Comments on: An Interesting Tax Story http://www.rocketfinance.net/2007/12/12/an-interesting-tax-story/ Finance is not rocket science, unless it is government finance. Sat, 05 Jun 2010 22:48:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: rocketchttp://www.rocketfinance.net/2007/12/12/an-interesting-tax-story/#comment-367 rocketc Thu, 20 Dec 2007 04:24:40 +0000 http://www.rocketfinance.net/2007/12/12/an-interesting-tax-story/#comment-367 you don't pay taxes - unless you aren't filing and collecting your refund you don’t pay taxes – unless you aren’t filing and collecting your refund

]]> By: Minimum Wagehttp://www.rocketfinance.net/2007/12/12/an-interesting-tax-story/#comment-311 Minimum Wage Sat, 15 Dec 2007 13:57:38 +0000 http://www.rocketfinance.net/2007/12/12/an-interesting-tax-story/#comment-311 Since I earn minimum wage, I am certainly in the poorest 40 percent, and I'm not eating for free: I definitely pay (federal income) taxes! For those in other countries, I note that for most Americans, they pay more in Social Security taxes than in federal income taxes. Also, labor income is subject to Social Security taxes while investment income is not. State and local taxes are distributed much more evenly than federal income taxes. (I pay more state income tax than federal income tax.) Some states have regressive tax systems while several have no income tax, allowing them to become havens for the super-rich who enjoy low state taxes. Since I earn minimum wage, I am certainly in the poorest 40 percent, and I’m not eating for free: I definitely pay (federal income) taxes!

For those in other countries, I note that for most Americans, they pay more in Social Security taxes than in federal income taxes. Also, labor income is subject to Social Security taxes while investment income is not.

State and local taxes are distributed much more evenly than federal income taxes. (I pay more state income tax than federal income tax.) Some states have regressive tax systems while several have no income tax, allowing them to become havens for the super-rich who enjoy low state taxes.

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