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Taxes are a necessary evil BUT this country is a very classic capitalistic country and the big problem lies with the upper middle class to higher class. The notion of those incredibly succesful people to have to give a much higher percentage tax, which by the way Obama is going to inevitably raise...is not fair for those that believe the classic indian hard work ethic of...LISTEN, IF I CAN COME INTO THIS COUNTRY WITH THIS MUCH IN MY POCKET, SO ON AND SO FORTH....this battle will continue...I am rather torn..Obama's SUPER speeches and fresh face are rather appealing, but don't be fooled...the man will raise taxes like theres no tomorrow....Saleem said:I think taxes are a necessary evil (EVEN THOUGH the income tax wasn't introduced until the 20th century!!!), but the spending in America is so disproportionate to our needs and full of pork-barrel spending, that we really need an overhaul. An overhaul that, sadly, not even Obama can bring (although I do support his efforts). The only candidate that would have really changed the budget and scope of America was the only true, fiscal conservative, true Republican, Ron Paul. That guy woulda started chopping programs from Day 1, including the IRS haha. Quite a thinker, congressman Paul knows his stuff.
hey that doesnt seem too bad (i gotta go play out a few numbers to tell u exactly what i think of it)Summy said:Firstly, just to explain the canadian tax system for americans. Okay, so each purchase, no matter what, you get taxed. Go and buy a 1.00 choclate bar, with tax, it will come up to 1.13. You go out and buy a car, for 50,000, you will be taxed 13% of that purchase. This is independent and separate to your income tax.
Your income tax, you file once a year. You have tax brackets in Canada. I think the numbers are 15% up to 40,000, then 22% up to I think it is 75,000, and then some number above that. But the way it works is different than what Obama is purposing. Lets say I make 60,000/ year. I will pay 15% the 40,000 (maximum allowed in first bracket) and then 22% out the remaining balance (20,000). Lets say I make 150,000/year... Well then I will pay 15% of 40,000, then 22% of 35,000, the the remaining percentage will be paid by the next brackets. So you pay by each bracket you are above. So its not like your paying 22% of 70,000. Your paying 22% of 30,000, and 15% or 40,000... get it?
Tax refunds are the stupidest form of a savings plan. All it means is that you paid too much taxes throughout the year, which the US Gov't gladly held onto, made interest on. Then a year later, they gave you your money back, and people treat it like it's free money and buy a TV with it. It was your money all along, but held from you.Parul said:but what about tax refunds??? sure taxes withhold a lot, but what about when people get a tax refund? ok sure we wouldnt really benefit from tax returns at this age because we're all considered independent we dont' donate, etc, etc ,etc....i like this statment: "However, some people use the tax refund as a simple "savings plan" where they're pleasantly surprised to get money back each year (even though it is excess money that they paid earlier in the year)." (wiki-tax refund) but it encourages people to become smarter investors, I know alot of the times when people do recieve a tax refund they will save it, which is good for them-and sure hurts the econ but at least when they get older or they get struck by a crisis they have some money that they can look upon)