This could be last year most of us will get a refund......

[longbow]

Goodbye refunds and hello to additional federal tax bills.

If the tax rates are not renewed, instead of a few dollars showing up in my checking account, I most likely will owe $3,250 in additional taxes!

I've already started to make some adjustments. Anyone else do the math. Many people will not know how to pay the tax bill next year if no action is made on the holding the current tax rates.

Are you ready to write a check on rthe next tax day for $1,000 or more?

 

[Rob377]

I already did. And I'm happy I didn't give Barry and his merry band of moronic minions an interest free loan. I withhold the bare minimum and park it in something giving me the interest instead, all .0001% of it

 

[IndyDave1776]

I am sure the Thief in Chief will trip all over himself to help us with this. Oh, wait, he only gives money to those who prop up his campaign fund and those from whom he can buy votes. Never mind.

 

[cobber]

I already did. And I'm happy I didn't give Barry and his merry band of moronic minions an interest free loan. I withhold the bare minimum and park it in something giving me the interest instead, all .0001% of it

this!

 

[GBuck]

Did you have someone run the fingerprints for you?

 

[IndyDave1776]

Did you have someone run the fingerprints for you?

?

 

[jedi]

I already did. And I'm happy I didn't give Barry and his merry band of moronic minions an interest free loan. I withhold the bare minimum and park it in something giving me the interest instead, all .0001% of it

ING currenlty has .80 % rates. It's not a lot but better than nothing.

-Jedi

Goodbye refunds and hello to additional federal tax bills.

If the tax rates are not renewed, instead of a few dollars showing up in my checking account, I most likely will owe $3,250 in additional taxes!

I've already started to make some adjustments. Anyone else do the math. Many people will not know how to pay the tax bill next year if no action is made on the holding the current tax rates.

Are you ready to write a check on rthe next tax day for $1,000 or more?

The "bush tax cuts" expire on 12-31-2012 right? So if that is the case why when we fill taxes in 2013 for the 2012 year do our taxes increase?
Is it because none of the "tax cuts" can be applied anymore since it's 2013 an onward even though it's 2012 money we are working/talking about?

Did you see/read the GAO report on how the feds can "balance" the budget without passing any new taxes and/or cutting .gov programs since neither the Rs or Ds want to do either of that. GAO is propsing a simple fix. No deductions and/or credits for the 2013 (filling in 2014) taxes. Everyone just gets taxed at X%.

-Jedi

 

[Johnny C]

If this is true, will it do away with those who pay nothing and get a fat refund!

 

[patience0830]

Everyone just gets taxed at X%.

-Jedi

X being 100% of whatever we have left.

 

[jedi]

X being 100% of whatever we have left.

I don't recall the actually number but the article said the GAO report was thinking something along the lines of 7% to 15%. So instead of you filing a W4 for say 0 or 21 excemptions + additional tax withholdings per month that would go away and if you earn say $100 per paycheck then $7 to $15 would be taken out in taxes off that check and that is the end to it.

No need to file at the end of the year since the .gov already took it's x% and there is no deductions or credits to get that x% back.

Now sure how that would work with CASH only type of payments or investments. Would imagine those people would still have to file to get the x% taxed out.

It was an idea the GAO had that would satisfy both parties in terms of both saving face since the Ds would NOT have to cut any programs and the Rs would NOT have to increase taxes.

-Jedi

 

[radonc73]

Too simple to just have X% in taxes every year. You will put tax lawers out of business in no time. Whats next common sense spending for both parties?

 

[jeremy]

Not really worried about it. The World is supposed to end on the 21st anyway, 10 days before the deadline for the "tax cuts"...

 

[TaunTaun]

Not really worried about it. The World is supposed to end on the 21st anyway, 10 days before the deadline for the "tax cuts"...

Must be the why behind all of the GSA parties and shindigs. They're just trying to enjoy themselves before the end of the world. Same could be said for the Secret Service.

 

[kjf48197]

I just heard romney say that he would limit the kind and ammount of deductions and everything is on the table. He did not mention one thing about limiting government spending, so I think you are right no more tax returns only bills.

 

[Bunnykid68]

ING currenlty has .80 % rates. It's not a lot but better than nothing.

-Jedi




The "bush tax cuts" expire on 12-31-2012 right? So if that is the case why when we fill taxes in 2013 for the 2012 year do our taxes increase?
Is it because none of the "tax cuts" can be applied anymore since it's 2013 an onward even though it's 2012 money we are working/talking about?

Did you see/read the GAO report on how the feds can "balance" the budget without passing any new taxes and/or cutting .gov programs since neither the Rs or Ds want to do either of that. GAO is propsing a simple fix. No deductions and/or credits for the 2013 (filling in 2014) taxes. Everyone just gets taxed at X%.

-Jedi

That has to be an out and out lie. Some people pay negative taxes, does that mean they will get more back?

 

[IrishFiddler]

Not really worried about it. The World is supposed to end on the 21st anyway, 10 days before the deadline for the "tax cuts"...

I already scheduled the day off, just in case. No way I'm spending my last morning at the desk, if I can help it.

[EDIT]

It was fun to put in "End of the World" as the reason I wanted the time.

 

[Ted]

If the political right (I know, just a bit right of what we have now, which is still left) takes back the Senate and the White House this coming November, this may not come to pass.

Though they'll just find another way to screw the rest of us.

 

[jdhaines]

Refund? What the hell is a refund? I'm a dink (double income no kids). We pay a ****load in taxes and had to pay a ****load more at tax time. A family member made less than $20k for the year and got back $6k for a refund. I paid in more than she made, and ended up owing $3k. Our country is ****ed.

 

[handgun]

If this is true, will it do away with those who pay nothing and get a fat refund!

they will prolly get a bigger refund

 

[jedi]

Too simple to just have X% in taxes every year. You will put tax lawers out of business in no time. Whats next common sense spending for both parties?

Correct but again this was a GAO idea see more below.

That has to be an out and out lie. Some people pay negative taxes, does that mean they will get more back?

They would not get anything back. No one would get anything back. See below for more. Basically if you get a check for $100 then x% of that check would be taken by the .gov before you get your check and that is your tax.

So if you don't work (ie. get a check) then no "tax" on you. If you do work (ie. get a check) then "tax" on you.

they will prolly get a bigger refund

I'll have to Google it for you but right now I can't find it.
Basically it was just the GAO providing a scenario in which both Parties could save safe since under the current political climate the GAO concluded that no compromise would be possible. So in order for the Ds to NOT have to cut any programs and the Rs to NOT have to raise any taxes one suggestion by the GAO (they ran the numbers BTW) was to move to a simple "tax law".

1) No deductions for anyone
2) No credits for anyone
3) A X% out of each check is your "tax" for the year

In doing this they (GAO) said it would bring in enough revenue to continue to fund all programs and not raise taxes on anyone. The side effect would also be a reduction in .gov personnel since some agencies (IRS) would not need to be so big due to the simplified tax code.

Again this was/is not a congressional study but one done by GAO on how Congress could get out of the impasse they are sure to come into this year.

Since the new report/report came out I have not heard anything else about it.


Attempting to look for the article it came out early this year.

-Jedi