That's interesting. I'll earn $125,000+ this year as a GM of an auto dealership. My wife earns $55k as a nurse and we will receive the credit. I suggest having a financial adviser or at least an accountant get involved in both your financial and tax affairs. Last year, I resided in the southeast and earned just under $108k for myself and $41k for my spouse. We sold our home, moved to the southwest, purchased a 233k home and will have deductions galore. I'm somewhat concerned that some of us fail to see the benefit of tax shelters and the advice of financial professionals. Especially if you can afford their services. If this is your case, you deserve to pay more because of ignorance. Just my thoughts. CardKid
Re: Re: Thanks, Mr. President. Neo, I guess the federal, state and local budgets should operate with Monopoly money. Or, financial education should be forced on the ignorant. Have you ever attended a tax class? They're free, you know. Compliments of my tax dollars. I hear that Canada is a great place for ex-patriots these days. By the way, it isn't how much you earned that matters to the IRS, it's your taxable income that counts. CardKid
George, I'm with you 100%. In fact, Forbes is right on target with the flat tax. The only issues I have are how do you account for the millions of undocumented workers and folks that are paid in cash? Many labor-type jobs pay their workers in cash to bypass taxation, prison and a can of worms. Undocumented workers often do not have social security numbers, tax IDs or visas. So, their income cannot be tracked unless their employers become responsible. However, taking responsibility would mean they admit to breaking labor laws. Therefore, these companies and their undocumented employees (over 6 million of them) have no incentive to report their earnings and pay their fair share. Regardless of the "undocs," I'm in favor of the flat tax that ladders down as your income increases. Here's an example: 15-49,999k - 10% 50-99,999k - 9.5% 100-149,999k - 9% 150-249,999k - 8.5% 250-499,999k - 8% 500k+ -7.5% Just my take on it. CardKid
I believe the import of my comments have been misunderstood. I too believe that people should not get "something for nothing",and being in that 20% class myself, I am certainly happy to get back more of MY OWN $$. My point was not about the "fairness" or "unfairness" of the tax cut, but about it being an unsound fiscal policy in general. My comments about the "top 20%" were not to castigate the "rich" but to point out that for every $ "refunded" to anyone,there will be a price to pay for you and your children, grandchildren and great grandchildren that will far exceed any short term windfall. It was just 2 years ago that the last "economy boosting" $300. per person credit was sent out-- are you better off now than you were then? Those of you in Ca. who are about to kick your Governor out of office because of the budget crunch should appreciate the laws of unintended conseqence (prop 13) more than any one else. Once you cut revenue, you either go into debt, (deficit) or stop spending $$ on the things you want and need. I am amazed that the people who post on this board because of credit problems,cannot see that this Country is being bankrupted by deficit spending on foreign entanglements while cutting it's own fiscal throat with tax cuts.
Spoken like a true big-government liberal--as though the government has everything to do with (un)employment and businesses and consumers have nothing to do with it. First of all, the reason people at the top end get more money back is because they pay the vast majority of the taxes. Giving them the money back THAT THEY PAY is stimulative, whereas giving to people who didn't pay it in the first place isn't. Frankly if you have any doubts about what I'm saying, try asking the homeless guy on a street corner if he'll give you a job. My guess is he won't. Rich people hire...poor ones don't, pure and simple. And as far as the states, the fact is that the states got themselves in their little fix all by themselves, so let them deal with it. My guess is that if people put up enough fuss, property tax hikes will be minimal and they'll cut back on some of the largesse they engaged in in the 90s. Can anyone tell me where it is that democrats get their economic theories? My guess is from comic books... Finally, to all you enlightened liberals who think that you have some divine right to say what should be done with MY tax refund...keep your grubby paws off...over the last 40 years you've wasted enough...its MINE, I worked for it, and I WANT it. Ok...off my soapbox now...
MAYBE IT IS TIME TO TAKE THE GOVERNMENT OUT OF THE TAX COLLECTION BUSINESS.... If I have to write a check to each... FIRE DEPARTMENT AMBULANCE COMPANY ROAD DEPARTMENT SEWER DEPARTMENT SCHOOLS POLICE ETC... I PROBABLY WOULD COST ME MUCH LESS...NO GOVERNMENT MIDDLEMAN TO TAKE THEIR CUT!!! HOW MANY TIMES DO YOU SEE FOUR STREET SUPERVISORS WATCHING ONE GUY DIG???
Cardkid, Please humor me some more. The ex-patriot and canada thing is really making my ribs hurt. LOL
Oh and the monoply money thing is a hoot!!! I guess I will take my federal reserve notes into the bank tommorrow and redeem them for gold. HA ha ha ha ha ha ha ha ha ha
Which is EXACTLY why the U.S. sent Mexico $40 Billion, you just answered your own question. By spending $40 Billion, they may have just saved us from many more Billions later down the road. And, it only makes sense that if you pay more taxes, you get more in a refund or tax rebate, Hello! Also, for the single people, who make such a high salary but don't get a child credit - well think about it, why should you get a $400 per child tax credit if you have no children??? I'm sure if you had children and saw how it costs to raise them, you wouldn't bitvh about the refund. On the other hand, most of only wish we were so lucky as to make your salary. Like that old saying goes, I'd rather be paying $10,000 in taxes instead of $1,000 cause it probably means I'm making $1 Million a year vs. $35-40K a year. Finally, for those who feel they pay too much in taxes, Number One, get to the polls and vote for who you believe will be the most responsible with the tax money that gets collected, i.e. NOT too many Democrats ...(they like to tax and spend, and spend carelessly, such as Pork Barrel projects, like studying the sexual habits of sea urchins or something.) Number Two, you need to find some tax shelters. Invest in Real Estate, max out your 401(k)'s and IRA's, create some home-based business and Inc. yourself, pay yourself a salary and instead of an allowance to your kids, pay them a salary for helping you out - even if it's just delivering business flyers. Then, make them put their salary into an IRA or some kind of Education Savings account. you will find that you will pay taxes on a lot less of your income, your child will have college money saved up and/or have a great start on a nice retirement fund ... etc .... All the things I wish I had been taught when I was younger and starting out ... now I'm 'bout too old for any of these strategies and my 2 kids will have to do Student Loans .... but I digress... Either way, I'd rather pay taxes on a $100,000 income than a $35,000 income - and when it comes time for a rebate, you damn well better believe I expect a bigger refund check than the guy making $25,000.
Neo, Just take them to a bank and have a certified check issued in my name (sending cash via mail is risky). In return, I will send you an envelope for which the contents will contain 25% of what supports your notes. Hey, I'm a fair guy. Just write the losses of on your taxes. You have my "permission to drink." If you act now, I'll include a subscription to Neo Nation and Overthrowing the Government for Dummies. So, act now. Veteran, tax payer, patriot and a really nice guy. CardKid
Re: Re: Thanks, Mr. President. Unfortunately, that $40 billion dollars came off of your and my backs to prop up a financial institution who already takes gajillions of dollars from you in interest and fees. Let them fail. Why should the Taxpayer have to prop up banks when they make bad decisions. When I make bad decisions, I can't go feed off of the public treasury. If everybody was allowed to suckle off of the treasury when they make bad decisions, there would either be 1. no treasury left, or 2. borrow against our future generations. The treasury is not for charity. Not for banks, individuals, groups, whoever. Neither the congress, nor the president have the power to decide to give to charity. Once you start that whole process, then who praytell decides what is charity, our government? Been to the post office lately? Seems that everybody would be sticking out there hand trying to convince them they are charity. Happens every day. All of this compassionate charity is bankrupting this country. How can you ever pay off trillions of dollars in DEBT when there are only a couple hundered billion dollars in circulation? Print more, right? Devalues the current pool of dollars, making it worth less, plus the printing is got to backed by something? It is only backed by the solvency of the US Gov. The Us Gov. is us and our future generations. It's not some magic money tree we can just keep plucking magical dollars from, just as you can't go out in your back yard and pluck money from a tree. If the money isn't there, then how are we supposed to pay it back? The debt is not getting any lower. Just as if you keep running up your credit card bills. Eventually they got to cut you off, cause you can't pay the bill. Then they will start to act to get their money. How? We can't keep sending billions and billions of dollars around the world and backing it only by the sweat and labor of ourselves and our kids. That's all I'm trying to say. Besides most of em don't like us anyways, and in some cases use it to buy weapons to use on us. Plus they never really pay it back. I do believe in the individual right to donate to whomever they feel deserves it, as much as they see fit. I don't like being forced to do it without any say. It basically comes down to them using your and your future generations money to bribe you into keeping them in office. It's disgusting! Our founding fathers would be shocked if they were here today to see what was taking place.
Re: Re: Thanks, Mr. President. i think its funny when i read how the tax cuts only help the rich. well, they are helping me, and im by no means rich. ill take an extra 1200 (yes i have 3 kids). Ill also gladly take more cash in my paycheck, albeit a small amount. and i could care less if it affects this years return, the fact is..i need that money..and im not ashamed to admit it. it is going to go towards getting school clothes, and paying some high interest debt. All of the things I do with that money will help contribute to OUR economy, which was the reasoning behind it. the evil republicans strike again by actually trying to do something to help our crappy economy. them bastards.
Re: Re: Thanks, Mr. President. Well, that $40 billion that went to Mexico, and I'mjust taking you at your word on that, did come from the taxpayers, but who was in Office in 1995? A liberal Democrat. Tax and spend, tax and spend. I was trying to defend it, saying spending $40B now might well have saved the U.S. Economy from many more Billions later down the road, and that money too would have came from the backs of taxpayers. But, if the $40B aide to Mexico was a crock of pork, then you only have Bill Clinton to thank for that. But, I've been to many countries around the world and have seen all kinds of socities and peoples and cultures. Basically, people are the same everywhere. If the U.S. can help out other, unfortunate people, then I say that as a God fearing and God loving Country, we should. If we are no longer God fearing and God loving, then we are all doomed anyhow. Now, I'm not turning this into a political or religious debate, I'm just saying that what made and makes the U.S. the greatest country in the world is that we are fair, we are compasionate, we are caring, we like to lend a helping hand to our neighbor, cause everyone knows that a good neighbor is a hella lot better than a bad neighbor. Now, I agree, a lot of times we don't have that kindness and caring reciprocated to us a lot, especially lately because the U.S. has gone soft. But I think we should still help all we can and start demanding a little bit more respect along with it. I just loved the response the U.S. citizens gave to France when they acted so horribly over the Iraqi ordeal. That's the kind of backbone the U.S. needs to get again. I say we should help Mexico, but in return they had better crack down on the drug smuggling, immigration, and other stuff. You know, tit for tat, we scratch their back and they scratch ours. I do agree that we should stop helping other nations if they are going to continue to stick their noses up at us and never attempt to return a kind deed. Some people just do not understand the importance of Nation Building. It is one of the most important tasks that our Federal Government has. By building strong International allies, we are indeed making the U.S. stronger and safer as well. FedUp2003
Hmm, $125,000 + $55,000 ------------ $180,000 -$24,000 (401k) ------------ $156,000 AGI $110,000 is the limit for the extra child credit. Please enlighten me on where the other $46,000 is coming from. Mortgage interest? Loss from a business (Schedule C)? Charitable contributions? It certainly isn't impossible, but there is a lot of room between $110,000 and $156,000. By the way, my wife and I made over $225,000 last year, so we aren't expecting a check... --Galabar
Re: Re: Thanks, Mr. President. Fed up, I agree too that as a compassionate people we should help out our neighbors in times of need. Don't get me wrong. However I don't think it should be the gov. decision to do this. It seems that once we started this whole thing, then everybody, and I mean everybody has their hand out. It's the who is deciding what is a just cause to give money too part that I don't get. What are the guidelines? In effect if any one of our congressman decide to dole money out, consider it done. They use it for pork barrell spending to buy votes back home all the time. They slide it into bills that pass through congress all day, and nobody takes a second look. Heck even when the US Patriot act got passed, they added an additional 14 billion on to it as it slid thru. If you vote against it, they call you unpatriotic. it's just crazy. And you are absolutely right on key about Clinton and the $40 billion. As a matter of fact, the bill didn't even make through congress, Clinton executive ordered it done. Congress caught up to it later. That's not to say that it is just the Dems fault either. If I remember correctly, the Repubs ran on smaller gov, less taxes. Now the gov is much bigger and although income taxes have fallen, most other taxes, state, social security, etc. have remained the same, or gone up.
Re: Re: Thanks, Mr. President. Neo, You would make a terrific micro-manager of rock farm. Everything would be predictable. That is, unless other rock farms had issues that could affect yours. Then what would you do? The reality is government and the challenges it faces are far more complex than you probably would admit to. Although, I enjoy reading your perceptions. If you were President Not-So-Neo, inflation would be in triple digits and companies would dry up faster than a raindrop in the Arizona desert. At least our military would swell past China's. But, I wouldn't feel safe because few companies would have the resources to produce the weapons and your government could not afford to pay for them. And, your population would suffer serious medical conditions from eating all that butter and fatty cheese. Here's a dose of reality, consumer spending is up, the dollar is stronger against the Yen and Euro, the stock market is improving, first time home buyers are sharply up from last year, refinancing is sharply up from last year and the economy is expanding. Here's an experiment you should try: The smallest island in the world is called Bishop Rock (UK). It's about 2 acres. Go to the island. Generate an economy. Implement a tax system. Establish trade. Manage growth. Manage social services and don't forget to balance your budget each year. If you find yourself in the red each year, raise taxes until you break even. But continue to generate an economy, establish and protect your trade interests ...etc...etc. You get the idea. How long would you continue at this rate before your citizens assassinated you or called for sweeping tax cuts to stimulate growth? CardKid
