2019 Taxes and the "Big Break"

[kmk1012]

The big scan is getting people to think of they money they EARN as belonging to the government, and the government deciding just how much of that money they're allowed to keep....

Just like our forefathers wanted it.....

 

[Stomper]

Just like our forefathers wanted it.....

C'mon man, read a modern textbook... it's pronounced, "foreskins".

 

[CoastRange57]

C'mon man, read a modern textbook... it's pronounced, "foreskins".

Is that the book authored and published by the government, and the subititle is " How we skin it back and jam it in to get your tax money" ??

 

[Member 5605]

C'mon man, read a modern textbook... it's pronounced, "foreskins".

I'm triggered...

Speaking of 401k, every raise the wifey gets, we up the contribution that much. Between annual and performance on top of an additional one sometimes, the % being tossed into lowering burdens and for the future is substantial. I wish more did it this way.

But wait until the Gubment takes hold of 401k accounts like they did with SSI. I'll be sure to take ours out before that happens.

It keeps our rates consistent for the most part, I'm just the low income wildcard. I just play in the dirt, woek part time and go to skool.

 

[The Heretic]

There will be winners and losers. The big winners will usually be the big earners, but most of those will have invested and used tax avoidance schemes that most of us can't afford. The huge winners were the corporations who instead of making capital investments and hiring more people and raising wages, bought back their stock with the money they brought back from overseas - just like all the economists said they would (not like Trump/GOP said).

I don't blame them - I would do the same thing (avoid taxes); I do to a limited degree as much as I can. I believe I pay way more than my 'fair share' so I have no guilt about using whatever legal mechanism I can to avoid paying as much tax as I can.

I don't buy into the guilt trips and class warfare arguments the socialist make about "you make more so you can afford to pay more" or "paying your fair share". My fair share is how much I am responsible for - that is, how much government cost I incur due to my actions, not the fact that my income - those costs are pretty much the same regardless of whether I make more or make nothing. Things like police/fire protection, my use of public utilities (roads, etc.) and national defense (minus the cost {$$$$ and lives} of propping up some banana republic tyrant so that some oil or mining company can rape their land).

So broken record time: do away with income taxes and limits on tax free savings/etc.; replace income taxes with a flat consumption tax. No rebates, no minimum income, no subsidies or exemptions on any good or service (no 'sin taxes' either), no deductions and no exceptions on who pays (including churches and not-for-profits) or what they pay on. That is fair because an entity's consumption outflow is closely related to the gov. costs they incur.

It will never happen for several reasons:

1) Socialists want to keep playing their blame game and funding their programs
2) The powers that be, lobbyists and other factions/et al, get more power (and money) from subsidies/rebates/etc. and playing this political game.
3) There will be entities/people who win big now and will lose big when the system is no longer rigged in their favor.

 

[Dungannon]

I've always viewed a big tax refund as giving the government an interest-free loan all year. Anything more than $500 and I adjust the withholding and deduction strategy.

 

[Member 5605]

Well, we did hit that 10k deduction and it hurt us a little...

First time we have taken a standard deduction in many years.

 

[clearconscience]

Maybe I'm just poor, but this year I got a good chunk of change back.
About $1200 more than last year.
I claim 1 all year, and we lost about $75k in income. So Thank God we got some back.

 

[Stomper]

There will be winners and losers. The big winners will usually be the big earners, but most of those will have invested and used tax avoidance schemes that most of us can't afford. The huge winners were the corporations who instead of making capital investments and hiring more people and raising wages, bought back their stock with the money they brought back from overseas - just like all the economists said they would (not like Trump/GOP said).

I don't blame them - I would do the same thing (avoid taxes); I do to a limited degree as much as I can. I believe I pay way more than my 'fair share' so I have no guilt about using whatever legal mechanism I can to avoid paying as much tax as I can.

I don't buy into the guilt trips and class warfare arguments the socialist make about "you make more so you can afford to pay more" or "paying your fair share". My fair share is how much I am responsible for - that is, how much government cost I incur due to my actions, not the fact that my income - those costs are pretty much the same regardless of whether I make more or make nothing. Things like police/fire protection, my use of public utilities (roads, etc.) and national defense (minus the cost {$$$$ and lives} of propping up some banana republic tyrant so that some oil or mining company can rape their land).

So broken record time: do away with income taxes and limits on tax free savings/etc.; replace income taxes with a flat consumption tax. No rebates, no minimum income, no subsidies or exemptions on any good or service (no 'sin taxes' either), no deductions and no exceptions on who pays (including churches and not-for-profits) or what they pay on. That is fair because an entity's consumption outflow is closely related to the gov. costs they incur.

It will never happen for several reasons:

1) Socialists want to keep playing their blame game and funding their programs
2) The powers that be, lobbyists and other factions/et al, get more power (and money) from subsidies/rebates/etc. and playing this political game.
3) There will be entities/people who win big now and will lose big when the system is no longer rigged in their favor.

I'm with you for the most part, but a flat rate "anything" will never happen, because it would take away the power of special interest groups, and quell "social engineering" which would take away wedge issues, which would affect the power wielded by politicians..... am I getting warm?

 

[2506]

This subjector ones like it come up every year and Iwill again say: if you owe or are getting a refund, you're doing it wrong.

 

[DuneHopper]

Since living where I do, since 1997, I have paid about 78,000 in just land taxes.
When I owned my larger business the feds kept a huge chunk.

When some one says they own their property, they do not. Just try not paying your taxes and see how
much that land is " yours".

Filed and getting back about 1/3 less. I will say the higher increase during the year allowed
me to get insurance this year I could actually have coverage on and not just pay for the luxury of having insurance since Obamacare.
So it helped. No more in take home as it goes right to healthcare near all. But bright side is I can now afford to get sick if I do. LOL

 

[Hawaiian]

I get nervous at tax time. My wife is a realtor and if she paid all her taxes, we should get a refund. If she did not, then I will have to write a check to the govt.

 

[66PonyCar]

Whether you got a tax break or not is not based on the size of your refund. You need to compare what you paid in Federal tax last year to what you paid this year, allowing for any changes in income. The size of your refund is strictly based on how large an interest-free loan you made to Uncle Sam because you had excess withholding.