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	<title>Comments on: It&#8217;s all about money (Quotations about money)</title>
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	<description>Our planet is full of wonders</description>
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		<title>By: Cocreator</title>
		<link>http://ourfunnyplanet.com/money-quotations/comment-page-1/#comment-44</link>
		<dc:creator>Cocreator</dc:creator>
		<pubDate>Thu, 20 Aug 2009 08:12:00 +0000</pubDate>
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		<description>Listen to Dickens, Franklin, and Jefferson and you won&#039;t go wrong.

Today, with a confiscatory tax system, a penny saved is much more than a penny earned. 
Why? Because when you earn a penny they tax it, when you spend a penny they tax it. So far if you save a penny they only tax the interest it earns. 
Example; if I work all day long to save $1000 dollars by doing something for myself that would cost $1000 if I hired it done I have saved 15% to 28% on income tax I would have had to pay had I earned the money to pay someone else to do it. Likewise the 15% Social Security tax. In addition they would have to charge an Iowa state sales tax of 7% tacked on to the bill. 
So by doing it myself I can in effect pay myself the $1000 for the job PLUS 28% Income tax PLUS 15% FICA tax (SS tax) PLUS 7% sales tax to come up with a total savings of $1500.

So in effect a penny saved is a penny and a half earned.

Screw the Tax Man, Do it yourself and save.

Thanks for the rant.</description>
		<content:encoded><![CDATA[<p>Listen to Dickens, Franklin, and Jefferson and you won&#8217;t go wrong.</p>
<p>Today, with a confiscatory tax system, a penny saved is much more than a penny earned.<br />
Why? Because when you earn a penny they tax it, when you spend a penny they tax it. So far if you save a penny they only tax the interest it earns.<br />
Example; if I work all day long to save $1000 dollars by doing something for myself that would cost $1000 if I hired it done I have saved 15% to 28% on income tax I would have had to pay had I earned the money to pay someone else to do it. Likewise the 15% Social Security tax. In addition they would have to charge an Iowa state sales tax of 7% tacked on to the bill.<br />
So by doing it myself I can in effect pay myself the $1000 for the job PLUS 28% Income tax PLUS 15% FICA tax (SS tax) PLUS 7% sales tax to come up with a total savings of $1500.</p>
<p>So in effect a penny saved is a penny and a half earned.</p>
<p>Screw the Tax Man, Do it yourself and save.</p>
<p>Thanks for the rant.</p>
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