Posted on 04/12/2004 3:07:26 PM PDT by ambrose
Posted on Mon, Apr. 12, 2004
STEVE BUTLER: RETIREMENT PLANNER
Taxes bite harder than a pit bull
My son, who plans to become a veterinarian, went to Turbo Tax and prepared his 2003 tax return. He worked last year as an entry-level "tech" at two veterinary clinics. Part of the year, he had lived and worked in New York City, but more recently, he has taken a job here in the Bay Area.
In New York, he was bitten twice by pit bulls and sent to the hospital. He went to the hospital again after having been badly scratched by a huge male cat named "Ricky." The most painful "mauling" of the job, however, was his realization that his entry-level income was taxed a combined total of more than $3,000.
How can this be? Where are those tax cuts we keep hearing about? How can someone at his first real job out of college be taxed at a rate of more than 20 percent?
(Excerpt) Read more at contracostatimes.com ...
"The most painful "mauling" of the job, however, was his realization that his entry-level income was taxed a combined total of more than $3,000.
How can this be? Where are those tax cuts we keep hearing about? How can someone at his first real job out of college be taxed at a rate of more than 20 percent?
Social Security and Medicare amount to 15.6 percent, including both my son and his employer's portions. This alone amounts to $2,652. The federal tax was $700, California and New York state taxes were another several hundred, and the city of New York weighed in with an $18 levy.
What Warren Buffett said was true. Buffett's receptionist at Berkshire Hathaway paid a higher percentage of income in taxes than he did. Somehow, it just doesn't seem right.
What is NOT said in this "piece" is that everyone who wants to MOVES UP the CAPITAL ladder....I'll bet Warren Buffet's receptionist is young and maybe without a husband....there's more to her story AND more to his guy's son's story too, like why did he pick two of the MOST expensive places in the world to live?
The reality is you're paying for a much higher level of service than what you're getting. I imagine for your level of taxes, you should get your own personal bureaucrat.
That sounds like a lot of job security for lawyers and politicians, which is the real reason the Left is promoting the issue.
In reality that's no different than income taxes. It all goes into the same slush fund.
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