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We are among the least tax burdened developed countries in the world, and our social safety net shows it. God forbid you have some empathy and perspective.
Ironically, some of the most happy people on earth pay the highest taxes. See Scandinavian counties. They are also highly respectful of each other as well, and spend quite awhile figuring out what they are good at and what they like to do.
Wait til Biden’s new programs go through. You’ll be reminiscing about the days you only paid 20%…
Why would you have a kid in those circumstances? Seems like a pretty poor choice to me.
The reason your W-2 taxes are so high is so that wealthy peoples interest, dividends, and capital gains taxes can be low.
This thread is so full of privilege and ignorance of not only the US tax situation but also how we compare in the world. Everyone here needs to do better in educating themselves about how we got to where we are today in terms of taxation and what the function of govt even is.
Pro
They defund every last public service, til guns are involved.
Here's a lesson in government taxes.
You pay $1000 in taxes. They take a cut to pay for the person who receives the taxes, for the person who pays out the stimulus, the janitors to make the office nice, and for national security to protect the offices. Then, the $100 left over, they give as stimulus.
In their minds they have created jobs and security as well as stimulated the economy by putting $100 into the pocket of a citizen (term used lightly).
Now, if you took that $1000 and gave it out, you could help 10x the people, but you wouldn't need the government.
And, beyond everything else, and no matter what else you have learned in any school, the government NEEDS to be needed. It's ultimate absolute prerogative that trumps all other priorities is for the government to be needed.
If you didn't need the government, it wouldn't be the 10th of the size it is now, the expenditures would be exponentially cut. And it wouldn't have the power to crush your rights as it sees fit.
That is why you MUST pay taxes. It's not about actually paying for stuff and helping the country out. It's so that can manage the flows of money and take their cut for administrative and national security costs.
If it were about actually helping, they would give you a $1000 credit on your taxes as long as you showed proof you gave that $1000 as a stimulus to others. Then of $1000 given, $1000 would stimulate. But as it stands, of $1000 given, $100 stimulates.
Because you need the government.
* the rates and ratios are examples only, the amount they actually take out of your taxes for administrative and national security costs are much, much worse than illustrated. As well, I've grossly oversimplied the people involved in processing the tax and paying out stimulus; again it's an example only.
Pro
The money can still be invested without it being owned by a rich dead guys kids. There’s no productive value to keeping wealth in families like that except to the degree it is necessary to encourage the original labor, after that it’s a negative and more ideal to design a system that draws it down.
I just hope they can get rid of social security and Medicare all together. Stop passing the government inability down to taxpayers. It’s an endless circular pitfall. I’m okay with income tax, property tax, etc. Just not this stupid social security and Medicare taxes
Chief
It’d be nice if everyone funded Medicare instead of just working class.
As a french person living in the US making a 6 figure salary, I think taxes are low here! I wouldnt mind getting taxed more if it went to better public ed or healthcare
Enthusiast
Asbury Park:
https://www.njedreport.com/2019/08/20/why-asked-a-tweeter-is-asbury-park-public-schools-cost-per-pupil-over-40k-heres-my-answer/
It’s really quite simple. If you want to be taxed at a lower percentage, just ask PWC to reduce your salary.
Rising Star
That’s a joke but i’m on a situation that if I get a raise now I will make less money.
I pay 54% of income tax in Denmark, and with the remaining disposable income, 25% VAT...dreaming about 20% rate
Same here (France). My employer pays 12k€ for me to receive 4K€. Approx 5k are employer’s tax and 3k are mine. On these 4K€ I also pay a 18% tax (the rate depends of how much you earn in total and how many people are in your household). I can still live correctly so I don’t mind that much but I prefer not to think about what I could do with all this extra money if I was only charged 20% on what the employer is ready to pay for me 😂
If you don’t want to pay tax you can live by yourself on an undeveloped homestead. Maybe build a parka out of your untaxed cash. 🤷🏻♂️
You keep say they are increasing with no support.
There was massive rate cut four years ago and no increase since to the lowest rates since the 1920s or so. Maybe you want to explain what increases you’re talking about?
20%? Lucky.
The other option, which is not ideal for the system as a whole since it has no benefit on “fixing” it but does benefit on the individual level, would be to make insurance premiums and medical expenses tax deductible. This would help on an individual level and has the possible benefit of people upping their insurance coverage to cover more or get lower copay burdens. This would lower the healthcare burden at an individual level but would not actually fix any issues in the system as a whole.
OP not sure what you're angling for here but I'd be surprised if you and your family's lot in life never benefited from a government service before.
Enthusiast
Doesn't use the roads, doesn't use the subway
TLDR: OP believes they pay too much tax, and wants to vent about it. Paired with an argumentative attitude and a few aggressive messages, this thread ballooned into something it never needed to be.
Really? Your complaining about 20%? So not willing to contribute to schools, Medicaid, roads, disaster relief, food stamps etc; etc; consider yourself fortunate to have a job where you pay an eye watering 20%. Personally, I pay 45% and am happy to contribute.
EY 17 wow if admitting to paying taxes at a 45% rate is cheap virtue signalling I’d love to know what expensive looks like but I guess your in the school of thought that is pay as little as possible, don’t talk about it, let other mugs pick up the slack
What kind of tax accounting is going on over at PwC?
Enthusiast
Do you get upset that you live in a well regulated, safe and rich society?
I live in Chicago, nothing well regulated or safe about it.
My taxes jumped up under Tr*mp. Good riddance.
Because federal spending is overly generous with red states and blue states pay for their largess.
Mine went WAY UP
20%? Oh sweet summer child.
Pro
They take a lot in income taxes. Then, with the money left, you buy groceries. They take out of that money again. You buy a car, they tax that same money again. Your money is never taxed once, at the 20% it appears.
Conversation Starter
@TM1. Traffic tickets are a discretionary income tax, change my mind.
LOL Americans complaining about tax rates 😂
Enthusiast
Unless you’re talking 120 euros/month..
50% of my pay check goes to tax in Ireland. The US does not have high tax, 20% is low compared to developed countries who invest fairly in their people and their communities. In turn, the US has markedly poor public support. You get what you pay for. We have free university, steady income for those unemployed, effective public transport and free healthcare. I don't want to live in a country where someone can be pushed into financial ruin from falling off their bike, or mounting student debt. Don't take it out on those receiving stimulus - acknowledge that you exist as part of a society and individuals must support the society, just because you haven't yet drawn the short straw doesn't mean we should continue to deprive those who have.
Enthusiast
Well said!!
Pro
I’m from Australia where I was paying much much more in taxes. 20% is amazing.
(Universal healthcare was nice though tbh.)