Velvet
by Mbrock. 04/28/24 09:16 PM
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2770162
03/25/19 09:02 AM
03/25/19 09:02 AM
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Joined: Nov 2015
Posts: 21,445
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,445
HSV AL
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Tax on what is spent, not on what is earned. I got a book on Fair Tax to learn more about it. Just need the time to read it.
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: Why do you get taxed on savings?
[Re: Irishguy]
#2770164
03/25/19 09:06 AM
03/25/19 09:06 AM
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Joined: Nov 2011
Posts: 21,784
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,784
USA
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I have long since thought that if we could would abolish payroll deductions and instead make everyone write a big fat check to the government at the end of the year so it was painful as all hell, people would be marching on Washington to make damn sure where every last penny of that money was spent, but the way it is now people just accept it for what it is and have given up any semblance of hope that their tax dollars are going to be spent wisely.
It would be mass chaos. Folks can't even save up a few hundred dollars a month for retirement, it would be carnage to watch folks try and scrounge up $5-$20k to pay federal income taxes.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770173
03/25/19 09:10 AM
03/25/19 09:10 AM
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Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
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I have long since thought that if we could would abolish payroll deductions and instead make everyone write a big fat check to the government at the end of the year so it was painful as all hell, people would be marching on Washington to make damn sure where every last penny of that money was spent, but the way it is now people just accept it for what it is and have given up any semblance of hope that their tax dollars are going to be spent wisely.
It would be mass chaos. Folks can't even save up a few hundred dollars a month for retirement, it would be carnage to watch folks try and scrounge up $5-$20k to pay federal income taxes. Oh yeah. I agree. Most people are very financially irresponsible and there is no way people could be counted on to "put back" money for taxes. But it would be fun to watch the carnage ensure for at least one year.
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Re: Why do you get taxed on savings?
[Re: DryFire]
#2770249
03/25/19 11:03 AM
03/25/19 11:03 AM
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Joined: Jan 2002
Posts: 10,484
Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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Re: Why do you get taxed on savings?
[Re: Dallas County]
#2770254
03/25/19 11:14 AM
03/25/19 11:14 AM
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Joined: Nov 2011
Posts: 21,784
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,784
USA
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now. $100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think.
Last edited by Remington270; 03/25/19 11:15 AM.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770266
03/25/19 11:32 AM
03/25/19 11:32 AM
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Joined: Jun 2015
Posts: 14,022
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,022
Some Marriott/Auburn
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now. $100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think. That's why maxing out a 401K is so crucial. Reduces your taxable income. But I absolutely agree with Dallas Co, Alabamas middle class is in the $50,000-80,000'ish range and 20% flat would increase their taxes substantially. The national average is $56,000 if I remember right.
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Re: Why do you get taxed on savings?
[Re: AU7MM08]
#2770301
03/25/19 12:38 PM
03/25/19 12:38 PM
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Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,700
Lickskillet, AL
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now. $100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think. That's why maxing out a 401K is so crucial. Reduces your taxable income. But I absolutely agree with Dallas Co, Alabamas middle class is in the $50,000-80,000'ish range and 20% flat would increase their taxes substantially. The national average is $56,000 if I remember right. We were discussing this the other day and I thought the average wage is way below $56k.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770674
03/25/19 09:10 PM
03/25/19 09:10 PM
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Joined: Jan 2002
Posts: 10,484
Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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A flat tax of 20% with zero deductions or credits. Both personal and corporate. I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now. $100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think. You are correct, but household income as you know is WAY different than taxable income; even more so with the new tax laws. If a household makes $100,000, I would estimate that their taxable income is closer to $60K or less.
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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