Having to pay yearly taxes on a car that you own is :wack:.
I would hate to live in a state that did that!
Anyone Frustrated with the Economy?
- Thread starter oneway71
- Start date
-
Having to pay yearly taxes on a car that you own is :wack:.
I would hate to live in a state that did that!
1968FormulaS340
Well-Known Member
Yes, because clearly those ridiculous options are our only options.
How about we close some of the loopholes, and correct the tax code. 35% is meaningless unless it is actually being paid.
Last report I saw was that actual tax paid (on average) was in the mid 17%.
OneOfMany
Well-Known Member
Just to clarify as a business owner.
We pay a lot of of taxes. We have to pay a "payroll tax" for every employee we have, we pay provincial and federal taxes on any income we make. We have to match the taxes deducted for each employee every payroll. We have to contribute more than double the amount of money deducted for Employment Insurance for each eligible employee. We pay matching values for each employess Canada Pension Plan deduction. We pay taxes on the locations that we do business in. We also pay to provide our employees with medical and dental and vision plans. We are required to pay Workers Compensation fees in case one of our employees is unable to work. We collect and submit Provincial Sales Tax with no benefit, however will be dinged 10% of the due value as a penalty if we are one day late. We also submit any GST that we collect over and above the amount we pay out at no benefit, only a penalty if late.
On top of that, I pay provincial and federal taxes on income that I personally earn.
At the end of the day, my goal is to simply allow myself and my employees to earn a cheque for their services every two weeks, ensure that they can enjoy some quality of life, and ensure that it clears the bank
.Grant
Thrashard340
Well-Known Member
Corporations, big business, Government are not the issues. It all starts with the average American. I don't even want to get started. It would only turn ugly...
2-66 Cudas
Well-Known Member
I own a small town printing business - 3 person shop. My wife has another full time job and works at the shop 3 afternoons a week. I have a full time Graphic Designer/Office Manager (she answers the phone to help me avoid all the BS calls). I have not drawn a paycheck in the last 9 weeks!!! I am teaching when needed at the local Vo Tech, doing handyman work and carpentry, running "Oversize Load" escort for a friend who runs a specialized hauling company and studying for my CDL. I turned 59 today, I had hoped I could sell my business in 3 years and draw partial SS and do something I enjoy till I die. Looks like the "Golden Years" have gotten tarnished or turned to "FOOLS GOLD"!!!!! Maybe things will turn around, just don't know if it will be soon enough to help out my situation!!!!
One of many and 2-66 have the knowledge of what it takes to build a company,it really is sad that so many on here have the entitled mentality that comes from years of crawling to the government teat.Do you really want to know why the economy of the United States Of America sucks?The first of the month-when you get your SSI/welfare/im too lazy to work check,just look in the mirror-that guy is the reason!
dodge71demon
Well-Known Member
You know..... If some big LLCs would just buy up all the foreclosed houses and start renting them out, it would save the housing market
Yes I am a landlord just because we bought a duplex next to us to have control over it "YEAH RIGHT"
Yes I am a landlord just because we bought a duplex next to us to have control over it "YEAH RIGHT"
stumper
Well-Known Member
You have to define "entitlement" first - and Social Security is NOT an entitlement. It is a screwed up mess for sure but when a person and their employeer pay into it all their life it is "their" money that was loaned to the government - albeit forceably. It is NOT an entitlement!! When I reach the age to start drawing SS it will be my money they give me back....
Do we want to politicians to keep the money - hell no!!!! But you have to remember that the government has no money of their own. Every penny they have is taken from someone else. If we stop the true entitlement programs we also need to stop them from stealing the money they were using to fund those programs..
Thrashard340
Well-Known Member
If you really want Politicians to be results driven, then slash salaries and put them on commission.
bobscuda67
Well-Known Member
You have your facts wrong. The 43% of low income wage earners who take the earned income tax credit pay state tax, local tax, SS tax, Medicare tax, Medicade tax, sales tax, gas tax and real estate tax. They also have federal witholding taken out of their checks. To say that they pay no taxes is wrong.
OneOfMany
Well-Known Member
Just remember that % are only valid when you are talking a % of the same thing.
20% of 2,000,000 = 400,000
35% of 50,000 = 17,500
At this % for example it takes 22 x 50,000 earners to contribute the same amount.
Adjust as you see fit.
Grant
20% of 2,000,000 = 400,000
35% of 50,000 = 17,500
At this % for example it takes 22 x 50,000 earners to contribute the same amount.
Adjust as you see fit.
Grant
By your own words-57% payNO tax but take the earned income credit.Someone MUST pay more so that these 57% will get the earned income credit.By your words you clearly see the problem but chose to blame the ones that pay the lions share of the tax.
michformulaS
Well-Known Member
We paid thousands in taxes last year but took some money against our 401K's to buy a new house last year (took advantage of 4.125% interest and a good deal on a home I admit). I am still paying an extra $1000 a month on last year's taxes and we haven't even done this year yet.....pay pay pay. I can't wait until we are finally even.
bobscuda67
Well-Known Member
Project 65
Well-Known Member
When a company says "Times are tough and we are going broke" they usually have millions,hundreds of millions or even billions in reserve.That is there way of justifying huge layoffs,wage freezes etc...When I say " I am broke,I am freakin broke!!! It's us "poor" folk that have to spend,spend,spend all we have just to survive that helps to support the economy.If it isn't broken-don't fix it.The economy is broken and damn well needs to be fixed!!!
1968FormulaS340
Well-Known Member
Like GE?
Demon1320
Well-Known Member
Graphical representation of the issue:
http://www.usdebtclock.org/
Canada's is not much better, simply put: our people, our Provinces/States, and our Federal governments are spending more than they are making.
The above link is a wake up call to ALL. Click on the world debt clocks, state debt clocks, as well as the debt clock time machine for the future and past clocks to see what I mean.
Being from Alberta,it's probably not even appropriate for me to comment on this thread being that we as Albertans have been fiscally insulated from the global economy due to the oil and gas industry. However, I have relatives in Arizona,Florida and Montana and we have discussed this topic at length. Growing up I remember we (Mom and Dad) had a modest sized home,no garage, with ONE car, and ONE black and white TV that we used pliers to change the 3 channels with. Now look at what we have/had. To support this: Mom and Dads working,Playstation raising our kids,broken families,social support programs that reward having more children (3+) when the middle class is only having 1.8 children (you do the long term math),high stress loads,heart attacks and strokes = medical system over taxing, etc,etc this list goes on and on when you think about it.
Not a philosophizer nor accountant, but sometimes I long for simpler times, the economies would likely welcome it.
Getting OFF the soapbox NOW, sorry about that.
Darin
http://www.usdebtclock.org/
Canada's is not much better, simply put: our people, our Provinces/States, and our Federal governments are spending more than they are making.
The above link is a wake up call to ALL. Click on the world debt clocks, state debt clocks, as well as the debt clock time machine for the future and past clocks to see what I mean.
Being from Alberta,it's probably not even appropriate for me to comment on this thread being that we as Albertans have been fiscally insulated from the global economy due to the oil and gas industry. However, I have relatives in Arizona,Florida and Montana and we have discussed this topic at length. Growing up I remember we (Mom and Dad) had a modest sized home,no garage, with ONE car, and ONE black and white TV that we used pliers to change the 3 channels with. Now look at what we have/had. To support this: Mom and Dads working,Playstation raising our kids,broken families,social support programs that reward having more children (3+) when the middle class is only having 1.8 children (you do the long term math),high stress loads,heart attacks and strokes = medical system over taxing, etc,etc this list goes on and on when you think about it.
Not a philosophizer nor accountant, but sometimes I long for simpler times, the economies would likely welcome it.
Getting OFF the soapbox NOW, sorry about that.
Darin
stumper
Well-Known Member
My only error is to state that I was referring to Federal Taxes only and does not include state and local taxes. You are right about that. We all pay SS, Medicare/Caid taxes in relation to income levels and everyone pays sales and gas taxes - of course.... Having taxes withheld and gotten back at year end does not constitute paying taxes. Otherwise it is 100% correct as of 2006 data as published in the Kiplinger News. It has been verified and reported time and again in the years since and now has expanded to include near 50% of the population that do not pay Federal Income Tax. Since state taxes usually piggy back pretty closely off of Federal you would have to look into these on a state by state basis. The point still stands.. :disgust:
chryslerfat
Well-Known Member
Ok thrash me if you wish but try for a year to live on 40 thousand without owning anything. I see people doing this and believe me they struggle daily. Hit them with more taxes and honestly dont ***** when crime increases and teen pregnancy etc. also increases. Then you pay more anyway while the husband is in jail with you footing the bill and feeding his wife and kids being she cant work and has the kids. If people bitching that the 50 thousand under crowd need to pay more sit back and look at what happens when they cant feed and house their family. Flame all you wish I dont care.
Small Block
Well-Known Member
Agreed. This economy does suck but either no one has a plan for a fix or someone wont let the fix happen. Not sure which. Work aint good here either in construction. As someone stated earlier about having critters roaming around looking for a buddy in the form of mashed potatoes and gravy. We have those here. I years past i have picked up road kills ranging from coons to squirrels. Not because i was hungry but i felt it ashame to waste perfectly good meat. Twoo weeks ago i got a call from a friend asking if i wanted a deer to process. Bring it on over. It had been hit on the road. We worked it up and made good use of 100 lbs of ground burger. Dont get too picky in these trying times or things might get hungry. Things will get better if we vote the right way in 2012.
Go look at www.wildbillforamerica.com
Small Block
Go look at www.wildbillforamerica.com
Small Block
OneOfMany
Well-Known Member
Certainly have no intention or need to thrash you. All I wanted to point out is that numbers are easily thrown about and often have no basis in comparison with each other.
As far as taxes, we are all gouged regardless of what you are led to beieve. I dont earn that much when all is said and done. I'm sure some do, and good for them.
The real problem is your country's transition from a manufacturing leader to a service consumer. Your government has systematically regulated and prevented any company from profitably providing manufacturing sector jobs. And like sheep, our country Canada follows along trying to impress you with our tough stance as well. So instead, offshore they go!
2-66 Cudas
Well-Known Member
Small business is the backbone of this country. The "Big Guys" either get the tax breaks or can afford CPA's and Attorneys that find them all the loopholes. As for SSI, because I am self employed, I pay through the A!!. And now I have to go to age 67 to collect my full amount - if there is anything left!!! "In 2008 you voted to show you were in favor of change - In 2012 vote to show you're not an idiot!!!" This saying is cropping up everywhere I look. Although the current regime didn't cause ALL the problems, they certainly did nothing to solve them or make things better - so the CHANGE did not work!!! Maybe there is some merit to the statement!!!!!!!
California Dart
Dont List Websites Here
You can explain low wages and fewer jobs with two words "illegal aliens". I have lived here in California my entire life. I made $8.00 an hour 30 years ago. Illegal aliens have driven down wages so low in this state (and yours is next) that our kid's can barely survive. There are over 20 million illegal aliens in this country and you can bet there are 3 times that many if counting their children. I watched all this happen with my own eyes and all of you out there in the heartland better understand that you are next. Since my wife is latino and so are my 4 kid's this is not a race issue with me, it is an American issue.
stumper
Well-Known Member
I guess I missed something during my years working for large companies. Just what kind of "loop holes" are there that allow companies to pay no taxes - on "profit" that they earn???? The only significant deduction I know of is the depriciation schedules - for capital investment, you know the investor money that keeps and creates jobs... Other than that there is some relatively small deductions for energy efficiency projects, polution control projects, hiring new workers and such. Should those be eliminated? I think it would be good for someone to publish a list of exactly what tax loop holes are available to companies.
Many times when these large international companies report profits it is their global profit. Many of them make large profits overseas but lose money in the US. Of course they don't pay taxes in the US because they don't make any money in the US ----AND they can not bring their profits from overseas even back to the US because the taxes are so high!!! If an international company tries to bring their profits from overseas operations back home to invest it in US operations they are hit with a very high tax rate. So guess what, they don't bring their money back home to help invest in the US - and yes, they don't pay taxes in the US because they don't make any money here. Instead their profits are used to grow more overseas ventures...
Many times when these large international companies report profits it is their global profit. Many of them make large profits overseas but lose money in the US. Of course they don't pay taxes in the US because they don't make any money in the US ----AND they can not bring their profits from overseas even back to the US because the taxes are so high!!! If an international company tries to bring their profits from overseas operations back home to invest it in US operations they are hit with a very high tax rate. So guess what, they don't bring their money back home to help invest in the US - and yes, they don't pay taxes in the US because they don't make any money here. Instead their profits are used to grow more overseas ventures...
I think this short video will answer the "WHATS WRONG WITH TODAY'S ECONOMY"
http://gozie.com/video/S5XYN3GA2SA3/Parasites-are-devouring-the-host-culture
http://gozie.com/video/S5XYN3GA2SA3/Parasites-are-devouring-the-host-culture
-
