Another Tax Question?
Some one asked earlier if only people who paid taxes should be able to vote as to spread the pain and give everyone a stake in the system. A good question.
Here is my question. Should withholding be stopped? Right now the government takes out money every pay check for Income Taxes, Social Security Tax, Medicare, State Income and State SDI, some people have a City Income tax too.
At the end of the tax year you file your taxes and you might get a little bit back and you are stoked, 'woo hoo', money back.
Here is my question, if there was no withholding, you make $70,000 a year and on April 14 you sat down and wrote checks for the following:
$10,000 to the feds for income tax
$ 900 to the feds for Medicare
$ 3,900 to the feds for Social security
$ 3,200 to the state for income tax
$ 700 to the state for SDI
$18,700 total.
If you had to write five checks to the government for $18,700 in one day do you think taxes would be as high as they are?