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Message
Tax Day - Some #s
Posted on 4/15/14 at 10:45 am
Posted on 4/15/14 at 10:45 am
quote:
It’s Tax Day! The deadline for U.S. taxpayers to file their returns is April 15, and the Internal Revenue Service publishes plenty of statistics on how much income people across the country are declaring. Unfortunately, in a lot of cases, the most recent numbers are from 2011; the figures are dated because the IRS statistics office needs to analyze about half a million of the 200 million tax returns filed each year.
There is, however, historical data from the Organization for Economic Cooperation and Development (OECD) that shows taxes as a percentage of gross domestic product (total economic output) since 1965. The OECD defines individual taxes as “personal income taxes, including those deducted by employers (pay-as-you-earn taxes), and surtaxes” while corporate taxes include “corporate income taxes, corporate profits taxes, corporate surtaxes, etc”.
quote:
Where does the U.S. rank among other wealthy countries in the OECD database? This is how individual taxes stacked up in 2011:
quote:
On individual taxes as a percentage of GDP, U.S. rates are consistent with the OECD average. But when it comes to corporations, the overall U.S. tax rate (2.3 percent) falls below the median (2.7 percent) and the average (3 percent):
LINK
How is it that the clearly socialist French tax rate as a percentage of GDP is lower than the US?
This post was edited on 4/15/14 at 10:46 am
6
Posted on 4/15/14 at 10:48 am to cwill
quote:
How is it that the clearly socialist French tax rate as a percentage of GDP is lower than the US?
is the 2nd chart mislabled, b.c you have two charts with the same name but different data.
i realize its not your chart.
Posted on 4/15/14 at 10:52 am to Hawkeye95
First one is individual taxes, the second is corp taxes...poorly labeled but the preceding text defines.
Posted on 4/15/14 at 10:55 am to cwill
quote:Because socialism isn't defined by how much taxes are paid. Socialism is defined by the unequal distribution of those paying the taxes.
How is it that the clearly socialist French tax rate as a percentage of GDP is lower than the US?
The data is flawed though. The US GDP is so far larger,than those it's being compared to, it's no surprise the resulting portion is lower (it's the divisor).
Also worker productivity factors heavily. As well as labor participation rates.
Posted on 4/15/14 at 10:55 am to cwill
If that 2nd chart is corporate taxes, then I'd guess French policies are driving businesses out.
Posted on 4/15/14 at 10:59 am to cwill
Your charts are pretty useless because this:
excludes capital gains and payroll taxes which constitutes a shitton of money.
The average effective federal tax rate of individual/joint filers is about 12% which puts the U.S. near the top of that chart. That doesn't include state and local tax liability.
Furthermore, that average is skewed by the bottom 40% of earners who have almost no effective tax rate. For instance, when you break average effective rate down by earnings, the numbers jump. People who make over 200K pay an average effective rate of 19%. People who make over $500K pay an average effective rate of 24%.
Those charts are pretty worthless at lending evidence to your argument.
quote:
The OECD defines individual taxes as “personal income taxes, including those deducted by employers (pay-as-you-earn taxes)
excludes capital gains and payroll taxes which constitutes a shitton of money.
The average effective federal tax rate of individual/joint filers is about 12% which puts the U.S. near the top of that chart. That doesn't include state and local tax liability.
Furthermore, that average is skewed by the bottom 40% of earners who have almost no effective tax rate. For instance, when you break average effective rate down by earnings, the numbers jump. People who make over 200K pay an average effective rate of 19%. People who make over $500K pay an average effective rate of 24%.
Those charts are pretty worthless at lending evidence to your argument.
This post was edited on 4/15/14 at 11:03 am
Posted on 4/15/14 at 11:00 am to Antonio Moss
quote:FICA taxes too! That 15.2% of every dollar earned. Good grief. Terribly misleading.
excludes capital gains and payroll taxes which constitutes a shitton of money.
This post was edited on 4/15/14 at 11:01 am
Posted on 4/15/14 at 11:13 am to cwill
I just cut a check for 14k.
Remaining calm.
You could say I Misunderestimated a bit...
Remaining calm.
You could say I Misunderestimated a bit...
Posted on 4/15/14 at 11:16 am to Lsupimp
quote:
Remaining calm.
Good luck. It won't last.
Posted on 4/15/14 at 11:19 am to Antonio Moss
quote:
Those charts are pretty worthless at lending evidence to your argument.
Not my argument...just read it and posted here to get some counterpoint...thanks.
Posted on 4/15/14 at 11:20 am to Antonio Moss
Aren't
quote:and
those deducted by employers
quote:the same thing?
payroll taxes
This post was edited on 4/15/14 at 11:21 am
Posted on 4/15/14 at 11:46 am to cwill
quote:
payroll taxes the same thing?
I think he's talking about the business portion of the tax.
Posted on 4/15/14 at 11:53 am to Lsupimp
quote:
Remaining calm.
You could say I Misunderestimated a bit..
My heart goes out to you. Have you considered blaming it on turbo tax which might land you an important Democrat appointment?
Posted on 4/15/14 at 11:55 am to cwill
Cwill, I'm not going to delve into methodology but I do believe that Denmark is at the top of the list. I had an acquaintance with a Danish visitor to the US. He was here for about 5 months. I'm going to paraphrase from memory and any experts about Denmark can correct me if I'm wrong.
He said...
No one is rich and no one is poor.
Everyone has a house but not a very nice one.
Everyone has a car but not a nice one.
You must get on waiting lists for your crappy house and your crappy car.
The reward for working hard and not working are similar.
I asked him a simple question... 'Would you rather live in a free society and take your chances of being rich or dying of starvation?"
His answer: "I'd much rather take my chances in a free society. That's why I have come here to study and hope someday to come here to live."
He said...
No one is rich and no one is poor.
Everyone has a house but not a very nice one.
Everyone has a car but not a nice one.
You must get on waiting lists for your crappy house and your crappy car.
The reward for working hard and not working are similar.
I asked him a simple question... 'Would you rather live in a free society and take your chances of being rich or dying of starvation?"
His answer: "I'd much rather take my chances in a free society. That's why I have come here to study and hope someday to come here to live."
Posted on 4/15/14 at 12:03 pm to son of arlo
Alas, the fault lies with the hauntingly gorgeous and long suffering Mrs. Pimp who did not account for a large year to year income increase.
Oh and I'm replacing my AC unit today.
Fun times for Your Humble Pimpness.
Oh and I'm replacing my AC unit today.
Fun times for Your Humble Pimpness.
Posted on 4/15/14 at 12:14 pm to Lsupimp
On the bright side pimp, at least the AC unit is less expensive than the tax bill. 
FORWARD!
FORWARD!
Posted on 4/15/14 at 12:23 pm to Lsupimp
quote:
Alas, the fault lies with the hauntingly gorgeous and long suffering Mrs. Pimp who did not account for a large year to year income increase.
My utmost sympathies. Don't write anything like "bloodsuckers" in the check memo field, because sometimes they'll seek retribution.
Posted on 4/15/14 at 4:11 pm to cwill
Looks like we need to widen our tax base.
Posted on 4/15/14 at 8:07 pm to Lsupimp
Hey - confession time.
But first - I just want to see how stupid I really am.
How many of you thought that you could take any unusually large payment in the current year and spread it out over five years on normal income?
I have to confess I believed that - and was shocked to find out that it was changed thirty years ago!!! - unless you were born before 1936. (I was born in 1938 - missed the boat by two years. Wife was born in 1937 - missed the boat by ONE f'ing year.)
My only defense is that the 1986 era was at the height of shuttle and space station activities and I was working 16-20 hours a day with sometimes a half day off on Sundays.
ANYWAY - I took a huge withdrawal from my employee savings plan to pay cash for the house I bought here in Buffalo, TX - so I would not have to wait for the sale of my house in Leesville, LA. So now I own two houses and a HUGE tax bill.
I have no skills in finance.
FML.
But first - I just want to see how stupid I really am.
How many of you thought that you could take any unusually large payment in the current year and spread it out over five years on normal income?
I have to confess I believed that - and was shocked to find out that it was changed thirty years ago!!! - unless you were born before 1936. (I was born in 1938 - missed the boat by two years. Wife was born in 1937 - missed the boat by ONE f'ing year.)
My only defense is that the 1986 era was at the height of shuttle and space station activities and I was working 16-20 hours a day with sometimes a half day off on Sundays.
ANYWAY - I took a huge withdrawal from my employee savings plan to pay cash for the house I bought here in Buffalo, TX - so I would not have to wait for the sale of my house in Leesville, LA. So now I own two houses and a HUGE tax bill.
I have no skills in finance.
FML.
This post was edited on 4/15/14 at 8:09 pm
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