Anonymous
04/20/2014 13:22
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Just sent off an unexpected 18K check to the IRS.
Our landscaping will be not happen this year
So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.
No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.
All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.
None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.
Or the landscaper will have 18 new clients that will get a 1000 job done.
But in reality probably both!
You will still get your 18000 of landscaping done, I predict.
I guess you think there is infinite demand? That is very odd and goes against all economic principles. But okay.
Anonymous
04/20/2014 10:12
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Just sent off an unexpected 18K check to the IRS.
Our landscaping will be not happen this year
So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.
No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.
All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.
None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.
Or the landscaper will have 18 new clients that will get a 1000 job done.
But in reality probably both!
You will still get your 18000 of landscaping done, I predict.
Anonymous
04/20/2014 09:22
Subject: Re:Taxes - big jump this year?
Anonymous wrote:Absolutely killed. I have to figure out how to come up with $74,000 by tomorrow. We have always gotten a refund before.
Then you have not been withholding enough!?!
Anonymous
04/20/2014 09:18
Subject: Taxes - big jump this year?
Anonymous wrote:Summary from Forbes:
Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:
A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.
We got hit with every one of these increases this year. The effect was quite large. I am pretty liberal. I believe in a progressive tax system. I don't begrudge lower income folks paying less in taxes. I am hugely appreciative of how lucky we are. I grew up middle class and sometimes can't believe how fortunate we are. But, writing that large check does change our behaviors. I was expecting an increase, but not the huge increase we had. We had planned to spend some of that money on other things. We will likely hold off now. I don't expect anyone to feel sorry for us at all (these were truly discretionary items), but to the people we were going to buy goods and services from, they will take a hit. I think it would have made more sense to stagger some of these increases a bit.
Anonymous
04/20/2014 09:09
Subject: Re:Taxes - big jump this year?
Anonymous wrote:Obama is destroying this country.
....correction...HAS destroyed this country.
Anonymous
04/19/2014 16:12
Subject: Re:Taxes - big jump this year?
Obama is destroying this country.
Anonymous
04/18/2014 21:38
Subject: Taxes - big jump this year?
Alt. Min Tax and the 3.8 Obamacare as well as the 5% increase in cap gains= a stinging tax bill - oh did I mention that Maryland moCo also issued a 3/4 year tax bill (to my lender without telling me directly until a tax lien notice came) so I just had to pay 8,000 in Real Estate taxes too= 60 K out of pocket above the withholding already w/held from taxes! Venting - thanks for listening.
Anonymous
04/18/2014 17:58
Subject: Taxes - big jump this year?
Anonymous wrote:Oh the 47% meme. Awesome. And mostly wrong, or at least distorted. You were one of those people at one point I'm sure. I bet you were not clamoring to lay more. So hypocritical.
http://www.cbsnews.com/news/fact-checking-romneys-47-percent-comment/
You're pathetic. It's not a meme, it is a fact SUPPORTED BY THE SAME ARTICLE YOU LINKED TO:
"So is it true that 47 percent of Americans don't pay income tax? Essentially, yes, according to the the Tax Policy Center, which provides data showing that in 2011, 46.4 percent of American households paid no federal income tax."
Do you know how to read?
Sure, we can talk about how stupid Romney's remark was, about payroll taxes and about how the sun rises every morning, but that has little to do with two basic facts:
1) In 2011, 46.4 percent of American households paid no federal income tax.
2) Federal income tax is what supports a wide variety of services for all. So the non-payers should at least say Thanks! to the payers
Anonymous
04/18/2014 16:44
Subject: Taxes - big jump this year?
My taxes went up substantially last year, due to a combination of promotions/raises and refinancing & paying down a big chunk of our mortgage, cutting our interest deduction in half. These are both good "problems" to have, and I'm not complaining about either. While I don't love paying the extra taxes, I recognize that it's only a portion of the extra money that I made/kept in the first place, so overall I'm still ahead of where I was a year ago.
I don't begrudge the $50K family their tax-free status. I've been there. I sympathize, and hope that the extra taxes I pay on their behalf can give them some room to make ends meet, and possibly even start getting ahead (and thus start contributing to the tax burden in the future).
I also don't get the link between high taxes and Democrats. Um, which party got us into those extremely expensive wars, racking up huge debts? If you're complaining about mandatory spending, you ought to check out how much we pay each year on national debt, and recognize that our wars are a huge - if not the biggest - contributor to that debt. The high taxes we're paying now are a direct result of those wars and the debt that we incurred to finance them. Thanks, GW. And I am a registered independent that has voted for both parties regularly, btw- not a diehard liberal.
I don't begrudge the $50K family their tax-free status. I've been there. I sympathize, and hope that the extra taxes I pay on their behalf can give them some room to make ends meet, and possibly even start getting ahead (and thus start contributing to the tax burden in the future).
I also don't get the link between high taxes and Democrats. Um, which party got us into those extremely expensive wars, racking up huge debts? If you're complaining about mandatory spending, you ought to check out how much we pay each year on national debt, and recognize that our wars are a huge - if not the biggest - contributor to that debt. The high taxes we're paying now are a direct result of those wars and the debt that we incurred to finance them. Thanks, GW. And I am a registered independent that has voted for both parties regularly, btw- not a diehard liberal.
Anonymous
04/18/2014 15:51
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Summary from Forbes:
Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:
A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.
Holy s. I think we ticked each of these boxes this year.
Lucky you! You are incredibly wealthy.
No, they/we are not incredibly wealthy. Democrats make sure of that. totally disincentivised to work hard and get a raise and bonus.
What planet do you live on that an HHI of more than $450k is not wealthy because it's certainly not planet Earth. It sickens me that you are unable to recognize your privilege and instead think it's a political issue.
I agree. This is not a political issue - it is a discrimination issue. We are taking a small minority of people and deciding that they 'have what they need' and that their rights, needs and concerns are secondary to the rest of the population because somebody drew a line on a chart and called them 'rich' without context to cost of living or whether they actually take financial risk that creates opportunities for others.
On what planet is it fair for the top 1% to make 19% of the money, but pay 38% of the taxes, or for 50% of the economy to pay no taxes? on What planet is it fair that we attack successful people as greedy rather than aspiring to that level of success.
If somebody had a HHI of $50K, currently they have no tax liability, or a very minimal one. What if they were at the 39.6% bracket? A tax bill of $20K. Would that get them a little wound up? The math is exactly the same for the person at $600K who pays 40% on every dollar he makes over $450K. Exactly the same.
So move. Oh, wait. That's right. You wouldn't make that much anywhere else.
Anonymous
04/18/2014 15:29
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Summary from Forbes:
Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:
A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.
Holy s. I think we ticked each of these boxes this year.
Lucky you! You are incredibly wealthy.
No, they/we are not incredibly wealthy. Democrats make sure of that. totally disincentivised to work hard and get a raise and bonus.
What planet do you live on that an HHI of more than $450k is not wealthy because it's certainly not planet Earth. It sickens me that you are unable to recognize your privilege and instead think it's a political issue.
I agree. This is not a political issue - it is a discrimination issue. We are taking a small minority of people and deciding that they 'have what they need' and that their rights, needs and concerns are secondary to the rest of the population because somebody drew a line on a chart and called them 'rich' without context to cost of living or whether they actually take financial risk that creates opportunities for others.
On what planet is it fair for the top 1% to make 19% of the money, but pay 38% of the taxes, or for 50% of the economy to pay no taxes? on What planet is it fair that we attack successful people as greedy rather than aspiring to that level of success.
If somebody had a HHI of $50K, currently they have no tax liability, or a very minimal one. What if they were at the 39.6% bracket? A tax bill of $20K. Would that get them a little wound up? The math is exactly the same for the person at $600K who pays 40% on every dollar he makes over $450K. Exactly the same.
Exactly the same except for that little part about how much money they make. Tax laws are not neutral, they encourage and discourage certain behaviors and they also serve as a social safety net
I make a fine living, not as much as you but I certainly do not feel badly that families with a $50k HHI do not pay taxes. I am th ankful that is not me and that I am in a position to take care of my children.
Anonymous
04/18/2014 12:26
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Summary from Forbes:
Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:
A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.
Holy s. I think we ticked each of these boxes this year.
Lucky you! You are incredibly wealthy.
No, they/we are not incredibly wealthy. Democrats make sure of that. totally disincentivised to work hard and get a raise and bonus.
What planet do you live on that an HHI of more than $450k is not wealthy because it's certainly not planet Earth. It sickens me that you are unable to recognize your privilege and instead think it's a political issue.
I agree. This is not a political issue - it is a discrimination issue. We are taking a small minority of people and deciding that they 'have what they need' and that their rights, needs and concerns are secondary to the rest of the population because somebody drew a line on a chart and called them 'rich' without context to cost of living or whether they actually take financial risk that creates opportunities for others.
On what planet is it fair for the top 1% to make 19% of the money, but pay 38% of the taxes, or for 50% of the economy to pay no taxes? on What planet is it fair that we attack successful people as greedy rather than aspiring to that level of success.
If somebody had a HHI of $50K, currently they have no tax liability, or a very minimal one. What if they were at the 39.6% bracket? A tax bill of $20K. Would that get them a little wound up? The math is exactly the same for the person at $600K who pays 40% on every dollar he makes over $450K. Exactly the same.
Anonymous
04/18/2014 12:14
Subject: Taxes - big jump this year?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Summary from Forbes:
Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:
A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.
Holy s. I think we ticked each of these boxes this year.
Lucky you! You are incredibly wealthy.
No, they/we are not incredibly wealthy. Democrats make sure of that. totally disincentivised to work hard and get a raise and bonus.
What planet do you live on that an HHI of more than $450k is not wealthy because it's certainly not planet Earth. It sickens me that you are unable to recognize your privilege and instead think it's a political issue.
COL
Anonymous
04/18/2014 11:58
Subject: Taxes - big jump this year?
Anonymous wrote:
What planet do you live on that an HHI of more than $450k is not wealthy because it's certainly not planet Earth. It sickens me that you are unable to recognize your privilege and instead think it's a political issue.
On what planet is the proper level of taxation NOT a political issue?