Find all School-related info fast with the new School-Specific MBA Forum

It is currently 27 Aug 2014, 23:09

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Paying your "fair share" of taxes

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
SVP
SVP
avatar
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 205 [0], given: 22

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 11:36
Spiridon, you need to stop making ridiculously baseless statements. "The US has the one of the highest crime rates in the world" - really? Care to back that up with a source? I get the impression your perception of America is based on what you see or hear on television. Please go easy on the "CSI" and "24" telethons will you?

As if there isn't crime in those other countries you see as being paragons of happiness. May I suggest you read up on recent riots in Bradford, the streets of Paris, and the beaches of Sydney? And the underlying racial and socioeconomic tensions that sparked them? I'm sorry to tell you, but the U.S. is probably the only "multicultural" society that has really worked. And in further shocking news for you, I am an American who *has* lived on multiple continents and have found America to be the one place where the nature of your upbringing, your economic status, or the colour of your skin has very little with what you are eventually able to accomplish in life. So please end the incessant patronizing about seeing the "bigger picture" from multiple "perspectives" and spare us the misdirected proselytizing.

The average U.S. worker lags behind the rest of the developed world when it comes to a standard of living? Please also compare the per capita income in the U.S. to that of any other country you cite in your tirade and tell me how your argument makes any sense whatsoever?

You are the only one here who is taking what he has been told or watched on TV for granted.
Manager
Manager
User avatar
Joined: 15 Dec 2008
Posts: 52
Schools: HBS(08) - Ding. HBS, Stanford, Kellogg, Tuck, Stern, all dings. Yale - Withdrew App. Emory Executive -- Accepted, Matriculated, Withdrewed (yes, I spelled it wrong on purpose). ROSS -- GO BLUE 2011.
Followers: 1

Kudos [?]: 34 [0], given: 1

Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 11:38
"Corporations" dont pay taxes, really.

Corps are owned by... shareholders.

Taxes "paid" by shareholders are really being paid by shareholders.

Taxing corps is just taxing shareholders.



fairtax.org
Senior Manager
Senior Manager
User avatar
Joined: 04 Aug 2008
Posts: 379
Followers: 5

Kudos [?]: 24 [0], given: 1

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 11:43
solaris1 wrote:
Spiridon, you need to stop making ridiculously baseless statements. "The US has the one of the highest crime rates in the world" - really? Care to back that up with a source? I get the impression your perception of America is based on what you see or hear on television. Please go easy on the "CSI" and "24" telethons will you?

As if there isn't crime in those other countries you see as being paragons of happiness. May I suggest you read up on recent riots in Bradford, the streets of Paris, and the beaches of Sydney? And the underlying racial and socioeconomic tensions that sparked them? I'm sorry to tell you, but the U.S. is probably the only "multicultural" society that has really worked. And in further shocking news for you, I am an American who *has* lived on multiple continents and have found America to be the one place where the nature of your upbringing, your economic status, or the colour of your skin has very little with what you are eventually able to accomplish in life. So please end the incessant patronizing about seeing the "bigger picture" from multiple "perspectives" and spare us the misdirected proselytizing.

The average U.S. worker lags behind the rest of the developed world when it comes to a standard of living? Please also compare the per capita income in the U.S. to that of any other country you cite in your tirade and tell me how your argument makes any sense whatsoever?

You are the only one here who is taking what he has been told or watched on TV for granted.


Ok fair

here you go: Murders (per capita) (most recent) by country United States ranked 24th in the world and this is per capita. Note that US is the only developed nation which ranks highly on this list.

http://www.nationmaster.com/graph/cri_m ... per-capita

here, half of the world prisoners are in the US prisons a HALF! 50%
http://www.homeoffice.gov.uk/rds/pdfs2/r188.pdf

Also, you are seriously lacking knowledge on economics because GDP per CAPITA is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country’s borders in a given year.[definition)
So even though economy as a whole may be stronger, that does not say anything about the average Joes quality of life!

You say you are an American who lived in different countries? May I ask did u really live or just went with US Army?


for terp:
No, I am far from socialist or anti-capitalist. I believe eveyone should have free healthcare, education and be fairly paid for the work done.
_________________

The one who flies is worthy. The one who is worthy flies. The one who doesn't fly isn't worthy

SVP
SVP
avatar
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 205 [0], given: 22

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 12:03
For your information, the World Bank measures "Standard of Living" based on GNP per capita. And I'll cite my source without resorting to questioning the quality of the education you received. How else do you propose to quantify the standard of living of the "average Joe"? http://www.worldbank.org/depweb/english/beyond/global/glossary.html#92

spiridon wrote:
Also, you are seriously lacking knowledge on economics because GDP per CAPITA is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country’s borders in a given year.[definition)
So even though economy as a whole may be stronger, that does not say anything about the average Joes quality of life!


And I'm terribly sorry, but whatever "nationmaster.com" is, it isn't quite the source I was looking for. Calculating incidence of violent crime per capita is an extremely difficult task, and there aren't very many current studies out there that could verifiably establish the veracity of your claim.

Quote:
here you go: Murders (per capita) (most recent) by country United States ranked 24th in the world and this is per capita. Note that US is the only developed nation which ranks highly on this list.


Finally, with regards to your final question I was never in the military and have lived in Asia, Europe and now the United States. And by "lived" I mean "officially resident" stamp on my passport lived.
Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 12:04
spiridon wrote:
You say you are an American who lived in different countries? May I ask did u really live or just went with US Army?


I fear for the safety of our country if solaris1 is running around in the US Army ;-)
VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 237 [0], given: 17

Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 12:07
spiridon wrote:
Also, you are seriously lacking knowledge on economics

You say you are an American who lived in different countries? May I ask did u really live or just went with US Army?



There's really no need to resort to ad hominem attacks. Let's debate ideas, and not just insult each other m'kay?
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Senior Manager
Senior Manager
User avatar
Joined: 04 Aug 2008
Posts: 379
Followers: 5

Kudos [?]: 24 [0], given: 1

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 12:20
solaris1 wrote:
For your information, the World Bank measures "Standard of Living" based on GNP per capita. And I'll cite my source without resorting to questioning the quality of the education you received. How else do you propose to quantify the standard of living of the "average Joe"? http://www.worldbank.org/depweb/english/beyond/global/glossary.html#92

spiridon wrote:
Also, you are seriously lacking knowledge on economics because GDP per CAPITA is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country’s borders in a given year.[definition)
So even though economy as a whole may be stronger, that does not say anything about the average Joes quality of life!


And I'm terribly sorry, but whatever "nationmaster.com" is, it isn't source I was looking for. Calculating incidence of violent crime per capita is an extremely difficult task, and there aren't very many current studies out there that could verifiably establish the veracity of your claim.

Quote:
here you go: Murders (per capita) (most recent) by country United States ranked 24th in the world and this is per capita. Note that US is the only developed nation which ranks highly on this list.


Finally, with regards to your final question I was never in the military and have lived in Asia, Europe and now the United States. And by "lived" I mean really lived, as in "officially resident" stamp on my passport lived.


Ofcourse that nationmaster is not a source that u were looking for because it supports the argument that u dont like. It shows that the US is ranked highly in crime (unfortunetaly) and one should be aware of that not just ignore it in order to address this issue. If its true whats the problem

The world bank link that u posted only says gdp or services consumed as quality of lfie and does not address the issue at all. GINI index (the gap between rich and poor) has to be taken into consideration if u want to go by gdp per capita but i am not gonna get into this.

jerz; that wasnt ad hominem as u put it, i was just wondering what kind of perspective he got

I was just going to offer my point of view but I have been called 'in pain' and my statements 'ridiculus' by previous posters

I didnt post anything offensive to anyone in my posts
_________________

The one who flies is worthy. The one who is worthy flies. The one who doesn't fly isn't worthy

Director
Director
User avatar
Joined: 20 Feb 2008
Posts: 797
Location: Texas
Schools: Kellogg Class of 2011
Followers: 5

Kudos [?]: 145 [0], given: 9

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 13:30
spiridon wrote:
Here you go: Murders (per capita) (most recent) by country United States ranked 24th in the world and this is per capita. Note that US is the only developed nation which ranks highly on this list.

http://www.nationmaster.com/graph/cri_m ... per-capita

here, half of the world prisoners are in the US prisons a HALF! 50%
http://www.homeoffice.gov.uk/rds/pdfs2/r188.pdf

How does the murder rate represent the highest crime rate? Also, that survey is from 1998-2000 and conducted by the UN. The credibility is shot right there. That is the same organization that has condemned Israel 9 times for human rights abuses while Sudan is of 'deep concern'. Let's just use the smell test for safety. Where would you feel most comfortable walking down the street at midnight in an average neighborhood? London, NYC, Tokyo, Mexico City, Rio, Berlin, or Paris. Anyway, I know the US is not #1 in every category, but it is undeniable that the US has the highest living standard of any major country in the world. Just name one major country and I'll be happy to do a comparison. Would you prefer Russia, China, Japan, India, the UK, Germany, Mexico, or France?

spiridon wrote:
No, I am far from socialist or anti-capitalist. I believe eveyone should have free healthcare, education and be fairly paid for the work done.

In fact you are more a socialist than you might imagine. I believe everyone should have access to healthcare, education, and a fair wage, but it is how we believe they should receive them that determines whether we are in fact a capitalist or anti-capitalists, socialists or libertarians. Not whether we think they should exist. You believe the government should provide healthcare for free to all of its citizens. That is socialism. I believe the private market should offer healthcare as a service and the government should stop distorting that market through arcane price controls and regulations. That is capitalism. You believe everyone should be paid fairly in the mind of the worker, which is socialist. I believe the market should set the proper wage based on the skills and abilities of the worker. If he doesn't like the wage than he can go somewhere else for a higher wage or educate himself and demand a higher wage through increased skill and productivity. That is capitalism.

See the definition of socilism:
Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods (i.e. your view on healthcare), and a society characterized by equal opportunities for all individuals (i.e. tax the rich more), with a fair or egalitarian method of compensation(fair pay).

How are you not a socialist?
Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 26 Feb 2009, 15:59
VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 237 [0], given: 17

Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 03:37
Well said, toubab.

For zoinnk, I don't have a problem paying taxes for government programs like Medicare, Medicaid, Social Security. Even if it means that to keep those programs I'll have to pay higher taxes than I have now (although we can debate how best to allocate those increases across the income spectrum). I think that it's important that government provide a safety net. I'd even be in favor of an *effective* jobs training program to help workers switch jobs/industries away from industries that have been affected by trade (such as manufacturing). However, what makes tax increases hard to swallow are things like that at a time when families and businesses throughout the country are tightening their belts to control their spending and pay down debt, the House passes a spending bill for the remainder of FY09, separate from the recent stimulus bill, that raises spending by about 8% - far higher than GDP growth or inflation - and that is full of pork. This isn't a Democrats are bad, Republicans good post either. Under a Republican administration, government spending increased 6.9% a year from 2001 to 2008 (again higher than inflation or GDP growth). So where does that leave us? Well, the Congressional Budget Office is projecting that over the next 5 years we'll have a cumulative budget deficit of about $4.5 trillion. And that's without addressing the pending multi-trillion hole in Social Security and Medicare. So yeah, tax increases are going to be necessary. But it's only fair that our elected officials stop acting like teenagers at the mall with daddy's credit card and get their spending under control.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Director
Director
User avatar
Joined: 20 Feb 2008
Posts: 797
Location: Texas
Schools: Kellogg Class of 2011
Followers: 5

Kudos [?]: 145 [0], given: 9

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 09:33
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 11:18
jb32 wrote:
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."


Really, the question is not whether or not we should help people less fortunate. It's how to do it and to what extent. As Toubab said, we are already socialized. The question is how do you make these programs better and what benefits each American should be entitled to (e.g., social security, health care, etc.).

Regarding your post, random quotes are not a particularly good way to support your arguments. There are just as many good quotes that run counter to yours. It's a pointless game:

Ghandi
"A nation's greatness is measured by how it treats its weakest members."


Churchill
"You measure the degree of civilisation of a society by how it treats its weakest members."


Matthew 25:31-46
"When the Son of Man comes in his glory, and all the angels with him, he will sit on his throne in heavenly glory.

All the nations will be gathered before him, and he will separate the people one from another as a shepherd separates the sheep from the goats.

He will put the sheep on his right and the goats on his left.

"Then the King will say to those on his right, 'Come, you who are blessed by my Father; take your inheritance, the kingdom prepared for you since the creation of the world.

For I was hungry and you gave me something to eat, I was thirsty and you gave me something to drink, I was a stranger and you invited me in,

I needed clothes and you clothed me, I was sick and you looked after me, I was in prison and you came to visit me.'

"Then the righteous will answer him, 'Lord, when did we see you hungry and feed you, or thirsty and give you something to drink?

When did we see you a stranger and invite you in, or needing clothes and clothe you?

When did we see you sick or in prison and go to visit you?'

"The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'

"Then he will say to those on his left, 'Depart from me, you who are cursed, into the eternal fire prepared for the devil and his angels.

For I was hungry and you gave me nothing to eat, I was thirsty and you gave me nothing to drink,

I was a stranger and you did not invite me in, I needed clothes and you did not clothe me, I was sick and in prison and you did not look after me.'

"They also will answer, 'Lord, when did we see you hungry or thirsty or a stranger or needing clothes or sick or in prison, and did not help you?'

"He will reply, 'I tell you the truth, whatever you did not do for one of the least of these, you did not do for me.'

"Then they will go away to eternal punishment, but the righteous to eternal life."
Director
Director
User avatar
Joined: 20 Feb 2008
Posts: 797
Location: Texas
Schools: Kellogg Class of 2011
Followers: 5

Kudos [?]: 145 [0], given: 9

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 13:19
Yeah, Zoinnk, I don't believe anyone here is talking about not helping the poor and turning our back to them. Rather we are advocating teaching a man to fish to better himself instead of keeping someone dependent on your generousity of fish, which is what the government is doing. Giving someone a handout for doing nothing is what we are headed towards, not rewarding them for putting in effort to better themselves. Helping the poor is a fantastic idea, but giving them something for free is no way to help them.

Free healthcare, which will result in the rationing of services, helps no one. It hurts everyone else who is currently paying for and receiving quality medical care. Free healthcare rewards the minority at the expense of the majority, which I believe is not right. Also, social security - you ain't getting any. It won't happen. It's the world's greatest Ponzi scheme and the jig will be up before we retire. It will all come down like a house of cards. Plus, have you ever looked at your statement on how much you put in in any given year? If you instead put that money into an IRA, you'd easily have 10-20x the amount social security will pay you when you retire. Oh well, government knows best, right?

Also, you are not 'entitled' to anything but life, liberty, and the pursuit of happiness. Since, in order for you to have 'social security' either someone else's rights or property must be infringed upon by force of government, it is not a right bestowed on anyone.
Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 13:39
jb32 wrote:
Yeah, Zoinnk, I don't believe anyone here is talking about not helping the poor and turning our back to them. Rather we are advocating teaching a man to fish to better himself instead of keeping someone dependent on your generousity of fish, which is what the government is doing. Giving someone a handout for doing nothing is what we are headed towards, not rewarding them for putting in effort to better themselves. Helping the poor is a fantastic idea, but giving them something for free is no way to help them.

Free healthcare, which will result in the rationing of services, helps no one. It hurts everyone else who is currently paying for and receiving quality medical care. Free healthcare rewards the minority at the expense of the majority, which I believe is not right. Also, social security - you ain't getting any. It won't happen. It's the world's greatest Ponzi scheme and the jig will be up before we retire. It will all come down like a house of cards. Plus, have you ever looked at your statement on how much you put in in any given year? If you instead put that money into an IRA, you'd easily have 10-20x the amount social security will pay you when you retire. Oh well, government knows best, right?

Also, you are not 'entitled' to anything but life, liberty, and the pursuit of happiness. Since, in order for you to have 'social security' either someone else's rights or property must be infringed upon by force of government, it is not a right bestowed on anyone.


Yeah, I really don't want to get drawn into this debate, so I'll just say I disagree with a lot of what you said, and you make a lot of assertions but don't actually support them with an empirical evidence.
Director
Director
User avatar
Joined: 20 Feb 2008
Posts: 797
Location: Texas
Schools: Kellogg Class of 2011
Followers: 5

Kudos [?]: 145 [0], given: 9

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 14:08
zoinnk wrote:
Yeah, I really don't want to get drawn into this debate, so I'll just say I disagree with a lot of what you said, and you make a lot of assertions but don't actually support them with an empirical evidence.

You can disagree all you want, but it is an economic fact that anything with value that is offered for free will become scarce, resulting in shortages, and thus must be rationed. It also a fact that social security is a ponzi scheme. The government pays current retirees with taxes from current workers, which is fine as long as you have an ever growing supply of current workers to feed the system. That is the very definition of a ponzi scheme. You can call it whatever you want, but an apple is still an apple.

What did I say that is not a fact?
Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 14:25
jb32 wrote:
zoinnk wrote:
Yeah, I really don't want to get drawn into this debate, so I'll just say I disagree with a lot of what you said, and you make a lot of assertions but don't actually support them with an empirical evidence.

You can disagree all you want, but it is an economic fact that anything with value that is offered for free will become scarce, resulting in shortages, and thus must be rationed. It also a fact that social security is a ponzi scheme. The government pays current retirees with taxes from current workers, which is fine as long as you have an ever growing supply of current workers to feed the system. That is the very definition of a ponzi scheme. You can call it whatever you want, but an apple is still an apple.

What did I say that is not a fact?


The fact that you can't figure out which one of your assertions requires evidence is exactly why I don't want to get drawn into this argument. I don't have a calm enough temperament to be spoken to like a child just because I have a different viewpoint than you do.
Current Student
User avatar
Joined: 23 Jan 2009
Posts: 117
Schools: Fuqua
Followers: 2

Kudos [?]: 39 [0], given: 0

Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 17:29
jb32 wrote:
It also a fact that social security is a ponzi scheme. The government pays current retirees with taxes from current workers, which is fine as long as you have an ever growing supply of current workers to feed the system. That is the very definition of a ponzi scheme.


Eh, that's not really true. Social Security can be made sustainable... what's required is benefits reform. But that's politically unpalatable, which is a political problem, not an economic one.

Remember how Bush and his Republican band of thugs wanted to privatize the whole system? Let people put a big chunk of their SSI taxes into the stock market and grant the banks a multi-billion dollar bonanza? I just wonder what that crackerjack system would look like right about now. Thank god we averted disaster.
Senior Manager
Senior Manager
User avatar
Joined: 04 Aug 2008
Posts: 379
Followers: 5

Kudos [?]: 24 [0], given: 1

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 18:39
Toubab wrote:

Remember how Bush and his Republican band of thugs wanted to privatize the whole system? Let people put a big chunk of their SSI taxes into the stock market and grant the banks a multi-billion dollar bonanza? I just wonder what that crackerjack system would look like right about now. Thank god we averted disaster.


Exactly

Reagan-Bush-Bush clique could not grasp several major points

- how important is to step back from fossil fuels and push for green technologies (finally that is becoming trendy these days but could have come 25 years ago) We could all drive electric cars by now.

- how important is to support the basic education in the poor districts of the US and thus prevent those kids from becoming thugs and drug dealers when they grow up dropping out of school and behind the bars

- how important is to provide healthcare and social welfare to citizens and thus to keep many from stealing, so they wont end up growing feeling inferior and agressive towads society

IN summary, creating an educated, well skilled and healthy workforce would boost productivity and competiveness at the world stage. You couldnt sell as much fast food to educated people versus dumb. Financial institutions could not pressure as many people escape their reality taking expensive credits for every thing that they cannot really afford.

Tv ads propagate fast food, insurance, credits, spending, going to debt ... kim kardashian, paris hilton etc... those are the trend-setted values. So, what can you espect in which direction todays teenagers are going to move. What are going to be theiur life goals? The role of government should be to protect the wellbeing of its citizens and to create equal opportunities for everyone. The society is as strong as is its population or middle class which is a popular term in the US

I want my neigbhor to be educated and rich, i dont want him to rob my house.
_________________

The one who flies is worthy. The one who is worthy flies. The one who doesn't fly isn't worthy

Director
Director
User avatar
Joined: 20 Feb 2008
Posts: 797
Location: Texas
Schools: Kellogg Class of 2011
Followers: 5

Kudos [?]: 145 [0], given: 9

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 27 Feb 2009, 22:37
Actually, Social Security might have worked much better under Bush's proposed reform. His plan was actually tried in 1981 by the nice folks working for the Galveston County government. Here were there results:
Quote:
Our plan, put together by financial experts, was a "banking model" rather than an "investment model." To eliminate the risks of the up-and-down stock market, workers' contributions were put into conservative fixed-rate guaranteed annuities, rather than fluctuating stocks, bonds or mutual funds. Our results have been impressive: We've averaged an annual rate of return of about 6.5 percent over 24 years. And we've provided substantially better benefits in all three Social Security categories: retirement, survivorship and disability.

Galveston vs. Social Security. Upon retirement after 30 years, and assuming a 5 percent rate of return - more conservative than Galveston workers have earned - all workers would do better for the same contribution as Social Security:

Workers making $17,000 a year are expected to receive about 50 percent more per month on our alternative plan than on Social Security - $1,036 instead of $683.
Workers making $26,000 a year will make almost double Social Security's return - $1,500 instead of $853.
Workers making $51,000 a year will get $3,103 instead of $1,368.
Workers making $75,000 or more will nearly triple Social Security - $4,540 instead of $1,645.
Galveston County's survivorship benefits pay four times a worker's annual salary - a minimum of $75,000 to a maximum $215,000 - versus Social Security, which forces widows to wait until age 60 to qualify for benefits, or provides 75 percent of a worker's salary for school-age children.

http://www.ncpa.org/pub/ba514/
Seems that crackerjack system of yours turned out ok for the good ol' folks of Galveston County, huh?

Also, Social Security is not sustainable in its current form. It will require either higher taxes or lower benefits to remain in existence. Did you know that SS started as a 2% tax on workers and has now blossomed into a 12.4% tax? It also had 16 workers for every retiree in the beginning, but now that ratio is 3 - 1 and will be 2 - 1 by 2030. Seems like that is the very definition of sustainable?
VP
VP
User avatar
Joined: 22 Oct 2006
Posts: 1443
Schools: Chicago Booth '11
Followers: 7

Kudos [?]: 149 [0], given: 12

GMAT Tests User
Re: Paying your "fair share" of taxes [#permalink] New post 28 Feb 2009, 19:56
spiridon wrote:
Toubab wrote:

Remember how Bush and his Republican band of thugs wanted to privatize the whole system? Let people put a big chunk of their SSI taxes into the stock market and grant the banks a multi-billion dollar bonanza? I just wonder what that crackerjack system would look like right about now. Thank god we averted disaster.


Exactly

Reagan-Bush-Bush clique could not grasp several major points

- how important is to step back from fossil fuels and push for green technologies (finally that is becoming trendy these days but could have come 25 years ago) We could all drive electric cars by now.

- how important is to support the basic education in the poor districts of the US and thus prevent those kids from becoming thugs and drug dealers when they grow up dropping out of school and behind the bars

- how important is to provide healthcare and social welfare to citizens and thus to keep many from stealing, so they wont end up growing feeling inferior and agressive towads society

IN summary, creating an educated, well skilled and healthy workforce would boost productivity and competiveness at the world stage. You couldnt sell as much fast food to educated people versus dumb. Financial institutions could not pressure as many people escape their reality taking expensive credits for every thing that they cannot really afford.

Tv ads propagate fast food, insurance, credits, spending, going to debt ... kim kardashian, paris hilton etc... those are the trend-setted values. So, what can you espect in which direction todays teenagers are going to move. What are going to be theiur life goals? The role of government should be to protect the wellbeing of its citizens and to create equal opportunities for everyone. The society is as strong as is its population or middle class which is a popular term in the US

I want my neigbhor to be educated and rich, i dont want him to rob my house.


Why is this a partisan debate? It's fine to blame the republicans for not investing in green technology, but you skipped over clinton/gore who were in power for 8 years. Clearly they could have started that revolution.
Re: Paying your "fair share" of taxes   [#permalink] 28 Feb 2009, 19:56
    Similar topics Author Replies Last post
Similar
Topics:
An investor purchased a share of non dividend paying stock AnkitK 0 17 Aug 2014, 14:39
Experts publish their posts in the topic Pls share your thoughts.. SS2010 2 28 Aug 2010, 00:45
6 Experts publish their posts in the topic An investor purchased a share of non-dividend-paying stock Witchiegrlie 14 14 Apr 2007, 16:55
Companies that Pay for your MBA AshikaP 7 30 Nov 2006, 10:40
Experts publish their posts in the topic share your experience in october ! christoph 7 07 Oct 2005, 01:54
Display posts from previous: Sort by

Paying your "fair share" of taxes

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page   Previous    1   2   3    Next  [ 45 posts ] 



GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.