 I lent my brother £15k as house deposit- he has now paid me back £60k - do I have to declare this to taxman? |
| 8 years ago I lent my brother £15k to help him buy a house (house cost £60,000). We had a basic agreement drawn up between ourselves that until he was in a position to repay me, that I was ... |
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 Direct Deposit Question? |
| I was told online that my refund check would be deposit to my account on 2/9/07. When I check this morning it was not in there so, I waited to 4PM and it still was not in. I called my bank to see if ... |
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 Should we hire a tax attorney ? |
| The IRS placed a levy on my daughter's paychecks today. She hasn't filed a tax return in nearly 15 years. Should she hire a tax attorney , or deal directly with the IRS to resolve this ? F... |
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 What do uk mean when they say 'annual salary'? |
| lets say one's annual salary is 30,000 pounds? does the employer pay all in advanced at the beginning of the year?? or what??... |
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 Do I have to pay taxes? |
| I am 16. A friend and me mow yards during the summer, and make somwhere around $500 each. Do I need to pay taxes even though I'm only 16?... |
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 Taxing the rich and poor? |
| Hi guys,right im writing this arguement 'why its right to tax the rich a higher percentage when they earn other a certain amount then the percentage you get taxed under a certain amount. I think ... |
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 Only answer if u TRULY kno? |
i got my tax return direct deposited will my rebate check be direct deposited too?
thanx in ... |
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 Live in one state, but work for a company in another. Who's state tax do I file under? |
I work for a university in Michigan. I'll be moving to Hawaii in a few weeks. It's a permanent job. My question has two parts:
1. Will I have to file 2 state tax returns for the ... |
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 Are we going to lose out on our tax return just because we got married? |
| Last yr my tax return was around $4500 and my fiance's was about $3700 thanks to EIC. Now I'm finding that because we got married we cannot file separately if we want EIC. We have to ... |
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| My son is 18, living at home.. been working for the last 5 months can claim taxes this year, can i claim him? |
| My son is 18, living at home with me. He has been working for the last 5 months and can claim taxes this year. can I still claim him this year also?... |
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SmallVoiceInBigWorld | Will our taxes really be enough to pay for Obama's new spending? |
Obama's whirlwind big spending for his ads and campaigns makes me wonder how our taxes will be enough to cover all his proposed new spending, His campaign fund raisers won't be handing money over to him anymore and it doesn't seem that our taxes will be enough if 95% of us will not see our taxes raised? Plus, our taxes will have to support additional immigrants and the unemloyed citizens who are willing to sit back and soak up the free handouts!
Additional Details
Re: Veritatu's excellent answer: Isn't it true that Obama wants to make it easier for illegal immigrants to get citizenship and some will get social security even tho they've never paid in? If so, that decline you mention will increase again. And haven't you heard, as I have, business owners saying they'll fire some of their employees as a self remedy against Obama's taxation, thus, possibly lose their business and fall into the 'below 250,000 category . Thus, fewer jobs for the established citizens and new immigrants alike. |
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Gem
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The bulk of taxes are paid (accrued actually) when an item sells OR profits are made.
Some of our largest taxpaying corporations are showing losses this year (and next-lets be honest)
So, no income taxes. No income means no income tax.
The government ALREADY spends billions more than they collect, every year. Now add the promised extra payments over the past year ALONE and we are heading towards a $1 TRILLION debt load just for the government. Add another trillion for personal credit card type debt.
We are in a perfect storm and things are going to continue snowballing and get really bad.
Throw in punishments to the few that are still doing ok, and you are going to see a virtually dead economy-for a long time.
So no, even if the economy were doing GREAT, the taxes would not be enough.
Now, well let's just say
Welcome to the land of the poor & taxed to death.
Fun times. |
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Veritatum17
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This isn't about being open-minded towards Obama or any political rhetoric; Obama's proposed policies do require a large degree of spending, and it is a very legitimate fiscal question to ask whether his proposed tax cuts and spending will be feasible.
This question is especially pertinent given that we are forecast to be in a recession for the next two quarters, which means that tax revenues drop (as income drops), making it more difficult to balance the budget against an expansionary fiscal policy.
I'm doubt most unemployed citizens (having been one at a couple of points due to layoffs) would see themselves "soaking up" unemployment insurance - it's enough to get by on, barely, and that's what it's meant to do until you find your next job.
Lastly, it should be noted that estimates of illegal immigration show it declining, partly because of crop failures and soft demand for gardening services, both of which employ large numbers of illegal immigrants in southwestern states. |
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Randall E
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A hike in tax RATES may very well actually reduce tax REVENUE.
This is because the tax cuts produced increased tax revenue.
How do we know this?
We know it because actual revenue after the tax cuts exceeded - by hundreds of billions of dollars - the revenue that was projected to come in without the tax cuts.
Obama doesn't grasp that despite the mountains of data that show it.
That's perhaps the scariest thing about Obama. |
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Charles G
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If Congress (not Obama, he cannot change tax laws) gets rid of what is called the "Bush" tax cuts (again, it was Congress, not Bush, that cut the taxes) then everyone who pays taxes will see a tax increase. |
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polo52521
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i say who ever wins the election should try and push the fair tax harder and they should cut spending in useless programs. because when we are 10.5 trillion dollars in debt i think something needs to change. |
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Nefarious Fox
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This kind of thing is not that hard to figure out. You take projected tax revenue (simple math) and subtract the amount you plan on spending (simple math). We only get into trouble when people are irresponsible and consistently spend more than we take in. This is the kind of unforgivable waste that has put our nation's debt in the Guinness Book of World Records (not kidding).
As far as "soaking up free handouts", this country doesn't make anything easy for anyone except for the corrupt and wealthy. What your saying doesn't hold a single grain of truth, and it makes you sound ignorant.
Best of luck
-Fox |
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Clark Kent
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He won't need any taxes, since he can use deficit spending to pay all government expenses. |
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Mercer
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Yes! He already has it planned out very well. There isn't very many who want to sit back and get handouts. Most people are willing to work if there are decent jobs. The wealthy people often ship jobs over seas. So good opportunities are not always there. |
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JeffC
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Our current tax situation paid off Wall Street + The War on Iraq for 5+ years... I dont think Obama will have any negative affect.
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Macman
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You sill don't get it, how sad. Time to open your closed mind. |
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