Comments on: What Effect Does the Government Have on Your Money? http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/ Save more. Earn more. Have more. Mon, 21 May 2012 13:13:53 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Child Support, Lesbians, and Low Pay - Lame Excuses for Unemployment | You Have More Than You Think http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-4848 Child Support, Lesbians, and Low Pay - Lame Excuses for Unemployment | You Have More Than You Think Sat, 21 Jan 2012 18:45:04 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-4848 [...] do in their bedroom is good enough reason to forgo honest work as long as you have the effing government, i.e., the taxpayers, i.e., you and me to pick up the [...] [...] do in their bedroom is good enough reason to forgo honest work as long as you have the effing government, i.e., the taxpayers, i.e., you and me to pick up the [...]

]]> By: rosied http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1630 rosied Wed, 17 Mar 2010 18:04:09 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1630 Pah - wot you lot moaning about ;-) I'm a hard working, self-employed, tax paying, house owning, car owning individual of 51 years old who lives in London. I earn just enough per annum to make me a Tax Target. I pay more tax than God. I pay more types of tax than probably exist in law but as we've so many thousands of new criminal penalties here now I can't really tell. My savings aren't worth the paper they're printed on. Despite 'owning' all our woeful banks (apart from those clever sods Barclays), and after being mugged for my state pension years ago, I am broke. As is Britain. I read only today that our woeful govt. has overpaid £1.85 billion in benefits to the slack-jawed obese/feral arm-dragging legions of unemployed with little chance or the will to recover it. I can answer the question ''what impact does the government have on your financial life?' quite simply. I'm totally screwed. Pah – wot you lot moaning about ;-) I'm a hard working, self-employed, tax paying, house owning, car owning individual of 51 years old who lives in London. I earn just enough per annum to make me a Tax Target. I pay more tax than God. I pay more types of tax than probably exist in law but as we've so many thousands of new criminal penalties here now I can't really tell. My savings aren't worth the paper they're printed on. Despite 'owning' all our woeful banks (apart from those clever sods Barclays), and after being mugged for my state pension years ago, I am broke. As is Britain. I read only today that our woeful govt. has overpaid £1.85 billion in benefits to the slack-jawed obese/feral arm-dragging legions of unemployed with little chance or the will to recover it. I can answer the question ''what impact does the government have on your financial life?' quite simply. I'm totally screwed.

]]> By: Shawanda http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1581 Shawanda Fri, 05 Mar 2010 18:25:45 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1581 Absolutely. It's like when private industry and individuals dump toxins and pollutions into the environment. Even though my health and everyone else's is negatively impacted by it, that's no excuse to embrace a completely sedentary lifestyle, litter, refuse to recycle, and waste as many of the earth's resources as possible. I refuse to accept powerlessness. It's un-American. Absolutely. It's like when private industry and individuals dump toxins and pollutions into the environment. Even though my health and everyone else's is negatively impacted by it, that's no excuse to embrace a completely sedentary lifestyle, litter, refuse to recycle, and waste as many of the earth's resources as possible. I refuse to accept powerlessness. It's un-American.

]]> By: LeanLifeCoach http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1580 LeanLifeCoach Fri, 05 Mar 2010 17:06:27 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1580 The gov't has a HUGE impact on you and how you spend your money. After income tax and FICA you have state and sales then there are tolls and excise and let's not forget that part of every dollar you give every company in turn goes to the gov't too. In the end at least half of everything you touch is taken by them. How can that not affect you? It will, but it should never stop you from A) trying to improve your life and wealth and b) being engaged in politics to affect positive change for our country. The gov't has a HUGE impact on you and how you spend your money. After income tax and FICA you have state and sales then there are tolls and excise and let's not forget that part of every dollar you give every company in turn goes to the gov't too. In the end at least half of everything you touch is taken by them. How can that not affect you? It will, but it should never stop you from A) trying to improve your life and wealth and b) being engaged in politics to affect positive change for our country.

]]> By: TheyCallMeCheap http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1557 TheyCallMeCheap Wed, 03 Mar 2010 05:11:02 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1557 I'm too busy concocting a scheme to take over the world to blame the government or anyone else for my shortcomings. I used to date a guy who thought everything was conspiracy. Ugh! Shut up. I was like "work around it." I'm too busy concocting a scheme to take over the world to blame the government or anyone else for my shortcomings. I used to date a guy who thought everything was conspiracy. Ugh! Shut up. I was like "work around it."

]]> By: Shawanda http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1556 Shawanda Wed, 03 Mar 2010 05:02:25 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1556 Of course the government's actions affect our money. But instead of focusing on how much control I don't have over my money, I focus on how much I do. I'm told by some of my European counterparts that we have far lower tax rates than they do. Thus, we have more money left to work with. The only thing is, many of them have government sponsored/mandated/provided health care, so getting sick probably doesn't bankrupt them like it does many Americans. In regards to the current health care reform bill, I heard of a fine, but I wasn't aware of the jail time possibility for not paying the individual mandate for health insurance. Actually, that doesn't sound true. Health care reform is far too complex a topic to address in a comment, but I will add that I believe every American should have access to affordable health care. I would NOT go so far as to say it's a right. It's no more a right than food, water, or utilities. Then again the argument can be made that these services are relatively affordable and widely available. Something must be done. Health care is 17% of our GDP. How long can the upward trend continue? We're paying too much money just to stay alive, and we not have the best health care in the world. I recently heard the first lady say 50% of African-American and Hispanic children are overweight. Can't remember what the rate was for children of other races, but I'm sure, regardless of race, the children of the U.S. are fatter than they were a generation ago. Who's going to pay for all the medical ailments that result as our children get older? Already, 30% of Americans are obese. Things aren't looking good for us as a nation. Although I wish private industry would fix this problem, it hasn't and it won't. If health care wasn't an essential service, it probably would have by now. Unfortunately, there's not a whole lot of room for negotiation when you're sick or dying. As for subprime loans, I don't blame the government or Wall Street as much as I blame greedy, delusional Americans who bought a home they couldn't afford. Yes, some were swindled, but calling many of them "a bunch of criminals who committed mortgage fraud by lying about their income to qualify for a mortgage they couldn't repay" isn't too far off base either. You do have control over what you pay in taxes, it just depends on how you make your money. Matter of fact, you don't have to pay Social Security taxes on amounts in excess of $106,800 in 2010. Barb even pointed out the favorable tax rates given on capital gains and dividends. You don't have to pay Social Security or Medicare taxes on those AND you pay a reduced income tax rate. Now, in order to live off the proceeds from those, you'll have to be pretty well off financially. But isn't the ability to generate massive amounts of income what makes this nation so wonderful? There are too many wealthy people in this country for me to accept we don't have control over our income. Oh, and another fun fact - 47% of Americans don't pay ANY income taxes. I sincerely hope every person complaining about taxes at least pay some federal income tax. And then, we can always leave this great nation. Should the tax rates increase to the point where I can no longer bear it (or Sarah Palin is elected president), I'll strongly consider this option. Of course the government's actions affect our money. But instead of focusing on how much control I don't have over my money, I focus on how much I do. I'm told by some of my European counterparts that we have far lower tax rates than they do. Thus, we have more money left to work with. The only thing is, many of them have government sponsored/mandated/provided health care, so getting sick probably doesn't bankrupt them like it does many Americans.

In regards to the current health care reform bill, I heard of a fine, but I wasn't aware of the jail time possibility for not paying the individual mandate for health insurance. Actually, that doesn't sound true.

Health care reform is far too complex a topic to address in a comment, but I will add that I believe every American should have access to affordable health care. I would NOT go so far as to say it's a right. It's no more a right than food, water, or utilities. Then again the argument can be made that these services are relatively affordable and widely available.

Something must be done. Health care is 17% of our GDP. How long can the upward trend continue? We're paying too much money just to stay alive, and we not have the best health care in the world.

I recently heard the first lady say 50% of African-American and Hispanic children are overweight. Can't remember what the rate was for children of other races, but I'm sure, regardless of race, the children of the U.S. are fatter than they were a generation ago. Who's going to pay for all the medical ailments that result as our children get older? Already, 30% of Americans are obese. Things aren't looking good for us as a nation. Although I wish private industry would fix this problem, it hasn't and it won't. If health care wasn't an essential service, it probably would have by now. Unfortunately, there's not a whole lot of room for negotiation when you're sick or dying.

As for subprime loans, I don't blame the government or Wall Street as much as I blame greedy, delusional Americans who bought a home they couldn't afford. Yes, some were swindled, but calling many of them "a bunch of criminals who committed mortgage fraud by lying about their income to qualify for a mortgage they couldn't repay" isn't too far off base either.

You do have control over what you pay in taxes, it just depends on how you make your money. Matter of fact, you don't have to pay Social Security taxes on amounts in excess of $106,800 in 2010. Barb even pointed out the favorable tax rates given on capital gains and dividends. You don't have to pay Social Security or Medicare taxes on those AND you pay a reduced income tax rate. Now, in order to live off the proceeds from those, you'll have to be pretty well off financially. But isn't the ability to generate massive amounts of income what makes this nation so wonderful? There are too many wealthy people in this country for me to accept we don't have control over our income.

Oh, and another fun fact – 47% of Americans don't pay ANY income taxes. I sincerely hope every person complaining about taxes at least pay some federal income tax.

And then, we can always leave this great nation. Should the tax rates increase to the point where I can no longer bear it (or Sarah Palin is elected president), I'll strongly consider this option.

]]> By: Shawanda http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1555 Shawanda Wed, 03 Mar 2010 04:15:04 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1555 I think the making work pay credit added about $10 to my monthly paycheck and I remember hearing grumblings early in 2009 about how many Americans might end up not paying enough taxes because of problems with how payroll providers were calculating it. Currently, 0% of my income is derived from long-term capital gains or qualified dividends, but I'll still invest like some day a decent portion of it will be. Here's to favorable tax rates on these products for the next 70+ years. I think the making work pay credit added about $10 to my monthly paycheck and I remember hearing grumblings early in 2009 about how many Americans might end up not paying enough taxes because of problems with how payroll providers were calculating it.

Currently, 0% of my income is derived from long-term capital gains or qualified dividends, but I'll still invest like some day a decent portion of it will be. Here's to favorable tax rates on these products for the next 70+ years.

]]> By: Shawanda http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1554 Shawanda Wed, 03 Mar 2010 04:06:27 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1554 That's interesting. You'd think the birthrate would be lower here. I wonder why that is. That's interesting. You'd think the birthrate would be lower here. I wonder why that is.

]]> By: bloominglater http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1522 bloominglater Sun, 28 Feb 2010 01:13:09 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1522 I think that people are just looking for another scapegoat to do or NOT to do what they want - the government. I would love to take advantage of the existing homeowner's tax credit, but with this market, it's difficult to sell the home I'm in. Thus, the government's incentive really doesn't affect me either way. I think that people are just looking for another scapegoat to do or NOT to do what they want – the government. I would love to take advantage of the existing homeowner's tax credit, but with this market, it's difficult to sell the home I'm in. Thus, the government's incentive really doesn't affect me either way.

]]> By: Leighann Marquiss http://youhavemorethanyouthink.org/what-effect-does-the-government-have-on-your-money/comment-page-1/#comment-1521 Leighann Marquiss Sun, 28 Feb 2010 00:05:05 +0000 http://youhavemorethanyouthink.org/?p=1895#comment-1521 I came to see your weekly menu and saw this post. I too lean toward social liberalism but am a fiscal conservative. :) But I disagree that what the government legislates doesn't affect our spending or daily lives. They decide how much is taken out of check for taxes, social security, and FICA. We have no control over that. They decide who is taxed (i.e., under a certain amount and you don't pay taxes, over a certain amount and you can afford to pay a CPA to get your tax rate down to 10%; middle class...uh, you're screwed); and I say that as the wife of someone who is a HENRY (high earner not rich yet). They also make mandates on GSEs like Freddie and Fannie to get into buying subprime loans ("It is the right of every American to own a home! ~ Bill Clinton) and then blame Freddie and Fannie for not holding out on buying subprime loans. Additionally, they are on the brink of mandating we buy health coverage no matter what our circumstances or face jail time and monetary fine for not doing so ("It is the right of every American to have affordable health insurance. ~ Barack Obama). I'm not even against people owning homes or having affordable health insurance, I just don't think the gov'ment should be the one telling businesses how they should go about doing things they cannot hedge themselves against and then having us pay trillions of dollars to bail them out (thank you Bush and Obama). So, yes I think they affect our bottom dollar. The control we have and what you allude to is what to do with our bottom dollar. And no, you shouldn't buy a house until you can afford it - something many Americans could learn a lesson from. I sound negative, but I'm really not in real life! This is just such a hot topic. :) I came to see your weekly menu and saw this post. I too lean toward social liberalism but am a fiscal conservative. :) But I disagree that what the government legislates doesn’t affect our spending or daily lives. They decide how much is taken out of check for taxes, social security, and FICA. We have no control over that. They decide who is taxed (i.e., under a certain amount and you don’t pay taxes, over a certain amount and you can afford to pay a CPA to get your tax rate down to 10%; middle class…uh, you’re screwed); and I say that as the wife of someone who is a HENRY (high earner not rich yet).
They also make mandates on GSEs like Freddie and Fannie to get into buying subprime loans (“It is the right of every American to own a home! ~ Bill Clinton) and then blame Freddie and Fannie for not holding out on buying subprime loans. Additionally, they are on the brink of mandating we buy health coverage no matter what our circumstances or face jail time and monetary fine for not doing so (“It is the right of every American to have affordable health insurance. ~ Barack Obama). I’m not even against people owning homes or having affordable health insurance, I just don’t think the gov’ment should be the one telling businesses how they should go about doing things they cannot hedge themselves against and then having us pay trillions of dollars to bail them out (thank you Bush and Obama). So, yes I think they affect our bottom dollar.
The control we have and what you allude to is what to do with our bottom dollar. And no, you shouldn’t buy a house until you can afford it – something many Americans could learn a lesson from.
I sound negative, but I’m really not in real life! This is just such a hot topic. :)

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