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Tax Season 2012: Work No Longer Pays

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  • Re: Tax Season 2012: Work No Longer Pays

    Originally posted by LynahFan View Post
    OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
    Thanks; you may have just given me the information to separate me from a Millionaire audition test pass and fail.

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    • Re: Tax Season 2012: Work No Longer Pays

      Friendly reminder to get your taxes in by today.

      Comment


      • Re: Tax Season 2012: Work No Longer Pays

        Originally posted by LynahFan View Post
        OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
        Holy ef. I never learned that in high school Latin.
        Cornell University
        National Champion 1967, 1970
        ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
        Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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        • Re: Tax Season 2012: Work No Longer Pays

          Originally posted by FlagDUDE08 View Post
          Actually, yes, they are. If you make the donation to reduce the public debt, you can take it off next year's taxes in your itemised deductions.
          Thus increasing the debt.
          Cornell University
          National Champion 1967, 1970
          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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          • Re: Tax Season 2012: Work No Longer Pays

            Originally posted by Almington View Post
            Paying too little. Paying too much will suck today, but paying too little will suck for years in the future (when you will have to pay too much to cover the interest on the giant pile of debt).
            Yeah, paying too little. The IRS made a mistake on the first tax return I ever filed and even though I proved it and they withdrew their claim I swear my SSN is flagged forever.

            As the comic said, "if you ever feel lonely, stop paying your taxes."
            Cornell University
            National Champion 1967, 1970
            ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
            Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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            • Re: Tax Season 2012: Work No Longer Pays

              Originally posted by Kepler View Post
              Thus increasing the debt.
              I'm not sure if the AMT cancels it out or not...

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              • Re: Tax Season 2012: Work No Longer Pays

                So, today, half of us have Benjamin Dover as our alter ego....

                A little historical perspective:
                The Alternative Minimum Tax was imposed in 1969 because 115 households investing in municipal bonds reportedly paid little or no federal income tax. This tax ... now affects four million households. [In] 2013, it is set to hit 27 million more .... In 40 years, a tax on 115 households will have grown to ... 31 million.
                The personal income tax, brought courtesy of the 16th Amendment, ... began in 1913 with a top rate of 7% and hit only those with a taxable income of $500,000 or more. (According to the Bureau of Labor Statistics inflation calculator, that would be $11.5 million now.) Today, roughly half of American families pay the personal income tax.
                Maine imposed an income tax in 1969, and the tax that once only hit folks earning more than $308,000 in today's dollars now hits Mainers with a rate of 8.5% and kicks in at $19,950.

                Over 20 years ago, the State of Connecticut introduced a "temporary" income tax to cover a "short-term" budget shortfall. After raising the rate multiple times, the state income tax now affects nearly everyone with income and is the primary source of state revenue. In the same time period, according to a UConn study published last year, there has been no net job growth in CT and the public sector has expanded in size (while they did not say it, if you "do the math" there must have been a loss of private sector jobs during that time period). The tax hits single filers with income over $13,000 and married filing jointly at $24,000.
                Last edited by FreshFish; 04-17-2012, 01:31 PM.
                "Hope is a good thing; maybe the best of things."

                "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

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                • Re: Tax Season 2012: Work No Longer Pays

                  Originally posted by FreshFish View Post
                  So, today, half of us have Benjamin Dover as our alter ego....
                  Tell us, what is the unbiased source of this information?

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                  • Re: Tax Season 2012: Work No Longer Pays

                    The tax burden is actually historically low.

                    a large majority of American households — about two out of three — pays less than 15 percent of income to the federal government, through either income taxes or payroll taxes
                    Right now you are in clover on taxation if you are:

                    (1) Poor. (I don't think this is a consolation.)

                    (2) Rich. (Lower rates and more exemptions and deductions.)

                    (3) Super rich. (Top marginal rate half of what it was for much of the 20th century).


                    The Middle Class has a relatively low tax burden up front but we pay for it by subsidizing the wealthy's tax breaks and also because we're the ones who will be on the hook to pay for all the stuff that's been falling to pieces since the Reaganites declared Jesus wanted the rich to have a tax holiday.
                    Last edited by Kepler; 04-17-2012, 01:52 PM.
                    Cornell University
                    National Champion 1967, 1970
                    ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                    Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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                    • Re: Tax Season 2012: Work No Longer Pays

                      Originally posted by Priceless View Post
                      Tell us, what is the unbiased source of this information?
                      Tell us, what is the unbiased source of your Huffington Post drivel?

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                      • Re: Tax Season 2012: Work No Longer Pays

                        Originally posted by Kepler View Post
                        The tax burden is actually historically low.
                        That is only the federal income tax. It leaves out how much all of us have to pay so that corporations can collect their corporate income tax bill from us; property taxes, all those various taxes that show up on our utility and cellphone bills, sales taxes, state income taxes, etc. etc. etc. Also any statistics regarding "the rich" are further biased because of a change in how business owners organize their companies for tax purposes, historical comparisons are invalid because they don't recognize the widespread change from separate taxpaying entities to pass-through entities.

                        Since many of us own shares in US corporations through our 401k plans, most of us are paying substantially higher federal income taxes than we realize, we just aren't aware of it because we don't see it; just like we don't see the various taxes broken out at the gas pump when we fill up the tank (er, maybe at today's prices I should say "top off" the tank?).

                        The core problem is too much spending by all governments with too little "return" to show for it. Because it is human nature always to want "more, more, more" we will never ever be able to resolve deficit problems on the revenue side alone.
                        "Hope is a good thing; maybe the best of things."

                        "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                        "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                        "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                        Comment


                        • Re: Tax Season 2012: Work No Longer Pays

                          Originally posted by FlagDUDE08 View Post
                          Tell us, what is the unbiased source of your Huffington Post drivel?
                          I was curious and wanted to read more of his fascinating piece. Ya know, since he's such an ardent liberal.

                          And when I quote someone, I generally link to the source...

                          ETA: If I were to quote the Huffington Post, the source of that information would be (drumroll please) the Huffington Post! Hard to figure that out, I know...
                          Last edited by Priceless; 04-17-2012, 05:05 PM.

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                          • Re: Tax Season 2012: Work No Longer Pays

                            "how to you get to be a millionaire?"

                            Have an income of $250,000 and vote for Obama's re-election.
                            Last edited by FreshFish; 04-17-2012, 06:02 PM.
                            "Hope is a good thing; maybe the best of things."

                            "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                            "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                            "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                            Comment


                            • Re: Tax Season 2012: Work No Longer Pays

                              Originally posted by FreshFish View Post
                              Since many of us own shares in US corporations through our 401k plans, most of us are paying substantially higher federal income taxes than we realize...
                              Can you elaborate on this?
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                              Originally posted by SanTropez
                              May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
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                              I don't even know how to classify magic vagina smoke babies..
                              Originally posted by Kepler
                              When the giraffes start building radio telescopes they can join too.
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                              • Re: Tax Season 2012: Work No Longer Pays

                                Originally posted by dxmnkd316 View Post
                                Can you elaborate on this?
                                "This" being how high federal corporate income tax rates (US corporate income tax rates are now the highest in the "developed" nations, as Japan just lowered theirs) by necessity must lead to lower after-tax corporate profits, necessarily leading either to lower dividend payouts, fewer stock buybacks, or a reduced rate of share price appreciation.

                                Corporations do not "pay" income taxes, they merely collect them, so that the burden of the tax is borne in aggregate by customers (higher prices), suppliers (lower prices), employees (reduced wages and benefits), executives (lower bonuses), and shareholders (as just noted).

                                Plenty of empirical studies by academic and government economists have all validated this statement; I'm not going to track down and post links. Once upon a time, people stored findings in "articles" and "books" of which I have paper copies (or scanned copies in PDF). If there were a handy way to upload articles from my archives that would be different.
                                Last edited by FreshFish; 04-18-2012, 10:49 AM.
                                "Hope is a good thing; maybe the best of things."

                                "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                                "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                                "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                                Comment

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