Taxes are a real eye-shocker when you first start working and you see how much of your paycheck never makes it into your hands, but you get used to it after a while. But you're right--you'll end up giving at least 30% of every dollar you earn to the government or somewhere else. It's very difficult to have everything you want once you realize what your net take-home pay is. Some other things to expect to come out of your paycheck:

Federal Taxes
State Taxes
Social Security...

Health insurance (Insurance premiums have been on the rise too, in part due to the lottery judgement problem, and hence the need for tort reform)
Dental Insurance (usually pretty minimal)
Retirement savings (401k, IRA, or whatever your company may offer).

Once all of that is taken care of you finally get access to your own leftovers to pay for rent, food, entertainment, student loans, etc.

Fortunately for us (unfortunately for Dean, Clark, etc) tax hikes should be harder to pass than tax cuts!

We threw the idea of a consumption tax out in another thread--an idea I thought sounded pretty good. I also liked Occrider's suggestion to have the matrix/catalog of what the taxes would be on stuff--I just don't think it will ever become a reality, and I know that it would have problems just like any other tax solution, I just don't know what they would necessarily be yet.

1) Yes, it does suck. But I'm glad US rates are still low compared to other Western societies. Keep in mind we don't have 20% VATs either, and several states don't collect their own income taxes.

2) Watch the President's State of the Union address on Tuesday night. While there will likely be no call for additional tax cuts, rumor has it that new tax-free savings accounts will be proposed. They would override the current IRA system, allow for greater contributions, and all investments would accumulate and be able to be withdrawn tax-free. It's certainly a lot better than the Social Security system, which makes about 2%/year on your money. (If we can't kill SS altogether, perhaps we can simply circumvent it.)

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consider yourself lucky if you're only paying 30%. Though like with everything in life, you get what you pay for. More taxes often equal better social services, and fedrally funded roads/culture/welfare/healthcare/etc/

quote:

Originally posted by failsafe consider yourself lucky if you're only paying 30%. Though like with everything in life, you get what you pay for. More taxes often equal better social services, and fedrally funded roads/culture/welfare/healthcare/etc/

They also cause more waste of funds on bureaucracy & administration. In the end, both the European and the American systems have their advantages, but that doesnt stop me from considering a life outside of Europe.

welcome to the real world.

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I have no problem paying to help subsudize education and the basic life services like police, fire, and ambulances. But 30% before I get to touch my money and then 50% by the end of the day is just crazy.. especially for a guy fresh out of college, who could use this money to further fuel the economy

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quote:

Originally posted by Yoepus I have no problem paying to help subsudize education and the basic life services like police, fire, and ambulances. But 30% before I get to touch my money and then 50% by the end of the day is just crazy.. especially for a guy fresh out of college, who could use this money to further fuel the economy

esactly.. cant there at least be a limit, and tax those allready with an income above 80,000 or so.. or at least stay by taxing companies, or maybe when a person is ready to pay taxes, but to college students and such.. eemm.. kinda crazy, especially when one is funding and stablishing their economic needs and new life.

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Originally posted by LiquidX esactly.. cant there at least be a limit, and tax those allready with an income above 80,000 or so.. or at least stay by taxing companies, or maybe when a person is ready to pay taxes, but to college students and such.. eemm.. kinda crazy, especially when one is funding and stablishing their economic needs and new life.

ya thinking about it, I'd probably be content if they gave post-college students a 3 year tax break... by then surely I will have figured out a way to evade my taxes

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quote:

Originally posted by Yoepus ya thinking about it, I'd probably be content if they gave post-college students a 3 year tax break... by then surely I will have figured out a way to evade my taxes

then why not give a tax break to pregnant women, men with suicidal tendacies, people with crossed eyes, etc etc etc

i am too paying 30%, plus 15% sale tax over here, and just got out of university, so yes not much left... I am trying to be funny and forget about it

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sweden = 50% taxes for people earning more than about 20 000$ a year... plus 10-25 % VAT

i'm not complaining though, we have a good welfare state

The real problem in the states is that taxes are far too low and their are far too many loopholes. If taxes were higher then your health care and education systems wouldn't be in the situation they now are.

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