Brace yourself: Congress is about to FIST US!

InDaShop · Oct 28, 2010

http://www.bloomberg.com/news/2010-10-27/tax-debate-delay-has-employees-in-u-s-preparing-for-smaller-take-home-pay.html

Bloomberg
Oct 26, 2010 11:00pm

Economy Employers in U.S. Start Bracing for Higher Tax Withholding

"If Congress fails to act, income tax rates will revert to higher levels dating from June 2001.

For a married couple with an income of $80,000, that would drain an extra $221.48 in withholding from a semi-monthly paycheck, according to calculations by the Tax Institute at H&R Block. Married individuals earning $240,000 a year would lose an additional $557.78 to withholding in a single semi-monthly paycheck. The Tax Institute at H&R Block calculated federal tax rates for single-income earners and married taxpayers without children."

My comments:
But who is going to pay for all the goodies that everyone still wants...like a bloated SS & MC roles and a HUGE spreadout military. Were broke and without addressing the big 3 (SS, MC & Defense) we will go broke unless we raise taxes. We need to demand REAL CUTS across the board spending. Defense costs should never be lumped in with the entitlement boondoggles when deciding on spending. We should always take the fight TO the terrorists and not wait to engage them on our soil.
If we sit back and reelect the same Rep & Dem that just keep spending well of course a tax and spend policy is much better than a borrow and spend policy in my opinion.
The public needs to close the god damn purse on Congress and make then comply to a Balanced Budget that pays down our National Debt.

B Gillespie · Oct 28, 2010

The OECD collects data on 30 member countries and annually calculates what it calls the tax "wedge" for each -- the combined effects of personal income tax, employee and employer social security contributions, payroll taxes and cash benefits.

Tax burdens around the world

Single, no kids Married, 2 kids Single, no kids Married, 2 kids
Aus. 28.3% 16.0% Korea 17.3% 16.2%
Austria 47.4% 35.5% Lux. 35.3% 12.2%
Belgium 55.4% 40.3% Mexico 18.2% 18.2%
Canada 31.6% 21.5% Nethrlnds.38.6% 29.1%
Czech R. 43.8% 27.1% NZ 20.5% 14.5%
Denmark41.4% 29.6% Norway 37.3% 29.6%
Finland 44.6% 38.4% Poland 43.6% 42.1%
France 50.1% 41.7% Portugal 36.2% 26.6%
Germany51.8% 35.7% Slvk. Rep.
Greece 38.8% 39.2% Spain 39.0% 33.4%
Hungary 50.5% 39.9% Sweden 47.9% 42.4%
Iceland 29.0% 11.0% Swiss 29.5% 18.6%
Ireland 25.7% 8.1% Turkey 42.7% 42.7%
Italy 45.4% 35.2% UK 33.5% 27.1%
Japan 27.7% 24.9% US 29.1% 11.9%

Source: OECD, 2005 data

Didnt copy/paste well, but you get the point.

InDaShop · Oct 28, 2010

Where the US stack up?

And when are we all moving to Ireland? They have wheeling there right?

wngrog · Oct 28, 2010

Sales/Consuption taxes work great. Give me back that $1000 a month and I will spend it on **** that folks make money off of and uncle Sugar gets to tax.

Lower taxes, more money to spend, more taxes collected.

Works every time at every scale.

Bones · Oct 28, 2010

wngrog said:
Sales/Consuption taxes work great. Give me back that $1000 a month and I will spend it on **** that folks make money off of and uncle Sugar gets to tax.

Lower taxes, more money to spend, more taxes collected.

Works every time at every scale.

Yeah the logical approach does not work with politics unfortunately

J.A.B · Oct 28, 2010

wngrog said:
Sales/Consuption taxes work great. Give me back that $1000 a month and I will spend it on **** that folks make money off of and uncle Sugar gets to tax.

Lower taxes, more money to spend, more taxes collected.

Works every time at every scale.

Agree - TN for example no income tax but is a higher tax rate on most everything else such as property taxes and gas. I like that approach at least you feel like you have a bit more control.

And SS - **** that ****. I for the life of me cant understand whey we think we need the government to help us save for our selves. My generation and younger will never see a return on what is being paid in.

InDaShop · Oct 28, 2010

Yep, Texas no State Income Tax, and one of the least effected states of the current downturn.
Which may be why Obama has attacked Big Oil, Nasa, Health Care, and moved Continental Airlines to Chicago. I'm pretty sure he is racists against Texas.