The "rich" needs a tax break
- Thread starter Jeslek
- Start date
Actually, if I remember right, its about $8500 if you have no other exeptions, assuming you are single. It seems like one year i made a little more than this and I didnt' get quite everything back in from my federal taxes.
I can't remember exactly how it works, I never do my own taxes, but I think anything under 8500 is exempt and its more if you are married. Also, you can deduct all kinds of stuff too. Actually, if you have kids, you can get some money back from EITC, even more than you paid in. Not sure how it works in practice, only in theory. So if he had kids and lived in the US he could actually end up 'paying' a negative income tax up to a certain point.
I can't remember exactly how it works, I never do my own taxes, but I think anything under 8500 is exempt and its more if you are married. Also, you can deduct all kinds of stuff too. Actually, if you have kids, you can get some money back from EITC, even more than you paid in. Not sure how it works in practice, only in theory. So if he had kids and lived in the US he could actually end up 'paying' a negative income tax up to a certain point.
flavio
Banned
That sounds about right.
then the stuff that you deduct (except where children are involved) is from money spent on qualifying expenses.
Say you made $8500 but spent $2000 on moving expenses. Your income for tax purposes would then be $6500. Are there deductions available that don't stem from money you spent(besides EITC)?
then the stuff that you deduct (except where children are involved) is from money spent on qualifying expenses.
Say you made $8500 but spent $2000 on moving expenses. Your income for tax purposes would then be $6500. Are there deductions available that don't stem from money you spent(besides EITC)?
I'm not sure really. I don't know much about taxes in practice, only in theory. I only remembered the $8500 because its tax season and my dad mentioned it. Thanks for the info about moving expenses. I might have to deduct that from my taxes. i didn't even think about it.
I don't think so about the deductions without expenses. Ok, what about IRA (non ROTH) and 401k? You didn't really 'spend' it, but you can deduct it right?
I don't think so about the deductions without expenses. Ok, what about IRA (non ROTH) and 401k? You didn't really 'spend' it, but you can deduct it right?
nnewton
New Member
i used to hear this phrase every once in a while. it was "pillars of society." the wealthy should be these, instead of complaining that the poor pay less tax than they do. there has been a lot of talk in this thread about what is "fair." so what is? is it fair that some people work very hard and earn $40,000 a year (or less) while other people work very hard and earn $50,000,000 a year (or more)? i've seen how hard $40,000 a year workers work, and i cannot imagine that it is possible, compared to them, for someone to work hard enough to earn $50,000,000 a year. and what if the $40,000 worker isnt taxed at all, while the $50,000,000 worker is taxed 50%, and only takes home a measley 25 million dollars? i've heard people say this sort of taxation is unfair, and that furthermore, it discourages people from working to get rich, because of course, everyone would rather only make $40,000 a year if making $25,000,000 (after taxes) meant paying 50% taxes.
my advice is to buck up, pay your damn taxes, be a damn citizen, and spend the 25 million on something that will take your mind off the insidious scheming lying cheating money-grubbing hand-outing democratic government we elected that many people agree is the best governing system currently in existence. and sucks to all the owners if they have to pay for their privleges, and sucks to everyone else because they're poor bastards who dont get any caviar. tell em it tastes like shit anyway.
my advice is to buck up, pay your damn taxes, be a damn citizen, and spend the 25 million on something that will take your mind off the insidious scheming lying cheating money-grubbing hand-outing democratic government we elected that many people agree is the best governing system currently in existence. and sucks to all the owners if they have to pay for their privleges, and sucks to everyone else because they're poor bastards who dont get any caviar. tell em it tastes like shit anyway.
flavio
Banned
RD_151 said:
Hmmnn...I wonder if that means that not only is Jerrek clamoring for a tax break when he's been taking advantage of tax funded programs for 20 years without ever paying taxes....
....BUT, it also seems like a strong possibility that he is guilty of tax evasion. He's certainly been evading my questions about his less than $0 income.
Well, I won't really complain. I haven't paid much tax either. Although, I'm gonna be paying quite a bit this year. Unless you have any more ideas like moving expenses etc etc 
Nah, I'm gonna pay no matter what. Oh well. I look at it this way, Jerrek is in Canada, it doesn't affect me. In fact, it helps us. Canadians come across the boarder for health care because they have to wait too long at home, tax evasion causes further short falls in their budget and brings more Canadians who aren't willing to wait to the US to spend money, lots of money, health care isn't cheap.
Nah, I'm gonna pay no matter what. Oh well. I look at it this way, Jerrek is in Canada, it doesn't affect me. In fact, it helps us. Canadians come across the boarder for health care because they have to wait too long at home, tax evasion causes further short falls in their budget and brings more Canadians who aren't willing to wait to the US to spend money, lots of money, health care isn't cheap.
outside looking in
<b>Registered Member</b>
nnewton said:
"Working hard" is not limited to shoveling dirt or crunching numbers. You can also work "smart." If I have the intelligence to make it through a demanding education, and more importantly to chose the right career to enter into so that I can make lots of money, and most importantly am willing to make personal sacrifices and take huge personal risks in order to make that money, then who are you to tell me that I didn't "work hard" enough to earn it?
There is nothing inherently "fair" about graduated taxes.
Gato_Solo
Out-freaking-standing OTC member
Like I said earlier. You want to stop the crap with the taxes, levy a 20% tax rate across the board on any income (including stock options and corporations) over $35,000 with no deductions. Sounds cruel, but it isn't. If all citizens pay what they owe, and there are no deductions, I'm pretty sure that the government won't waste tax dollars on useless studies and grants because people will hold the elected officials accountable for every penny spent, as we should be doing now. No more dipping into Social Security, which everyone working pays into, and no more 'unlimited' welfare.
Jerrek is right about the below $0 income.
You get a $7800 exception I believe automatically plus then if you're a student like he and I you add on tuition costs and you can claim books and stuff too. When I worked over the summer my projected income for the summer was way less than what my figured out exception for last year was.
I could have opted to not pay in Fedeal Income tax but I chose to pay it in (I like getting the cheque in the spring) and now when I do my taxes my reporting income will work out to be less than $0 (that is just reported as $0 though, they don't GIVE you money for making less than your exception) and they will give me back all the federal taxes I paid and they will keep the CPP and EI money I paid in.
In Jerrek's case he chose the option of not paying anything in. He can do that where he is a student (if he paid it he'd just get it back like I will anyway)so he just kept all his money except the EI and CPP and will get no cheque from the gov't when he does his taxes. IF he for some reason ended up making more than his exception though and hadn't been paying taxes all year THEN he'd have to pay in when he did his taxes. That is why I always pay some in and get it back in the spring. Incase hell freezes over and I suddenly get a VERY high paying PT job
You get a $7800 exception I believe automatically plus then if you're a student like he and I you add on tuition costs and you can claim books and stuff too. When I worked over the summer my projected income for the summer was way less than what my figured out exception for last year was.
I could have opted to not pay in Fedeal Income tax but I chose to pay it in (I like getting the cheque in the spring) and now when I do my taxes my reporting income will work out to be less than $0 (that is just reported as $0 though, they don't GIVE you money for making less than your exception) and they will give me back all the federal taxes I paid and they will keep the CPP and EI money I paid in.
In Jerrek's case he chose the option of not paying anything in. He can do that where he is a student (if he paid it he'd just get it back like I will anyway)so he just kept all his money except the EI and CPP and will get no cheque from the gov't when he does his taxes. IF he for some reason ended up making more than his exception though and hadn't been paying taxes all year THEN he'd have to pay in when he did his taxes. That is why I always pay some in and get it back in the spring. Incase hell freezes over and I suddenly get a VERY high paying PT job