Unfair Tax Plan – Should Wealthy Americans Pay More Taxes?
Clarence Darrow has said that “True patriotism hates injustice in its own land more than anywhere else.”
Vice President, Joe Biden has said that those Americans who are wealthy should pay a larger share of income taxes than they are now. It’s the patriotic thing to do. I ask why? This is an unfair tax plan! No, I am not among the wealthy here in America, nor have I ever been. One doesn’t get wealthy teaching in a small, rural community for 33 years. But my sense of justice has been riled up over this.
Right now, about 40% of Americans pay no income tax at all, while 5% pay the majority of taxes, something like 90%. Obama has pledged to cut income taxes to 95% of Americans, but wants to raise taxes on those earning $ 250,000 a year, the very ones who are paying more than their share right now. In fact, Obama wants to tax this group enough to pay for nationalizing health care, and in spite of the fact that he is proposing to spend trillions $ more in the next few years, he is pledging to cut the deficit in half in two years, this while planning also to cut the deficit with taxes from the wealthy.
I’m sorry, but this math just doesn’t jive. And if it did, it is blatantly an unfair tax plan.
Another unfair policy about to be voted on is this Omnibus Spending Bill that will give something like 15% of the $ 405 billion total to illegal aliens for jobs. THAT’S OVER $ 60 BILLION TO PEOPLE WHO ARE IN AMERICA UNLAWFULLY. $ 60 BILLION THAT SHOULD BE GOING TO AMERICANS FOR JOBS.
Now, my sense of fairness is really on the rampage. I hope yours is, too. Fairness aside, I believe this (unfair) tax plan will shut down much of the independent entrepreneurial spirit that has run American business since there has been an America.
This group of Americans is under attack, those earning $ 250,000 a year, the “wealthy 5%”, are the very ones who own and run small businesses. They hire millions of Americans, give us goods and services to purchase, and are the backbone of American business. If this group is unable to continue to run their businesses because of burdensome taxes, if these firms go under, there will be millions more people jobless. So not only must we consider that fairness of our taxation system, but also the practical side as well.
Mike Huckabee, former presidential candidate and Fox Talk Show Host, has proposed a complete overhaul of our tax system, namely a flat tax of 15% on what we buy. Do away with thousands upon thousands of pages now in the tax policy. So simple, so easy, no more trauma on April 15th. No more paying large fees to experts to figure a person’s taxes. No more tax loopholes that benefit some and not others. AND BASICALLY SO FAIR! Everyone pays the same tax, even illegal aliens. I mean if they are going to be here, and I see no push to get them out of America, and if they take advantage of our health and education systems as they do now, then they, too, should pay taxes. THINK ABOUT THE BASIC FAIRNESS OF THE FLAT TAX PLAN as opposed to the unfair tax plan that is in place. IT WOULD SOLVE SO MANY PROBLEMS. I’D VOTE FOR THAT!
Carolyn J. Fosdick, retired teacher, artist, conservative ghostwriter, and author of I Ride A Wild Horse currently spends her time writing on conservative issues and politics that are affecting our American way of life. Visit her newest blog for some insightful and thought-provoking ideas on political economics and for some solutions to some tough political questions.
Question by Made_in_America: Why don’t all the liberals who want higher taxes donate to the government?
You can pay additional taxes but I sure don’t see the liberals writing checks. If they feel that strong about it and want more taxes, why don’t the donate money to the government?
Best answer:
Answer by tonalc2
See, this meme gets old. The result of raising taxes will mean that we WILL be writing checks to the government. We just think that everyone should participate in the healing of our economy. You know, loving America and all that.
What do you think? Answer below!
Support your educational expenses with a qualified tuition program (QTP)
Support your educational expenses with a qualified tuition program (QTP)
When you are planning for the education of your child, the major factor is cost. It is obvious that the educational cost will go on increasing over the number of years. By contributing to a qualified tuition program, you can lock the future educational expenses of your child. It can also provide you more flexibility in selecting the educational institution.
A qualified tuition program (QTP) offers a significant tax benefit for families to support their children for higher education. This program is also known as 529 plan. This program is very flexible and there are more restrictions of income for contributing to it. So it is a useful thought for higher income taxpayers as well as lower income taxpayers. So this is a very convenient higher education funding tool for all.
States can establish and maintain programs which will allow a view to prepay or contribute to an account to cover educational expenses of a student at a post secondary institution. Even eligible educational institutions can maintain a similar program.
There are different options available under these programs. In the first option, you cover the future increases in the tuition expenses. So if you contribute 10 years in advance, you are assured of covering the educational expenses for your child after 10 years. Usually, such options are limited to a particular state agency and they cover specific colleges and universities from that state. It’s a good option but many agencies have discontinued such plans due to downturns in the stock markets.
In the second option, your contributions keep on growing but there are no fixed return assured. So whatever is the amount at the end of the period you planned, it is available to you to pay the tuition expenses. So you may end up earning much more than the cost of the educational program or even nothing.
The tax benefits are many – the states may offer tax exemptions for withdrawals, there can be deductions for contributing to the plan. In addition to this the federal income tax benefits are also available like differing tax on your earnings and getting tax rate distributions while paying for educational expenses.
There is one more option available under the Independent 529 plan. Under this, there are member colleges and universities, private and public, from all over the country. If you open an account under this plan and make the contribution, you will be given a certificate which can be redeemed at the time of seeking admission for any course at a member college or university. Obviously, every college or university will have a different fee structure, but you can lock a major part of future tuition costs at today’s prices. Anyone can set up a plan for himself or herself or for someone else. There are no limitations of income for making contributions to such plan and there are no age limits. The person who has opened the account and made a contribution is in charge of this account and the beneficiary does not have any access to these funds. So this is a very good option for parents or grandparents, as they can control the funds. It is considered as an asset to the account owner by IRS. The owner of the account can make a selection of the investment options. Even these options can be changed once in the year.
There is one more important benefit under this plan. Even though the educational cost of the student is financed under this program, the student or his/her parents are eligible to claim the hope credit or lifetime learning credit.
There has to be a designated beneficiary for this plan. It can be a student or a future student. However, this beneficiary can be changed by the owner during the contributing years.
What is covered under the heading ‘educational expenses’ here? It covers the cost of tuition, fees, books and other equipment and supplies required for attending or enrolling at an eligible educational institution. The expenses can also include reasonable costs of room and board.
Remember, the total amount which is contributed to a qualified tuition program (QTP) cannot exceed the amount required to finance the educational expenses of the designated beneficiary. As long as the distributions are used for paying qualified education expenses, they are not taxable. If the distributions exceed the educational expenses in a particular year, the excess is taxable.
You will receive form 1099-Q by January 31 every year, which will show the distributions for the previous year and the bifurcation of return of contributions and earnings on these contributions.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.
Article from articlesbase.com
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Question by Rachael B: How do I find the minimal (sales) taxable amount for the state of Indiana?
I am programing my new cash register and cant figure out the minimal taxable amount. Indiana’s sales tax is 7%. What would the minimum be?
Best answer:
Answer by efflandt
All goods are taxed 7% (no tax on service).
Minimum purchase that requires sales tax is 8 cents (no tax if total sale is 7 cents or less). That is because tax for 7 cents is less than a half penny. If your cash register rounds numbers off properly, it might not even be necessary to program a minimum.
What do you think? Answer below!
Categories: Programs Taxable Tags: cash, income taxpayers, plan, post secondary institution, tax
