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02-11-2012, 4:14pm | #1 | |||||||
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Reality Check: The Left's "Tax the Rich" Solution to Deficits Simply Won't Work.
Reality Check: The Left's "Tax the Rich" Solution to Deficits Simply Won't Work.
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Reality Check: The Left's "Tax the Rich" Solution to Deficits Simply Won't Work.
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02-11-2012, 5:27pm | #2 | ||||||
Sparkles Flambeaux
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on a more personal note, i looked into starting my own business last year, would be a one man woodworking shop, housed in a building on my property, using my tools, and using my savings for start up costs.
after some legwork, found that i'd have to front several hundred dollars to the county to get a license and get the place inspected. would also have to track and collect county sales tax, as well as FICA, fed taxes, and state income taxes. adding it up: FICA - 15.2% Fed - 25% (have other income sources, so every add'l dollar would be at the next marginal rate) State - 5% county sales tax - 8.2% total: 53.4% tax rate. i decided, as much as i enjoy designing and making things, i could see no earthly reason to spend over 1/2 my time sweating for various governments. so screw it. i'd like more money, but not at that exchange rate. i suspect i'm not the only one who has done some math and come to this type of conclusion. and that doesn't even count the hours i would have had to put in back in my office tracking all manner of things, filling out quarterly reports for the feds, state, and county. all unpaid time on my end. when the taxation rate becomes too high, the incentive to go out and earn an extra dollar falls off quickly. end result: i have plenty of free time to play in my woodshop as a hobby, and the government gets nothing. lower the burden, and i'll reconsider. |
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02-11-2012, 7:46pm | #3 | ||||||
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Has probably been posted before, but can NOT be stressed enough:
and Dr. Friedman |
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02-11-2012, 11:02pm | #4 | ||||||
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You'll never convince the left that it's not worth trying...
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02-13-2012, 6:29pm | #5 | ||||||
Sparkles Flambeaux
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the unsaid thing regarding the 'rich', is that they have options. once their basic expenses are covered, they do not have to go out and earn more just so they can give the lion's share to the government.
i recall reading or hearing an interview with Reagan years ago, before he was elected President, and he was asked about tax rates in the 60s and 70s. he replied that he had sat down, figured out how much he needed to earn that year, and once he had met that, he could stop working for the year, as he objected to working the majority of the day to fill the government's coffers. so he downsized his lifestyle. same idea. and, if you have enough savings, you don't really need to chase investment earnings (thus producing a tax bill), you can simply withdraw what you need from savings. |
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02-13-2012, 6:50pm | #6 | |||||||
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