Another cog in the wheel known as the Vast Right Wing Conspiracy to combat the Extreme Left-Wing Media.

Monday, April 16, 2007

Do you pay enough or too much taxes?

With April 15th falling on the weekend, today is the deadline to file your federal income taxes. I've previously groused about how our friends in congress have added too many complications to the system out of an attempt to either modify behavior or reward certain constituents. Today, I'm more concerned peoples perceptions of the end result. I'm asking people to answer two questions in the comments section.
1. Do you believe that you pay too little, just enough, or too much in federal income taxes?
2. Do you believe that "the rich" pay too little, just enough, or too much in federal income taxes?

This post was spurred by this article from Investor's Business Daily which examined the same basic questions.

My own answers are:
1. The amount I pay in taxes is probably a reasonable amount. My main complaint is with the goofy system (okay, okay, I also don't like some of the crap the money is spent on)
2. I also think the majority of the new rich pay their share of taxes. You'll notice I said NEW rich. That is because we are using an income tax system. So the second generation and beyond of the very rich (the Fords, Rockefellers, Kennedys, Hiltons, etc) don't derive their money from normal income in most cases. No, the descendants of Henry Ford live on dividends which are taxed at a much lower rate.

Labels:

3 Comments:

Anonymous george herbert walker bush said...

I enjoyed this post willie

4:29 PM

 
Anonymous bob said...

Bill, I probably pay about right but then again I would probably feel a lot differently if I had to write the check . Payroll deductions mask the painfullness of federal taxes. Oh and don't forget fica which may not be there for my retirement anyway.


As for the rich I agree the tax code really punishes the near rich. Where the Old money is basically perpetual wealth.
Without necessarily being productive and adding to society.

1:20 AM

 
Blogger LargeBill said...

Bob,

You hit on a couple key points. Using a payroll deduction system is what led to the increase over the years. If people stroked a check each April a tax revolt would ensue. As far as FICA goes, I imagine you're right that those of us at our age and younger will not see social security in its present form when we reach retirement age. The writing I see on the wall is they will go to some form of means testing. In other words, if you've been responsible you won't receive any return on your decades of contributions, but if you've spent every cent you've made you'll get a check.

5:21 AM

 

Post a Comment

Links to this post:

Create a Link

<< Home

 

http://easy-hit-counters.com/