What Do You Mean I Can't!

[Wardad]

Maybe an accountant can save you money.
Turbo-tax and I do a good enough job. I really doubt the accountant will save me his $320 fee.

[Atrocities]

I am a firm believer that your tax rate should be based upon a percentage of your income. The more you make the more you pay. The less you make the less you pay. Right now the lower income people, me, pay 90% of the nations tax while rick SOB's like Bill Gates and such pay less in tax than a coctail waitress. (Predeiums, right offs, expenses, etc)

The rich always complain that people are trying to take their money away, well to them I say walk a meter in my shoes and see how the RICK steal from us.

No I would support any legislation that would make the rich pay more because it is only fair. Think of it this way...

A person earning 25k a year (Poverty level) pays 30% of that income into Federal income tax. They also pay sales, property, auto, and tax on just about everything else they buy. so the true tax rate is closer to 32% of their income.)

A person earning 250k a year pays 2.5% in tax.

The rich get to keep a greater percentage of their income while the greater percentage of the poors wages are taken in tax. This means the poor are burdoned with a greater tax than the rich and no matter how hard they work, they can never get ahead.

The rich get richer and the poor poorer. And the truly sad thing is NO ONE wants to do anything about it because those who have the power to change the rules are the rich.

So we poor slaves of economic unviable are condemed to rot our lives away slaving in a dead end job with no real hope of ever truly being economically able to aford our financial freedom.

While the Rich go play golf and yache around the world, we will continue to get up at 5 a.m. and drive to our dead end low paying jobs where we will work until we are too old to do so and then be forced to retire and live on a scrap of change every month because the money we spent a life time saving is worthless having been out paced by infalation and economic costs.

No I would not shed one tear for those rich SOB's. Make them PAY the Tax after all it has historically been the poor who have died in this countries wars and who's blood has throughout history paid the morgage on their way of life.

[General Woundwort]

The Last time I checked the forms, what with decreasing percentages and Earned Income Tax Credits, those under $15,000 don't pay a heckuva lot in federal taxes. Not being a large corporation owner, I'll pass on the other bit, but I can say that from talking to my friends, the tax code is stacked against married dual income middle-class families. I know plenty of my married friends who still calculate and file separate 1040s to save money.

So here's a radical idea - everybody pays the same percentage, no deductions or other calculations besides x% of total income recieved. That's fair, isn't it?

Here's a really radical idea - abolish the income tax and go to a national sales tax. After all, the Founding Fathers left out a national income tax from the Constitution (it got added in later, of course, look up the 16th amendment) - and my guess is they did that on purpose.

[Krsqk]

I am a firm believer that your tax rate should be based upon a percentage of your income. The more you make the more you pay. The less you make the less you pay. Right now the lower income people, me, pay 90% of the nations tax while rick SOB's like Bill Gates and such pay less in tax than a coctail waitress. (Predeiums, right offs, expenses, etc)

There's the simple way to do this (although our unemployment figures would skyrocket because the IRS and the accounting industries would dissolve overnight): the 1040-Postcard form. Fill in gross income, multiply by .125 (or some other suitable figure), there's the tax bill. Subtract what you've already paid; there's the tax owed (or the refund). No deductions, no shelters, no anything.

Just curious, AT, where did you get your figures from (the $25k/30%, $250k/2.5%)?

Not being a large corporation owner, I'll pass on the other bit, but I can say that from talking to my friends, the tax code is stacked against married dual income middle-class families.

The tax code is stacked against corporations. Any corporation not filed under subchapter S (small businesses) pays taxes on the total corporate profits. The profits then go to the owner, who pays taxes again on the same money--double taxation.

The tax code is also stacked against married couples--specifically, dual-income/no kids families (DINK). My wife and I individually are in a reasonably low tax bracket, but when our incomes are combined, the tax rate jumps drastically. We have "underpaid" by more than $1,000 each year since we've been married, just because the combined income is at a higher percentage. Sure, if we had six kids and paid $5,000 in primary mortgage interest each year and hit the maximum allowance in medical expenses and Schedule A itemization was actually a worthwhile use of my time, we might get some money back; but then I'm just spending $15-20k more a year and saving $1,500 in taxes. Sounds like a great system to me.

Here's a really radical idea - abolish the income tax and go to a national sales tax. After all, the Founding Fathers left out a national income tax from the Constitution (it got added in later, of course, look up the 16th amendment) - and my guess is they did that on purpose.

Originally, it seems states were taxed based on their population, and the states made it up from their people. Of course, that was when the states actually had representation in the Federal government (states elected senators). That would typically prevent things like arbitrarily declaring residence in, say, New York because most the voting bloc aligns with your political viewpoint and you don't know what you'd do if you didn't have some political office from which to prepare to run for Presidentess *koff koff* um President.

[Atrocities]

Well said both of you.

I agree 100%

I don't recall the web page I read that had those figures. I should have posted a link. I will do so in the future.

[ April 25, 2004, 23:03: Message edited by: Atrocities ]

[Gandalf_greypilgrim]

Originally posted by Loser:

quote:

---

Originally posted by Kamog:
I've never prepared my own tax return because I find the process incomprehensible.

I don't know how many times I've stopped a roommate from going to some tax place.

"Hold on, what have you got there. W2s and... nothing else. Ookaay, sit down. We've got you a 1040EZ and the direction. No, we're going to do these. It's not going to be that hard, it won't take as long as driving to the mall, and next year you can do them yourself."

Of course, this is my first year as a homeowner and landlord, so I'll be having a professional look into it. Next time it'll jsut be me, of course.

But really, if all you've got to deal with is a W2 and a 1040EZ (assuming you're in the U.S., which Kamog might not be, I don't recall), then there's little reason not to tackle it yourself.

---

Just be greatful you don't live in Quebec! I filed my taxes a month ago, and in this crappy province you have to pay income taxes to the federal and provincial, and thus, I have to file twice, once to the provincial and once to the federal, it's a nightmare!

[dogscoff]

Eat the rich.

[ April 26, 2004, 11:31: Message edited by: dogscoff ]

[primitive]

Lucky me who live in a civilized country that have discovered the magic of computers.

Did my taxes yesterday, and it took me a whopping 2 minutes. For the Last 3-4 years the government have sent out prefilled declarations. Check the numbers, log on to the net, make amendments (which is unnecessary for 90 % of the population), confirm. Life is good

[Fyron]

Just curious, AT, where did you get your figures from (the $25k/30%, $250k/2.5%)?

Most likely his butt. That, or some political pundit pulled them out of his butt and AT is just reiterating them. Those earning $250k pay a LOT more than 30% of their income in taxes. It is just those that earn in the millions that can hire those really high priced accountants that can scam their taxes to avoid paying most of them... but there are very few such people, so it is not really that big of a loss...

[ April 26, 2004, 20:56: Message edited by: Imperator Fyron ]

[narf poit chez BOOM]

Gee, nothing like being nice and polite, eh Fyron?