Here in Virginia, Tax Freedom Day 2014 is April 24.From the link in the blog post:The latest ever Tax Freedom Day was May 1, 2000, meaning Americans paid 33.0 percent of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9 percent of their income in taxes, meaning Tax Freedom Day came on January 22.
They call it PROGRESS, AOW. I call it TYRANNY, and I regard the IRS as an officially authorized TERRORIST organization. One of myriad quacking, pre-orgasimic young females, who think they know something, because they've been through an Ivy League Indoctrination Mill, was on c-Span this morning spouting pro-Obama drivel that included high praise and fervent advocacy for his overt desire -- and full intention, if not stopped -- to tax "The Rich" into virtual extinction.NO ONE had the wit to call in and ask, "Whatever will we do for cash once all the Cash Cows have been slaughtered by the Government?"I have paid more in taxes every year since The Black Knight and his Cut Throat Cabinet of DemoThugs rode triumphantly into Washington and put a pall over our nation's capital in 2009.
This household's 2013 taxable income -- after various exemptions and some $40,000 in medical deductions -- resulted in yet another payout to the federal government even after making quarterly payments. Every year, we have to dip into our savings to pay our federal taxes. In fact, this household's 2013 taxable income was so low as to beggar belief. Still, money had to be shelled out to the U.S. Treasury.Really, it is no wonder that our ailing economy is recovering so poorly. Expendable income keeps shrinking for the middle class and below.A few minutes ago, I took a look at the proposed House Ways and Means Committee Tax Reform Act of 2014. I'm not sure how much of that bill will make it into law, but there are pages and pages of repeals of tax breaks.One day, our federal tax return will have only two lines:How much did you earn?Send it in.
You MIGHT want to find a different accountant, AOW. I suspect -- very strongly -- that those within the Washington Metro are so pro-government like nearly everyone else in that vicinity, they MAY not be finding the very best way for you to pay as little as possible. Of course, you are a scrupulously honest person, but frankly, if I were you and received payments in cash for services rendered, I would NOT declare it -- not to THOSE brigands.If you had 40K in OUT-Of-POCKET medical expenses, and still had to pay Uncle Sam, then either you are very very VERY RICH, or you're simply paying MORE than your "fair share" whatever that might be.
FT,I have full faith in my accountant. I've consulted other accountants, and the same problems arise.We are certainly very rich. For example, the tax rate on our taxable income = 10%, a very low tax bracket.The problem with this household's taxable income is threefold:1. Mr. AOW's SSDI is taxable (because I earn over $24,000).2. We have only one very small tax shelter -- never have had. Not even any of the myriad tax breaks including mortgage interest, etc.3. SE tax on my earnings. Overall, I lose 1/3 of my business income to taxes (federal, state, local -- with state and local being almost nil).BTW, the problem with expenses deducted means that you don't have the money anymore. Certainly, the IRS doesn't get the money, but neither does the taxpayer.Oh, there is one other problem: I declare all my income. Defrauding the U.S. Treasury is a felony, and I'm not willing to risk going to prison (as one of our friends did for 18 months in the federal penitentiary).
Of course, those with a higher income than this household may not really miss the monies forked over to the government.
If you are a member of the 53% of the US population who actually DON'T pay any income taxes...I'd like to know how-come these Libaturds aren't outraged.
AOW, I can't believe you paid ANY taxes, frankly, after reading your comments, but I know and admire your brain and know you'd pick the right accountant. Still....that's amazing. Sounds worse than California. And that says a LOT :-)
Z,Our 2013 tax liability was mostly federal. Furthermore, as I mentioned above, we really feel the pinch because I'm self-employed (that is, no withholding). If more Americans had to write checks to pay their taxes instead of counting on withholding, they'd realize just how high their taxes are.BTW, we got a substantial refund from the state of Virginia. Every year the situation is the same: very little to pay the state and a pile of money to shell out to the U.S. Treasury.Over the years, we have paid enough in federal taxes to have bought a second home that was a mansion. I'm sure the same is true for most people.
"If you are a member of the 53% of the US population who actually DON'T pay any income taxes...", here's the deal: If you don't pay 'income tax", you don't vote-period! I've heard that some of these folks who pay no such tax actually get as much as $5,000 back in some sort of a "refund"; a refund from what???????
Jon,some of these folks who pay no such tax actually get as much as $5,000 back in some sort of a "refund"Stuff of which the Twilight Zone is made!The tax code is unbelievably complicated and obfuscates the reality of just how heavily we are taxed.
Actually the Earned Income Credit, a program developed by Libertarian idol, Milton Friedman.Conservatives really should know that.
Duck,There's more to the EIC than what your comment implies.See Jon Berg's comment below.Also see this.
And tax freedom day in 2013 was 5 days later than it was in 2012. AND of course, we're not even including 20 new taxes as part of obammy[non]care.And basic food items like campbells soup more than double what it was 5 years ago, gasoline, etc etc.
Kid,The cost of groceries and gasoline has skyrocketed since Obama took office in 2009. The AOW household feels the pinch.I recently read that the cost of medications has taken off to the moon too.
AOW - and I used to have a little sympathy for the drug companies having multi-billion judgements from vampire lawyers, but no one is being helpful anymore I don't believe. Nothing wrong with profit but <a href="http://www.bloomberg.com/news/2014-03-03/gilead-ceo-becomes-billionaire-on-84-000-hepatitis-drug.html >84 grand for a hepatitus drug?</a> and when asked why it was so expensive, "bla bla bla bla fricken bla"
website easier to copy and paste http://www.bloomberg.com/news/2014-03-03/gilead-ceo-becomes-billionaire-on-84-000-hepatitis-drug.htmlI guess this page doesn't allow markup.
Friedman contemplated "getting rid of all welfare programs" as part of the implementation of the Earned Income Credit concept. Did that happen? NO! https://www.youtube.com/watch?v=q3d7YKAeLWc
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April 19th for me here in New Hampshire---YAY!!!!!!!!! My deepest sympathies for those of you from New Jersey, Connecticut, and New York.
I delete dead links as a matter of course.This is my blog. Get it?
I HATE the way they use the Earned Income Credit and other credits to enable a person to get back MORE than was deducted from them during the year. These credits (especially the EIC) should NOT be a part of the IRS. EIC is a WELFARE PROGRAM and should be called just that!! It is sad when someone gets more than their ante back and STILL considers themselves to be a taxPAYER!
I'm going to be blunt about what I think of the EIC: it's a stinkbomb lobbed against the rich who pay way more than their fair share of taxes...and yes, the rich do pay more than their fair share. I don't earn a large sum of money, but I know what's fair, and I don't like what I see going on. It's bad enough, seeing the highway robbery going on in California, with the senile old moonbeamer running us down into the poor man's ditch, and his henchmen running a supermajority in the ASSembly and State Senate. Combine that with 0bama and his goonsquad, and you get sent into the poorhouse in a flash.
Word to Liberalmann aka Pookie Toot-Toot: whenever I see you spamming conservative women's blogs with your liberal garbage heaps, I will use it against you on Liberalmann Is A Dingbat AND any of the other blogs I write posts on.By the way, your link is dead.
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