Taxes

[theking]

I normally do not mind paying taxes as it is taxes that keep the country going. I do hate waste and corruption in government spending but it always has and always will be with us.

This year I am not pleased because I am going to have to take a sizable amount of money out of one of my investment accounts to pay taxes this year. The money that I take out to pay taxes will be taxable next year. So I not only will lose the dividends on the money I have to take out to pay taxes but then have to pay taxes on the money next year that I pay taxes with this year.

Something just seems wrong with that picture.

[LeeNoga]

Pay your taxes before you invest the money

[theking]

Originally Posted by LeeNoga

Pay your taxes before you invest the money

Well...I used to do that...but it is a bit more complicated than that. There are capital gains involved...an inheirited IRA...and State taxes that are almost equal to Federal taxes. I should have consulted with an accountant when I sold all of my holdings last year and became 100% retired...but I didn't. I fired my last two accountants and after firing the second accountant I decided to handle my own affairs...and there is a learning curve involved.

It is not that big of a problem...but it does kind of tick me that I have to lose dividends on money that I have to take out to pay taxes and then will have to pay taxes on the money that I use to pay taxes.

[theking]

The more I think about it the more it irritates me.

[Sosa]

I make quarterly payments and had my taxes all done at the end of Jan. I hate taxes but what ya going to do.

[Basic_man]

I need to pay taxes ? :D

[GatorB]

Originally Posted by theking

It is not that big of a problem...but it does kind of tick me that I have to lose dividends on money that I have to take out to pay taxes and then will have to pay taxes on the money that I use to pay taxes.

Everyoen gets screwed. Look at FICA taxes. This sinteh SS and Medicare atxes peoleget taxen out of your paychecks. Now you NEVER see this money. It is taken out before you even get your check and there is no way around getting it taken out. Yet you still are required to pay income tax on this income that you never get. An example;

Say Joe Blow work at XYZ Corp and makes $39,000 a year. He pays about $3,000 in FICA taxes. OK that's fine, but he has to pay 15% income taxes on that $3,000 too. That's $450. WTF? He never got to see a dime of that money. That money goes to make sure our grandmas don't have to eat dog food yet WE pay the taxes on it. Something fucked up about that. Interestingly XYZ Corp also has to give the IRS $3000 in FICA taxes, but unlike Joe Blow they CAN deduct that payment off their income.

[MandyBlake]

taxes just suck. we should go to a flat tax and eliminate the irs.

[juicyjuice]

Originally Posted by GatorB

Everyoen gets screwed. Look at FICA taxes. This sinteh SS and Medicare atxes peoleget taxen out of your paychecks.

WTF?!?! is this even english???

[theking]

Originally Posted by MandyBlake

taxes just suck. we should go to a flat tax and eliminate the irs.

Well...I think some kind of change should be made...and there is always talk among the congress about reform or change...but thus far there has not been much action taken.

[aaron]

ugh still havent started on mine

[adonthenet]

im all set with the taxes ... thanks god!

[Illicit]

Originally Posted by theking

I normally do not mind paying taxes as it is taxes that keep the country going. I do hate waste and corruption in government spending but it always has and always will be with us.

This year I am not pleased because I am going to have to take a sizable amount of money out of one of my investment accounts to pay taxes this year. The money that I take out to pay taxes will be taxable next year. So I not only will lose the dividends on the money I have to take out to pay taxes but then have to pay taxes on the money next year that I pay taxes with this year.

Something just seems wrong with that picture.

should have anticipated the tax bill and now blown all the money dumb ass

[theking]

Originally Posted by Illicit

should have anticipated the tax bill and now blown all the money dumb ass

"Dumb ass"...I did not blow any money. I do not blow money. The money was put into investment accounts.

[Illicit]

Originally Posted by theking

"Dumb ass"...I did not blow any money. I do not blow money. The money was put into investment accounts.

Thats Great ! So stop your bitching when you have to pay "the man" his money.

[theking]

Originally Posted by Illicit

Thats Great ! So stop your bitching when you have to pay "the man" his money.

I will bitch about anything that I choose to...thank you very much...now

[mardigras]

Originally Posted by MandyBlake

taxes just suck. we should go to a flat tax and eliminate the irs.

Cons:

Even if a sales tax or VAT covered every kind of transaction, with no exceptions, administrative costs would be high because some verification process would be needed to make sure taxes were paid in full on all sales. At high sales tax or VAT rates, the potential would be strong for a large ?underground? economy where vendors would offer off-the-books, tax-free sales.

If Congress were to exempt particular goods and services from tax, as most state sales taxes do, administrative challenges would become more complex. For example, applying sales taxes to groceries other than food would greatly complicate the task of assuring proper implementation of the system. Moreover, some grocery store owners might try to attract more customers by, say, recording the sale of toothpaste as a can of soup.

Some advocates of a national consumption tax, recognizing that it would be far less favorable to low-income taxpayers than the current system, propose offering some sort of a subsidy to those who would be hurt the most. Such a program, however, would inevitably involve complexity: Who would receive payments and who wouldn?t? How much would they be paid? How would false claims for subsidies be avoided?

Virtually every country that once had a national sales tax eliminated it due to insurmountable administrative problems. A 30 percent rate for such a national tax would be more than three times as high as the largest sales taxes that have proven to be administrable. At that level, tax evasion would be lucrative and difficult to monitor. Even at lower levels of taxation, countries with VATs face significant tax avoidance problems and administrative costs.

http://coscc.cc.tn.us/~lenig/Tax%20Reform.html