archer wrote: ....I am always amused at those who say I don't want a $10,000 raise because I'll have to pay $2000 in taxes on it.....what? you would turn down $8000 in net income to save paying $2000 in taxes? Seriously, I have had clients complain about that.
Good one Archer- lol
America the Stupid...It's on full display 24/7 here @285Bound.com
boo-hoo.....They wanna live in a civilised society, but they don't wanna pay for it. I say these people should go to a 3rd world country where there are no taxes- and the ditch out in front of the dirt road in front of their hut is the countries sewer system.. Somalia perhapes Haiti?..It's a taxpayers utopia!
I did have 6 kids a wife and a mortgage to deduct for most of those years #1, and #2: of course I did pay into Soc Security and FICA or whatever...I'm satified with my contribution (my kids) to society..
Ok VL, I don't know how you raised 6 kids on 60K, don't union pilots make more than that? My Uncle was a Delta captain and he was making good money, at least 100K or better I think. You shoulda asked for a raise!
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LadyJazzer wrote: No, actually, that is the tax-code that the Bush administration, and the Republicans gave them... The current administration has made very few changes to the tax-code, and is still operating under the tax-code they inherited from the last administration. But don't let me slow down your outrage.
I do believe the current POTUS signed the bill to keep the former POTUS tax cuts effectively making them his tax cuts.
If we are talking federal income tax, I can't think of any change the Obama administration did which would raise income tax for the middle class or low income earners. In fact, I'd say they reduced income taxes. Right now we have the 2% cut in the Social Security tax which increases each paycheck by 2%. OK, that's not income tax, but here are some income tax cuts they implemented:
•The American Opportunity Tax Credit, which gives students and families up to $2,500 in tax savings to help pay for college tuition and other expenses. The AOTC and other tuition benefits have helped more than 12.5 million students and their families pay for college, an increase in tax benefits for higher education of more than 90 percent from the year before.
•The Earned Income Tax Credit, which helps moderate-income working families make ends meet. The Recovery Act increased the credit for families with three or more children, bringing the maximum amount to $5,657.
•The Child Tax Credit, which helps low-and moderate-income families with children. More families are benefitting from the child tax credit under the Recovery Act, which reduced the minimum amount of earned income used to calculate the additional child tax credit to $3,000 from $12,550.
•COBRA and Unemployment Benefits:For those who lost their jobs in the recession, to help them get back on their feet, the Recovery Act provided a 65 percent tax credit to help cover the cost of health care and made the first $2,400 in unemployment benefits tax-free, when normally 100 percent of those benefits are taxable.
•Energy Efficiency and Renewable Energy Incentives: Taxpayers are eligible for up to $1,500 in tax credits for making some energy-efficiency improvements to their homes such as adding insulation and installing energy efficient windows.
Well which is it?
The current admin is changing or has changed the tax code or as some of the die hard Democrats keep repeating we are still stuck with the previous admins tax code.
Honestly how can anyone make an informed decsion with all of the he said she said bantering going on?
Pine- I know of a few that expired for 2011. The schedule L property tax deduction for non-itemizers, and the self employed health insurance deduction for SE taxes both expired for 2011. Probably some other "stimulus" tax deductions expired too, I just haven't looked at the forms yet. Its way too early for the tax torture exercise for me, since I usually end up owing more.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
