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Tue 17 Apr, 2007 07:43 pm
Tax Day's Unfairness
Since President Bush entered office, he has made tax policy a focus of his domestic agenda. "These are the basic ideas that guide my tax policy: lower income taxes for all, with the greatest help going for those most in need," said Bush of his "bold and fair tax relief plan." But a majority of Americans will not feel Bush's alleged tax relief today, as his tax schemes have disproportionately aided the wealthy, often at the expense of the poor and middle class. For example, in 2005, Bush's tax changes allowed Vice President Dick Cheney to reap $1.1 million in tax savings, but households in the bottom fifth income bracket only received an average of $20 from the tax cuts in 2006. Dissatisfaction with the state of the economy was a major force driving Americans to the polls in the 2006 elections, but Bush has still failed to deliver a fairer tax plan for Americans. "Despite major increases in outlays for war and security, the President and Congress substantially expanded the already unaffordable tax cuts in subsequent years. The fiscal and moral consequences of these blunders are staggering," states Robert S. McIntyre of the nonpartisan Citizens for Tax Justice.
A MORE UNEQUAL AMERICA: In part due to Bush's tax cuts for the wealthy, concentration of income in the United States is reaching record levels. "[T]ax rates faced by the wealthiest Americans have fallen, having also recently shown that the top 1% of American earners got a greater share of national income in 2005 than at any time since the 1920s." Americans earning over $1 million receive an average annual tax cut of [over] $100,000, whereas middle income families earning between $26,000 and $45,000 receive about $650. A study by the Congressional Budget Office explains that the "growing concentration of income at the top continues a long-term trend." "The share of after-tax income going to the top one percent rose from 12.2 percent in 2003 to 14.0 percent in 2004," making that the largest one-year increase in the share of income going to the top one percent in 15 years. The United States is fast approaching a "historic threshold: Should current trends continue -- from higher payroll taxes to the potential impact of the Alternative Minimum Tax on middle-class earners -- the U.S. system could tip from progressive to flat in a matter of years, at least for the top half of earners," according to a recent economic study. Now, the case for comprehensive tax reform is more pressing than ever.
--AmericanProgressAction
Well, I just did my taxes a few days ago, and my anus is still sore. You'd think Uncle Sam could afford to use lubrication. At least Democrats treat you to dinner first...tell you that you look nice...maybe throw in a reach-around...
The Republicans in DC have nearly realized their tax dream. Hopefully, the Democrats have the guts to reverse it.
Mills75 wrote:Well, I just did my taxes a few days ago, and my anus is still sore. You'd think Uncle Sam could afford to use lubrication. At least Democrats treat you to dinner first...tell you that you look nice...maybe throw in a reach-around...
The Republicans in DC have nearly realized their tax dream. Hopefully, the Democrats have the guts to reverse it.
You mean you want to pay MORE taxes?
Let's face it, we have to think about higher taxes. We cannot continue to run huge deficits without severely damaging the country. Moreover, with most of our expenditures going to pay for entitlements, there is little hope of cutting costs very much. Remember, the baby boomers are hitting retirement, which will greatly increase costs for social security, Medicare, etc.
This country has prospered with an "ability-to-pay" system (graduated income tax rates), and we should look to increase the graduation.
McGentrix wrote:Mills75 wrote:Well, I just did my taxes a few days ago, and my anus is still sore. You'd think Uncle Sam could afford to use lubrication. At least Democrats treat you to dinner first...tell you that you look nice...maybe throw in a reach-around...
The Republicans in DC have nearly realized their tax dream. Hopefully, the Democrats have the guts to reverse it.
You mean you want to pay MORE taxes?
I
am paying MORE. The Republican tax cuts shaved approx. $20-40 off the front end, but reduced deductions I had qualified for adding over $1000 on the back end (according to my tax-preparer who, incidentally, is Republican). Add to this the fact that the Republican-dominated congress raised interest rates on federal student loans (which was primarily how I financed my education), and I'm not just paying MORE, I'm paying a
LOT MORE.
Advocate wrote:Let's face it, we have to think about higher taxes.
Did you say "We"? No! It's you who will have to think about higher taxes, not me. I'm for keeping things the way they are . If you want graduation of taxes, please feel free to go ahead and pay more. I sure won't stop you!
Mills75 wrote:McGentrix wrote:Mills75 wrote:Well, I just did my taxes a few days ago, and my anus is still sore. You'd think Uncle Sam could afford to use lubrication. At least Democrats treat you to dinner first...tell you that you look nice...maybe throw in a reach-around...
The Republicans in DC have nearly realized their tax dream. Hopefully, the Democrats have the guts to reverse it.
You mean you want to pay MORE taxes?
I
am paying MORE. The Republican tax cuts shaved approx. $20-40 off the front end, but reduced deductions I had qualified for adding over $1000 on the back end (according to my tax-preparer who, incidentally, is Republican). Add to this the fact that the Republican-dominated congress raised interest rates on federal student loans (which was primarily how I financed my education), and I'm not just paying MORE, I'm paying a
LOT MORE.
I would suggest getting a new tax preparer.
I got a refund yet again this year due to the increased dependent credit.
I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
Miller wrote:Advocate wrote:Let's face it, we have to think about higher taxes.
Did you say "We"? No! It's you who will have to think about higher taxes, not me. I'm for keeping things the way they are . If you want graduation of taxes, please feel free to go ahead and pay more. I sure won't stop you!
So you feel that the country can just go to hell. Yeah, keep supporting Bush and his successors, and put the government's tab on the cuff. But, down the line, you may not like Argentina.
Its the new U.S. attitude of i've got mine to hell with the rest of you. Its also why 80% of the wealth is owned by 1% of the population. Greed!
BTW, I used Turbo Tax for 2005, and was less than whelmed. I had some serious problems with it. For 2006, I used Tax Cut (put out by H & R Block), and it worked perfectly.
McGentrix wrote:I would suggest getting a new tax preparer.
Why, can you recommend one with magical abilities or a less-than-legal perspective on tax law? It's simply the case that many deductions have been reduced (e.g., the amount of student loan interest one could claim was cut almost in half). I'm glad Bush's tax boondoggle is working out for you, but only the wealthier portion of American society saw any real benefit (if you discount rampant deficit spending), while the poorer portion saw a net decrease in benefit--a pittance saved on taxes along with whopping cuts to social services they rely on.
The following is an excerpt from the
Detroit News:
Even if we ignore the social justice arguments for a graduated tax system, the wealthy are still benefitting disproportionately from Bush's tax cut (7% savings for the wealthy vs. 2% savings for the poor--and that's not bringing in the Social Security disparity) while these cuts are being subsidized by cutting useful and necessary social programs and mortgaging the economic future of generations to come.
Advocate wrote:BTW, I used Turbo Tax for 2005, and was less than whelmed. I had some serious problems with it. For 2006, I used Tax Cut (put out by H & R Block), and it worked perfectly.
Would that be because you don't know taxes?
Good luck with who you went with.
Worked perfectly, hold that thought for a couple years and hope you don't receive a cp notice from the IRS.
For those of you worried out there about your taxes getting filed in time.
The major company (who will remain nameless) is doing their best. Their server went down. They were right on it and already spoke to the IRS.
The IRS is aware of the problem and they will consider the returns timely filed. OMG the IRS broke a rule
Otherwise quit calling them. Don't worry. Let them do their job.
btw, I don't work for either party. I just know
and anyone not knowing what I am talking about then it doesn't
apply to you.
I don't know if anyone caught it, but I found a line in the 1040 instructions saying that, for efficiency, one can make his tax payment check payable to Halliburton.
Would you care to show or be more specific on where exactly it says that?
Also the check is NOT written to the IRS or Internal Revenue Service
The check IS written to the "United States Treasury"
As far as the current tax system, I think it is somewhat better and more fair then it was. It is and continues to be confusing, but overall the system is more fair then it used to be.
McGentrix wrote:I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
You pay taxes on every check. I think what you meant to say is you've never UNDERPAID your taxes. If you're not paying taxes then something is wrong with they system. My neighbor has 3 kids and only paid something like $500 in taxes for the entire year. That is a problem when I'm paying $7000 and we make the same amount of money. What does a child have to do with income taxes?
maporsche wrote:McGentrix wrote:I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
You pay taxes on every check. I think what you meant to say is you've never UNDERPAID your taxes. If you're not paying taxes then something is wrong with they system. My neighbor has 3 kids and only paid something like $500 in taxes for the entire year. That is a problem when I'm paying $7000 and we make the same amount of money. What does a child have to do with income taxes?
It has always been a pet peeve of mine that the Code encourages larger families. Should people want more children, that should be on their dime, not mine. We should do away with exemptions for dependents and other subsidies for children, et al.
maporsche wrote:McGentrix wrote:I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
You pay taxes on every check. I think what you meant to say is you've never UNDERPAID your taxes. If you're not paying taxes then something is wrong with they system. My neighbor has 3 kids and only paid something like $500 in taxes for the entire year. That is a problem when I'm paying $7000 and we make the same amount of money. What does a child have to do with income taxes?
Children need food and clothes and toys and care and doctor care, etc. The government recognizes that children cost more so they allow a deduction on your taxes.
If you want the deduction, I would suggest getting busy. If you start now, you could have a deduction of your very own next year.
McGentrix wrote:maporsche wrote:McGentrix wrote:I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
You pay taxes on every check. I think what you meant to say is you've never UNDERPAID your taxes. If you're not paying taxes then something is wrong with they system. My neighbor has 3 kids and only paid something like $500 in taxes for the entire year. That is a problem when I'm paying $7000 and we make the same amount of money. What does a child have to do with income taxes?
Children need food and clothes and toys and care and doctor care, etc. The government recognizes that children cost more so they allow a deduction on your taxes.
If you want the deduction, I would suggest getting busy. If you start now, you could have a deduction of your very own next year.
Right..............you support the government subsidizing childrens clothes, toys and care and doctor care, etc. I thought you were against government handouts. Isn't the phrase I hear most, "If you can't afford them, don't have them (re: kids)" or something to that effect.
Someones family life has nothing to do with INCOME taxes. If were were taking about food taxes, or diaper taxes, or something like that I could see a deduction.
maporsche wrote:McGentrix wrote:maporsche wrote:McGentrix wrote:I don't think I have ever actually paid taxes other then to loan the gov't some money every year which is really my fault for not getting my W-2 at the right number of deductions. I just haven't made enough money to owe taxes I guess.
You pay taxes on every check. I think what you meant to say is you've never UNDERPAID your taxes. If you're not paying taxes then something is wrong with they system. My neighbor has 3 kids and only paid something like $500 in taxes for the entire year. That is a problem when I'm paying $7000 and we make the same amount of money. What does a child have to do with income taxes?
Children need food and clothes and toys and care and doctor care, etc. The government recognizes that children cost more so they allow a deduction on your taxes.
If you want the deduction, I would suggest getting busy. If you start now, you could have a deduction of your very own next year.
Right..............you support the government subsidizing childrens clothes, toys and care and doctor care, etc. I thought you were against government handouts. Isn't the phrase I hear most, "If you can't afford them, don't have them (re: kids)" or something to that effect.
Someones family life has nothing to do with INCOME taxes. If were were taking about food taxes, or diaper taxes, or something like that I could see a deduction.
hold the phone there sparky. It's my money, not a government subsidy.
Don't confuse a tax deduction with a welfare check.
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