 Howcome I only got $300 on my stimulus check? |
| I am a college student and I made around 12000.00 last year and received around 1400 on my tax return. I only got 300 but most of my friends are getting 600. Do you know why?... |
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 Do I still need my W-2 form if its a federal work study job in order to file taxes? |
| What had happend was I am granted a certain amount of money each semester along with work study i cant make no more than $1,990 each semester so me and my husband filed income taxes together and I ... |
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 Paying your property taxes? |
Lets say you pay $3K on your taxes a year when Income Tax rolls around does the IRS give you some of that money back or what?
Additional Details
Yes thats my taxes due in November of ... |
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 I havnt been paying national insurance contributions? |
| I am a british citizen, but I have been living in Greece for the last 7 years as my partner is Greek. I haven't been paying my national insurance contributions to the UK government, and now I ... |
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 In my paycheck they take out a bunch of taxes and i'm a minor what takes are they supposed to take? |
| Because my parents claim me as a dependent right so aren't they supposed to take out one tax? Becaue also i'm a minor i' only 17 years ... |
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 I live with my boyfriend and our son we share all expenses what would be the best way to file our taxes? |
| My boyfriend and I live with our son and share all expenses what would be the most beneficial way for us to file our taxes so that we can get the most amount of money back? We, at the MOST make $19,00... |
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 Income support in the UK? |
| In the UK is it possible for a 16 year old, on an apprenticeship ,who earns 85 pound a week, and is moving into his own flat to claim income support?... |
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 Finally got my rebate yesterday!? |
Last two are 46. I received my paper check yesterday! Just thought some people would like to know. Also was wondering why the check was printed with Austin TX and mailed from Kansas City?
A... |
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 STOP SMOKING and put up all anti smokers TAX? |
IM SURE they would like that.
maybe they would sooner us smoke than pay EXTRA 30% tax
and have their mortgage payments go up to 15-20%
and also how many ANTI smokers use the NHS. you ... |
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 Can i claim my fiance and her 14 year old kid as dependents on my taxes if we are not yet married? |
I currently claim 1 on my 1040 if I could add them as dependents what do I change it to 2 or 3? what is head of house hold ? thank you
I live in ... |
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 OOPS...I owed $ for my taxes and the check bounced. Now what??? |
| I just realized that I sent in an old check for my taxes...it's an account that I only keep a few dollars in. Therefore, the check bounced. I only owed $100, but still! So now what happens? W... |
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 Ok so i did my taxes today @ jackson hewitt.. and the person who did my taxes said that i will receive ...? |
2 checks from mail... one check and then one other after a while..
irs or something can u tell me how long does it take to get the checks thank ... |
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 I'm having emergency tax taken from me, I don't think this is right? |
| I've noticed over the past few months that my tax payments have gone up quite a lot. I also noticed that my tax code had changed. I decided to look up the code and I'm on emergency tax! T... |
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CuriousGuy92 | How do you feel about the Fair Tax Plan? |
I have to ask that you know a little something about the Fair Tax Plan before you post an answer. http://www.fairtax.org/site/PageServer?pagename=about_main
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
Why would this be good or bad for America? |
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Ed A
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I like it very much. It provides:
1) elimination of the IRS and it's bureaucratic bloat, reducing gov't costs (note that most candidates are not talking about the way to reduce gov't spending, even the Reps)
2) Full take-home of all pay - something none of us have ever seen.
3) simplified taxation at the point of purchase, easy on the citizen
4) reduction of corporate bookkeeping via swap of corporate taxes at every level of a product's production for the tax imposed at purchase
5) repatriation of investments / capital from overseas due to lesser taxation on corporations, improving productivity here.
6) consideration for low-income households via the prebate system
Yup - I like it. |
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Mr. Know It All
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What's wrong with the current plan? I'd rather keep the 'devil' I know than to swap out for a new, possibly worse one.
Also, what will you do when recession hits and no one is buying taxable items? |
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Wayne Z
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It wouldn't work!
First of all, the best you can hope for is a renamed IRS, not an elimination of the IRS. Whatever tax system we have, there will be a need for collection and enforcement.
Secondly, it shifts the tax burden form the upper to the middle class. As a rule, the middle class spends a higher percentage of its income than the rich.
Thirdly, the Fairtax assumes EVERYTHING is taxed. This includes medicine, rent, cars, homes....everything. If you start eliminating certain items, than the rate would have to go up.
Next, the Fairtax lies about the rate. The rate that they talking about is 30%!!! (not 23%). They get the 23% by dividing the tax by the total cost. Imagine paying 30% more for EVERYTHING that you buy. At a 30% rate, fraud would be widespread. The whole "imbedded tax" argument that the fairtaxers put forward is ridiculous. The fairtaxers obviously don't understand accounting and taxation.
Lastly, the Fairtax is only revenue neutral before the "Prebate" is allowed for. Cutting a check to every family to offset the tax on necessities would force the rate to up if you wanted to make it revenue neutral. Because of this "Prebate", the Fairtax would actually create a bureaucracy that would dwarf the size of today's IRS.
Just a few items off of the top of my head...... |
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Top Alpha Wolf
 |
I've read that little snippet. Not sure it's so simplistic as that. What are the draw back? I am not sure what they mean by a "simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities". Does this mean the poor will pay the same tax as the rich? THAT would be unfair, in my book. Please elaborate.
Also, to be taxed more highly for things we buy is going to break some people to the point of bankruptcy. SOME of us, like me, can barely afford to live a modest life as it is. We'd either have to stay dirt poor to get back SOME of the taxes we'd pay in (while being force to wait for whatever time length as the money is prepared to be reimbursed to us) or we'd have to be extremely wealthy to afford the taxes. At least with the way things are now, there are middle grounds to be had. It sounds like with the new system there will be no middle grounds anymore. Personally, I don't think it's very fair or rational, but maybe I'm not seeing it the way it's meant to be seen. Any help on understanding it would be appreciated.
EDIT: I've read what Wayne Z wrote. IF THAT"S what's going to happen, then that will be a nightmare on the American people and just another way for the government to keep us poor while it gets richer and spends our money on foolish endeavors that we have no say or control over. Even paying 23% more for the things I buy would put me and my family on the street. And on rent? Medicines? Food? How would we live? I don't pay taxes now because my income is so low. With the way these things sounds, I would be paying every time I tried to acquire anything I needed for me and my kids. I'd be forced to drop out of college just so I could work 4 jobs to live in a home that isn't half as nice as the one I have now (and trust me, that's not saying much because I don't exactly live in a palace).
More taxes on what we need vs. paying income tax as it is now? I'd go for keeping things as they are now. There's no way anyone could survive such an increase. It'd be kinder to just put us out of our misery instead of forcing us to try and survive under those kinds of conditions.
Thanks Wayne Z for the clarification. It's appreciated. |
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negaduck
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well what i like about it is you control how much you pay by how much you spend.
what i dont like about it is it seems to discourage spending. spending is good for economy.
im not sure it is a good idea, i think it will be hard on people with low income because they will be paying more than they are now and might not be able to afford it. then they end up broke and on welfare and become a burden on everyone else. |
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rhsaunders
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Trying to administer a "progressive" sales tax would be a nightmare. On balance, this proposal is DOA. |
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aleatha r
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Im am gonna tell you the truth i really dont know much about the matter but that sounds that we are not gonna be able toafford anything in life anymore everything that we save for has a tax for it . |
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williamdp
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I guess Fair would depend on what Fair means. This is such a complex subject. I dont think you will get serious answers here. I have paid Social Security now for 40 years. I think I want to draw some benefits. |
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ash.shop
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i have heard debate about this plan but not gone into minutie of the discussion but on general it makes a lot of sense and lower berocracy |
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sdselt
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I honestly think it would be wonderful for America. We would not have the complicated tax system that is currently in place and people would know exactly what they were being taxed. Prices would not increase, b/c corporations would not longer have to put the embedded tax into their products...in fact, the would decrease (since the entire country would know their costs went down) and would be basically the same they are now, once the fair tax has been assessed. I think it is wonderful for business and individuals and hope that it is taken seriously and implemented... |
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Babs
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I think that fair tax would be a good thing for America, but it will depend on how it is set up. Overall it is a good thing, because the "rich" usually spend more money anyway, so they will pay out more in taxes due to purchasing more every year. The only problems that I see are that some want to set it up with issuing rebate checks for certain "cost of living" goods that we purchase. That would be nice except for fact that it has been mentioned by some that they will mail the rebate checks out to every individual that makes purchases towards these items monthly. That would be very hard to keep up with, and with how unreliable our postal service can be, I wouldn't trust that it would work out that well. Maybe I'm wrong on this part, and there is a way to do this, but it seems complicated. Overall, I am in full support of the fair tax plan as long as there is a somewhat "simple" way to do it. |
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primetimebronco
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I like the idea. The Dems would never go for this because they couldn't get their hands on enough of our money. |
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