October 10th, 2008
Do we pay too much in taxes?
[1] (1-7 of 7)
[1] (1-7 of 7)
Everybody In- Last Online: Sep 27 2008
Question
Do we pay too much in taxes?
Even though your taxes may be filed for 2007, all your money is still going to Uncle Sam for another week.
This year, you will not stop working for the government until April 23. According to the Tax Foundation, the average working American will work 74 days this year to pay for their federal taxes and another 39 days to cover local and state taxes.
The amount of taxes we pay is a hot button topic on the campaign trail. Earlier during the primaries, a lot of fuss was made about the so-called Fair Tax, and now presumptive GOP nominee John McCain has announced that he intends to temporarily eliminate the federal gas tax if elected to boost the economy.
So, what do you think? Are taxes a necessary evil? Should federal taxes be lowered and state and local taxes, such as sales taxes, be raised? And what's with all those taxes on phone and electric bills? If you were in charge, what would you change?
Weigh in!
This year, you will not stop working for the government until April 23. According to the Tax Foundation, the average working American will work 74 days this year to pay for their federal taxes and another 39 days to cover local and state taxes.
The amount of taxes we pay is a hot button topic on the campaign trail. Earlier during the primaries, a lot of fuss was made about the so-called Fair Tax, and now presumptive GOP nominee John McCain has announced that he intends to temporarily eliminate the federal gas tax if elected to boost the economy.
So, what do you think? Are taxes a necessary evil? Should federal taxes be lowered and state and local taxes, such as sales taxes, be raised? And what's with all those taxes on phone and electric bills? If you were in charge, what would you change?
Weigh in!
Jackie Carlin- Last Online: Oct 10 2008
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I think taxes are just a way of life, but personally, I'd like to see the average American get more for their money. As a new parent who is facing daunting day care bills, I'd love if we had a system like Denmark and France where tax dollars went to subsidize day care and education. Maybe I'm just being selfish because of the phase I'm at in my life, but I think the costs of childcare and education are truly crippling many families today. If you think about it as a cycle, poor education=worse job=drain on everyone's wallet.
Katy- Last Online: Oct 10 2008
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I accept that I need to pay taxes to enjoy all of the social services provided by the government -- but it's such a confusing system! I wish that I didn't have to worry and wonder whether I will be paying back money on April 15th, or getting a refund. That stresses me out.
Plus, when I do get a refund, I tend to look at it like a bonus, but really it's MY money that I overpaid through the year. So instead of running out and spending it, I should probably put it away. That just never happens.
I don't have a solution to offer, but I really do get frustrated by the system, the stress, and the amount of paperwork it takes to actually file the taxes every year.
Plus, when I do get a refund, I tend to look at it like a bonus, but really it's MY money that I overpaid through the year. So instead of running out and spending it, I should probably put it away. That just never happens.
I don't have a solution to offer, but I really do get frustrated by the system, the stress, and the amount of paperwork it takes to actually file the taxes every year.
Stan the Man- Last Online: Sep 11 2008
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Two things need to be fixed: First, why do the rules have to change every year? When that happens we all become so reliant on accountants that we have to accept what they say whether they know everything or not! If you choose the wrong accountant, you could miss legitimate deductions that could end up costing you hundreds of dollars! Second, I'm retired and there is so much I don't know on managing my investments. I'm not sure what dividends or profits need to be rolled into other accounts, what parts of my doctor bills or prescriptions can or cannot be deducted... It forces you to spend that money on a tax professional. Even if you want to find the answers yourself, good luck! It just seems to be needlessly confusing!
Guitar Guy- Last Online: May 06 2008
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We DO pay too much in taxes because there's too much waste. Half the money goes right down the toilet. The rest goes in other people's pockets. I know it's not easy and there's no easy way to do it, but we have to clean it all up, get rid of the pork. It's not fair that the people who bust their butts just to make ends meet have to pay more and more for less and less. I'm trying to raise my family and do nice things for my wife and kids that would sure be a lot easier if I didn't have to shell so much unnecessary money out to the governement. Again, I don't mind paying my share, but we need to demand accountability for they money we give up.
Ann- Last Online: Oct 09 2008
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I totally agree with Mike. It seems people that work hard are penalized and those that sit on their butts are rewarded. I've ALWAYS said, get rid of the PORK! That's all I'm going to say on the subject because I really get ticked when it comes to taxes.
Nada- Last Online: Aug 28 2008
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Funny, I was just having this discussion with some friends earlier today. And even now, I'm still confused!
We were talking about property taxes and apparently (correct me if I'm wrong) there may be a change where property taxes are based on the sq. footage of your home. The bigger the house, the more money Uncle Sam is banking.
It's seriously crazy how much money is taken out of our paychecks. I'm with you Katy: I wish I would learn to save my taxes, which I'm TRYING to do this time around. I wish taxes would be less and the people could be more involved in what the tax money is used for.
Although it's a necesary way of life, I wish someone could step up and think of a new way to handle this -- because I sure don't know!
We were talking about property taxes and apparently (correct me if I'm wrong) there may be a change where property taxes are based on the sq. footage of your home. The bigger the house, the more money Uncle Sam is banking.
It's seriously crazy how much money is taken out of our paychecks. I'm with you Katy: I wish I would learn to save my taxes, which I'm TRYING to do this time around. I wish taxes would be less and the people could be more involved in what the tax money is used for.
Although it's a necesary way of life, I wish someone could step up and think of a new way to handle this -- because I sure don't know!