Taxes

Mar 26 2013

They say a conservative is a liberal who got mugged. But does being mugged by the tax man count?... That’s next… Comedian Bill Maher is no conservative. He even gave a million dollars just last year to reelect Obama. But last week, he admitted that between Obama’s and California’s new income taxes on the rich, California might lose even him. Maher said he doesn’t mind paying his fair share, but if you’re successful in California, taxes take away 60 percent of your income, and that’s absurd. The top 10 percent of earners pay 68 percent of all taxes, and the left still screams that they’re not paying enough. The problem isn’t too little taxing, it’s our leaders’ inability to prioritize. Look, I don’t mind paying taxes for national defense, highways, and to help veterans and those who can’t work due to disabilities. But we just handed $250 million to Egypt. We spend millions to study why lesbians drink too much. Yet we need a tax hike to keep White House tours open? Sounds like something a comedian would think up. Only these days, our comedians apparently have more sense than our leaders. 

Speaking of taxes, someone in New Jersey bought the sole winning ticket to Saturday’s $320 million Powerball Lottery. But how much of that will the winner actually get to keep? Forbes did the math. First, if the winner takes a lump sum instead of 30 annual payments, that reduces the prize to just over $198 million. Still not bad. But wait: you’ve been living high off the hog too long, buying your lottery tickets. It’s time you paid back society for all your advantages. Under the new 39.6% Obama tax rate for millionaires, gambling winnings are treated as ordinary income. So the IRS will take away another $78.5 million. That’s $9 million more than last year. And don’t forget state taxes. Those vary widely, but if a New York City resident had won this lottery, the combined state, federal and local taxes would’ve taken away 48.5 percent of the jackpot, or about $96 million, ten million more than last year. But hey, gotta make you plutocrats pay! So by now, that promised $320 million is down to $102 million, less than a third of what was advertised. Still, it’s a good chunk of change.

And at least you don’t live in California, where the next top income tax rate is the highest in America. There, the state alone would’ve snatched away $26 million of your jackpot. California doesn’t have Powerball now. But they’re joining next month. California’s leaders may be nuts, but they’re not crazy.

Comments 1-3 of 3

  • Jacqui Barnard

    05/15/2013 02:05 PM

    I am for the fair tax but how would it affect back dated child support? I am a single mother that struggles financially raising two boys; the only way I receive any sort of support payments is from what the IRS garnishes from by exes tax return. Would this hurt other families in similar situations?

  • Paul Douglas

    05/04/2013 12:25 AM

    Our leaders inability to prioritize .....is NOT the reason, it is their inability to close the loop holes in the tax law. Your statement , if it is your statement ,Mike, is as far off the mark of reality as your depending on prayer to help you solve anything. I say this not out of disrespect but frustration. You can fool some of the people some.........not all...........time. So if you really want t do some good , help close these loopholes!

  • John wright

    04/16/2013 02:11 PM

    A Flat tax is an equal % of income divided by income but not an equal % of income divided by basic expenses. How is that a fair tax?

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