Jeslek
Banned
This goes for both US and Canada. In the United States, 96.1% of all taxes are paid by those making an income of over $49,800. That seems just criminal.
http://www.nypost.com/news/nationalnews/52864.htm
Even our economics professor today mentioned something like this... Because Canada is more ... generous with the welfare and unemployment insurance (which comes from money stolen by the government from other people), Canada's unemployment rate has been consistently higher than the United States'.
Because I work only part of the year, I don't currently pay any federal taxes. I am forced to pay for Canadian Pension Plan and for Unemployment Insurance though. Grr. But I can sense that I won't live in Ontario for long after I graduate. Maybe Alberta should I stay in Canada? My dad currently pays 45% or so in taxes (federal and provincial combined). Good times huh?
For crying out loud, give those that work a tax break. Stop punishing them.
http://www.nypost.com/news/nationalnews/52864.htm
Now I don't consider someone rich until he or she makes more than $500,000 a year (I think of those between 150 and 500 as well off), but I definitely want to see the government stop punishing people that work harder.WASHINGTON - President Bush yesterday unveiled a bold, $674 billion tax-relief plan - and said he wants to turbocharge tax cuts by fast-tracking them because the struggling economy just can't wait.
"If tax relief is good enough for Americans three years from now, it is good enough for Americans today," said Bush, who wants Uncle Sam to send most parents a $400 check for each child by this summer.
Bush's plan calls for freeing individuals from any federal taxes on stock dividends and drastically speeding up many tax cuts that were passed by Congress in 2001 not slated to take effect until 2006 and 2009.
Bush wants those tax cuts to be retroactive to Jan. 1, including hiking the per-child tax credit by $400 for a total of $1,000, slashing individual tax rates and cutting the marriage penalty.
Bush ordered the Treasury Department to have new tax tables ready right away so workers would pay lower rates - and get more take-home pay - as soon as Congress passes the plan.
Democrats pounced on the plan as a tax cut for the rich - "an irresponsible, ineffective, ideologically driven wish list," fumed Sen. Joe Lieberman (D-Conn.).
But White House spokesman Ari Fleischer took on that class-warfare argument and said Americans who earn over $49,800 are due relief since they pay 96.1 percent of all taxes.
Overall, the White House estimates that 92 million taxpayers would save an average $1,083 this year and the number of Americans who pay no taxes at all would rise by 3 million to 53 million.
Bush's plan is likely to pass the House, where Republicans now have a comfortable majority, but Senate Republicans predict he'll have to make compromises to get it through there.
The per-child checks - which recall the popular $300 rebates from Bush's first tax plan - cover kids up to their 17th birthday. The full amount goes to couples earning up to $110,000 and single parents at $75,000 or less - after that it starts phasing out.
Married couples would be able to immediately claim double the standard deduction for singles, instead of waiting until 2009.
All individual tax-rate cuts voted by Congress in 2001 would kick in now, instead of being phased in through 2006, with the top rate cut to 35 percent from 38.6 percent.
Nearly half the cost of Bush's plan - $374 billion - would go to ending taxes on dividends paid by individuals.
The dividend relief would be a big boost for New York taxpayers, who account for 8.5 percent of all dividend income reported on federal tax returns and could be a boon for Wall Street.
But it could also be a major headache for New York City and New York state, which already face giant budget gaps and would be under pressure to follow suit and stop taxing dividends - which could cost the city $175 million in revenue and hundreds of millions more to the state.
It would also be a break for Bush personally, since he'd have saved $16,511 on his 2001 dividend payments of $43,805, while Vice President Dick Cheney would have saved $104,823 on dividend payments of $278,103, according to Bloomberg news service.
Even our economics professor today mentioned something like this... Because Canada is more ... generous with the welfare and unemployment insurance (which comes from money stolen by the government from other people), Canada's unemployment rate has been consistently higher than the United States'.
Because I work only part of the year, I don't currently pay any federal taxes. I am forced to pay for Canadian Pension Plan and for Unemployment Insurance though. Grr. But I can sense that I won't live in Ontario for long after I graduate. Maybe Alberta should I stay in Canada? My dad currently pays 45% or so in taxes (federal and provincial combined). Good times huh?
For crying out loud, give those that work a tax break. Stop punishing them.