Most Americans Hanging on By a Financial Thread

[tombat1913]

Re: Most Americans Hanging on By a Financial Thread

Hi hayekvindicated,

Thats way understated. You missed fees and inflation taxes. The inflation tax is compulsory until such time it becomes an asset confiscation. The US had been a 55 trillion dollar economy. Subtracting the 10 trillion public debt that means 45 trillion in inflation tax has been collected. Also considering that 45 trillion was created at a bank we are collectively paying interest on it. If it were to average only 5% that would be several trillion dollars a year.

If we demanded our small constitutionally limited Republic then we wouldn't be dealing with THIS NONSENSE

Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax Interest expense (tax on the money)
Inventory tax IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Sales Taxes
Recreational Vehicle Tax
Road Toll Booth Taxes
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and
local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer Registration Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

Maybe this California idea about legalizing and taxing the heck out of marijuana will be the staw that breaks the camels back. A bunch of men will take to the streets dressed as arabs and have a "San Francisco weed party" in the bay!:eek:

[LargoWinch]

Re: Most Americans Hanging on By a Financial Thread

Maybe this California idea about legalizing and taxing the heck out of marijuana will be the staw that breaks the camels back. A bunch of men will take to the streets dressed as arabs and have a "San Francisco weed party" in the bay!:eek:

WOOT! awesome list tombat.

Once you see it written down, it creates a huge incentive for gold bullion...

[cjppjc]

Re: Most Americans Hanging on By a Financial Thread

WOOT! awesome list tombat.

Once you see it written down, it creates a huge incentive for gold bullion...

Or to move

[bpr]

Re: Most Americans Hanging on By a Financial Thread

WOOT! awesome list tombat.

Once you see it written down, it creates a huge incentive for gold bullion...

He forgot collectibles tax.:mad:

[plinko]

Re: Most Americans Hanging on By a Financial Thread

Thanks for the shock statistic. I'm finding it interesting to hear from the other young 30ish itulipers about their financial situations vs. their peers. I'm 25, and have been very frugal for the past few years. It started back in early 2003, when I had trouble landing an internship during the recession. Two years later, while Jim Cramer was telling people my age to put their money in the stock market instead of paying their college loans, I saved up and worked to pay off my loans interest-free, six months after graduation. The re-introduction of itulip back in 2006 (discovered via metafilter) reinforced my actions a bit more and lead my to move in with my parents for a period of time, and spend much less on my living standards (bringing my own food to work, buying a used car (I read EJ's car-buying article probably 10 times then) ). That said, I did still manage to enjoy myself by going on vacations during this whole time, which tends to me my biggest spending burn.

Today, I am stuck with the bigger dilemma of deciding what to invest in, and where I want to direct myself. I don't think I'm necessarily alone in my age group, I know of engineers that live in silicon valley spending 500/mo on rent, which is what I spend in TX.

Someone on this thread noted that they're studying for a masters at night instead of buying gold/etc. I think noticed the ideal solution is to do both, but it really requires a certain type of personality/mindset to convince yourself to further yourself while investing in what is potentially the opposite. This has lately been leading me to find a financial advisor to deal with more of my portfolio.

Following this, I usually read itulip alongside some more optimistic personal finance websites, like iwillteachyoutoberich.com, wise bread, etc.


Footnotes:
1) My parents encouraged me to live with them. It helps having parents who came from a village/farming background.
2) I made many mistakes in the process of saving. I lost friends, and demotivated myself from educating myself. I focused more on keeping my job and saving.
3) Undergrad education has risen dramatically since I graduated. My senior year of a 4-year education was 50% of my college loan amount! I stare at age charts from time to time and notice my age-group is in somewhat of a dip, which peaks out about 4-5 years later. I'm assuming things are much harder for 20-21 year olds right now, which would be kids graduating now.