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Old 12-03-2004, 02:17 PM   #36
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Originally Posted by lowflyn
He said he would have 2000 extra a month without income tax...
oh lol, i read that wrong..
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Old 12-03-2004, 02:22 PM   #37
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Yes you did MUHAHHAHHAHAHHAHA
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Old 12-03-2004, 07:59 PM   #38
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Originally Posted by 232stang
my dad makes like 5000 a month and it is not considered alot. he could afford a viper with that. but with only 2 thousand a month we would be in the gutter lol

It's all in where you live.

I make about as much as your Dad. But I live in West Texas and commute 206 miles each way so I can earn lots of ducats and keep them too. One day I hope to pay down my debts so that I only have a house payment and "retire" to a West Texas job paying less, but easier on my butt.

No state income tax helps, alot.

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Holy crap he's right.
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Old 12-04-2004, 05:45 PM   #39
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Originally Posted by Smurfin
You would rather pay 25+% on every dollar you make instead of 23% on every dollar you spend? I pay 33% on every dollar I make. I don't spend everything I make. When you think about the whole picture, sure, it sounds like a hike in the cost of things, but, you will only be taxed on what you spend, not what you make. If you hoard money away, you don't pay tax on that. If you save money, you end up paying less tax. Plus, your check will look bigger every week. I know my bring home would go up about $400 every check (I get paid bi-monthly).
i sure as hell don't have to pay 25% of my check in taxes.

on a $588 check, i had to pay something like $90. that's less than 20%
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Old 12-04-2004, 06:23 PM   #40
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Originally Posted by chips
i sure as hell don't have to pay 25% of my check in taxes.

on a $588 check, i had to pay something like $90. that's less than 20%

Did you include FICA and Medicare along with the income tax?

I pay about 17% but that is also based on having 5 deductions on my W4 form. Don't forget that is 17% of every nickel I earn. The sales tax would be only on purchases of new items. Dunno if they plan to exempt any items, like food or medicine.

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Old 12-04-2004, 06:49 PM   #41
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Originally Posted by Ponycarman
Did you include FICA and Medicare along with the income tax?
that's everything.

i can't find the pay stub i mentioned above, but i have a bunch of other ones.

i have in front of me one for $367.90

federal income tax is $26.60
social security is $22.81
and medicare is $5.34
thats a total of $54.75 in taxes

if my math is correct, i paid 14.881% of my check in taxes - much of which i get back in my return.

i would take 15% over 23% anyday

national sales tax =
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Old 12-04-2004, 07:08 PM   #42
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Quote:
Originally Posted by chips
that's everything.

i can't find the pay stub i mentioned above, but i have a bunch of other ones.

i have in front of me one for $367.90

federal income tax is $26.60
social security is $22.81
and medicare is $5.34
thats a total of $54.75 in taxes

if my math is correct, i paid 14.881% of my check in taxes - much of which i get back in my return.

i would take 15% over 23% anyday

national sales tax =
I assume you will be looking for a better paying job in the future right? If so 15% won't be your new tax rate. More like 27%

People just look at right now and not the future.....
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Old 12-04-2004, 07:13 PM   #43
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Originally Posted by Brent
I assume you will be looking for a better paying job in the future right? If so 15% won't be your new tax rate. More like 27%

People just look at right now and not the future.....
but right now is what matters. by the time i graduate and am making more money, it won't matter nearly as much.
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Old 12-04-2004, 10:23 PM   #44
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but right now is what matters. by the time i graduate and am making more money, it won't matter nearly as much.
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Old 12-05-2004, 06:21 PM   #45
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Dude, you are a poor college student, lol.

I think the sales tax proposal has a "rebate in advance" for poor people. Or at least that idea has been tossed about.

Be interesting for you to actually track how much new stuff you buy in a week and calculate how much tax you'd pay on it at the national sales tax rate then compare that to how much Uncle Sam takes right now.

You know, this national sales tax has the potential to transform our society from a consumer nation to a savings nation. Anyone ever get hand me downs growing up? I did, but being the oldest my hand me downs were usually my older cousin's stuff (yuck) about 5 years out of fashion when I got them. Anyway, this might transform out use it and toss it mentality to something more economically and enviromentally friendly, ha whodathunk.

Steve

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Holy crap he's right.
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