Posted on 09/17/2011 4:14:38 AM PDT by Kaslin
In the days of my youth the sales tax rate in South Carolina was three percent! We routinely now pay eight percent with different rates on different things rather than one constant rate. In my world it makes no sense that we need such steeply higher rates, especially when I reflect that we have a much more dense population now. Why should we need a HIGHER rate as population density INCREASES? What happened to economy of scale? If we got along OK back then with three percent (and I know we did) then we should be able to do OK with maybe two and a half percent now but instead we pay nearly three times the old rate. I think it is absurd and this is a state that is considered by the left to be “UNDERTAXED”, I say that if we are undertaxed Michael Moore is underweight and Bill Gates is broke. The state is becoming far more of a burden than the federal government used to be and the counties are trying to do the same.
There are plenty of two income families in my area who make less than fifty thousand. There are retired couples who make less, there are working couples who make less and I mean gross income before taxes.
There are plenty of two income families in my area who make less than fifty thousand.
Wow. That means each one is making 25K a year.....they must be entry level jobs. It is sad but they probably could look for other work even if they have to move. 50K is not enough to live on especially if both people are working.
I had to do the math on that. That means 13 dollars an hour. It might help if they go to college at night and get that degree. I know they can do better than that. I know a guy in college working during the evening making 10 dollars an hour and he is 20......those people need to do something to make some money or they are going to be in BIG trouble later in life. How are they going to be able to replace windows? roof? reside the house. It is extremely expensive to do any of those things and easily could finish off their savings quickly. I feel for them but hopefully they wake up and improve before it is too late.
There is truth in what you say.
LLS
I served under Reagan, then joined up again under Bush, seven years ago. Except for the mis-named "repeal" of DADT, I can't say I have any complaints about Obama as CinC. Military service is still a good career choice for those looking to have a better life.
It is enough to live on in this area if you don’t have medical problems and IF YOU KNOW HOW TO MANAGE MONEY, a big if there. If my parents were still living they would show you how to pile up mounds of savings on fifty thousand a year for two.
With all due respect Naps, I think it could help to know more about the economic situation in the country. On;y about 1/3 of the workforce even has a college degree, and even fewer jobs actually require it.
As to your earlier question of whether a 50K+ family has one or two incomes, actually it doesn’t matter. I ran a business with a former accounting professor (retired) for a few years, and learned a lot from him in addition to my own education. (Not only had he been an accounting professor for decades, but his father had been also, both intimately and immensely knowledgable about personal income, finance, etc.)
First, the number of workers in a family really doesn’t matter. On average the amount of extra income that two earners get is somewhere around $1,000 difference. This is an average, so individuals may vary, but after the price of an extra car, gas, servicing, babysitting, wardrobe, and so on and so on, tax structure, etc, etc. It doesn’t pay to have two incomes, in general.
Secondly, you may not understand that “Entry level” wages in one ares, are creme de la creme in others. The average income (median), in my metropolitan area was somewhere around 26k last I looked. My parent’s county (another state on the other side of the country): 23K.
The fact is that wealth, and opportunity are systematically being wiped out in our country, and the solution is not to send more family members to work. The solution is to get government OUT of the business world first, and to resolve the market naturally (by removing the legal loopholes for some, incentivizing some and weakening others).
Also, in case you weren’t aware, the college bubble is collapsing (Also caused by the government), because tuition is raised magnificently every year, as it’s being subsidized by the government. Some numbers indicate that if you go to college for a Bachelors, your net loss in income (on average), is nearly $300K between the cost of tuition, and opportunity cost by not working. And that’s if you can even find a job when you get out (unlikely, given the 18-25 yo unemployment rate).
I’m all for College, if it is necessary to one’s field, but the fact is, that it is beneficial for very few people, and significantly so, for even fewer.
People are able to take care of themselves, but the government is forcing people onto the government teat. It’s not the fault of the 20-30 year olds, it’s directly the fault of the largest generation in history and the fact they refused to leave anything for their children and grandchildren when they were done, leaving only a legacy of overregulation, taxation, and destruction of wealth.
Please excuse any typos.
I noticed the math error in that it wasn’t a million dollars per capita, but I noticed you attempting to correct a math error with a math error.
I have a PhD in Statistics and I get headaches when I have to do arithmetic. Would you mind redoing your grade school arithmetic so that I don’t have to dose up on acetylsalicylic acid?
Muchos Gracias.
Agreed. A family can live off of 20-30K a year, easily, barring medical problems. It depends on what you feel you can live with, and what you can’t live without. The biggest problem currently, is the overinflated real estate (that problem, fortunately is still fixing itself, but government will do all it can to overinflate the prices). And, without medical subsidy (they call it “insurance,” which it is not) it’s unlikely that many could pay for a major medical problem even with a 200K+ salary job. (I know people who racked up a million dollars in two weeks in a hospital).
Money management is the key. Sadly, the average U.S. citizen has lived of the subsidies of other nations for a long time (As long as we run a deficit, someone is subsidizing us). When that ends, all the social welfare programs end (as the rest of our curreny collapses), and the facade that we’ve been living in will quickly melt away. It’s good in the long run, but will be devastating to many in the short term.
“How are they going to be able to replace windows? roof? reside the house.”
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In my case I did all those things myself, I danged sure didn’t hire union labor. My wife and I own our home and eight acres on a small river, a nice car and an F-150 extended cab, tractor, small backhoe, new forty eight inch riding mower etc. all free and clear of debt and we have done it all on what you would apparently describe as not enough money to live on. A lot depends on WHERE and HOW you choose to live. By the way we each have our own computer with cable modem, cell phones, large screen televisionS, she has a laptop also. We owe nothing!!!
He said “taxpayer” not every person is a “taxpayer” in the eyes of some (They usually mean Federal Income Tax-taxpayer, which only about 50% of tax filers are). Hope that helps.
http://www.fairtax.org/site/PageServer?pagename=about_faq
Study, Study, Study.........
I assure you that once you get it you will never let it go.
College? All MIT classes are available to the self-motivated at http://ocw.MIT.edu and many other schools.
Job? You’ve got a computer and Internet access. Make a job. Start a website/service. Write books, publish via Amazon. Blog. Buy/scavenge cheap stuff and sell it on eBay. Got a Mac? $99/year for Mac and iPhone software development tools, trivial sales via Mac & App Store. Got a PC? similar options available. Get that kid busy while s/he has no responsibilities, dependents, or expenses. Non-computer work? do grunt work, learn a skill from a book and teach it (via library, church & other community service outlets), talk to stores about repurposing odd waste they produce (Home Depot wood scraps, tree service free wood mulch, restaurant water/liquids jugs, etc.), a million options await you & the kid.
Housing? Look into Tumbleweed homes and TinyHouseBlog.com for nice, cheap options. $20 gets full plans for building a home that can be made from cheap/scavenged materials. Watch the foreclosure & tax seizure properties for creative options of where to put these nice little houses.
Thanks for the link — all these years of homeschooling, we have lots of resources but missed that one!
Foreclosures are indeed a good way to get a house. Costs a lot to keep it livable after the foreclosed-upon people got done abusing it, but absolutely worth the effort. I did that right :) and didn’t even need to build something on a lot. There are houses out there for $5k-15k, that can be brought back. In fact I would say it is better to buy a bad house than to buy a good lot — even if you’re handy (which I’m not) you have to deal with codes and permits to build, whereas if you take a distressed property and turn it into a decent home, its structural deficiencies are often “grandfathered” and the code office and the neighbors are grateful they’ve lost a rat hole. For example, our house has several layers of roof; you couldn’t do that today, but nobody would order me to remove all but one. Nobody even knows! :)
Re ebay: I used to sell on ebay. It was good. Wouldn’t have my house without the money I made there. But those days are gone.
Now the fees are very high, there are lots of bad faith buyers who have the advantage, and Paypal...I honestly don’t know how they continue to operate, no bank would ever be permitted to do business that way.
Small sellers with no “cushion” cannot risk ebay selling anymore. Bonanza.com is easier for fees and doesn’t inflict Paypal on sellers, but the market just isn’t there.
Anybody thinking of starting from scratch, selling on ebay, I say to them, “For heaven’s sake, DON’T!!”
Read the community forums on ebay and Paypal. Read about three-week holds on your money, including shipping funds; chargeback policies; foreign buyers and their delivery-insurance issues; “buyer protection;” and the innumerable unhappy reports from sellers who have run up against Paypal’s “sole discretion.”
Although there were some close calls (”Dear Seller, send your platinum ring to me in Budapest but please call it ‘toys’ or customs will steal it! I will send Paypal!”); I never got badly skinned on ebay, but the reports from those who have, would curdle your blood.
Well, Obama isn't going to be CiC forever. Even if he's president for two full terms (God forbid!), my grandson will still be in school when a new president becomes CiC.
I am a very big proponent of the FairTax. I was extremely dissapointed with Heman Cain when he decided that instead of supporting the FaitTax, he decided his 9-9-9 plane, which is actually closer to 18%, 9 on your income and a further 9% when you spend. He said he was trying to unite the FairTax and Flat Tax crowds, yet he combined parts of both to give us an even worse situation, an Income tax and a national sales tax. I will continue to suport the FairTax, and thank you for posting. This can be fixed!
Hey, finally something you and I agree with.
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