What would you do if you didn't have to pay any income tax?
Submitted by Lofabred on Wed, 02/22/2012 - 13:13If the government didn't take your money, how would you put it to use? I don't know about you all, but a 20-25% increase in my pay would be life-changing. I already don't have any debt, so I was just contemplating the possibilities of such a big jump in my cash flow.
We like to talk about how good it would be for America as a whole or for our economy in general, but I thought I would contemplate it on a more personal level. How would I spend that extra money? Would my activities actually be beneficial to my community (locally/state/nationally?) and/or encourage the economy?
For me, I would probably save up for a year or two, buy a modest house at 20% down and with a short term, 10 or possibly 5-year mortgage. At present, I'm looking at saving for probably 3 or more years to make that same 20% down, and it may be for a slightly-less-modest house, and I would probably get a longer 10 or 15 year mortgage. (20% down is the minimum amount to no longer be required to buy mortgage insurance in Wisconsin, so I refuse to put any less as a down payment)
Shortly after buying a house, I would be able to afford my own shop, which I'd use for as a hobby sorta thing for a while, but would eventually use to start my own business. At that point I wouldn't presume to know what my income would be, but it's safe to say I would be able to set my schedule and all those fun benefits that come with being self-employed. This would let me do more community service work, potentially homeschool my kids in the future, among other things. Essentially, in about 3-4 years I would be where I want to be. At present, it would probably take 6 years or more - and who knows what will happen as the time frame gets longer - maybe I find that I can no longer start my business.
Now let's see, did I help the economy? I bought a better house earlier on better terms. I became an entrepreneur who is an actual producer of physical goods, and maybe an eventual employer. And I'm more involved in my community and family life sooner. Yeah, I say I did okay.
How about you?
Scary stuff
Just did my taxes for my first year in business. How frightening!! I have actually figured out how much I cannot make next year. Because of our current tax code I have a ceiling on how much I can make. After that magic number working is pointless and I would be back peddling financially.
After killing several trees to do my own taxes (because I wanted to understand the process) I have come to the conclusion that I have no idea how much I actually paid. I could go through the numbers again to find out....but I don't want to. I'll be paying someone to do it next year.
Blue Republican
I Would Be Able to Save More for Retirement which means I could
buy more stocks. Since becoming involved heavily in this campaign this year, my choice of stock purchases has changed drastically. I bought B of A, GE, Goldman Sachs, etc. Even though I can make money purchasing these stocks, I cannot buy them anymore because I cannot in good consciousnesses support these corrupt companies. I have sold them all. Apple is one of my favorite stocks to own right now.
A.Hansen
Stocks...
The stock market destroys the economy. The focus has gone from creating wealth to making a quick buck on nothing more than speculation. Making money in this way creates no wealth but siphons money away from those who would create jobs and grow the economy. Corporations are government interjecting themselves into the economy and is an important step on our way to fascism.
NOTE: I am not advocating violence in any way. The content of the post is for intellectual, theoretical, and philosophical discussion. FEDS, please don't come to my house.
I would come back to live
in the USA again. Is that a big enough lifestyle change?
Freedom may be worth searching for.
Remember, Dont battle the govt with guns(ALONE), Beat them in court, in state legislature, or hire Ron Paul for president.
Where Do you live now? Do you like it? Just asking for those
whom may be looking else where to live in this world if the election does not go our way.
A.Hansen
Well
Currently trying to get work in Aruba. IF your looking for safety, THIS is the most safest place in the Caribbean. I have lived in Dominican Republic for which I did a whole write up for the DP back in 08. Here it is.
http://www.dailypaul.com/44286/as-promised-freedom-in-the-ba...
The down side for the DR is if your linguistically challenged and the Price of fuel is bad.
I have also lived/spent excessive amount of time in St Martin(Not recommended due to the failing safety situation)
Germany(AHH IT was alright except for the winter and how Goosestepping/Straight mentality of the Germans) Very safe.
Trinidad/Tobago(WHICH I do recommend for the Doomsdayers. That country can become self sufficient easily as they produce/refine their own fuel and its Capped at 1 buck for diesel, and like 2.50 for Gas. Plenty of rich land waiting to be farmed, Cost of living is like the mid 1980s USA. Industrious and Agricultural. Stay out of the ghettos as they are the crime ridden/murder areas and you should be ok. Its also very pretty. FISHING is incredible.
Grenada VERY friendly to Americans, about 40% or more cost of living increase over Trinidad Tobago, Safe. Pretty.
I will make a write up for people in a few days of all the places with more detail.
Freedom may be worth searching for.
Remember, Dont battle the govt with guns(ALONE), Beat them in court, in state legislature, or hire Ron Paul for president.
If the IRS were gone
I'd focus on building a successful business that hires lots of people. As long as these kinds of efforts are preyed upon, third party involved in private hiring contracts, stealing money, etc. I will not do anything that supports such terrible behavior.
http://www.svpwiki.com/
I would
be able to finally replace my falling apart vehicle and finish paying off a debt.
Americans need jobs first.
Most the skill unemployed I know have been OOW for over a year and those that do find work it is unskilled.
So i think the answer has to be food, and other essentials.
The american dream is circling the drain.
Personally
after I responsibly look after my own well-being (and creative aspirations), I would give to charity or artistic institutions etc.
One other point I would raise however is that all taxation (inc. income, sales, excise etc) is unethically premised upon anti-voluntary coercion and should be abolished.
I subsequently believe this would be the first viable step towards economic solvency and personal freedom
I would work harder...
...and give to charity.
.
.
People would have motivation to work harder
The amazing thing is if people could keep all the money they make they would instantly have motivation to work harder.
Most of the money would be spent on whatever goods or services they wanted and "Free Market" economy would work the way it's intended to work.
I don't know the exact percent but I know that well over 50% of government spending is complete WASTE.