Comments on: Do Higher Taxes Lead To Socialism In America?

By: Unemployment Checks Are The Best Form Of Economic Stimulus | Financial Samurai

Wed, 08 Dec 2010 04:40:17 +0000

[...] an enormous unemployment insurance safety net could very well jump start the economy or bring us back to socialism. I take the former stance, as a bullet-proof safety net causes employees to work harder, take [...]

By: Tuition Hike For The Poor Is Like A Tax Hike For The Rich | Financial Samurai

Mon, 23 Nov 2009 08:08:43 +0000

[...] “Do Higher Taxes Lead To Socialism In America?” (obviously, maybe) [...]

By: admin

admin — Sun, 25 Oct 2009 00:09:17 +0000

Hey Len! Thanks for your thoughts and glad you enjoyed the post! We’ve got some fervent debate over on the follow up post “We’re Ignorant Idiots! Tell Us Why The Flat Tax Isn’t Fair!” http://www.financialsamurai.com/2009/10/09/were-idiots-please-tell-us-a-flat-tax-is-not-fair/. There’s something like 85 comments and going strong.

Best, FS

By: Len Penzo

Len Penzo — Sat, 24 Oct 2009 23:48:55 +0000

A very provocative article, to be sure! :-)

Socialism definitely leads to higher taxes – or hyperinflation for governments without the courage to raise the taxes to pay for the services.

Higher taxes also lead to socialism by default, because government is not capable of fiscal restraint.

As David has eloquently said, the real answer is less government.

And re: the flat tax… I don’t know about you, Sam, but I think you might want to reconsider who a flat tax would hurt most – it’s actually the poor and middle class. Folks earning $30,000 per year are not paying $4500 per year in taxes. I know my taxes would more than double and I am solidly in the middle class.

Very interesting post! :-)

My $0.02 (after taxes),

Len

By: Tell Us Why The Flat Tax System Isn't Fair | Financial Samurai

Tell Us Why The Flat Tax System Isn't Fair | Financial Samurai — Fri, 09 Oct 2009 16:08:16 +0000

[...] “Do Higher Taxes Lead To Socialism In America” [...]

By: An Open Letter To Vikram Pandit, CEO of Citigroup | Financial Samurai

An Open Letter To Vikram Pandit, CEO of Citigroup | Financial Samurai — Wed, 23 Sep 2009 15:13:18 +0000

[...] “Do Higher Taxes Lead To Socialism In America?” [...]

By: admin

admin — Mon, 07 Sep 2009 01:11:32 +0000

Hey Marci! Thanks for stopping by! I hear you regarding paying less taxes and not relying on the government. The sweet spot seems to be a $200,000 income for singles or less. Doesn’t look like Obama will touch folks with income less thank 200K.

What exactly is the 8.5% tax bracket you are referring to? Is that your effective tax rate? Or is that your state tax rate? I’m looking at the US marginal tax rates, and the lowest is 10% for income $8,350 or below. I’d love to pay 8.5%!

By: marci

marci — Mon, 07 Sep 2009 00:58:36 +0000

Higher taxes make me want to earn less money so I pay less in taxes….
but still do for myself – I definitely do NOT want to have to rely on the govt
to take care of me….. I am doing just fine on my own, thank you very much :)

Higher taxes are a disincentive to higher wages.
Why earn more when you will pay more in taxes?
Not me. Find a frugal level you are happy at, and live within your means.
For me, it is 8.5 % tax bracket…. That’s where I can still live ok.