Thursday, January 19, 2012

This is what the 1% argument is about in the US...

From Sydney Morning Herald -
Mitt Romney, one of the richest men to run for president, says he "probably" pays an effective federal income tax rate of about 15 per cent - little more than most American workers struggling to make ends meet in the toughest economic conditions for 70 years.
Capital gains in the US are taxed generally at 15 per cent; likewise earnings from investments, such as dividends. Individuals earning up to $US34,500 a year fall in the 15 per cent federal income tax bracket, then pay 25 per cent to $US83,000. The top income tax rate is 35 per cent. (Americans also pay state and municipal taxes.)

Unlike investment earnings, wages are subject to Social Security and Medicare payroll taxes.

Tax breaks reduce the effective rate for most people. According to the Tax Policy Centre, in Washington, the average US household would pay 9.3 per cent in federal income tax in 2011 - but 19.7 per cent in all federal taxes once imposts were included.

Even this old bugger can see the point here.

Harking back to the 1% debate in this country, the difference in income taxation depends not on the type of income but on the ability to employ a good tax accountant.

Saturday, January 07, 2012

Dropped in old me old mate Al...

... and his latest post featured pictures of his family Christmas. I promised him I would set up the probligo's moko's. So, in order of age -

Alexia and Mikaela...

Emily, Blake, and Hannah.

Wednesday, January 04, 2012

Road Safety...

Clive Matthews-Wilson (of dog and lemon guide fame) reckons that median barriers will save lives on our roads.

Yes of course they will, idiot. Simply because there will be no opportunity for overtaking, for travelling any faster than the slowest vehicle ahead...

His comment about children in 100 years not believing the present opposing traffic conditions on our roads? Those children will probably not believe that ordinary joe-in-the-street people were permitted to control lumps of metal travelling at 100kph anywhere.

I left a comment over at Karl Du Frene's place that I treat every other driver as having the intelligence of a 6 year old. Tis true! Sober or not, there are individuals out there with no more intelligence than that. They can be seen driving anything from bicycle to SUV, but are far more apparent at the latter end than the former.