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Archive for April, 2008

Rapidtax.com, Taxes Necessary Evil

Tuesday, April 1st, 2008

Rapidtax.com, Taxes Necessary Evil

Ah, taxes. We all pay them. And in contrast to the popular myth
that the poor and middle class pay the bulk of the taxes in the United
States, in actuality, the rich do.

According to the National Taxpayers Union, for 2004 the top 5% of
American earners paid nearly 60% of all personal income tax. The other
95% of us made up the rest.

But that?s just personal income tax. There are many other types of
taxes. For instance, most states now levy a personal income tax on top
of the amount taxed by the Federal government. Only six states do not.
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming
don?t charge a personal income tax, but most of them collect a state
sales tax.

Then there are ?sin? taxes collected by both the Federal, State and
local governments. Tobacco and alcohol purchases are highly taxed in
most areas, especially after the 1999 lawsuit against the tobacco
companies, which actually went to trial in 2004.

And let us not forget property taxes. If you own real property, and
sometimes personal property, you?re likely to be taxed on it. Some
states collect an inheritance tax on money or property you receive from
someone?s estate. The Federal government, and some state governments,
also collect an estate tax, which is a tax levied on the value of an
estate before it?s distributed to the heirs or recipients.

In general, taxes are America?s very cost-efficient method of income
redistribution. Income redistribution is a modern-day Robin Hood,
taxing the wealthier portion of the populace and distributing it to the
poorer segments. The aim is to make society a little more ?equal?, at
least, income-wise.

Our system of capitalism results in unequal wealth distribution, and
taxing people is one method of partially offsetting that. The
wealthiest pay the highest taxes, yet do not receive aid in the form of
welfare, food stamps, or other assistance. The poor, on the other hand,
have very low income and so can qualify for many of the above types of
aid, yet they pay little or no taxes. Assistance to the poorest
segments of our society would not be available but for the income from
taxes.

Taxes also pay for schools, roads, law enforcement, our armed forces,
public services, and a host of other items. Most of us have become so
used to seeing these items and services around us that we forget our
taxes put them there in the first place.

Tax relief is sometimes legislated and can often be requested. For
instance, after Hurricane Katrina, many people were allowed to file
their Federal and State taxes well after the deadline, simply by
stating that they were affected by the hurricane (on a form, of
course). Most municipalities offer property tax relief to low-income,
elderly or disabled residents within their jurisdictions.

Taxes really are a necessary part of American society. Without them,
you?d have to pay for the streets and sidewalks outside where you live.
What if your neighbor decided not to chip in? What if the kids came
home with a bill for their portion of the teacher?s salary each month?
And their portion of the cost of the school building, the lights, heat,
janitorial services. . . You get the idea.

Taxes are a part of a modern-day capitalistic society, and they help
provide many of the items that make life here comfortable. While not
always perceived as fair, they are often changed, and sometimes at the
demand of the taxpayers themselves, so taxes can be responsive to your
demands.

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