Comments on: Generation X and Taxes: Who Pays More, the Rich or the Poor? http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/ Helping a unique generation achieve financial independence. Fri, 20 Nov 2009 23:09:41 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Bookmarks about Taxes http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-97022 Bookmarks about Taxes Fri, 12 Dec 2008 17:45:11 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-97022 [...] - bookmarked by 6 members originally found by vonb613 on 2008-11-08 Generation X and Taxes: Who Pays More, the Rich or the Poor? http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/ - [...] [...] – bookmarked by 6 members originally found by vonb613 on 2008-11-08 Generation X and Taxes: Who Pays More, the Rich or the Poor? http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/ – [...]

]]> By: 50 Frugal Things You Aren't Doing | The Wisdom Journal http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-87184 50 Frugal Things You Aren't Doing | The Wisdom Journal Wed, 17 Sep 2008 05:02:25 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-87184 [...] Taxes are a necessary component of a free society but your legislators have given you many opportunities to reduce them. Take those opportunities. 7. Estimating inflation’s effect on your retirement. One million [...] [...] Taxes are a necessary component of a free society but your legislators have given you many opportunities to reduce them. Take those opportunities. 7. Estimating inflation’s effect on your retirement. One million [...]

]]> By: Make Money With Affiliates Programs- Who Pays More Taxes? Problem Banks, Retirement Cash Flow @ The Roundup http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-86237 Make Money With Affiliates Programs- Who Pays More Taxes? Problem Banks, Retirement Cash Flow @ The Roundup Mon, 08 Sep 2008 04:08:01 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-86237 [...] Gen X Finance asks: who pays more taxes, the rich or the poor? [...] [...] Gen X Finance asks: who pays more taxes, the rich or the poor? [...]

]]> By: Chris Doerfler http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-86163 Chris Doerfler Sun, 07 Sep 2008 14:27:43 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-86163 Taxes are a fact... We all know the familar saying about death and taxes. What astonishes me is the number of people who whine about taxes, and are so familiar with the different taxation levels, and the difference between long term and short term, and regressive and progressive, but do not follow their own advice. Whether you have $1 million in the market or $1000 in the market, the same rules apply. Why don't people put money in the stock market? Why do people not put money in VULs? Why do people ignore taxation? You will pay more on taxes than you will on ANYTHING else in your lifetime. The best strategy for gaining wealth is managing taxes. Taxes are a fact… We all know the familar saying about death and taxes. What astonishes me is the number of people who whine about taxes, and are so familiar with the different taxation levels, and the difference between long term and short term, and regressive and progressive, but do not follow their own advice.

Whether you have $1 million in the market or $1000 in the market, the same rules apply. Why don’t people put money in the stock market? Why do people not put money in VULs? Why do people ignore taxation?

You will pay more on taxes than you will on ANYTHING else in your lifetime. The best strategy for gaining wealth is managing taxes.

]]> By: Who Pays More Taxes? Problem Banks, Retirement Cash Flow http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85740 Who Pays More Taxes? Problem Banks, Retirement Cash Flow Thu, 04 Sep 2008 14:51:57 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85740 [...] Gen X Finance asks: who pays more taxes, the rich or the poor? [...] [...] Gen X Finance asks: who pays more taxes, the rich or the poor? [...]

]]> By: HF marlets - Online Trading http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85407 HF marlets - Online Trading Tue, 02 Sep 2008 14:44:23 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85407 Taxes are always a contentious issue. I a live in Switzerland where tax is a motivation for many a clebrity to live. But the average working family here pays uch the same as anywhere else ad we have huge insurance and pension bills. A rich celebrity would pay 6 times that rental value of their property and 1% wealth tax under the forfeiture rules. This may seem outrageous but the wealthy do contribute to the economy and we have one of the healthiest in the world... Taxes are always a contentious issue. I a live in Switzerland where tax is a motivation for many a clebrity to live. But the average working family here pays uch the same as anywhere else ad we have huge insurance and pension bills. A rich celebrity would pay 6 times that rental value of their property and 1% wealth tax under the forfeiture rules.

This may seem outrageous but the wealthy do contribute to the economy and we have one of the healthiest in the world…

]]> By: Ryuko http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85230 Ryuko Mon, 01 Sep 2008 15:01:24 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85230 I disagree with Drew about the flat tax - especially one as high as 17%. While it may even out the 'upper-middle class', and the 'somewhat-wealthy', the fact is that most Americans make well under $50k a year, and the extra taxes they pay at the store would seriously widen the gap between rich and poor (not to mention have a serious impact on corporate growth, thus hurting those rich who live off of dividends). Joe Citizen who makes $36k welding in Texas will have to save up 17% longer for that new TV that he's gonna need to buy before 2009, instead of buying it with his $3500 tax return (and yes, tax returns are a blessing for us lower-income families, since we get relatively big credits, not just deductions). And what about military servicemembers? Most Enlisted servicemembers with families tend to make between $35-$45k a year (mostly on the lower end), and up to half of that is non-taxable allowances (our housing, subsistence, and locational cost-of-living allowances). A flat sales tax would completely destroy the spending ability of almost every enlisted servicemember. I know the tax system is screwed up, but this is not the way to fix it. By the way, I do feel small business owners get the shaft on taxes. If any tax reform is to be done, it should be aiming at helping their situations. Small business is extremely important to our nation, and the government should be making it easier, not harder, to thusly improve our nation's economic situation. However, it is hard to feel sorry for someone complaining that, at $350k a year, they pay proportionately more tax than someone with $2mil. The tax cap has to be somewhere. I don't remember what the exact statistics were, but I believe less than 1 in 10 Americans makes $100k a year, and the number drops quickly as it gets higher, so unfortunately for your tax situation, you are in a very rare situation (but I still wish I had half that income). I do strongly agree with Jeff Perkins, however. One thing I've learned in the military is that government bodies can, in fact, balance their budget (we're forced to do it every quarter, if not more frequently!). The government should be held more responsible to how they spend our hard-earned (or even not-so-hard-earned-but-still-ours) money. Just like paying off household credit cards and learning not to eat at McD's every day, a government that pays off it's debt and works a little leaner will absolutely be able to work with less taxes. I disagree with Drew about the flat tax – especially one as high as 17%. While it may even out the ‘upper-middle class’, and the ’somewhat-wealthy’, the fact is that most Americans make well under $50k a year, and the extra taxes they pay at the store would seriously widen the gap between rich and poor (not to mention have a serious impact on corporate growth, thus hurting those rich who live off of dividends). Joe Citizen who makes $36k welding in Texas will have to save up 17% longer for that new TV that he’s gonna need to buy before 2009, instead of buying it with his $3500 tax return (and yes, tax returns are a blessing for us lower-income families, since we get relatively big credits, not just deductions). And what about military servicemembers? Most Enlisted servicemembers with families tend to make between $35-$45k a year (mostly on the lower end), and up to half of that is non-taxable allowances (our housing, subsistence, and locational cost-of-living allowances). A flat sales tax would completely destroy the spending ability of almost every enlisted servicemember. I know the tax system is screwed up, but this is not the way to fix it.

By the way, I do feel small business owners get the shaft on taxes. If any tax reform is to be done, it should be aiming at helping their situations. Small business is extremely important to our nation, and the government should be making it easier, not harder, to thusly improve our nation’s economic situation. However, it is hard to feel sorry for someone complaining that, at $350k a year, they pay proportionately more tax than someone with $2mil. The tax cap has to be somewhere. I don’t remember what the exact statistics were, but I believe less than 1 in 10 Americans makes $100k a year, and the number drops quickly as it gets higher, so unfortunately for your tax situation, you are in a very rare situation (but I still wish I had half that income).

I do strongly agree with Jeff Perkins, however. One thing I’ve learned in the military is that government bodies can, in fact, balance their budget (we’re forced to do it every quarter, if not more frequently!). The government should be held more responsible to how they spend our hard-earned (or even not-so-hard-earned-but-still-ours) money. Just like paying off household credit cards and learning not to eat at McD’s every day, a government that pays off it’s debt and works a little leaner will absolutely be able to work with less taxes.

]]> By: Jeff Perkins http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85164 Jeff Perkins Mon, 01 Sep 2008 02:57:08 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-85164 Actually, what should happen is that the Government should abolish the Federal Reserve and go back to printing and regulating our own currency instead of borrowing it on interest. That way we could abolish the Federal Income Tax completely and institute a smaller corporate revenue tax instead. Actually, what should happen is that the Government should abolish the Federal Reserve and go back to printing and regulating our own currency instead of borrowing it on interest. That way we could abolish the Federal Income Tax completely and institute a smaller corporate revenue tax instead.

]]> By: anon http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-84886 anon Sat, 30 Aug 2008 04:48:59 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-84886 Wow. That's a great nutshell description of our tax system. I may just have to find this guy's book. Wow. That’s a great nutshell description of our tax system. I may just have to find this guy’s book.

]]> By: Drew http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-84809 Drew Fri, 29 Aug 2008 15:54:40 +0000 http://genxfinance.com/2008/08/26/generation-x-and-taxes-who-pays-more-the-rich-or-the-poor/#comment-84809 Sorry ... Darn Spellchecker. I meant to say in the third paragraph "Many Countries" have implemented this. Sorry … Darn Spellchecker.

I meant to say in the third paragraph “Many Countries” have implemented this.

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