2011 Taxes done. check BROKE check

Talked to my 27 year old son last night.
He did his taxes. He is a national Guardsman and his wife has an ok job.
They got raked over the coals on their taxes. So much for improving the life style of the middle class.
He now has this written on the back window of his truck.

2011 Taxes done check mark.
Broke check mark.

Gee, I did pretty good... Maybe they should have used H&R Block...

There isn't much relief for two income couples without a mortgage, kids, or education expenses. They probably paid a higher % of their income in taxes than many high income Americans.

Sucks...but that is the reality. They can help their situation by putting income into an IRA or 401K...and avoid the tax shock by adjusting their W4.

archer wrote: There isn't much relief for two income couples without a mortgage, kids, or education expenses. They probably paid a higher % of their income in taxes than many high income Americans.

Sucks...but that is the reality. They can help their situation by putting income into an IRA or 401K...and avoid the tax shock by adjusting their W4.

or vote for change

Any changes being proposed by the Republicans look likely to make these kids situation worse...now, and for their future.

We need a new simplified tax code, but neither party is willing to tackle the problem. A flat tax will not benefit the middle class or the working poor. There is nothing fair about our current tax code or what the Republican candidates have proposed. And Democrats aren't touching that hot potato beyond raising taxes on the super wealthy...which would make it a little fairer but doesnt address the underlying problems of complexity.

They could put up solar panels. 30% credit, no limit, pass it forward year to year.

You were pretty non-descript. Don't alot of folks end up paying about 10% of gross to the fed? Would you mind quoting the net tax/gross income (not adjusted gross). I would ask the actual amount and divide that by 2 (two people - you see what each person paid and consider that amount compared to what others pay in), but since everyone thinks that fair has to do with %, what's the %?

Otherwise it is just an opinion that taxes are too high and most people feel their taxes are too high.

I'll say it again, I am sure whatever they paid pales in comparison to the loss of govt handout they could get by having a kid. Each kid results in a return of between $10-15k in services (schooling) and deductions A YEAR. I bet they did not pay $15k in taxes. For most of the time middle income people have children under 18 (or higher), they actually don't contribute anything to the overall tax scheme, they DIRECTLY consume more than they pay in (then there is still indirect - roads, police, etc). Some people have 2-3 kids, $20-40k in services and deductions they get every year and they may only pay in at $5-10k in all taxes (state, fed, sales, SS, MC, land). Someone who has a few kids like this and never really makes much excessive money, doesn't pay ANY taxes over their whole life net considering the education and deductions, they spend the rest of their tax life paying off the schooling they consumed. This is just math, I don't hate kids or parents, despite their free ride.

Well, the end result of that is that people without kids have to pay ALL the rest (except what we borrow of course). So I ammend my montra, the government does not pay taxes, companies don't pay taxes (they pass it along with profit added, of course), now that parents don't pay much if any taxes and most poor people don't pay much if any taxes (net) all taxes and services must be paid for by middle and upper class consumers who DON'T have kids. That is why your family's taxes are so high, if in fact they are high, that is why my taxes are so high, so many people consume so much more than they pay in.

When I worked I made about 60k a year on paper and I don't think I ever paid taxes..But I had 6 kids and bought my my wife a house when I was 23...For 30 year I couldn't wait to do my taxes every Feb...Maybe your sons wife needs to stay at home and produce some grandkids Becky...And with home prices this low why aren't they buying a house? I suspect they've blown their money and ruined their credit on a bunch of stupid stuff like motorcycles, ATV's and other white trash toys..

I'm I right?

archer wrote: Any changes being proposed by the Republicans look likely to make these kids situation worse...now, and for their future.

Please qualify that statement. I am curious.

Ok.....here are some comments on the various tax plans from the Republican candidates (I didn't include Ron Paul.....I think he just wants taxes to go away altogether......like that is going to happen) The entire tax plans can be found at each candidate's web sites. It's always good to know what you are voting for.

Romney's tax plan really does favor the rich
Romney's tax plan is not for the middle class. In fact, high-income households would win big and poor families would actually fare worse.
http://www.csmonitor.com/Business/Tax-V ... r-the-rich

Santorum's tax plan: Cuts for (nearly) all
Santorum would cut taxes for nearly all households making $40,000 or more. But the impact on the deficit would be enormous: Santorum would cut taxes by roughly $1 trillion in 2015 alone.
http://www.csmonitor.com/Business/Tax-V ... nearly-all

Every Republican presidential hopeful has a plan to cut taxes.
But one candidate's plan has been described as so aggressive that it would blow a hole in the federal budget, lead to huge deficits and give the richest Americans a gigantic tax break.
That candidate is current frontrunner Newt Gingrich.
http://money.cnn.com/2011/12/12/news/ec ... /index.htm

None of these bode well for the average family, but they will provide really nice gifts for the wealthy. And adding to the deficit is really counter productive, someone has to pay for stuff.....it will probably be people like Becky's kids....and my kids.....and grand kids. SS and medicare are not tops on any Republican's list, so more of these kids money better go into retirement accounts.....that's a good idea anyway if you have the extra cash. Those promoting the flat tax, like Gingrich are looking at about 15%......very few middle class families are paying that high a percentage if they have kids, but they will be now. And wouldn't most millionaires love to pay that (OK, Romney already does.) Eliminating the tax on estates and capitol gains, sounds good till you try and figure out how you will replace those dollars......(see SS, Medicare). Where programs like SS and medicare don't mean much to a millionaire, they can be the difference between living with some dignity in your golden years and barely existing.

All in all, the thought of any one of these jokers putting their ideas for taxation into practice makes me worry a lot about my kids future.