Taxes

[Lcp3557]

Even though i pay taxes and don't like it, I would not like to trade places with most of the people getting back the big refunds.

Here is a fella who gets it.

[Jeff La]

I'm still trying to figure out why we can't set a minimum tax free and then pay a standard flat rate after that. Let's make the first 24,000 tax free for everyone and what ever it takes after that to start paying down our national debt. This would need to go along with a spending freeze.

[bshort]

Here's what made me laugh...this year I owed $2800 and change on my federal...and that included the $5.00 "penalty" for not paying enough through the year. I thought where was the government's penalty when they took too much out of my check and I got a refund?

$4800 with a $49 penalty.

[local16]

Even though i pay taxes and don't like it, I would not like to trade places with most of the people getting back the big refunds.

I’m 100% with you. My life is pretty good

[Cajunhunter67]

I got the big refund back in the day. Raising 5 boys I needed every penny. Worked an obscene amount of overtime to make ends meet.
I don't get a refund and haven't for many years. As stated above, I wouldn't trade places financially for those refunds.

[RangerRic]

I'm still trying to figure out why we can't set a minimum tax free and then pay a standard flat rate after that. Let's make the first 24,000 tax free for everyone and what ever it takes after that to start paying down our national debt. This would need to go along with a spending freeze.

I hear ya! But, what that would do to the unemployment rate?

[jejb]

Just another form of welfare. Blew me away when I first hear about it too.

[Duece22]

Eliminate income tax on anything under 250k. Add a 15% sales tax on all goods. According to what we spend yearly, this would bring in roughly 1.8-1.95 trillion in revenue. After you make 250k a year, you will pay a flat tax of 7.5 percent on anything over 250k. There are no deductions for anyone.

[ChrisS22]

In my career assessing asset quality at financial institutionsI’ve reviewed more personal and corporate tax returns than I care toremember. After looking at enough taxreturns, it’s not the folks that earnno/minimal incomes and receive refunds that upset you. It’s those tax returns of individuals/corporationsthat earn HUGE sums that pay NO INCOME TAXES that leave you shaking your head.

[skeeterator]

Obviously most on here didn't watch the clown show last night because the only way to cover all of their ridiculous programs is a major tax increase across the board.

[Cajunhunter67]

In my career assessing asset quality at financial institutionsI’ve reviewed more personal and corporate tax returns than I care toremember. After looking at enough taxreturns, it’s not the folks that earnno/minimal incomes and receive refunds that upset you. It’s those tax returns of individuals/corporationsthat earn HUGE sums that pay NO INCOME TAXES that leave you shaking your head.

I guess my question would be, did the individual not pay anything during the year (payroll) and not owe either? Or did they pay during the year and not owe?

[Bob_Fish]

Wait until everything you own is paid for. Not only do you still pay taxes, you can end up paying taxes in April.

You got that right!!!!

[Ben Danbleume]

Obviously most on here didn't watch the clown show last night because the only way to cover all of their ridiculous programs is a major tax increase across the board.

Impossible to raise them enough to pay for all the programs they want to incorporate.

[Stein]

Obviously most on here didn't watch the clown show last night because the only way to cover all of their ridiculous programs is a major tax increase across the board.

One of the talking heads made a comment the other day that if you took ALL of the income from the 1% it wouldn't pay for a year of what has been proposed. And, that's not political. That's just math.

[ChrisS22]

I guess my question would be, did the individual not pay anything during the year (payroll) and not owe either? Or did they pay during the year and now owe?

Not sure if I understand your question but unless you work foryourself chances are payroll taxes (FICA) are deducted from your paycheck priorto distribution. There’s practically noway someone could legally not have anything withheld all year and not have sometax liability at year end. As far as paying throughout the year and still owing…. that’s determined by your withholdings and tax deductions. But when you see instances where individual’sincomes exceed $1 million plus and their tax return is significantly more than thetaxes paid you leave the room shaking your head. Some of these folks literally end up with 0$in tax liability and MANY get a refund at year end.

[grandbassslayer]

Not sure if I understand your question but unless you work foryourself chances are payroll taxes (FICA) are deducted from your paycheck priorto distribution. There’s practically noway someone could legally not have anything withheld all year and not have sometax liability at year end. As far as paying throughout the year and still owing…. that’s determined by your withholdings and tax deductions. But when you see instances where individual’sincomes exceed $1 million plus and their tax return is significantly more than thetaxes paid you leave the room shaking your head. Some of these folks literally end up with 0$in tax liability and MANY get a refund at year end.

You are taking an extreme example and acting like its the norm. 6 and 7 figure income earners pay a ton of taxes- much more than joe six pack making 40 grand a year

[Bill2e]

Google "earned income credit". Pretty simple concept.

It's called WELFARE or THEFT....................

[mdwhitten]

I agree, with both points. My wife and I fall into the category of 6 figures, and our tax bill this year was a large sum.
im a CPA, but when you refuse to live above your means, the now enhanced standard deduction is all you have to offset earned income.

those with more money, who are willing to have mortgage debt, or who invest in real estate or other investment opportunities that provide tax shelters will pay less tax. They invest money in tax advantages deals, and they take a risk to do so. The investments are legal and can provide tax advantages.

they are part of the US Tax Code, and perfectly legal. They would be stupid to pay more taxes than are legally required.

[Bill2e]

There should be no minimum wage.....it screws with the basic principles of economics.

If you want more money learn a skill....no or low skill jobs are worth low pay...that simple.

[Toledo James]

Why do you think you deserve to get more back than you paid in?

I don't have kids so why should I pay for other kids schooling?