Posts Tagged ‘income tax’

How does the IRS Scam Poor People?

Tuesday, November 14th, 2017

Why is the Income Tax Immoral?

Thursday, October 5th, 2017

What is the Biggest Tax Issue for Americans – Tax Cuts or Trumps Taxes?

Tuesday, April 18th, 2017

Should Politicians be Required to Do Their Own Taxes and IRS Audits?

Tuesday, February 23rd, 2016

Why are Democrats and Republicans WRONG on Capitalism, Income Inequality, and Taxes?

Thursday, September 12th, 2013


Transcript:
Republicans preach capitalism and the liberals say, “oh no” that’s what creates this income inequality. We are now moving into the fall when the government is going to be having all these economic issues. They will be throwing things at each other, and you know what I believe? I think they are all clueless.

The government can’t do a thing about capitalism and I don’t think they can do much about income inequality. The one thing they can do is set the tax code. They can make necessary changes that will improve all of our lives. That they will probably not touch.

Let me give you an example of how crazy the tax system is. Let’s take a lady making $50,000 a year. She is single. Now with that money she has to provide a place to life, transportation to and from work, and clothes to wear. She shows up five days a week eight hours a day for that 50 grand. She is not going to come home with much.

Guess what the government is going to nail her with? The Federal government is going to tax her at a rate of 25%. If she lives in a state like Illinois you can add to that another 5% for state income tax. She will be paying a total of 30% of her income to taxes. So she will not be buying things she needs. Not being a real good consumer because she has to pay the government so much.

Let’s look at another guy. He is wealthy. He’s got a million dollars to blow so he invests it in municipal bonds at a 5% rate, or there about, he would make the same amount of money as our lady friend, $50,000. But here is the difference. He will not have expenses like transportation to go to work cause he will not do any work. He will not produce anything or serve anyone. He will not need to buy clothes for work. It is totally expense free.

Guess what his tax rate will be on his income? Ready for this? 0%, he will not pay a penny in taxes because municipal bonds are exempt from income tax. Well isn’t that a great system? Doesn’t that make things work really well? I hope you realize with me that that whole thing is BS. Our entire tax code is so unfair, so burdensome, it is pathetic. And we as voters and citizens need to make a statement. It is the one thing our politicians can do. And that’s change the tax code. I gotta feeling though, It will never come up.

Guess Which Amendment Turned 100 Today?

Sunday, February 3rd, 2013

Do You Know What You are Paying in Taxes?

Wednesday, August 29th, 2012