OT: Taxing shituation

From Bloomberg:

High-income residents of New York City and President Barack Obama's home state of Hawaii would have the highest marginal tax rates in the U.S. if Congress adopts his proposal to increase taxes for top earners, a study found.

The Tax Foundation, a Washington research group that advocates for lower taxes, said state, local and federal taxes would impose a top 50.8 percent rate on high-income New York City residents. Affluent Hawaiians would pay 49.7 percent. Residents of California, Vermont, Maryland and New York round out the five states with the heaviest burdens, with top federal-state rates of 49.4 percent, 48.8 percent, 48.6 percent and 48.4 percent, respectively.

"High-income taxpayers, along with second earners, tend to be the most sensitive to higher marginal taxes," said Gerald Prante, the Tax Foundation economist who prepared the report. "And as they keep getting higher and higher, the marginal cost grows even faster."

Lower tax rates on income and investments enacted in 2001 and 2003 expire Dec. 31. Obama and most Democrats want to retain those that target individuals earning less than $200,000 and married couples earning under $250,000 and allow policies that benefited those with higher incomes to expire. Republicans generally back extending all of the tax cuts.

Obama's proposal would allow the top marginal tax rates of 33 percent and 35 percent to revert to 36 and 39.6 percent next year. Phase-outs for deductions and exemptions also would be reinstated, pushing the rate higher. Tax rates on dividends and capital gains would increase to 20 percent from 15 percent.

Under current law, the top federal tax rate applies only to taxable income that exceeds about $375,000; amounts below that are taxed at lower rates. Taxable income is equal to gross income minus deductions, so most taxpayers wouldn't begin paying at top rates until they gross more than about $400,000.

Reply to
Robert Baer
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I keep hoping somebody with some moxie would drive a flat tax proposal without an offset.

If you only make 10k a year and the rate is 10% pay your 1k if you make 10^9 pay your 10^8. keep it simple

But I=92m sure it ain=92t going to happen in my life time. There=92s all kinds of excuses.

Reply to
jim

Better yet, get rid of the tax, which is illegal.

Reply to
Robert Baer

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hmm, well there is some stuff that we all equally benefit from ... how do you propose to pay for that?

Reply to
jim

(WA DC pol): "Pay? What is that?"..."Oh! You mean stiff the taxpayers again.".

Reply to
Robert Baer

User fees, kinda like how you buy a ticket to go to the movie?

The majority of taxes these days are going into the pockets of the bureaucrats, the bottomless abyss of Obama's Infinite War, and various pork barrel projects and handouts to the lazy, negligent, and stupid.

Thanks, Rich

Reply to
Richard the Dreaded Libertaria

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I agree in general there seems to be a lot of waste in our government.

First question:

Richard and Robert how old are you two?

Suggestion:

Propose a federal budget. Make suggestions of how you=92re going to collect the funds to pay for it.

Just spouting off about what you don=92t like in general doesn=92t accomplish much in a real discussion. Make some useful suggestions, please.

Reply to
jim

I agree, although I've often wondered whether or not private industry is really any less wasteful *on average*.

Particularly when we're talking about, e.g., big private military contractors where the account managers are incentivized based on the number of dollars they manage to get out of the DoD -- isn't that just asking for inefficiency?

Reply to
Joel Koltner

Certainly. Really wasteful businesses go under. Really wasteful government causes even more government.

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Isn't that government?

Reply to
keithw86

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The sad truth re the federal spending is that top items are entitlement programs, the military, more entitlements and the interest on the national debt.

The common yell out is to cut entitlements, the spending on the military and pay down the debt.

Although it seems pretty easy, in the practical sense it=92s not. We started down this rat hole years ago and I suspect it=92s not going to be any easy challenge to get out of it.

Even our boy Jimmy T plans on sucking off the tit for as long as he can!

regards

Reply to
jim

OK, but I'd then add that "the now really, really wasteful government tends to increase the amount of wastefulness a private company can have and still survive." :-) As such, while I'd still have to admit that government is more wasteful on average, it could be by a fairly slim margin.

I'm thinking of your old digs like Lockheed Martin and GE and Rockwell Collins and so on (e.g., the guys on this list:

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Those are all non-governmental companies where I think it's safe to say the majority of their income comes from tax dollars.

What do you think of the $60B arms deal with the Saudis? :-)

---Joel

Reply to
Joel Koltner

I'm 61 1/2.

I'd be happy to, if I had access to all the numbers they don't release, the black accounts, and etc, etc, etc.

That's supposed to be what our elected representatives are for, and also why I invariably vote Libertarian, because they embrace the values of The Founding Fathers.

Thanks, Rich

Reply to
Richard the Dreaded Libertaria

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Well Richard, you're getting close to the age of retirement, if you qualify for the social entitlements, are you going to give your share back to do your part in helping out? Social entitlements are now over

50% of the federal budget.

Btw, the only way that I know of that you wouldn't qualify is if your on a state guaranteed / financed entitlement or simply didn't pay into the federal programs for one reason or another. I'm not aware of any private pension programs that negate the fed bonus ... but they may certainly exist.

Another btw, since the entitlements consume such a large chunk of the budget, just focus on them ... how would you make a substantial cut?

Reply to
jim

.Well Richard, you're getting close to the age of retirement, if you .qualify for the social entitlements, are you going to give your share .back to do your part in helping out? Social entitlements are now over .50% of the federal budget. . .Btw, the only way that I know of that you wouldn't qualify is if your .on a state guaranteed / financed entitlement or simply didn't pay .into the federal programs for one reason or another. I'm not aware of .any private pension programs that negate the fed bonus ... but they .may certainly exist. . .Another btw, since the entitlements consume such a large chunk of the .budget, just focus on them ... how would you make a substantial cut?

Fire the Obamunist!

Reply to
tm

Nonsense. It's a *huge* margin. There is *no* feedback system in government.

My digs? Their whole being is government. Wasteful? Damned straight. Wasteful because that's the way government sets the deal up. Again, no feedback.

I haven't studied it in any detail. In general I'm not against such. I'd rather that "they" defend themselves than do it for 'em. Again.

Reply to
krw

Didn't you work at Lockheed for awhile? If so, did you ever bring up the topic of how well your project was spending the taxpayers' money?

Where I work here most of the contracts are (sooner or later) federally funded, and you can bet I've piqued up a time or two as to how we might decrease our costs and thereby save the taxpayers some coinage. ...although it is somewhat depressing to find that, even if I had, say, some clever idea to take a $50k widget and produce it for $40k, someone either at the primary defense contractor or maybe in the military or a politician (I really don't know how these things happen at those higher levels...) will decide that a couple of extra features need to be added, completely obsoleting those $50k widgets even though the new $50k widget will retain, say, 80% of the design of the old one.

I feel more comfortable working on commercial projects. When, e.g., the NFL is trying to decide which wireless headset system they might purchase, it's pretty clear that the money is coming entirely voluntarily (no goverment oversight to the NFL that I'm aware of!) and the products will be evaluated on their objective merits of meeting the needs of the customer (no government mandates to purchase only certain "specially authorized" brands!).

---Joel

Reply to
Joel Koltner

Motorola probably pays the NFL to use their headsets.

tm

Reply to
tm

Actually Motorola pays the NFL to *slap the Motorola logo* on the headsets! -- Although Motorola does make plenty of radios, AFAIK they're not currently in the "wireless headset" market. (There actually aren't all that many players

*in* that market to begin with, and it's pretty much split into the "pro audio" world -- sporting events, Broadway-type shows, concerts, etc. -- and the "drive through team at McDonalds" market... and few manufacturers cater to both... probably because the price points are markedly different.)

I am told that the coach-to-quarterback communications in the NFL is digitally encryped, but that the encryption codes often haven't been changed since the day the systems were installed. :-)

---Joel

Reply to
Joel Koltner

Ya think? With a batwing logo the size of a grapefruit on there..

Best regards, Spehro Pefhany

--
"it's the network..."                          "The Journey is the reward"
speff@interlog.com             Info for manufacturers: http://www.trexon.com
Embedded software/hardware/analog  Info for designers:  http://www.speff.com
Reply to
Spehro Pefhany

At, for a year. Not for (contracted work - LM was not my employer). I hardly considered it "digs" in any way. I got out when I could.

Of course it was a joke. I could have saved them million$ (cancel the project and look out the port hole) or even billion$ (cancel the whole damned thing). The whole idea of a $3B destroyer is stupid beyond belief.

Again, that was the way government set the whole system up. *NO* feedback. Well, if there is, it's positive.

Again, government.

IOW, feedback.

Now, what was your point? ;-)

BTW, if you don't think government isn't involved in professional sports, think "Roger Clemens" or take a peek at:

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or
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Why shouldn't the government take over professional sports? Why should they be any different?

Reply to
krw

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