April 14, 2009

Yay for America (unless we have to pay for it)

Posted: 03:14 AM ET

By Howard Troxler

If you are rushing to get your taxes filed by Wednesday, just be aware that it's Wyoming's fault.

In 1913, Wyoming cast the deciding vote to ratify the 16th Amendment to the U.S. Constitution, authorizing a federal income tax.

There had been an income tax off and on as early as the Civil War, but the U.S. Supreme Court declared it unconstitutional. This led to the 16th Amendment.

The new tax was for 1 percent on annual incomes of more than $3,000 a year, and a whopping 6 percent on incomes above $500,000, according to the Internal Revenue Service.

Now, I have never heard anyone say, "I like paying taxes, and wish that they were higher."

But to a certain extent, I do like paying my taxes, whether federal, state or local, and here's why: I do not mind paying for the right stuff.

(Read More)

Filed under: Economy • Larry King Live • Politics

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ed,vancouver canada   April 14th, 2009 4:06 am ET

our tax rate at 60000 is 30%
in france it is 50%
6%? funny.the year after was the start of world war 1

Dave of Detroit   April 14th, 2009 11:10 am ET

Howard, Howard, Howard-The idea of Income Tax is passe-It is based on an old Protestant Work Ethic that is extinct-An honest Day's Work for an Honest Day's Pay and you pay taxes to the Government that is looking out for the Country's well being and your tax dollar. Now let's talk about CEO bonuses-Not Taxed, Campaign Contributions-not taxed., TV Commercials for Prescription Drugs-Tax Deductions. I can only tell you-Welcome to the Brave New World!!!

Jackie in Dallas   April 14th, 2009 4:27 pm ET

Larry, I'll bet you and I would differ on what we consider the "right stuff". That's why we have a Congress; in particular, why we have the Senate (the only house that can initiate a bill about taxation). They argue, incessantly, about what is the right stuff and what is the wrong stuff.

During the Bush Administration, the right stuff was to expand the government (ironic for a supposedly Republican President), lower the taxes on people such as yourself (come on, you can't tell me your shows don't net you in the 7 figures per year!) while mine went up, pour billions into a war we had no business starting, and gutting the VA research and maintenance budgets, pay raises for military personnel, and limiting vital medical research. Our government also gave tax incentives to companies who off-shored our jobs, and to oil companies at a time when they were making billions in NET profits per quarter.

In the Obama Administration, taxation is supposed to be raised on the wealthy (but just to the levels it was before Bush lowered them), and I'm supposed to see a small tax break. In theory, the President would like to reduce the size of the government (isn't that supposed to be a GOP ideal?), reinstate reasonable restrictions on industry and finance, and eventually, reduce tax incentives to a lot of industries, and set up a method to reduce the deficit (another old-time GOP ideal). Frankly, I don't like all of what Obama is doing, but I liked what Bush did to us a whole lot less!

Maryl-CA   April 15th, 2009 2:11 am ET

To pay taxes is never an item that U.S. citizens enjoy. However, since the Obama Adminstration, "bailouts" have become "out of control",
leaving the American people and the following generations"squashed like bugs"! Washington doesn't have a clue the ramifications of what these "bailouts" would do, and furthermore, they could care less. For their own selfish reasons and to take care of paybacks for campaign functions, serving the elite, top CEO's and Corporations, the reason of "they are too big to fail" to be put on taxpayers "shoulders",was and is, a disgrace to this country! So that the CEO's could pay themselves bonuses and luxuries during a "falling economy ? So Washington could incorporate trash bills in the Stimilus Plan, at the expense of taxpayers? This needs to stop, and maybe by means of the nationwide "tea parties" protesting the tax situation on "tax day", this will get the message to the White House! And to clarify to those who think that these "tea parties: are strictly a GOP function is incorrect. No, this is a "grassroots" movement and not a Republican and Democrat battle!
Wake up America – it is time to fight for your rights!

James M Lotempio   April 15th, 2009 2:39 am ET

What we are experiencing (taxes/spending) is not new to the Human race or even America. I don't have eloquent words to express how I feel so I will quote someone who has already addressed the issue.

Thomas Jefferson – “To preserve our independence, we must not let our rulers load us with perpetual debt. We must take our choice between economy and liberty, or profusion and servitude. If we run into such debts, we must be taxed in our meat and drink, in our necessities and in our comforts, in our labors and in our amusements. If we can prevent the government from wasting the labor of the people under the pretense of caring for them, they will be happy.”

S. Fischer   April 20th, 2009 4:13 am ET

Why worry about taxes or even world recession? If North Korea continues its course, we may have no more worries at all!

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