. I’m working my one year employment contract then I can reevaluate and see if I want to continue and how much I want to work. Busy season is October though June 1 so I miss out on all the good events having to work. Not in 2025 though. The Nationals, Sick week, Power tour, Waterboy’s get together, etc. Cliff
So do you all pay more taxes than 4 years ago I asked that of a guy that comes in to work on our scanner for the printing press and he says he pays a lot more now. Does anyone put money in a IRA to offset the taxes being applied. I put 4k in my IRA this year and got 2k back, pretty good return on that but guess what at 73 I get to take a big percentage from that so I can pay the taxes on it. Wow, how exciting is that! I am thinking of converting some of my IRA into a Roth have to look more into that.
Got mine done and filed last Friday. Prepaid 12.5K, bought another truck for the company. Ended up making(gross) over 100K more last yr than in 22. Had to add in another 315$ out of pocket and 500$ to the tax prep lady. Was really hoping Id see a little something back, but nope.
AFAIK, tax rates have not gone up for most earners, but the bracket amounts may have shifted up some, they usually do. What has happened is interest rates have gone up, so people are making a lot more in interest especially if they have larger bank accounts. Interest is taxed at your prevailing tax rate, not the capital gains rate which for most is 15%. Converting IRA money to a Roth is a good strategy. You will pay taxes on the amount converted, but then the Roth grows tax free. Roth conversions are a good way to lessen your required minimum distributions from your IRA at age 73, and to lower the amount of tax you have to pay on RMDs if you did nothing.
Good point. Few have much in the way of wealth. Most have a lot of debt. Poor is relative - that is for certain. We've all heard the term "There's no such thing as a free lunch", right? Boone County Kentucky (my county) is ranked the second wealthiest county in the state. Somehow gobs of kids, even those from very nice subdivisions, I personally can't come close to touching, qualify every year for a free lunch. The percentage at 4 of the Boone schools is so high, they don't bother to charge any of the children. None of these schools are on "the wrong side of the tracks" So, in America, you can have a free lunch. That's what our kids are learning. "Fair" is the logic that gives us our current tax system.
I remember President Bill Clinton was proposing some kind of medical benefits, and he said something that is so true "... and there will be a co-payment to show that it has value."
Bottom 50% pay 2.3% of income tax. Were reaching that tipping point. -- When the people find that they can vote themselves money, that will herald the end of the republic. -- Ben Franklin .
What were seeing now is money buying votes, and guess who has enough money to buy the votes? It ain't the guy down the street with the mortgage and kids..
"Tax reform" means "Don't tax you, don't tax me, tax that fellow behind the tree!" attributed to Senator Russell B. Long
College loan forgiveness has nothing to do with the tax code that the rich writes. I'm on board with the debt forgiveness. I graduated highscool in '02. They ingrained it into us my entire time at school starting in grade school that we had to go to college or else we would never amount to anything. Way too many kids were brainwashed into getting useless degrees or going to trade school, were an apprenticeship would have been way more valuable, and paid. Lots of these kids had no business going to college and merely signed up for a couple semesters to only drop out later. Just an ass in the seat and let the collections start. Looking back at it I'm sure it was just a way to systematically put an entire generation into six figure debt before they knew better.
Still in catch up mode from being away for 3 months. Got a VA appointment tomorrow morning and hope to check on it the afternoon. Fred
I am going to say something controversial. I LIKE paying taxes. I like all the services the taxes provide thru the government. Everything from a competent military to protect us down to public services like fire and police. Don't get me wrong, I hate waste and corruption. But overall in the US we get some real benefits from the taxes we pay. My worst nightmare would be a libertarian gov't. Where everyone has to fend for themself and no infrastructure gets done.
So you got tricked and suckered and you want me to ay for it. Bullcrap.! Not my fault people took stupid degrees that hasn't no real job attached to it. Yeah I got told the same thing in the 70's and I was smart and took a trade. People need to pay their own debts and not put it on my shoulders, after all, it isn't my degree. Maybe we should have everyone pay my credit card since I was so stupid with it and didn't know any better. I was told it was free money. ha ha.
