| Author | Message | ||
     Wolfridgerider |
http://finance.yahoo.com/news/INSIDE-WASHINGTON-Ru de-apf-15091434.html?.v=1  | ||
| Wolfridgerider |
To bad there isn't a emoticons bent over the davenport getting drilled by a donkey.... | ||
| Ft_bstrd |
Ummmm. I think you have to go to Tijuana to get that. | ||
| Mr_grumpy |
How would you know that? | ||
| Ft_bstrd |
 How do you think I paid my way through college? | ||
| Xl1200r |
Did any of you guys read the article? You'll only owe money if you cheat the system. Sure, the program is insanely ill-conceived, but folks would only owe back the money they shouldn't have gotten in the first place. Like the article says, go to the IRS website and use the form to figure out what you're witholding should be. (Message edited by xl1200r on April 30, 2009) | ||
| Wolfridgerider |
Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members. "So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said. | ||
| Aesquire |
When the Primaries were on, Barack promised to raise my...Everyones! taxes. He campaigned on a class envy, hate the rich platform. It is a very successful tactic, and had worked for centuries. ( usually the results were not happy making for the subjects who thought hatred was a good campaign idea, historical examples abound. See French "terrors" or Russian "purges" but that has little to do with taxes ) After the primaries, he slid his position toward the "center" as did his opponent. ( "center" being a big chunk left of actual American norms, since the "media" tend leftist compared to, say, actual people who work for a living ) He THEN promised to only raise taxes on "the rich" which was defined as "over $250,000 a year"...then $200k, then $150k, then $100k, then back to $250k, all in a week or so. If you can do math, you know "the rich" already pay a lot of taxes, as a percentage of actual revenues. So what? But there is no way that by taxing "the rich" that he can pay for government spending...even before you take into account the Trillions spent on bailouts, "stimulus" and a 30+% increase in perpetual annual govt. spending. So the IRS changed the rules again, and many small businesses that file taxes as an individual are screwed. Then we get to the above article. Xl1220r... what do you mean You'll only owe money if you cheat the system. ?? the change in withholding tables is the issue, not tax cheats, ( though tax cheats run the tax system, but, hey, that's this admin. ) A system already so complex that no one actually understands it, so fiddled & warped by bribe produced loopholes & special favors that the IRS itself can do your taxes for you, find they made an error, and fine you for it. ( what a sweet deal that is! ) So now they did a quick change to let the Prez. keep a campaign promise, messed it up, and are going to do harm to millions of people. And, according to the article, have no plans to fix it. Just as the bad regulations that are partially to blame for the entire financial crisis have NOT BEEN FIXED. Certain provisions in Sorbanes/Oxley as to how you value holdings, are they repealed, or modified? Did they stop the banks from creating "securities" from mortgages, and playing with the insurance of same for profits not backed by reality? Etc. Etc. I know some of these things that are stupid/greedy are not happening today because no one wants to buy them, but were the practices stopped? Which way would you bet? | ||
| Xl1200r |
Xl1220r... what do you mean You'll only owe money if you cheat the system. ?? Re-read the article. Example - Singles can get up to $400, married couples up to $800. However, there's no rule that says both people in teh couple have to work, so it's possible for one person to get all $800 back in their pay. Which also means the other person can get all $800 back as well, meaning that couple got $800 more than they were supposed to, so they owe it back. Second example - you have two jobs. As a single person, you only get up to $400 no matter how many jobs you have, but you can set your w-4 up to give you $400 from each job. You got too much, you have to pay it back. The solution is being financially responsible. Go to the IRS website, search for "W-4" calculator and fill it out. It will tell you how to fill it out so get a minimum positive return and maximize take-home pay. Anyways - I don't think this is going to be the big bomb everyone is worrying about. The average federal tax return this year was something like $2700. If all the sudden you only get $2300 back, is it really going to break the bank? BTW - the IRS W-4 calc is a VERY good tool, and I do it a couple times a year, or whenever my pay/bonuses change to make sure I'm set up correctly. I got a $2100 federal return this year, which was way too much. Instead, I now get an extra $175 a month in my pay. | ||
| Hootowl |
Aesquire, you forgot the Kamer Rouge. | ||
| Wolfridgerider |
The solution is being financially responsible and thats the problem. Most people aren't and I think that is what the article is pointing out. Most people go about their merry way and don't pay a bit of attention to whats going on. Then next year at tax time.... They get donkey punched. | ||
| Xl1200r |
Then next year at tax time.... They get donkey punched. Except they won't. That's what the article points out without realizing it. The people who go on their merry way are the ones whose W-4's typically claim Single 0 status, either because they don't know any better, or they feel the IRS is an effective, 0% interest paying savings program. In any event, they end up paying FAR too much in taxes each paycheck, pointed out by the $2700 average refund this year. So if you screw up by $400 and the average refund is only $2300 next year, who is getting donkey punched? Nobody. You're still paying the correct tax bill, and you're not getting stuck owing a bunch of cash to the IRS. | ||
| Wolfridgerider |
Quit bringing up valid points!!! LOL. | ||
| Xl1200r |
Hey, once in while I make a case that I actually think holds water in more minds than my own, so I gotta drive this one home, buddy! |
