I feel violated

[Kidlicious]

Originally posted by Ming
Gee... tax rates over 50%. No wonder why I hate socialism. That's just pure theft

What about over 50% of my income to rent?

[Pekka]

Originally posted by Ming
Gee... tax rates over 50%. No wonder why I hate socialism. That's just pure theft

Well, what you should hate is the lynch mob behind it. I think this one guy is teh richest man in Finland, not like Gates but he has a lot of money and income, and he voluntarily paid ~80% in taxes last year, and he was still the topic of 'people who should be taxed more' . Of course when someone brought it up he actually paid a lot of money both in terms of actual money, and also percentage wise, well, some people got embarrased, but the message never changed. We need to tax, tax, tax and tax. You see, we see the taxation as a tool that brings equality.

I'd rather be worried about the salaries and income of those who make too little. Not how much someone else is making, we should just concentrate on people who are making a poor living even when they work. THat's the problem really. Everything else is just pure jealousy, wrapped around in the whole equality thing, which puts a nice sick twist into things. And then most people think this is so and justified in the name of..... equality (jealousy).

That's why you want to flee if you happen to strike gold in here. Not because of the taxes, but beacuse of the haters who don't even know you.

[padillah]

OK, my bad on the Israel thing.

I get the tax thing now. You didn't report on time so they just took "everything" and they'll sort it out later.

We kind of have the same here in the U.S. When you file your taxes there's a possibility you fall under the Automatic Minimum Tax. So many people were coming up with deductions and loopholes that they had to start instituting a minimum tax. It got so that if you were rich enough to afford an accountant to do your books you'd probably not pay much in taxes.

Man, that 65% bites hard.

Tom P.

[Pekka]

yeah. We don't actually file tax reports anymore, we just recieve automatic 'tax suggestion', so they've calculated things for you, adn then if you agree with it, you don't need to do anything, if there's mistakes, then you need to make corrections.

But this one is the one you provide to your employer, and the payroll services will use it. None of the less, 65% does seem a bit excessive no matter what the situation is. That's why I wrote that I feel violated. It's not just a huge tax, I actually feel violated

[Kidlicious]

Pekka,

You didn't answer my question. Can you get this back next paycheck or do you really have to wait for next year? And can you explain more how you guys don't have to file tax returns every year?

[DinoDoc]

Did they at least buy you dinner before bending you over?

[Kidlicious]

Originally posted by DinoDoc
Did they at least buy you dinner before bending you over?

He could have turned the card in on time so I think Pekka bent himself over.

[Grandpa Troll]

Originally posted by Kidicious


What about over 50% of my income to rent?

To keep on topic, I have allways been taught to use 1/4th of your monthly income, pretax in determining rent.

So it would be close to 45% takehome....

@Pekka do they automatically refund any overages or is is a "Penalty" for not having this Tax Card to them on time?

U S oughta be more strict in collections as well

Gramps

[Kidlicious]

Originally posted by Grandpa Troll


To keep on topic, I have allways been taught to use 1/4th of your monthly income, pretax in determining rent.

So it would be close to 45% takehome....

Right, then if you don't make the income qualifications they require a cosigner and you end up paying anyway or you don't live anywhere.

[padillah]

Originally posted by Grandpa Troll

U S oughta be more strict in collections as well

Gramps

I don't know about the feds but having been on the other end of two, count 'em, two MI raids on my bank account (where they simply took everything in there, no questions asked) I think they've got the collections thing down pat.

You think 65% is bad try looking up your bank account and finding nothing! Not one cent.

I know just how violated you feel. Man, that was two years ago and I still feel sick thinking about it.

Tom P.

[Flubber]

Originally posted by Kidicious


What about over 50% of my income to rent?

You can live elsewhere. You can own your own home . I pay no rent although I do pay interest.

Taxation is compulsory.

[Flubber]

Originally posted by Kidicious
Pekka, you can't set the amt that you want taken out of your check after you turn in the card? How does it work?

I think the point was that he ste the amount in the card but sent it in late so there is a delay in implementing what he elected. So on his first cheque he got hit with maximum taxes-- he'll get them back later though.

Pekka I'm guiessing that your correct taxes should be in place by next cheque?

[Flubber]

Originally posted by padillah


I don't know about the feds but having been on the other end of two, count 'em, two MI raids on my bank account (where they simply took everything in there, no questions asked) I think they've got the collections thing down pat.

You think 65% is bad try looking up your bank account and finding nothing! Not one cent.

I know just how violated you feel. Man, that was two years ago and I still feel sick thinking about it.

Tom P.

Call me crazy but after I had an account drained once I do not think you would see me putting any money back in there-- If you need to direct deposit your cheque, withdraw it immediately after deposit so the most you can lose is one paycheque or it would be better yet if you had it deposited to a line of credit account which you always maintain in a slightly negative balance

[Flubber]

Originally posted by Ming
Gee... tax rates over 50%. No wonder why I hate socialism. That's just pure theft

IT seems way too high to me as well. In Canada we don't go as far and my recollection is that the highest rate you EVER pay for income tax is 39% in Alberta ( with about an additional $2K for old age and unemployment insurance)

In other provinces the provincial portion is higher and results in tax rates as high as 45%.

With surplus budgets there is a push to lower these tax rates

[Pekka]

No, I think I have to wait for next year.

Kid, how do they know what to tax, that's because payrolls always let the state know what I earned, income tax was already deducted from that, and as far as other capital goes, well, they know that too. You have to file for that stuff, if you, for example go and start owning stuff, stocks etc. Because that will be taxed as well. Everything is filed during the year, mostly it's automatic so you don't have to worry about it too much.