I just turbotaxed myself last night and found out that I still owe 8 grand. WTF?? My wife worked this year and pushed us into a higher bracket, and she wasn't having enough taken out. Or is it Obama?

I could have bought 645D with that, not that I had the balls to do it . . . .

I just turbotaxed myself last night and found out that I still owe 8 grand. WTF?? My wife worked this year and pushed us into a higher bracket, and she wasn't having enough taken out. Or is it Obama?

I could have bought 645D with that, not that I had the balls to do it . . . .

Don't know if it was the Obamanator but my check is smaller now. Didn't know I was one of the rich.

Maybe I'll do like Geithner. Not pay and maybe get put as head of the IRS.

[Rupert]

If you guys could read, or understand a Tax Table, you would know that if you are making less than $250K a year, your taxes are lower than they were under your old tired dementia guy Reagan. And if you are making over $250K....guess what? they are still lower than they were under your "trickle down Voodoo economics king". That FIX News has really damaged a lot of minds....I see you guys are no exception.
Regards!

[Blue]

Don't know if it was the Obamanator but my check is smaller now. Didn't know I was one of the rich.

Maybe I'll do like Geithner. Not pay and maybe get put as head of the IRS.

That will only work if you get appointed Tax Cheat of the Treasure, Czar of Scatology, or elected to Congress and oversee the Ways & Means Committee.

[Ratmagiclady]

Well, it sounds like you might want to hire a tax accountant, if you're talking about that kind of money. 8 grand is about what I see in a year, never mind something that could be an error calculating the difference between tax brackets.

[Ben_Edict]

I just turbotaxed myself last night and found out that I still owe 8 grand. WTF?? My wife worked this year and pushed us into a higher bracket, and she wasn't having enough taken out. Or is it Obama?

I could have bought 645D with that, not that I had the balls to do it . . . .

I don't know how it is done in the US, but in Germany we simply pay a monthly advance for the taxes as a self-employed. As a employed worker, the tax advance is deduced immediately each month. So, when the final income tax declaration is finalised one usually lists expenses and gets some money back. It is rare that anybody would pay such a sum at that stage, except for the better off ones, who would then declare their income from investments etc.

Ben

EDIT: For a photographer the fastest way to have a million on his bank account is, to start with two millions...

[areidjr]

If you guys could read, or understand a Tax Table, you would know that if you are making less than $250K a year, your taxes are lower than they were under your old tired dementia guy Reagan. And if you are making over $250K....guess what? they are still lower than they were under your "trickle down Voodoo economics king". That FIX News has really damaged a lot of minds....I see you guys are no exception.
Regards!

Unfortunately, Rupert, much of what you say just isn't true. Yes, Marginal rates were lowered for the rich, as they were across the entire income spectrum. Many low income earners were taken off of the tax roles and a new 10% bracket was created. What was the end result? The share of income taxes paid by the lower and middle class went down while the share and total dollars paid by the rich went up. Yes, the rich did get a marginal tax rate cut and then proceeded to pay more in overall all taxes.

When Pres. Obama allows those tax cuts to expire there will be once again a shift of tax burden back to the lower and middle class. You can take that to the bank. If you don't believe me, just do a little research for once.

I'm often reminded of an quote by Mark Twain when I read your posts. It goes "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."

Have a great day!

[Rupert]

Unfortunately, Rupert, much of what you say just isn't true. Yes, Marginal rates were lowered for the rich, as they were across the entire income spectrum. Many low income earners were taken off of the tax roles and a new 10% bracket was created. What was the end result? The share of income taxes paid by the lower and middle class went down while the share and total dollars paid by the rich went up. Yes, the rich did get a marginal tax rate cut and then proceeded to pay more in overall all taxes.

When Pres. Obama allows those tax cuts to expire there will be once again a shift of tax burden back to the lower and middle class. You can take that to the bank. If you don't believe me, just do a little research for once.

I'm often reminded of an quote by Mark Twain when I read your posts. It goes "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."

Have a great day!

Pull up the Reagan Tax Tables online Al, then the Obama Tax Tables.....get someone that can do math to do a comparison for you and then get back with me. Just "saying it ain't so...or is so" flies well in right wing wingnut circles, but the facts will shut you guys down most every time. Your taxes are lower now than under Reagan, but being sure they are not, why don't you use his Tax Tables to do your return...the IRS will be happy to take your overpayment....guaranteed!
Regards!

[Das Boot]

When Pres. Obama allows those tax cuts to expire there will be once again a shift of tax burden back to the lower and middle class. You can take that to the bank. If you don't believe me, just do a little research for once.

It would be a little hard to do research as Reuters' story on the matter was retracted once wind of it got to the White House.

Pull up the Reagan Tax Tables online Al, then the Obama Tax Tables.....get someone that can do math to do a comparison for you and then get back with me. Just "saying it ain't so...or is so" flies well in right wing wingnut circles, but the facts will shut you guys down most every time. Your taxes are lower now than under Reagan, but being sure they are not, why don't you use his Tax Tables to do your return...the IRS will be happy to take your overpayment....guaranteed!
Regards!

But my taxes are higher now than they were last year. Meaning my check is smaller now than last year. I don't need to do research to know that. Since I dind't get a paycut from my employer it can only mean the Fed is taking out more. Or am I missing something that only a liberal can see?

[areidjr]

Pull up the Reagan Tax Tables online Al, then the Obama Tax Tables.....get someone that can do math to do a comparison for you and then get back with me. Just "saying it ain't so...or is so" flies well in right wing wingnut circles, but the facts will shut you guys down most every time. Your taxes are lower now than under Reagan, but being sure they are not, why don't you use his Tax Tables to do your return...the IRS will be happy to take your overpayment....guaranteed!
Regards!

LOL! Tax tables are meaningless, Rupert. It's the tax collected that matters. Marginal rates cut, revenues increased and ther share of taxes paid by the rich increased as well. Look it up, if you're brave enough to face the facts. Oh, I forgot, facts are meaningless in a political discussion with the left.

BTW, the IRS is acquiring another 60 12 gauge shotguns to help with tax enforcement. https://www.fbo.gov:443/index?s=opportunity&mode=form&id=8d3b076bd4de14bbda5...1&cck=1&au=&ck. I sure hope tou didn't make a mistake on your return.

A question: Why to you and your other friends on the left find it impossible to have a discussion without name calling?

[Das Boot]

Pull up the Reagan Tax Tables online Al, then the Obama Tax Tables.....get someone that can do math to do a comparison for you and then get back with me. Just "saying it ain't so...or is so" flies well in right wing wingnut circles, but the facts will shut you guys down most every time. Your taxes are lower now than under Reagan, but being sure they are not, why don't you use his Tax Tables to do your return...the IRS will be happy to take your overpayment....guaranteed!
Regards!

Tax tables are one thing, deductions are another. The tables are only for taxable income. For example, during the Reagan years interest on your credit cards was deductable as well as your mortgage. Overall taxes as a percentage are higher now than then comparing apples to apples.

[Ratmagiclady]

I don't know how it is done in the US, but in Germany we simply pay a monthly advance for the taxes as a self-employed. As a employed worker, the tax advance is deduced immediately each month. So, when the final income tax declaration is finalised one usually lists expenses and gets some money back. It is rare that anybody would pay such a sum at that stage, except for the better off ones, who would then declare their income from investments etc.

Ben

EDIT: For a photographer the fastest way to have a million on his bank account is, to start with two millions...

It's basically similar over here, Ben: though there's different ways to go about it: you can basically have a certain amount deducted from your payroll, more, or less, ...if you took too many deductions out of your paychecks, you end up owing; if you had more deducted than you owe, you get a refund check a bit after tax time.

The fact is, it's people with big incomes who complain about income tax burden: despite all the talk, the percentages of *all* taxes most people pay compared to their incomes actually stays pretty consistent.

Richer folks want a 'flat tax' (they like to euphemize it as a 'fair tax,') that'd basically impoverish the lower classes, cause they'd still be paying all the others, and then having the same chunk taken out of their pay as their bosses who rake in the dollars.

Another way some things get kind of dismembered from the larger picture. What's a dubiously-needed purchase on a 645D to some could be someone else's entire yearly intake.

In an emergency, I'd be hard-pressed to liquidate my entire kit for a quarter of that sum. (At least without *lying* about the state some of it's in, anyway.)

[Blue]

LOL! Tax tables are meaningless, Rupert. It's the tax collected that matters. Marginal rates cut, revenues increased and ther share of taxes paid by the rich increased as well. Look it up, if you're brave enough to face the facts. Oh, I forgot, facts are meaningless in a political discussion with the left.

BTW, the IRS is acquiring another 60 12 gauge shotguns to help with tax enforcement. https://www.fbo.gov:443/index?s=opportunity&mode=form&id=8d3b076bd4de14bbda5...1&cck=1&au=&ck. I sure hope tou didn't make a mistake on your return.

A question: Why to you and your other friends on the left find it impossible to have a discussion without name calling?

You would think that if they had a criminal situation that required this kind of risk that they would have an appropriate warrant and a deputy U.S. Marshal. I don't know why we need government CPA types shooting it out with the Al Capones, Tim Geithners and Charlie Wrangels.

Edit: Maybe they are going to take care of the Wrangel case permanently.

Anyone noticing an echo in here?

[YT]http://www.youtube.com/watch?v=_dDFIHfTFqg[/YT]

[jeffkrol]

It's basically similar over here, Ben: though there's different ways to go about it: you can basically have a certain amount deducted from your payroll, more, or less, ...if you took too many deductions out of your paychecks, you end up owing; if you had more deducted than you owe, you get a refund check a bit after tax time.

The fact is, it's people with big incomes who complain about income tax burden: despite all the talk, the percentages of *all* taxes most people pay compared to their incomes actually stays pretty consistent.

Funny side to this. IRS does not want you to pay in too much (ie large refund) nor pay in too little (large tax bill at year end). There are penalties for both.

Richer folks want a 'flat tax' (they like to euphemize it as a 'fair tax,') that'd basically impoverish the lower classes, cause they'd still be paying all the others, and then having the same chunk taken out of their pay as their bosses who rake in the dollars.

No a flat tax is fine IF you say... what did you gross... give me 10% Where this breaks down is in what did you net after all the loopholes apply...
I rarely see any flat tax supporters from the uber class.......
A flat tax taxes all income once at its source. Hall and Rabushka (1995) includes a proposed amendment to the US Revenue Code implementing the variant of the flat tax they advocate.[3] This amendment, only a few pages long, would replace hundreds of pages of statutory language (although it is important to note that much statutory language in taxation statutes is not directed at specifying graduated tax rates). As it now stands, the USA Revenue Code is over 9 million words long[citation needed] and contains many loopholes, deductions, and exemptions which, advocates of flat taxes claim, render the collection of taxes and the enforcement of tax law complicated and inefficient. It is further argued that current tax law retards economic growth by distorting economic incentives, and by allowing, even encouraging, tax avoidance. With a flat tax, there are fewer incentives to create tax shelters and to engage in other forms of tax avoidance.


Flat tax - Wikipedia, the free encyclopedia
Look at all those "Rusky" states with a flat tax...........
No the upper echelons prefer the "degressive" tax.......
In his book, The View From No. 11, Nigel Lawson, Margaret Thatcher's former chancellor of the exchequer, answered the above riddle with great ease. The Thatcher government inherited nosebleed rates of taxation, but as Lawson quickly found, the "higher rates we inherited were frequently not paid. The well-heeled and well-advised took great pains to avoid liability through the perfectly legal use of tax shelters of one kind or another; and the tax avoidance industry flourished as never before." Translated: When politicians target income for tax purposes, incomes change.................A flat tax rate would of course be a dream, but given the incentives that politicians have, it's a Utopian one. High and ever-changing tax rates are the lifeblood of a political class that clings to power through favors offered through the tax code..........................
Sadly, our broad embrace of tax favors means that whatever the party in power, our economy will always perform in sub-optimal ways. Indeed, the deductions that reduce our tax bills and keep accountants employed are only the seen part of this equation. The unseen part is what the economy loses when capital flows are distorted through tax favors, not to mention the great minds we lose to the tax-avoidance industry.

The answer to all of this is very simple, however. If we want the government off of our backs, we must also get our hands out of its pocket. This means we must be ready to give up the various deductions that we've grown accustomed to in order to get the marginal tax rates on our income reduced.

Until then, we shouldn't be fooled by the ongoing tax debate in Washington. So long as the discussion centers around minor changes to marginal rates, we can know that, whether they go higher or lower, the headline numbers will be a sideshow relative to the various favors given in order to reduce what we pay. This process may be great for the capital, but it's awful for productive economic activity that occurs outside the city limits of Washington, D.C.