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So thats how they paid for the cold war.

Discussion in 'Members' Lounge' started by reckedracing, Feb 20, 2012.

  1. reckedracing

    reckedracing TTIWWOP VIP

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  2. primeredseol

    primeredseol New Member

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    holy crap thats ridiculous. those are some sky high tax rates.
     
  3. double0Si

    double0Si ლ(ಠ益ಠლ) VIP

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  4. invisibledemon

    invisibledemon Bored Moderator VIP

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    you should keep in mind that the % is the amount paid on taxable income, and the numbers given for the brackets are gross income.

    the people making 200,000.01 didnt pay 182,000 in taxes.

    im sure most people understand that, but just thought id point it out anyway.
     
  5. reckedracing

    reckedracing TTIWWOP VIP

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    worst explanation ever
    i'm an accountant and it took me a minute to figure out what you were trying to say
    lmao
     
  6. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    i don't understand any of it... care to explain? :)
     
  7. reckedracing

    reckedracing TTIWWOP VIP

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    the tax rate only applies to the income in that bracket, and the income is generally based on adjusted gross, not gross per say.
    so if you made $3000, $2000 would be taxed at 20%, and $1000 would be taxed at 22%
    if you made over $200k, only the income over $200k is taxed at 91%, and everything below is taxed according to its bracket
    this is known as a progressive tax, aka tax bracket system or ladder tax, as oppossed to say a flat tax where everyone would pay the same percentage of their money.
    i would consider a flat tax to be the most fair by the basic principle of the word, you make $10 or $10k you still pay 10%, but then everyone bitches because the $1 for someone who makes $10 is considered a heavier burden than $1000 for someone who makes 10k, because the person who made 10 only has 9 left, while the person who made 10k, still has $9000 left.

    today if you made $3000, paid in no federal tax, and had a kid, you'd probably get back about $7000 of money (from people that pay taxes... just sayin)

    if you get back more of a refund, than you even paid in.... there is something wrong
     
    Last edited: Feb 21, 2012
  8. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    yeah agreed. stupid baby factories.
     
  9. invisibledemon

    invisibledemon Bored Moderator VIP

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    im not an accountant.
    so i would assume that my explanation sucks.
     
  10. double0Si

    double0Si ლ(ಠ益ಠლ) VIP

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    :confused: I understood right away. Maybe you have to be ignorant to understand ignorant? :lol:

    :ph34r: Now who's too ignorant to be to able recognize/understand the proper usage of the word ignorant?
     
    Last edited: Feb 21, 2012
  11. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    numbers always make my head hurt :cool:
     
  12. SlushboxTeggy

    SlushboxTeggy It's only stupid if it doesn't work VIP

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    Great explanation. And I agree about the refunds too.

    Also as an accountant, I favor a flat tax. It's fair in ever sense of the word. Want more after tax income? Work/earn more.

    The tax code needs to be throw out and started fresh. People get taxed from so many different places they have no idea where its going. My assistant manager truly believed that 90% of his NJ tax went to NJ teachers pensions (probably heard it from a Christie supporter). While he's an idiot, it shouldn't be that hard to know where your money is going.
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    most people have no clue how much they actually pay in taxes
    buy gas? it has its own tax
    buy liquor? also has its own tax
    cigarettes? have their own tax... but its to benefit you by making you not be able to afford them
    buy anything with money you already paid income tax on? yep, you pay tax again on that same money for sales tax, plus the other taxes mentioned above
    value added tax, luxury tax, property tax, school tax
    its absolutely nothing more than a clever shell game
    ooh we won't raise INCOME taxes.... but we'll charge $5 in tax for a packs of cigarettes

    i want to know what representative is in DC that actually represents me?
    as there are none, i believe that taxation without representation is still the normal operating procedure for this gov't
     
  14. double0Si

    double0Si ლ(ಠ益ಠლ) VIP

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    Make them work for minimum wage. Then they might care about taxes imposed on us, or just raise minimum wage. lol
     
  15. hondarin

    hondarin Please enter a value using 50 characters or fewer. VIP

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    I have no problem with taxes on luxury items.

    ie - cigarettes
     
  16. reckedracing

    reckedracing TTIWWOP VIP

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    FDA makes ephedra illegal because one kid died from heart stroke while playing baseball
    cigarettes kills hundreds of thousands a year... FDA says A-OK

    most of the "luxury" item taxes are really just thinly disguised taxes on the poor
     
  17. BigJ

    BigJ I'm just about that action Boss. VIP

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    I think its very necessary to tax. It's not a luxury good by economics stand point but a luxury in general as it isn't necessary for life. A luxury that is treated as normal good in terms of elasticity. Taxes have proven time and time again that it doesn't deter smoking from continuing, just starting.


    Tax the shit out of it. Smokers, meat eaters, and fatties are such a health care pool nightmare that companies charge employees if they smoke, institute healthy programs for recognition and rewards, and employ healthy lifestyle choices for food.
     
  18. reckedracing

    reckedracing TTIWWOP VIP

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    apparently you think the gov't knows better what to do with your money than you do
    I don't even smoke but i think if you're going to tax an item a certain way, then tax all items a certain way
    $50 jeans or $100 shoes are a luxury, you don't see them getting an additional 50% value added tax
     
  19. BigJ

    BigJ I'm just about that action Boss. VIP

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    They might as well.


    Except expensive jeans, etc are an elastic luxury good. As a person's income goes up you spend more money on higher priced things. This generates more tax revenue. Percentage stays the same.


    As a person's income goes up on cigarettes, cigarettes stay the same price. You don't get an increased revenue. The only way to increase revenue on the sin item, as demand is solid, is increase the tax on it.


    I think alcohol should be taxed similarly and I drink like a fish.
     
  20. nootrac22

    nootrac22 Well-Known Member VIP

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