The Tax Man Cometh!

archives said:
Amazing how little most people actually understand about taxes. Although an extreme, Trump showed America individuals don’t pay the actual rates they think they are paying, the percentages often listed it tax tables. Few average Americans are paying the 24% or whatever it is they think they are paying, in reality, half of that is more applicable

And the other thing is the urgency most have that they need an accountant to complete their taxes, they don’t, individuals can do it on their own, just takes an ability to read and process the information available. Not all, some do need professional assistance, but most don’t
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Trump is a bona fide tax cheat....has been for years. So he's a bad example. But yeah, I recall a feature news article about folk who refuse to follow IRS rules, and painstakingly do their own calculations as to what they believe is a fair shake in paying their taxes. The basis for them is that the IRS was NEVER ratified through Congress.

Depending upon your family & financial status and the myriad of options, changes in forms, etc., paying H&R Block or something like it is a better option for most than getting a letter a month or two later correcting your errors and requesting a balance due. Just saying.
 
Taichiliberal said:
What irritates me is that when I had to take unemployment years ago, they taxed that!
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As they do with social security. You paid in as a form of tax, and now they are taxing you a second time when you take it out.

Even more weird with SS is that if you get a job where you use a W-2 for withholding, you are limited to the amount you can make before benefits go down. But if you make huge gobs of money on a 1099 as a subcontractor, own your own business with no voluntary withholding, or make piles of money from things like stock, real estate, or other assets, you can make all you want and not be penalized.

This absolutely destroys the lower end of society's ability to make ends meet as they have few alternatives to taking jobs like the proverbial greeter at Wally World.
 
Hawkeye10 said:
Wakey Wakey:

https://twitter.com/x/status/1646250841635012609
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:whoa: :rolleyes:

A reality check for ya, Hawk:

Misleading scare tactics ignore what Dick Cheney said - deficits don’t matter

Altieri doesn’t bother to claim that the deficit has any practical impact other than, perhaps, scaring his kids with the false notion that they must “pay it.” Conservative attempts to scare the rest of us have been going on for decades. The evidence shows that one conservative, Dick Cheney, was right: Deficits don’t matter.

https://www.cleveland.com/letters/2...at-dick-cheney-said-deficits-dont-matter.html




Donald Trump Is Right: Deficits Don’t Matter


Trump’s statement sounds a lot like Modern Monetary Theory (MMT), a tenet of economists who believe in de-emphasizing the need for deficit reduction because the U.S. controls its own currency. Balanced budgets, to MMTers, take money out of the hands of ordinary Americans who can put it to more productive use through job creation and consumer spending. The deficit only matters once you reach full employment, when overheated consumer demand can lead to inflation. But we’re nowhere near that point right now, meaning there’s plenty of room for deficits, without any possibility of default.



https://newrepublic.com/article/133431/donald-trump-right-deficits-dont-matter
 
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