Thursday, April 15, 2010

(Un)Happy Tax Day - Think Tank Lineup


From the Cato Institute
:
(Un)Happy Tax Day By: Tad DeHaven

"Today is that unofficial American holiday where we mourn the loss of a year’s worth of productive private resources to our bloated federal government. And it’s not just the actual dollars paid to Uncle Sam – it’s also the economic loss due to all the time and money wasted trying to comply with an increasingly complex tax code:"

Click here to read the rest of the article and see some truly startling graphs and figures.


The Reason Foundation
Lower and Simplify Taxes! By: John Stossel

"How'd we get to this point? U.S taxes were once simple! The government funded itself on tariffs and excise taxes. It didn't violate our privacy by asking us how much we made or how many dependents we have.

But in 1913, the politicians decided they needed an income tax.

At first, they took little money: just 1 percent on incomes between $20,000 and $50,000. Those were big incomes—adjusted for inflation, $50,000 is $1.1 million today. The top bracket paid 6 percent, but that only applied to people who earned at least $11 million in today's dollars. Anyone who made less than $400,000 paid no income tax.

But leave the amounts aside. The increase in complexity is just as evil."

Read the rest here.


The Competitive Enterprise Institute
Tax Freedom Day By: Ryan Young

Today, April 9, is Tax Freedom Day. The good folks at the Tax Foundation calculated how much money local, state, and federal governments harvested last year from taxpayers ($3,469,000,000,000), and compared that to national income ($12,901,000,000,000). At 26.89 percent of national income, you basically work until April 9 just to pay off your taxes.

Read the whole article here.

4 comments:

Harleyrider19 said...

Who else was real excited during this tax time? I always love just handing 30 grand to a government that does such good things with the money. :(

W. E. Messamore said...

That's the perverse thing about it, Harleyrider- lots of people get excited during tax time because they get money back for having overpaid into the system.

Harleyrider19 said...

Yeah every year I see the numbers, usually get a call from the accountant saying I owe a little more, grab a beer and shed a tear. On the other hand I have family members who hardly can hold a job for more than a few weeks who get an obscene amount of money back. Of course they don’t invest or save it they just take it out and blow it like they hit the lottery. I suspect that behavior is not that uncommon and here we are paying for that. Got to love socialism!

W. E. Messamore said...

Yeah, our tax system is certainly FUBAR.

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