The IRS took my money. :(

by Elsewhere 78 Replies latest jw friends

  • marjoe
    marjoe
    Marjoe, I've been thinking. Isn't the interest deduction for our mortgage akin to the earned income credit? I mean the gov is paying us to buy a house, or be a poor worker. So one is a credit for those who are well off enough to have a mortgage, the other is a credit for those who are not. We don't pay that interest to the gov, we pay it to the bank. So who is actually getting that credit?

    A credit and a deduction are very different. The deduction means you pay less tax. The credit means (often) that you RECEIVE money you did not pay.

    So the fellow paying the bank interest still pays taxes and still pays....only to the bank, as you observe.

    The EITC fellow not only does not pay (either the government or the bank) and yet receives money as a REFUND of funds that he did not pay to begin with.

    Now I'll be labeled a miisogynistic woman-hater because I used masculine pronouns in my example. For cameo-d and recovering: I am not now, nor have I ever been, a gender-phobe or whatever the current politically correct term for an "idiot" who only uses male pronouns in his/her examples.

  • sammielee24
    sammielee24

    Earned income tax credit. If you are in a low tax bracket – that is, you did not earn a lot of money – you may qualify for the credit. There are many factors that determine whether you qualify, but primarily your total income must be below $15,880 if you have no children; less than $36,995 if you have one qualifying child; and not more than $41,464 if you have two or more qualifying children.

    The deduction is no different than any other deduction that lines up on any other place on the tax forms. I don't believe the total paid out on the EIC was anywhere near the total amount stolen from that average working family, by the wealthiest in the country. Save your energy, anger and prejudice for those willing and able to play the scams. Most of those are at the top of the cash pile, sitting on assets they've hidden off shore to avoid taxes. YOU are paying for their lifestyle and the loss from that is far greater than the pittance paid out on the EIC. sammieswife.

  • BurnTheShips
    BurnTheShips

    The IRS took my money.

    And they do not want to tell you who they are giving it to.

    “Unwarranted secrecy regarding the largest disbursement of public funds in U.S. history continues in the executive branch. So Congress should finally exercise its oversight authority and find out where every last bailout dollar has been spent. Three major news organizations – Bloomberg News, Fox Business News, and The New York Times - had to file lawsuits against the Treasury Department and the Federal Reserve Board after they were refused bailout documents requested under the Freedom of Information Act (FOIA). All three were stiffed by an administration that failed to deliver on a promise of more government transparency and accountability.”

    http://www.washingtonexaminer.com/opinion/Stop-stalling-and-show-us-the-bailout-books-43088037.html

    Change you can believe in.

    BTS

  • drwtsn32
    drwtsn32
    So Congress should finally exercise its oversight authority and find out where every last bailout dollar has been spent.

    Absofuckinlutely.

  • sammielee24
    sammielee24

    It's April 15: Time to Pay for War, Killing and Oppression Once Again

    Wed, 04/15/2009 - 18:19 — dlindorff

    As you’re mailing out that tax return again this year, it’s time to remember once again how much of your hard-earned bucks are being devoted to destruction, imperialist domination, slaughter and war, to funding ridiculous programs like the failed anti-missile system, and also to supporting a massively bureaucratic and overstaffed military.

    Even with the current US budget predicted to hit a record $3.5 trillion, thanks to a whopping $800 billion, two-year economic stimulus package, and with several hundred billion being poured into a group of banks and the bottomless pit called AIG, the $800 billion budgeted for the military to date (a figure that includes an $85 billion “supplemental” request for the wars in Iraq and Afghanistan) represents 22% of total US spending.

    That means that more than one in every five of the dollars you are paying to the IRS will be going to the Pentagon.

    For a typical family of four with taxable income of $60,000 and a tax bill of $8201.00, that would mean a “war tax” of $1804.00. For a wealthier two-income family of four with a taxable income of $100,000.00, with a tax bill of $17681.00, that would mean a “war tax” of $3890.00.

    Of course, it’s never that simple. Actually, the government’s tax collections this year, because of the deepening recession which has been with us since December 2007, means that tax collections will be way down, not to mention the cuts that were part of the above-mentioned stimulus package. That is to say, tax revenues this year could be below $2.4 trillion, meaning the government will have to borrow at least $1 trillion to pay its bills.

    At least a fifth of that debt, or $200 billion, will be for war and general military spending, and it will have to be paid off at interest rates that mean by the time that debt is retired, it will have cost us perhaps triple that amount, or $600 billion.

    In fiscal 2008, the government spent $408 billion just on interest on the national debt. At least one quarter of that amount, or $102 billion, was for military-related debt. While this might be a little low, since our military budgets and military debt are rising year after year, what that tells us is that we’re also spending perhaps an extra $40-50 billion a year of our collective tax bill on interest on war debt. That works out to another 15% of your taxes for war.

    So make that $60,000-income family’s war tax $2075.00, while the $100,000-income family’s war tax goes to $4474.00.

    The reporting on America’s military budget in the mainstream corporate media (some of which is actually owned, like NBC, by conglomerates that are themselves beneficiaries of military spending, and all of which are beneficiaries of considerable ad revenue from military contractors and from the Pentagon itself), has been atrocious, with a lot of talk about “cuts” in pointless hugely expensive weapons systems like the F-22 Raptor, a fighter jet designed to combat an advanced enemy that simply doesn’t exist. The truth is that the proposed 2009 military budget put out by the Obama administration is the largest in history in actual dollars, continuing the trend of the last 11 years in which each year’s military budget has been larger than the prior year’s. It is also the largest military budget, after adjusting for inflation, since WWII.

    If that disgusts you, consider what just 25% of that budget, or about $175 billion—the amount that House Finance Committee Chair Barney Frank (D-MA) has proposed cutting—could do, if spent on things this country needs, instead of on killing and preparing to kill. Total federal spending on education for 2009: $46 billion. Total spending on welfare for families with dependent children for 2009: $60 billion. Total federal spending on unemployment compensation for 2009: $43 billion. Total federal transportation spending in 2009: $84 billion. Looked at another way, cutting the military budget by 25% (which is really a modest amount, considering that the US is spending as much on its military machine as the rest of the entire world combined!), would allow the government to increase all those other budgets by 50% and still have $58 billion left over for other useful spending goals like the environment, energy and medical research, etc.

    Just a thought for tax day.

    It doesn’t have to be this way.

  • Elsewhere
    Elsewhere

    Good times are here again.

  • still-fading
    still-fading

    Tax Time! YAAAA! beks! long time no see!! Anywho couple of things when I ran down this thread. Gallup poll-61% believe tax code is fair. No duh! About 45% pay nothing. And my beef with with the EITC is that it is a refundable tax credit. All it is, is a wealth distribution system.

    And WOW, I agree with Sammielee! I've been away so long, did she switch to my side? She said, "I don't believe the total paid out on the EIC was anywhere near the total amount stolen from that average working family, by the wealthiest in the country." She is 100% right!! Have you seen how much your average member of the house and senator rakes in?!?!?!? I certainly would call them some of the wealthiest in the country!!

  • BurnTheShips
    BurnTheShips
    I certainly would call them some of the wealthiest in the country!!

    And in cahoots with the non-political elites. They enable each other. However, these morons think the answer is giving the politicians more power. The administration is giving away hundreds of billions and refusing to tell us who and how much.

    BTS

  • beksbks
    beksbks
    However, these morons think the answer is giving the politicians more power.

    Exactly who is advocating giving them more power, and what form does this power take?

Share this

Google+
Pinterest
Reddit