tag:blogger.com,1999:blog-27697009.post6887064116185167045..comments2024-02-29T03:21:35.007-08:00Comments on The Great Depression of 2006 : The Depression Has Been Called Off Due To A Lack Of InterestJim in San Marcoshttp://www.blogger.com/profile/09435296419912935381noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-27697009.post-12309883631259664522012-08-22T19:46:34.187-07:002012-08-22T19:46:34.187-07:007:48pm,
Now take where you are, and figure out wha...7:48pm,<br />Now take where you are, and figure out what would happen if you also start a small business on the side. You will work long, unpaid hours, and any profit you make will be taxed on top of your base salary, pushing you into a higher tax bracket. Add in regulations, insurance, and tax accountants, not to mention liability risks, and you will easily go over 100% in expenses. That is why I have a full shop, ready to open, and I watch TV instead.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-19302724456108595752012-08-17T19:48:03.166-07:002012-08-17T19:48:03.166-07:00The progressive tax system is kinda a mystery unti...The progressive tax system is kinda a mystery until you get hammered with it. Before retiring from the military, my average annual income was around 52k/yr and combined with the spouse was around 85k/yr. Our federal tax bill was around 12k or 15%. Having residence in TX, we paid no state income taxes no matter where stationed.<br /><br />After retiring, we moved to DC and got a job with an annual base salary of 95k/yr, the spouse 45k/yr for a combined income of 140k/yr. Our federal tax bill was 39k or 28%. Having a residence in VA now, we were subject to state, city, county and local taxes (on income) which took another 14%. Our total tax bill was 56k dollars or 40% of our income. None of this includes state and city sales taxes.<br /><br />Although our combined salaries increased 60%, after being raped by federal and state taxes our disposable income was just barely above what we had before I retired. Talk about a wake up call. <br /><br />What I learned was that there was absolutely no incentive to getting a pay raise or promotion as any increase would just be handed over to the government since we would fall in the next higher tax bracket. I also started paying closer attention to what the government was spending OUR extra cash on and became very, very angry.<br /><br />Everyone should pay the same percentage regardless of income and one months salary by all seems fair to me Jim. All of us have a stake in this country, and all should pay for it. How 47% of Americans get away with paying no federal income tax is a sham. <br /><br />In addition, every single government program needs to be audited for fraud waste and abuse. After what I saw in DC, I'm convinced that half of the government expenditures fall in this category.ATPnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-40237696268829824092012-08-16T00:35:04.407-07:002012-08-16T00:35:04.407-07:00Hard luck for us (UK) urban dwellers on an overcro...Hard luck for us (UK) urban dwellers on an overcrowded island, then.Sackersonhttps://www.blogger.com/profile/17284329249862764601noreply@blogger.com