How should I spend my tax refund? |
| Me and the wife usually go on a vacation. However this year we are in debt with credit cards and personal loans for a total of $3200. Our expected tax refund would be $3000. Play it safe and payoff ... |
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Overpaid Paycheck Because Exemptions? |
| Last two paychecks, I noticed I was getting an extra $200. Today, I accounted for that $200 based on less taxes taken out for Federal and State. The reason? They changed my exemptions from 1 to 9! ... |
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Why is my federal tax refund so low this year? Should we file separately? |
| We had a baby in 6/06 and thought our 2006 federal refund would go way up; we received about a $1200 refund last year. In 2006 I made $44,557.50 and had $4563.19 federal withheld; my husband made $47... |
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Are taxes based on total income or taxable income? |
| In other words do I calculate the eaxes I owe (I'm in the 15% bracket) based on the total income or the income after all the deductions are taken out?... |
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Can I deduct it in 06 if I buy online today? A business purchase? |
I want to buy a computer and deduct it off my taxes (it's for my business.) Can I buy online today and deduct it or does it only count for the day it gets shipped?
I'm talking a large ... |
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How long do you have to work in order to file for taxes??? |
| i have been working since aug.2006 so i was wondering if i can file for taxes???... |
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Can I file taxes twice? |
I changed my job mid last year and got a new one. I have only received one W2 form.
Can I file taxes with the one W2 I've received, and then file again when i get the second one?... |
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£60 tax rebate in our September pay packets? |
Is it true that those of us on the basic tax rate of 20-22% will get a tax rebate of £60 in our September pay packets and also a nett pay rise by £10 per month for the rest of the tax year?
<... |
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Can the IRS lien property in my name if my husband owes them money? |
We are attempting to resolve his IRS problems, however I am aquiring property and only want my name on deed. Will I be liable for his debt if it was incurred before I obtained this land. A... |
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Obama's plan for tax cuts for the middle class..? |
From NBC's Andy Merten and NBC/NJ's Aswini Anburajan
A day after calling for greater transparency on Wall Street, Obama focused on middle-class tax relief while speaking today to an ... |
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I'm a student well under my tax threshold, but my recent p60 shows over £400 tax paid.How do I get this back? |
| In addition to the title, where do I send off to, how long does it take, if I go through an intermediary how much do they take, doe anyone out there have prior experience of this situation?... |
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To all carers in the uk? |
| we all work 24/7 saving this government a lot of money for peanuts,dont you think we deserve a rise?... |
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I am receiving a large personal check, will I be taxed and do I have to report this to the IRS? |
| I am getting a personal check from my grandparents for $19,400. It used to be in some sort of account that they had set up for my college but I am done with school and they are sending me the rest in ... |
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The hate cleric Bakri's daughter gets £360 a wk benefits yet I pay tax on a pension of £224 wk. Is that fair ? |
| Mine and my wife's old age pension and a small private one are left with £210 a week after tax and are not entitled to state benefits. Had we been on state benefits, we wouldn't be liable ... |
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Where is my economic stimulation payment? |
According to the irs schedule I was supposed to get my stimuation payment deposited into my bank account on Monday. I have yet to see it post to my account. What are the possible reasons why? A... |
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redcore86 | Is it fair to tax rich people more than poor people? |
I dont think it is fair because in America everyone is supposed to be treated fairly. |
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John W
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No. The people who push the agenda of taxing rich people at a higher percentage than everyone else are socialists and communists who really want to make everybody poor so that they have to rely on the government to take care of them. Rich people are not as easy to subject to the power of the state as poor people are.
They also forget that it's the rich people who employ almost everyone else. If you take away the "profits" of the rich people, what is their incentive to grow their business, to hire more people, to give to all the charities and non-profit organizations that they keep running? Did you know that even the biggest, most successful companies in the world end up reinvesting most of the money they make back into the business? Look at the donors list of just about every charity and non-profit organization you care to name. What do you see at the top of the list in terms of money and/or material donations? Companies that are owned by "rich" people. If the government keeps raising taxes on the rich people, you're going to see those donations dry up. The government is really inefficient at taking tax money and using it to provide anything for the poor people. There is a lot of overhead and cost associated with the government that non-profit organizations and charities could never get away with. Remember when the Red Cross got in trouble because some of the full time staffers were giving themselves a little pay raise? The Congress gets to give themselves a pay raise whenever they want to.
Also, when owners of companies have to pay more taxes, they can pass on some of the cost of that on to their customers. Higher production costs (which includes taxes) mean higher prices for customers. Ever wonder why the cost of goods and services keeps going up? It's partly due to the fact that companies have increasing expenses.
If every citizen and legalized worker had to pay 5% of their income in state and federal tax combined, that would be plenty of revenue for the governments (especially if they cut some of their most wasteful programs). As it is, millions of citizens don't pay any income taxes at all. Their employer deducts pay from their wages and pays income tax that way. The employee might pay a little but then gets it back in a "rebate" check later on. They pay other taxes which might ammount to a quarter of their income but that's it. Meanwhile, "rich" people are paying almost half their income in taxes by the time you add all the different taxes up. If middle class and poor people had to pay as big of a percentage of their income as "rich" people do now, they'd be flat broke as far too many people don't keep money in savings and investments.
Then there is the less obvious taxes on the rich like property tax which they have to pay wether their company makes any money or not. There have been family owned farms and ranches that have had to sell their place and go out of business (one less source of domesticly grown food too) because they didn't make enough money to pay their property taxes and the bank wouldn't loan them enough to cover it. There's also the "death tax" which should be abolished totally. With it, when a person inherits something, the value of that something is taxed. Sometimes, it takes years for the survivors of the deceased to pay the inheritance taxes on what they were left. That's why you see so many families who own a business having to set up S corporations and have company presidenst and VP's etc. on paper even though no such structure exists in practical terms within the family-run business. All that complex figuring and paperwork is just to make it so that the owner of the business (dad, grandpa, mom etc) doesn't have to will the business and land to the family when they die. When they die, someone else just gets elected company president. Otherwise, they often have to sell the land and assets just to pay off the inheritance taxes. |
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Judy1
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I'm not sure just what "fair"means here, but it's certainly practical.
And I remember things like freedom of speech and religion in the Constitution, and life, liberty and the pursuit of happiness, and all men created equal, in the Declaration of Independence, but don't remember the line about everyone being treated fairly. |
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cadude14
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No, the rich work hard and take many risks in order to acquire wealth. Ninety percent of those considered wealthy actually earned, rather than inherited their incomes. The money rich people spend and invest greatly jump start the economy and enables them to provide jobs for the rest of us. The top five percent of households already pay sixty percent of taxes to the US government. Many politicians want to tax the upper class even more. To do this would be a great mistake and further decimate our already weak economy. As it stands now, the current tax system punishes people for working hard and therefore must be reformed as it does not treat people fairly. |
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Fred Fred-burger.yes.
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yah, the more something costs the higher tip you give, so its kinda like the opposite of that |
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quizzard123
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Fair is a relative term.
The rich are taxed proportionally higher because they are better able to pay, it's as simple as that. This is called a progressive tax system, and almost all western countries use such a system.
The realistic and the more forward thinking among the wealthy class realize that they can give more, and that they should. For instance, let's suppose we have two taxpayers, one of whom is making $20,000 per year, and one of whom is making $2,000,000 per year. Surely anyone can see that taxpayer #1 has much less income (both in % terms and in real dollars) left after paying for essentials? It follows then, that Taxpayer #2 can pay more, without impacting his way of life.
I'm well above the median income where I live, and so I pay more than the hourly guys who work for me. I don't have a big problem with that.
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stella_howland
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no everyone should pay the same percent of their income. You shouldn't punish rich ppl for being successful. |
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JG
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yes, because the rich get rich by stealing from the poor. |
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magickalmiki
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I don't think so; just because they make more doesn't mean they don't deserve what they earned any less than lower-income people. I think that the people who are at poverty level should have tax breaks...it should all just be one percentage. Of course the government won't do that though, because when they see the potential to get more money, they do it. |
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blueink
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Rich people pay less taxes. Look it up. They are only taxed on like the first 100,000 they make. A large portion of their income is tax free.
Yeah in America we are supposed to be equal....but once you educated yourself you will see the poor man fits the bill. |
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