ViperNC Posted October 11, 2013 Report Share Posted October 11, 2013 http://finance.yahoo.com/blogs/daily-ticker/dear-congress-want-money-back-161139636.html Hmmmm….. refund American citizens by tapping into the wallet of each congressman. I doubt they will pass a bill for that, but it sounds good to me! Happy Friday. Link to comment Share on other sites More sharing options...
Wayne Grey Posted October 11, 2013 Report Share Posted October 11, 2013 Going to pay people and let them stay home ! I think with that kind of stupidity we deserve to get payed too (or comp days) and an apology. Link to comment Share on other sites More sharing options...
MY500SS Posted October 11, 2013 Report Share Posted October 11, 2013 This Government give monies back........... Link to comment Share on other sites More sharing options...
jnf Posted October 11, 2013 Report Share Posted October 11, 2013 This Government give monies back........... Not a chance in hell !! They are good at however. Link to comment Share on other sites More sharing options...
robertlane Posted October 11, 2013 Report Share Posted October 11, 2013 I'm sure that if we all wrote our elected officials, the IRS would be happy to contact us back. Link to comment Share on other sites More sharing options...
ViperNC Posted October 11, 2013 Author Report Share Posted October 11, 2013 Oh just call them up instead! http://drunkdialcongress.org/ Link to comment Share on other sites More sharing options...
Wayne Grey Posted October 11, 2013 Report Share Posted October 11, 2013 Will be ended soon - they have a recess scheduled. How can i get a job like that? Link to comment Share on other sites More sharing options...
07SGT Posted October 11, 2013 Report Share Posted October 11, 2013 and remember that over 40% of the people in this country pay no income tax at all. That means the other 60% are paying for everything. Link to comment Share on other sites More sharing options...
David Hawkins Posted October 12, 2013 Report Share Posted October 12, 2013 This Government give monies back........... Believe it or not........a LOT of People voted for Obama BECAUSE they actually thought that they WERE going to get Money and the EASY Life.............the sad part is, they still believe that. Link to comment Share on other sites More sharing options...
07SGT Posted October 23, 2013 Report Share Posted October 23, 2013 Tens of thousands of people are receiving money......for nothing. It is called the Earned Income Credit. People with low income may owe 1,000 in taxes but do not have to pay. Then they are given a refund of approximately 5,000.00. The IRS just admitted they have over payed billions of dollars since 2009 but do not want to do anything to the program which may discourage people from applying for the refunds. It is all about socialism and income re-distribution, which is what obamacare is also. It is just re-distribution of money from one group to another. why are people upset with congress. We elected liars, whores, and thieves. They not only lived up to, but exceeded, expectations. BTW- to obama it is socialism. Socialism is just communism with a graduate degree. Link to comment Share on other sites More sharing options...
SVT NAJA Posted October 23, 2013 Report Share Posted October 23, 2013 4 words... FLAT TAXES - NO DEDUCTIONS Net effect? Everyone has skin the game, you could file your 1040 on a post card, and a bunch of IRS employees would be out of work... Link to comment Share on other sites More sharing options...
ilmor Posted October 23, 2013 Report Share Posted October 23, 2013 and remember that over 40% of the people in this country pay no income tax at all. That means the other 60% are paying for everything. Yet, the latest news is that 93% of Americans are employed. Why everyone can't simply pay at least some tax will forever be a mystery to me. Link to comment Share on other sites More sharing options...
grsybtch Posted October 23, 2013 Report Share Posted October 23, 2013 Yet, the latest news is that 93% of Americans are employed. Why everyone can't simply pay at least some tax will forever be a mystery to me. NO! 7% are unemployed.......that does NOT mean that 93% are working! It means that most people who are out of a job have run out of unemployment benefits. The labor force participation levels are at their lowest ever! Read this: http://cnsnews.com/news/article/terence-p-jeffrey/90609000-americans-not-labor-force-climbs-another-record Link to comment Share on other sites More sharing options...
ilmor Posted October 23, 2013 Report Share Posted October 23, 2013 NO! 7% are unemployed.......that does NOT mean that 93% are working! It means that most people who are out of a job have run out of unemployment benefits. The labor force participation levels are at their lowest ever! Read this: http://cnsnews.com/news/article/terence-p-jeffrey/90609000-americans-not-labor-force-climbs-another-record OK, this is interesting, thanks for posting it. I also just learned that The United States Bureau of the Census estimates that there are 233,658,279 people 16 years of age and over. Your article states that 90,609,000 of those people, or 38.7%, are not working - the real unemployment rate???(OMG!!!). Therefore, 61% of those able to work are working...but maybe only half of them are paying taxes?? Link to comment Share on other sites More sharing options...
grsybtch Posted October 23, 2013 Report Share Posted October 23, 2013 OK, this is interesting, thanks for posting it. I also just learned that The United States Bureau of the Census estimates that there are 233,658,279 people 16 years of age and over. Your article states that 90,609,000 of those people, or 38.7%, are not working - the real unemployment rate???(OMG!!!). Therefore, 61% of those able to work are working...but maybe only half of them are paying taxes?? Yeah, our beloved Gov't keeps trying to blow smoke up our arse and make us think the economy is booming when it's really not. The jobs are just not there and despite the corporate earnings reports, the only people who are better off or at least at the same level as a few years ago are the ones collecting handouts! Link to comment Share on other sites More sharing options...
ViperNC Posted October 23, 2013 Author Report Share Posted October 23, 2013 My Quote button is not working..... Hmmmm. At any rate, to pick up on NAJA's comment: Personally, I am a strong believer in the flat tax, but as soon as you start talking about taking away deductions everyone gets in an uproar. Americans love to have our cake and eat it too (or at least we love the illusion). As a capitalistic society, our tax system favors the small business owner and large corporations even though C-corps pay more tax than any entity. In turn, they also get the greatest tax deductions. S-corps, LLC's, Partnerships, LLP's and sole proprietors all are pass through entities which encourages the owner through the tax code to deduct everything as a business expense, nullifying profit, and therefore wind up paying little if any tax at the end of the year. It's pretty interesting to see the creativity from an S-corp owner who's income is well above $250,000 a year, but after deductions makes $30,000 taxable. The non business owner would no longer have the mortgage deduction which in my opinion would be a good thing. People would buy houses based upon what they can afford rather than stretching based upon moving variables such as the mortgage interest deduction. No more bogus deductions for childcare, mileage for business commuting, charitable donations, etc. You pay what you pay and the tax rate is set. The end. The flat tax would put an end to the games. At the end of the day, I would argue the government would bring in more revenue as well. It's fair. It's simple. It is just..... It will never happen. And that is a crying shame. Link to comment Share on other sites More sharing options...
grsybtch Posted October 23, 2013 Report Share Posted October 23, 2013 Personally, I am a strong believer in the flat tax, but as soon as you start talking about taking away deductions everyone gets in an uproar. Americans love to have our cake and eat it too (or at least we love the illusion). As a capitalistic society, our tax system favors the small business owner and large corporations even though C-corps pay more tax than any entity. In turn, they also get the greatest tax deductions. S-corps, LLC's, Partnerships, LLP's and sole proprietors all are pass through entities which encourages the owner through the tax code to deduct everything as a business expense, nullifying profit, and therefore wind up paying little if any tax at the end of the year. It's pretty interesting to see the creativity from an S-corp owner who's income is well above $250,000 a year, but after deductions makes $30,000 taxable. The non business owner would no longer have the mortgage deduction which in my opinion would be a good thing. People would buy houses based upon what they can afford rather than stretching based upon moving variables such as the mortgage interest deduction. No more bogus deductions for childcare, mileage for business commuting, charitable donations, etc. You pay what you pay and the tax rate is set. The end. The flat tax would put an end to the games. At the end of the day, I would argue the government would bring in more revenue as well. It's fair. It's simple. It is just..... It will never happen. And that is a crying shame. I agree! I love the IDEA of a flat tax. What would worry me about it is, how long would it take the dumbass spendthrift idiots we keep sending to Washington to get the flat tax rate higher then the effective tax rates we're paying now. Link to comment Share on other sites More sharing options...
07SGT Posted October 23, 2013 Report Share Posted October 23, 2013 I also encourage the flat tax but with a mortgage deduction. That encourages home ownership and the new homes industry would go in the toilet if that were removed. Yes the unemployment is far higher than 7%. And obama plays games with it every month. They announce the new rate, then a couple months later they "readjust" the rate and it is higher. If you remove the charitable deduction there would be far less monies donated to charity. So why not have a flat tax with charities and housing deductions. and the so called 7% unemployment does not begin to tell the story now that more and more corporations are cutting hours to below 30 hour per week so as to avoid paying obamacare benefits. But obamacare was never about health care, it was all about income re-distribution. Of course in Europe they do not have a 40 hour work week so I am sure obama will point that out and then we will have a lower work week and still be forced to have obamacare. Then the country will surely go broke like Greece and others. Link to comment Share on other sites More sharing options...
EL SHELBY Posted October 24, 2013 Report Share Posted October 24, 2013 A flat tax isn't the solution. Assume the flat rate is 10% and you earn $20k a year. That $2k in tax hurts when you realize it equates to a years worth of groceries. Now lets assume you earn $2M a year. How much do you figure you will miss that $200k with $1.8M in the bank? You will make back your taxes and then some without much effort through investing whereas the poor sucker making $20k will be lucky to make .25% off his $200 in savings after he's paid all the bills. Link to comment Share on other sites More sharing options...
ViperNC Posted October 24, 2013 Author Report Share Posted October 24, 2013 Ok... clearly you missed something so I'll point it out in your example: For 2013 your "poor" guy making $20,000 a year is taxed at 15%. 10% would improve his position. In addition, that $2 Mil "rich" guy probably has so many deductions his tax bracket at the end of the day might also be somewhere between 15 - 25% on maybe $50,000 (yes I see this all the time with financial underwriting and this is reality). So tell me why the flat tax idea is not the answer again? Maybe I'm missing something. Link to comment Share on other sites More sharing options...
EL SHELBY Posted October 24, 2013 Report Share Posted October 24, 2013 I didn't miss anything. No where in my example did I assume deductions of any sort, nor did I make any reference/compairison to current rates. It was straight simple math and I used 10% as its 'neat', round figure. The point was simple, the value of money does not scale. Choose any rate you want and apply that same rate to any annual income you want and that rate will always weigh more on the 'poor' guy than the 'rich' guy. If we start throwing deductions in with the flat rate then you have defeated the point of a flat rate. I don't know what the solution is, if I did I'd be running for office, but a flat tax isn't it. Link to comment Share on other sites More sharing options...
ilmor Posted October 24, 2013 Report Share Posted October 24, 2013 A flat tax isn't the solution. Assume the flat rate is 10% and you earn $20k a year. That $2k in tax hurts when you realize it equates to a years worth of groceries. Now lets assume you earn $2M a year. How much do you figure you will miss that $200k with $1.8M in the bank? You will make back your taxes and then some without much effort through investing whereas the poor sucker making $20k will be lucky to make .25% off his $200 in savings after he's paid all the bills. Fine, just have a lower flat tax rate for lesser incomes. The point is, anyone who works should be paying taxes like everyone else...and no refunds. The nation just can't afford it anymore and still support all the entitlements and the "affordable" care act (which will, before we know it, fail and become a singlepayer system). Link to comment Share on other sites More sharing options...
EL SHELBY Posted October 24, 2013 Report Share Posted October 24, 2013 Having a lower rate for lower incomes is a progressive tax, which is what we have now. I absolutely agree that everyone should pay in. The issue is in the allowed deductions, credits, and the definition of income that permits those with extreme wealth to be taxed at a lower rate than the 'commen' man. I don't buy the notion that a high tax rate for the wealthy will stifle investment as many would have us believe. Those with the ability to invest will always invest as its the easiest way to make money and the risk will always be less on those with more. Right now taxes do more to social engineer than fund the Feds. We are taxed higher on those things that the Gov doesn't want us doing and we are given credits and deductions on those things the Gov wants us doing. I truely wish I was smart enough to come up with a solution. Link to comment Share on other sites More sharing options...
ViperNC Posted October 24, 2013 Author Report Share Posted October 24, 2013 Even though I do not 100% agree with you, that was well said. I think people who support the flat tax like it for its simplicity and that everyone has the same percentage of skin in the game regardless of income. As this is the land of opportunity, everyone has the opportunity to excel. Some choose to do it, others choose not to. For me, that is where I believe it would be fair regardless of income. All I know is that right now, I'm personally getting hammered in tax under ATRA (American Tax Relief Act..... which relieved nothing) and even though my taxable income is higher this year than in 2012, my take home pay is less. Any way you look at it, that sucks. Maybe the flat tax would be two tiers only. 10% for incomes below a certain level and 20% above. I guess I'm socially liberal and fiscally conservative. Link to comment Share on other sites More sharing options...
07SGT Posted October 24, 2013 Report Share Posted October 24, 2013 I believe it was Churchill that said if a man is not a liberal by age 20 he has no heart. If a man is not a conservative by age 40 he has no brain. Keep working hard, millions on welfare are counting on you. Welcome to the Socialist Republik of America! Now you know what obama's plans are for this country. Re-distribute the wealth. Just like he said, spread it around. Link to comment Share on other sites More sharing options...
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