[jmsturm]

I find tax in Florida to be very fair. The big problem is insurances - both auto and home!!

[Starpilot]

The notion that higher income should pay more taxes is often misunderstood.
Higher income tax individuals, pay more tax than other in two ways. First they pay taxes on their higher income.... and secondly, at a much higher, disproportionate graduated tax rate.

Many say that too bad, they make so much money, they should pay more taxes, not realizing they are paying more and they are to be thanked for this. It's my experience that the lower income tax group have little to no understanding of our graduated tax rates. I hear election campains pointing to the issue that the rich are not paying their fair share of taxes, and for the most part this is an outright exploitation of those that do not know better. If it was true, or if you believe it to be true, you would have to agree. Unfortunitely, it's not even close to the truth.

Further, as you travel down income levels, there are those at the lowest levels that look for set-asides and all types of government handouts and assistance credits. Not that many of those people aren't needing, or deserving. But with those people set aside, there's way too many career exploiters who know the system all to well and take advantage on many levels. Those people are a burdon to us all and yet they carry a vote that campainers desperately want.

It wasn't long ago that the family structure didn't always include two working spouses. Now that is the norm and largely required to get by. These two individuals work hard, and with some success, they earn a fair living. Their combined income often classifies them as higher earners for which their tax rate is much greater than others that may not made the same sacrfices or effort. And if they live in or near an expensive city, they are just getting by as compared to the cost of living for someone living in a rural more casual area.

I applaud that working hard to make a better life, and underline that they are paying perhaps more than their fair share.

[manaboutown]

Originally Posted by Topspinmo

So say You can thank Ronnie for taxing retirement SS.

My post addressed paying tax on money withheld for SS.

Originally Posted by manaboutown View Post
And yet one pays income tax on SS withholdings as if one actually received the money and could go out and spend it!

Q2: Which political party eliminated the income tax deduction for Social Security (FICA) withholding?

A2: There was never any provision of law making the Social Security taxes paid by employees deductible for income tax purposes. In fact, the 1935 law expressly forbid this idea, in Section 803 of Title VIII.

From: Social Security History.

[manaboutown]

Texas benefits from taxation of oil and gas businesses. BTW its real estate taxes are relatively high, too. Nevada benefits from its gambling industry and taxes on tourism via hotels, rental cars and the like. Florida also benefits from tourism but hugely from retirees moving here to spend their latter years and retirement income on housing, food, entertainment and, unfortunately, medical care.

[Pugchief]

Originally Posted by OrangeBlossomBaby

If high income people were only allowed to take the same standard deduction that lower income people had to take, then that'd be fair, right? No more itemizing, no more tax breaks, no more write-offs. Standard deduction for everyone. And you pay the same tax rate on the net income after that deduction.

Problem is, that means the ultra-high income folks would actually have to pay taxes. Right now they can itemize enough that they pay no income tax at all.

The ultra-low income also pay no income tax, or they end up with a full refund on what they've paid.

Everyone else pays to cover the ultra-low income AND the ultra-high income, both of whom pay no income tax. The ultra-low can't afford to pay it. The ultra-high income can afford it, but prefer to place the burden on everyone in the middle, including low (but not ultra-low) income people.

Clearly, you don't understand how itemizing works. The standard deduction for MFJ in 2023 is $27,200. In order to itemize, you need more than $27,200 in deductions (that's an awful lot of mortgage interest + real estate tax), and even then, the benefit is only the amount ABOVE the 27,200. You get either the standard or the itemization, not both. Very few people itemize anymore after the last remake of form 1040 when they raised the standard deduction so high. The net effect is that people with LOWER income get a standard deduction that is a much higher percentage of their income.

[manaboutown]

Originally Posted by Pugchief

Clearly, you don't understand how itemizing works. The standard deduction for MFJ in 2023 is $27,200. In order to itemize, you need more than $27,200 in deductions (that's an awful lot of mortgage interest + real estate tax), and even then, the benefit is only the amount ABOVE the 27,200. You get either the standard or the itemization, not both. Very few people itemize anymore after the last remake of form 1040 when they raised the standard deduction so high. The net effect is that people with LOWER income get a standard deduction that is a much higher percentage of their income.

I am unable to itemize anymore. SALT deductions are limited to $10,000 which is both laughable and sad.

[Pugchief]

Originally Posted by midiwiz

That is only here. TV doesn't count. sorry

As others have mentioned, nonsense. Designer home Sumpter county. Taxes with bond $5500.

Maybe if you are also paying Wildwood or Lady Lake it's more.

[Pugchief]

Originally Posted by manaboutown

I am unable to itemize anymore. SALT deductions are limited to $10,000 which is both laughable and sad.

No, what's sad is that any state needs to collect real estate taxes high enough for you to go over $10K.

Florida FTW.

[Pugchief]

Originally Posted by JRcorvette

There are other States that cost a lot less to live in but you will need to be able to deal with their weather (cold and or show). Florida is not a cheap as it use to be… nothing is.

All true, but completely irrelevant to the topic.

[Pugchief]

Originally Posted by Stu from NYC

Other than the fact that these so called minimum wage jobs would very quickly go away you are right. Perhaps our elected representatives should be forced to take and pass an economics class before being allowed on a ballot

The should also be required to pass a test on the US Constitution, as most of them have no idea what it's about.

[Pugchief]

Originally Posted by Rainger99

I agree that there might be a few flaws in a $50 an hour minimum wage law! But if you got one of those $100,000 a year jobs, you would be in great shape!

Do you actually believe that statement?

Econ 101: If minimum wage is raised to $100k/year, the price of everything goes up to cover the additional wages, inflation skyrockets, and everyone can't afford food anymore.

[Dantes]

Everyone’s leaving New York I know the reason why the taxes are too low. They are coming to Florida so they can more. Taxes

[Ladays1978@gmail.com]

Originally Posted by Rainger99

I didn’t say I believed it. I posted it because it pertains to the state where all of us live.

And I thought it might get comments from people who live in the more progressive states to see what they think of the study.

So far most of them appear to disagree with the study.

I Believe all disagreed not most!

[Normal]

Originally Posted by Pugchief

As others have mentioned, nonsense. Designer home Sumpter county. Taxes with bond $5500.

Maybe if you are also paying Wildwood or Lady Lake it's more.

MUCH MOREon average for a designer add about 1500 per year.

[Rainger99]

Originally Posted by Pugchief

Do you actually believe that statement?

Econ 101: If minimum wage is raised to $100k/year, the price of everything goes up to cover the additional wages, inflation skyrockets, and everyone can't afford food anymore.

I said that there might be a few flaws in a $50 an hour minimum wage law. You have pointed out one.