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11-27-2017, 11:23 AM
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#29
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Senior Member
Join Date: Nov 2017
Location: Back Woods of NC
Posts: 1,449
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Agreed, the politics gets ugly real quick.
I can't help but wonder how our government functioned decades ago with lower tax rates. Yes there were less assistance type programs but the country still survived.
Another random thought, we hear of job cuts due to efficiency improvements. When will our politicians start job cuts? Certainly they have benefited from technology, right?
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11-27-2017, 07:40 PM
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#30
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Senior Member
Freightliner Owners Club
Join Date: Apr 2002
Location: Pensacola
Posts: 2,728
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Quote:
Originally Posted by manderson2228
To me the magic number that is absolutely can not ever go above is 50%. To me there is almost no argument that can be made to say hey we the government need more than half your earnings..
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Apparently there is no limit to taxation...
During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000
When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.
__________________
Hooligan, Pensacola, Fl -U.S. Coast Guard 1956-1985
2016 Thor Siesta Sprinter 24ST diesel -1972 Moto Guzzi
2008 Suzuki Grand Vitara TOAD
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11-28-2017, 06:50 AM
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#31
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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Quote:
Originally Posted by Hooligan
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Apparently there is no limit to taxation...
During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000
When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.
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When I first started in public accounting in the mid-70's the top tax rate was around 70% or so. The funny part was some of the deductions that were allowed back then. You could deduct not only sales taxes and income taxes but also gas taxes and even cigarette taxes. Credit card interest was also deductible for quite a few years.
What most Americans don't realize is that our tax code has evolved into major social legislation over the years. I'm not sure when that evolution began but there are all kinds of incentives to do one thing or another in the tax code. For example, businesses can deduct the cost of health insurance for their employees which was meant to encourage people to have health insurance. The advent of retirement accounts and the deduction for them was another piece of social legislation. Mortgage interest deduction was meant to encourage home ownership and on and on.
As I stated earlier, there will be winners and losers in any change in the tax laws. That is assuming that there are changes that actually do pass Congress. All of us need to be aware of at least the potential of change and any planning we can do to give us the best advantage to whatever changes may occur.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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11-28-2017, 07:11 AM
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#32
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Senior Member
Tiffin Owners Club Nor'easters Club Appalachian Campers Carolina Campers
Join Date: Sep 2016
Posts: 673
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Quote:
Originally Posted by Hooligan
...................
Apparently there is no limit to taxation...
During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000
When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.
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I am actually going to look that up and read on it a little bit I had no idea. Thanks for that insight.
__________________
-Mike
2020 Tiffin Open Road 34PA
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11-28-2017, 07:15 AM
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#33
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Senior Member
Tiffin Owners Club Nor'easters Club Appalachian Campers Carolina Campers
Join Date: Sep 2016
Posts: 673
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Quote:
Originally Posted by KenZ71
Agreed, the politics gets ugly real quick.
I can't help but wonder how our government functioned decades ago with lower tax rates. Yes there were less assistance type programs but the country still survived.
Another random thought, we hear of job cuts due to efficiency improvements. When will our politicians start job cuts? Certainly they have benefited from technology, right?
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We have the same amount of politicians now... The problem is all the departments and all the other fluff. I am not even just talking just assistance programs I am talking everything across the board seems to be just bloated..
__________________
-Mike
2020 Tiffin Open Road 34PA
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11-28-2017, 08:31 AM
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#34
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Senior Member
Join Date: Nov 2017
Location: Back Woods of NC
Posts: 1,449
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Quote:
Originally Posted by manderson2228
everything across the board seems to be just bloated..
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Exactly my point!!
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11-28-2017, 12:03 PM
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#36
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Senior Member
Thor Owners Club
Join Date: Aug 2010
Location: Delaware
Posts: 614
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Not defending 100% tax, but for context, $25k in 1943 equates to about $350k today.
__________________
Crabby Mike
2024 Renegade Veracruz 30VRM
towing 2019 Jeep Wrangler Unlimited Sahara
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11-28-2017, 12:30 PM
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#37
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Senior Member
Join Date: Jan 2015
Posts: 1,080
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If you are over 70 1/2 and have a IRA you are required to take a Minimum Required Distribution MRD. If you also give to charities you can do so by doing a Qualified Charitable Contribution QCD. A QCD is NOT TAXABLE it does not count as income in determining the amount of your Social Security that is taxable. A QCD does count towards your MRD. In my case I have check writing on my IRA through Fidelity. The only stipulation is the check must be $500 or more. I do not know if that is a Fidelity requirement or government.
This is in effect now and as far as I know it does not change in either of the tax proposals. So if if this situation applies to you it is worth looking into.
I believe in paying all the taxes I am required by law to pay, but not one cent more.
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11-28-2017, 02:08 PM
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#38
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Senior Member
Join Date: Oct 2017
Posts: 326
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Quote:
Originally Posted by Crabby Mike
That's how it's supposed to work. What we have is designed to be a progressive tax system -- the first part of everyone's income, which covers necessities, is taxed little if at all. As income goes up, moving more into the "disposable" category, more of it goes to taxes. That idea gets blurred by all of the deductions, different treatment of different kinds of income, etc. For instance, "ordinary income" (like salaries and IRA withdrawals) gets taxed at a much higher rate than dividends and capital gains. The Alternative Minimum Tax (AMT) is supposed to make sure not too much income slips into lower-taxed categories, but both the current House and Senate tax bills would repeal it.
I wouldn't worry about those high-income folks too much ... looks like they're about to be taken care of nicely.
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That how it works, but is wrong in so many ways.
Class-envy sticking it to the earners is all it is. Which is why I say “good for you “ to anyone that can “avoid” as many taxes as they can.
A flat tax rate should be the bare minimum of tax changes... but that will probably never happen.
There is plenty of spending cuts that could be made to support it.
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11-28-2017, 03:12 PM
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#39
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Senior Member
Join Date: Jan 2013
Posts: 862
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Quote:
Originally Posted by Freqz
Well that's about 4% of the federal government along with about 16% for DoD. I'll pony in a little extra if we cut all that other stuff and cut my taxes by 75%.
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Having friends that worked with DoD, according to them your number is off just a bit. Military expenditures are 51% of our GDP!! Highest in the world!!
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11-28-2017, 03:21 PM
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#40
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Senior Member
Join Date: Aug 2017
Posts: 1,020
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51% of GDP?
That's like 9 trillion dollars.
__________________
2018 ORV Timber Ridge 24rks
2017 F350 6.7 CC DRW
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11-28-2017, 05:19 PM
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#41
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Senior Member
Freightliner Owners Club
Join Date: Apr 2002
Location: Pensacola
Posts: 2,728
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Quote:
Originally Posted by Mike_Harriet
Having friends that worked with DoD, according to them your number is off just a bit. Military expenditures are 51% of our GDP!! Highest in the world!!
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Friends also off just a bit. Defense spending highest was 10% of GDP at the peak of Vietnam war (1968) then gradually decreased to 3.4% in 2001, (before 9/11). Now at 4.4% of GDP.
https://www.usgovernmentspending.com...nding_analysis
However- Our defense spending as a percent of GDP is the highest of our allies and does account for about half of our discretionary spending. (Includes Defense, Government departments and salaries, Foreign Aid and Education spending. Does not include Social Security, Health Care, Entitlement programs or National Debt, these are mandatory expenses.)
__________________
Hooligan, Pensacola, Fl -U.S. Coast Guard 1956-1985
2016 Thor Siesta Sprinter 24ST diesel -1972 Moto Guzzi
2008 Suzuki Grand Vitara TOAD
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12-17-2017, 04:58 PM
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#42
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Senior Member
Join Date: Jan 2016
Location: Northridge, CA
Posts: 1,218
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[mod edit]
Their eye is in privatizing your Social Security and Medicare. Then destroying both.
Quote:
Originally Posted by manderson2228
The only thing that matters is the number at the end of the year. If I pay less overall I dont care how i get there.
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__________________
Harry Grace
KM6ZRG
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