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Old 09-14-2011, 01:34 PM   #21 (permalink)
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Originally Posted by Arragonis View Post
What kind of proportion of income is it though, typically ?
Not everyone has income, so the question is not universally relevant. However, for those who do depend on income from working for a living, I would guess it is close to 100%. For those in debt it is more than 100%, as evidenced by personal bankruptcies brought about by credit card and mortgage debt that exceed what the person can ever pay off, for the accumulated debt exceeds the person's predicted income and assets.

Americans save very little because there is no incentive to save. Currently banks are paying far less than 1% in interest on a savings account. Historically the interest rate had averaged around four or five percent.

Also, as old Mech said, if you were to add up all the taxes you pay in various known and hidden forms, the rate is outrageously high - we are taxed when we earn money, we are taxed when we spend money, we are taxed for having money (as in the property tax), we are taxed if we give it away (gift tax) and we are taxed when we die (estate tax).

The only folks who like taxes are those who are on the receiving end of a benefit. If Peter is robbed to pay Paul, Paul will think it's a wonderful idea and Peter will think otherwise.

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