A former staff member of mine committed suicide last week. He was 50 years old and as long as I had known him was in constant pain. Doctors never could find a cause and he did not respond to psychotherapy. I often wonder how many lives are lost or wasted in search of emotional or physical perfection.
As we age we all experience aches and pains as our bodies begin to wear out and relationships disappoint. I often reflect on the philosophy of a friend's grandmother - that's just nature's way of having us let go of this world and preparing for the next, so find joy in the little things of every day.
Tuesday, April 24, 2012
Tuesday, April 17, 2012
Tax Facts Everyone Should Know
US population - 325 million
US tax filers - approximately 138 million filed, but only 45% of those filers paid any federal income tax
The number of tax payers declined 59% from 2000 to 2008, even though the number of tax filers increased by 10%. The reason for this is less about the amount of income and more about the amount of deductions and credits.
Biggest deductions:
1. Credit and deductions for homeowners,
2. Earned Income Tax Credit
3. Tax deferrals for retirement plans
4. Lower taxes for non-wage income (capital gains)
5. Employee benefits (tax free health care)
6. Other popular credits and deductions - credits for college, child care, job related expenses.
Only 20% of income reported by millionaires come from wages that are taxed at 35%, but income from long term capital gains are capped at 15%. It is important to note that long term capital gains is 0% for taxpayers in the 10% and 15% tax bracket. This was news to me.
Why not lower the income tax rate for the wealthiest to 25% and increase their capital gains cap to 25%? Since 80% of their income is from capital gains, it would raise more revenue. Right?
US tax filers - approximately 138 million filed, but only 45% of those filers paid any federal income tax
The number of tax payers declined 59% from 2000 to 2008, even though the number of tax filers increased by 10%. The reason for this is less about the amount of income and more about the amount of deductions and credits.
Biggest deductions:
1. Credit and deductions for homeowners,
2. Earned Income Tax Credit
3. Tax deferrals for retirement plans
4. Lower taxes for non-wage income (capital gains)
5. Employee benefits (tax free health care)
6. Other popular credits and deductions - credits for college, child care, job related expenses.
Only 20% of income reported by millionaires come from wages that are taxed at 35%, but income from long term capital gains are capped at 15%. It is important to note that long term capital gains is 0% for taxpayers in the 10% and 15% tax bracket. This was news to me.
Why not lower the income tax rate for the wealthiest to 25% and increase their capital gains cap to 25%? Since 80% of their income is from capital gains, it would raise more revenue. Right?
Monday, April 16, 2012
Fair Taxes?
Read about Dems pushing for "fairness" in tax rate. That's Robin Hood speak for, "Steal from the rich to pay for even more lame brain gov't spending."
Is it a "secret" that families earning between $50,000 to $100,000 a year average less than 9% in actual taxes paid or is this politicians and media being deliberately obtuse? Without itemized deductions of mortgage interest and taxes, charitable contribution, etc., we probably would pay our full 15% tax rate, but the reality is - we don't.
My fear is that if the Dems succeed in taking an additional 25% or so from the rich to pay for an even bigger government (you do realize none of this extra revenue will go toward paying off our debts), then the middle class is next.
Subscribe to:
Posts (Atom)