Tax/IRS
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I'm a little confused about the IRS hate and how tax works over there. Anyone want to help?
1) Unless you're self employed, in the UK you generally pay income tax through your employer, as you earn. In fact, it's called 'pay-as-you-earn' because it's just that. So at the end of the year, there's no tax returns to be filled, and if you've over- or underpaid, you'll get a letter from HMRC (equivalent of the IRS).
It seems this is not the case over there - like, you just put some money aside and at the end of the year, you pay a lump sum of tax - is that correct? It seems crazy that it's not automatic, and people have to spend ages doing it all themselves.
2) State tax is a thing? Like, you pay more or less depending on which state you're in? OK, I guess...do salaries reflect that?
3) There's a lot of IRS hate from some GOP candidates. Like "I will cut the tax codes down to a manageable size where people can understand it" - good - "and then I'm gonna fire the whole IRS" <- why? You don't need someone to police tax payments? What happens if people don't submit their taxes correctly? I assumed that was what the IRS was for.
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And you're a smart guy. Think of all the trouble stypified people are in.
Here you pay federal tax, state tax and city taxes.
In my opinion we shouldn't be paYing federal tax at all. We should be paying state tax and then at the end of the year the state should be paying federal tax from their income.
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I'm going to make this comment here just because it's a tax thread.
Those who rail against the flat tax consider this. If we now had a flat tax and had it all along and someone came along and suggested the IRS system we presently use would you think that would be an upgrade?
WSS
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I'm going to make this comment here just because it's a tax thread.
Those who rail against the flat tax consider this. If we now had a flat tax and had it all along and someone came along and suggested the IRS system we presently use would you think that would be an upgrade?
WSS
I'm going to make this comment here just because it's a tax thread.
Those who rail against the flat tax consider this. If we now had a flat tax and had it all along and someone came along and suggested the IRS system we presently use would you think that would be an upgrade?
WSS
Yes.
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Carson made an excellent point why a flat tax is bad even though he supports it.
He talked about how when prices on goods goes up $.10, $.05, $.15, etc. that the average person notices it while a very rich person doesn't notice and doesn't care about it.
The deal with a progressive tax isn't "taking hard earned rich money, unfair" it's taking money they can afford to give - doesn't really hurt them
Taxing the poor and middle class (who own barely any of the total wealth, despite being a huge majority) at the same rate as a millionaire is hurting the poor and middle class more because every dollar for them has to go a lot further than it does for the millionaire.
Our tax system is really simple in principle (if you cut out the gunk on top), I learned how to file taxes in high school.
You pay X% on the first K dollars you make
You pay Y% in the next I dollars you make beyond K
You pay Z% on the next J dollars you make beyond II
Etc. Through 9 different income brackets.
Ohio has the same system, but Ohio state tax rate s are significantly lower than the federal rates and the brackets are different.
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Some things like having children, giving to charity, student loan interest payments - make you eligible to pay lower rates or get a certain amount refunded (in principle, because those things make you have less disposable income)
The complications come in because different people get different tax forms, different people have to file different forms, there's a million things you can deduct to get a bigger refund.
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Our tax system is such a clusterfuck that the IRS can audit anyone and stick it to them if they really want. I got a one time $1,500 tax deduction for earning under a certain amount of money (full time student/full time worker at the time) and being a student.
Two years later they audited me and demanded I prove how my financial aid was dispersed. The university suppiled them with my 1098 form and an itemized list of how much the school took to cover tuition. The IRS said that wasn't enough of an explanation. I spoke to a tax lawyer and even he didn't understand. So the IRS adjusted my other taxes by the total amount of financial aid dispersed which bumped me into a new tax bracket and charged me for the $1500 tax deduction. They also added interest to the amount back dated to that school year.
In the end, I had to pay put nearly $5k for something I didn't owe to them and there is no way to get out of it. I was barely getting by then so to fuck me solid they garnished my wages.
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holy fuck Logic, did they at least give you a courtesy spit n lick before they drove that home? Such a bad job out of them if they didn't at least spend a minute or two loosening that shit up.
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holy fuck Logic, did they at least give you a courtesy spit n lick before they drove that home? Such a bad job out of them if they didn't at least spend a minute or two loosening that shit up.
holy fuck Logic, did they at least give you a courtesy spit n lick before they drove that home? Such a bad job out of them if they didn't at least spend a minute or two loosening that shit up.
Didn't buy me dinner or open doors for me.
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holy fuck Logic, did they at least give you a courtesy spit n lick before they drove that home? Such a bad job out of them if they didn't at least spend a minute or two loosening that shit up.
Didn't buy me dinner or open doors for me.
Didn't buy me dinner or open doors for me.
That's so butch.
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By the way, 20% of the country owns 80% of the wealth. 10% Owns 70%.
Lower-Upper middle class people own 20% in comparison despite making up 80% of the working population.
We currently have a progressive tax system where rates go from 10%-40% and many tiers in between (The 40% only applies to income beyond ~$400,000) *since Obamacare went into affect, the top tier rate is higher, it used to be ~35%
Anyway, what's the point of this?
Our wealth inequality is growing, it isn't shrinking
So to say we should go to a flat tax because we're "punishing rich, successful people" is flat out inaccurate, because the rich and successful people are continuing to only get further ahead. The people that are terrified of wealth redistribution can rest easy, because we currently have a progressive system and there is no wealth redistribution happening.
This gap will just grow further with a flat tax.
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Kill the rich!
Early man walked away as modern man took control. Their minds weren't all the same and to conquer was their goal. So He built his great empires and he slaughtered his own kind, and he died a confused man and killed himself in his own mind... -
I'm a little confused about the IRS hate and how tax works over there. Anyone want to help?
1) Unless you're self employed, in the UK you generally pay income tax through your employer, as you earn. In fact, it's called 'pay-as-you-earn' because it's just that. So at the end of the year, there's no tax returns to be filled, and if you've over- or underpaid, you'll get a letter from HMRC (equivalent of the IRS).
It seems this is not the case over there - like, you just put some money aside and at the end of the year, you pay a lump sum of tax - is that correct? It seems crazy that it's not automatic, and people have to spend ages doing it all themselves.
2) State tax is a thing? Like, you pay more or less depending on which state you're in? OK, I guess...do salaries reflect that?
3) There's a lot of IRS hate from some GOP candidates. Like "I will cut the tax codes down to a manageable size where people can understand it" - good - "and then I'm gonna fire the whole IRS" <- why? You don't need someone to police tax payments? What happens if people don't submit their taxes correctly? I assumed that was what the IRS was for.
I'm a little confused about the IRS hate and how tax works over there. Anyone want to help?
1) Unless you're self employed, in the UK you generally pay income tax through your employer, as you earn. In fact, it's called 'pay-as-you-earn' because it's just that. So at the end of the year, there's no tax returns to be filled, and if you've over- or underpaid, you'll get a letter from HMRC (equivalent of the IRS).
It seems this is not the case over there - like, you just put some money aside and at the end of the year, you pay a lump sum of tax - is that correct? It seems crazy that it's not automatic, and people have to spend ages doing it all themselves.
2) State tax is a thing? Like, you pay more or less depending on which state you're in? OK, I guess...do salaries reflect that?
3) There's a lot of IRS hate from some GOP candidates. Like "I will cut the tax codes down to a manageable size where people can understand it" - good - "and then I'm gonna fire the whole IRS" <- why? You don't need someone to police tax payments? What happens if people don't submit their taxes correctly? I assumed that was what the IRS was for.
Well into a long answer I did something to lose it all... do this way too often... I really need to find my old mouse and disable this touchpad. Anyway, here's the quick, condensed reply.
1. For wage-earners/salaried-employees income tax payments are withheld from each paycheck. The individual is responsible for determining the rate. If an individual has incorporated their business, this applies to them as well.
The non-incorporated, self employed generally file estimated tax payments quarterly. Same may apply to retired with investment income.
Job income is generally easy to handle as are basic other forms like savings interest and stock dividends. Capital gains taxes get a little more complicated. Income (or losses) from investments in Partnerships, S-Corps and other "tax sheltering" entities gets very complex.
But by far most of our tax code's really complexity comes in on the deductions side of the ledger.
2. Yes, state taxes vary from state to state.
Many states like my Texas have no state income tax. States like California have high state taxes. California is the only state I know of where employees transferred to it receive "cost of living" adjustments to take jobs there, but I am sure there are cities like NYC where they would as well. Similarly employees transferred to UK or Switzerland received cost of living adjustments.
However, usually when a state has lower income tax rates, other tax rates will be higher. My area of Texas has an 8-3/4% sales tax (or VAT) and a fairly high property tax rate. In our system property tax means taxes on a home we "own". Any tax paid to state or local governments is deductible from our Federally taxable income.
3. Yes... the IRS is our "tax police" and abolishing it is posturing by the likes of Ted Cruz for their Tea Party base. In its place would arise some other entity charged with assuring that taxes due are collected, but clearly depending upon the tax plan it could be a much smaller organization.
Truth is that our IRS has been hamstrung by budget cuts on one hand and intentionally increased tax code complexity on the other hand over decades now. Especially true on the Corporate tax side, but somewhat true on the individual side as well. Look no further than "carried interest" as an example of the latter.
Errors in filing can be treated as simply as a letter correcting your error and adjusting your refund or owed amount. This is the case with math errors and other minor mistakes. If you disagree, you can call in and discuss the error.
Gross irregularities or repeated transgressions can result in the dreaded tax audit. A face-to-face sit down with an IRS auditor usually triggered by a computer review of submitted returns. But the odds are not great of this happening and fall every year due to the above mentioned budget cuts. Audit horror stories in part fuel the hatred of the IRS.
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Kill the rich!
Kill the rich!
If you think what I'm saying or what many others are saying for anti-flat tax is intended to "punish the rich" and "discourage people from getting ahead"
You're either really filthy stinking rich or incredibly gullible.
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Jesus eds do you not get sarcasm or...?
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Jesus eds do you not get sarcasm or...?
Jesus eds do you not get sarcasm or...?
I do, but I need a break from politics
I'm ready to get back to Mila Kunis shape shifting. -
Just do what I do. Say fuck the debate and watch the cavs.
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All I know is between Corporate taxes, Sales(items sold) tax, Tangible tax, Property taxes on multiple properties, Sales (items purchased) tax, personal tax and a few others I'm probably forgetting right now, I spend a lot of time every month calculating and paying taxes. There has GOT to be a better way..
Our musical works to date http://www.arielsatticmusic.com/ -
The IRS tax code is a gigantic clusterfook.
We hire experts who charge a good bit of money, to account for retirement, farm income,
depreciation on equipment, etc etc etc., cashed in investments/401K...
It's asinine - the experts have a serious problem with keeping up with the crap.
It must be fixed. But the obamao/hitlery types need more and more money for bribing for votes.
It will take a republican pres ... and a rep congress.
And if they shut down most of the IRS, and abolish the EPA, and
the NEA, etc....they won't be able to be political arms/weaponized
for the dems in the future.
Let the states handle those things.. We HAVE an Ohio EPA and OEA.
Ben Carson has the intellect and integrity, to listen to new ideas on how to fix
problems.
But, you watch a rep get elected, and the same dishonest libtards will be screaming
about the rep president's "unpatriotic debt".... and "divisiveness by the president"
etc etc etc etc.
You watch.
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Chris-
The IRS bought over 6m rounds of 9mm ammunition last year.
Should clear everything up.
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Chris-
The IRS bought over 6m rounds of 9mm ammunition last year.
Should clear everything up.
Chris-
The IRS bought over 6m rounds of 9mm ammunition last year.
Should clear everything up.
#ObamaDictatorshipConfirmed
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