So going along with the theme from the last post, there is a statistic being circulated that I think would make most people's jaw drop. In New York City, where between 8 and 9 MILLION people live, over half of the city income tax is paid by guess who many people?
4 million people? not even close
3 million people? nope
2 million people? still wrong
1 million people? too many zeros
500,000 people? still too many zeros
50,000 people? almost there
41,290 people pay one HALF of the taxes collected in a city of over 8 MILLION people!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
If that is not sckewed than what is? Now imagine you are one of those almost 42,000 people how would you feel. They pay NY city income tax, NassauSoffolk County income tax, NY state income tax, and the Federal income tax. And the people that benefit from the money THEY EARNED are being told to hate those rich selfish people and they ARE!!!
If you owned a business and you had a couple of loyal customers who accounted for about half of your sales and income, how would you treat them? Would you wine 'em and dine 'em (or root beer 'em and in-n-out 'em) or would you turn your other customers against them and get those customers demanding that those few customers pay the bills for ALL the customers?
Come on people!! We can't keep demanding more from those who make more than others. Who else can afford to continue to spend money during these tough times? By them going to the mall and buying new clothes and buying new cars and boats and going on vacations they are STIMULATING the economy and helping to keep people employed. Imagine if they stopped spending money, how many more businesses would go under? Now think about that. The more we tax them and take the money THEY EARNED from them the more that is taken out of economy. Remember what happened with the luxury tax? A number of years ago a tax was put on new luxury items, ie cars over a certain amount and boats and furs etc, well the people with money stopped buying new items and started to buy used items. Why? No luxary tax. You may say, so what, they still got a $100,000 yacht. They did, but what happened to the people who were in the boat making industry that was then not selling new boats? They lost their jobs. And the luxury car industry? Same story. Fine jewelery? Same story.
You may say that was then and this is now. Well modern example oof what happens when the government interfers with how those with a little money spend it. You know I'm sure that congress has imposed strict "guidelines" on how big businesses spend their money. No more incentive trips and no more retreats etc. You may say good, they shouldn't be spending their money on that. Think about where that money was going to go and how it would have been used.
Company says "Sell lots and we'll send you to Vegas"
Employees sell more products and earn trip
Company sends them to vegas
money is spent on airfare, hotel, food, transportation
airlines, hotels, restaurants, rent-a-car places receive money
they pay their employees
So think about it when a majority of those trips stop
the money stops flowing in and the businesses lose that income and don't make as
much and can't afford to keep their employees and, oh no, lay off people.
IT'S HAPPENING!! Vegas has come out and said that it's losing MILLIONS of dollars because of the lack of corporate trips. Less money = less jobs.
Why don't people follow the money trail and see that it may start in some fat cat's pocket book but it ends up helping to put the food on their table.
Wednesday, March 11, 2009
Sticking it to the rich
There are many politicans claiming that the rich don't pay their fair share of taxes. The same politicians then say that the government needs to step in and make the rich pay more.
I have a question about the idea of the rich not paying their fair share of taxes? What is it based on? I wondered for quite awhile, how true is this? Is there any information that shows the amount of taxes paid by the "rich" versus the amount of taxes paid by the "poor"?
I found information that refutes the claim being made by many politicians today. If you look at the bottom portion of the image, the chart compares the percent of total income earned in the country by various groups to the percent of the total federal taxes paid by those same groups. Let's look closely.
1. The top 0.1% make 9.1% of all the income in the country but pay 17.4% of all the federal taxes paid in the country.2. The top 1% make 19% of all income but pay 36.9% of all federal taxes.
3. The top 5% make 33.4% of all income but pay 57.1% of all federal taxes.
4. The bottom 50% make 13.4% of all income but pay only 3.3% of all federal taxes.
5. The wealthiest 5% pay almost 60% of the taxes. While the poorest 50% pay less then 5%. How does that equal the rich don't pay their share of the taxes?? You tell me.
Look at the source... The Department of the Treasury, based on IRS data from the 2004 tax year. Not a political party or someone trying to win an election.
Monday, March 9, 2009
Crazy California Controller
So I work at a tax office. You want to know what I learned today? California taxpayers who submit their taxes after tomorrow will have their return processed and their refund, if any, sent out BEFORE those who sent in and had their returns accepted prior to today. Yup. So if you have already submitted your return and haven't gotten your refund yet you will probably have to wait till those that come in from now on get processed and those refunds are sent out!!
HOW LUDICROUS!!!
The explanation is that there is a back log of returns and so the state will hold those they already have and start processing those yet to come. Hello Controller. That is NUTS.
The solution? The FAIR solution? If there is a back log you pick a date and say everything that you receiver AFTER this date you will hold, in order, and process them AFTER you finish what we have NOW. Then you repeat that procedure if you find ourselves backlogged again.
Who voted for the controller? Oh get this. After declaring that the state would send out IOUs for jury service and tax refunds and saying how the state is in a financial mess he went out and spent over $900,000 on new office furniture. Yup. Real financially responsible this man is, and he's in charge of our money.
I didn't vote for him.
HOW LUDICROUS!!!
The explanation is that there is a back log of returns and so the state will hold those they already have and start processing those yet to come. Hello Controller. That is NUTS.
The solution? The FAIR solution? If there is a back log you pick a date and say everything that you receiver AFTER this date you will hold, in order, and process them AFTER you finish what we have NOW. Then you repeat that procedure if you find ourselves backlogged again.
Who voted for the controller? Oh get this. After declaring that the state would send out IOUs for jury service and tax refunds and saying how the state is in a financial mess he went out and spent over $900,000 on new office furniture. Yup. Real financially responsible this man is, and he's in charge of our money.
I didn't vote for him.
Friday, February 20, 2009
Quotes
One of the best quotes I've read in a long time
Alexander F. Tyler stated: ' A Democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the treasury with the result that democracies always collapse over a loose fiscal policy, always to be followed by a dictatorship.' Sound like what's going on today? Oh yeah.
Here is a link to a great essay on the differences between a democracy (which the US is NOT) and a republic (which the US is).
Alexander F. Tyler stated: ' A Democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the treasury with the result that democracies always collapse over a loose fiscal policy, always to be followed by a dictatorship.' Sound like what's going on today? Oh yeah.
Here is a link to a great essay on the differences between a democracy (which the US is NOT) and a republic (which the US is).
I didn't do it
It passed. Did you know that the House voted unanimously prior to agreeing on the stimulus bill to post it for 48 hours before they would vote on it so that people could read it? They did, and then didn't. They didn't post it because they didn't want people to read it and say hey, I didn't know that was in there and I DON'T WANT IT. Did you know that during his campaigning Obama said that he would post on the White House website any piece of legislature or FIVE days prior to signing it? He did and then didn't. Nope, again he didn't want people to read it. The White House's response to inquires about that was that the system to do so is not in place or ready. Let me just say what I think. BS!! I know how easy it is to create a blog, it may not be pretty but in 20 minutes a person can be broadcasting to the world. So White House people, flimsy excuse, it just shows how inexperienced you are and how NOT transparent this administration is going to be.
Did you know that Vladimir Putin of Russia, at a financial summit in Switzerland in early February, warned President Obama about the problems of Socialism? I thought that was kind of interesting. Here is a man who is trying to rebuild his country after it was cremated by a system that has NEVER proven workable or desirable, warning our President about moving in that direction. Who'd have ever thought that would happen? That Russian leaders would warn American leaders about the problems of being socialist? Kind of ironic huh? Do you think it worked? We'll see.
One month in office and all we have to show for it is a lot of nothing good.
Did you know that Vladimir Putin of Russia, at a financial summit in Switzerland in early February, warned President Obama about the problems of Socialism? I thought that was kind of interesting. Here is a man who is trying to rebuild his country after it was cremated by a system that has NEVER proven workable or desirable, warning our President about moving in that direction. Who'd have ever thought that would happen? That Russian leaders would warn American leaders about the problems of being socialist? Kind of ironic huh? Do you think it worked? We'll see.
One month in office and all we have to show for it is a lot of nothing good.
Wednesday, February 11, 2009
For your reading enjoyment
Here is the link to the bills being hashed over in the Senate and House.
You know what makes me laugh? I can't wait to hear the pickering between Ms. Pelosi and Mr. Reed as their respective houses tyr to come to agreements on what should be included and what shouldn't be included. I can see that discussion getting very heating as each thinks that his or her bill is what is needed and every little item is essential to the survival of this country.
Funny thing though. The Congressional Budget Office has come out and said that yes, in the next couple of years these bills may help the economy BUT in the next 5-10+ years the economy would be BETTER off if we did NOTHING!!! Why? Becuase for eery dollar of additional debt we accrue there is a loss of private investment dollars. What drives the economy? Is it the government? Is it the private sector, aka YOU and ME? Ask the economist. It's US, not the government. All this money they are throwing at the problem is going to put us is worse shape. Why not just use those dollars, which we don't have and which the public needs more to boot, and burn them, at least then the midwest and east can have some heat to warm them from all the cold weather. What do you think? I think they might enjoy the warmth.
I am flabbergasted that there is such a lack of concern and foresight about our money and the debt our children will have to pay.
You know what makes me laugh? I can't wait to hear the pickering between Ms. Pelosi and Mr. Reed as their respective houses tyr to come to agreements on what should be included and what shouldn't be included. I can see that discussion getting very heating as each thinks that his or her bill is what is needed and every little item is essential to the survival of this country.
Funny thing though. The Congressional Budget Office has come out and said that yes, in the next couple of years these bills may help the economy BUT in the next 5-10+ years the economy would be BETTER off if we did NOTHING!!! Why? Becuase for eery dollar of additional debt we accrue there is a loss of private investment dollars. What drives the economy? Is it the government? Is it the private sector, aka YOU and ME? Ask the economist. It's US, not the government. All this money they are throwing at the problem is going to put us is worse shape. Why not just use those dollars, which we don't have and which the public needs more to boot, and burn them, at least then the midwest and east can have some heat to warm them from all the cold weather. What do you think? I think they might enjoy the warmth.
I am flabbergasted that there is such a lack of concern and foresight about our money and the debt our children will have to pay.
Tuesday, February 10, 2009
How much??
Right now the congress is debating on how to spend close to $1 trillion. Do you know how much that is? $1,000,000,000,000.00. Twelve 0s. There are almost 300 million people in this country, divide that trillion by 300 million and you get a bill of $3333.33 per man, woman, and child. That means that my house is on the hook for $10,000. How about your family? But guess what we didn't account for? Interest. The interest is estimated to bring the total up to $1,300,000,000,000. Now what are you on the hook for? $4333.33. My family is responsible for $13,000. How about yours?
What are we going to gain from that $4333.33? Not much.
Wouldn't it be nice if they would take a little time to consider how this will impact our economy in the long run as opposed to just push push push this bill through? Maybe they could explain why there is over 200 pages on the creation of a national health care bureaucracy? Pages 434-653 inclusive. The whole bill is "only" 680 pages so those 219 pages make up 32% of the bill.Last time I checked there is little coming from Washington to explain all of that except to say that your health records will be digitized. I tried to read those pages and pages of bureaucracy lingo, and all I gained from it is, besides a headache, THIS BILL IS NOT ABOUT CHANGING THE HEALTH CARE SYSTEM!!!!!! I don't want the government involved in my health care decisions. I want to be able to have the final say over what I will or won't do, not the Coordinator of Health Information Technology or the Secretary of Human Health Services. Do you?
What are we going to gain from that $4333.33? Not much.
Wouldn't it be nice if they would take a little time to consider how this will impact our economy in the long run as opposed to just push push push this bill through? Maybe they could explain why there is over 200 pages on the creation of a national health care bureaucracy? Pages 434-653 inclusive. The whole bill is "only" 680 pages so those 219 pages make up 32% of the bill.Last time I checked there is little coming from Washington to explain all of that except to say that your health records will be digitized. I tried to read those pages and pages of bureaucracy lingo, and all I gained from it is, besides a headache, THIS BILL IS NOT ABOUT CHANGING THE HEALTH CARE SYSTEM!!!!!! I don't want the government involved in my health care decisions. I want to be able to have the final say over what I will or won't do, not the Coordinator of Health Information Technology or the Secretary of Human Health Services. Do you?
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