American household owes an extra 29,000

#26
#26
T-TownVol said:
a good accountant will prevent an audit that is caused by "red flags".....the random audit is just dumb luck
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one red flag is having a bunch of deductions without owning a small business. :)

also you can end up in the AMT rather easily.
 
#30
#30
T-TownVol said:
I do not think they will give you 15% on your income. :)
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I meant taxes. I would take a 15% across the board any day. Alot of the extra would honestrly go back into the economy as I already save quite a bit. Wife calls me a tight azz.
 
#31
#31
NEOCON said:
I meant taxes. I would take a 15% across the board any day. Alot of the extra would honestrly go back into the economy as I already save quite a bit. Wife calls me a tight azz.
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I know what you meant. Just having some fun.
15% would be a great place to set the tax rate and make EVERYONE pay the same. No exemptions!
 
#32
#32
I think you should still be able to write up to 10% of your gross given to charities. That's it though.
 
#33
#33
NEOCON said:
I think you should still be able to write up to 10% of your gross given to charities. That's it though.
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I don't....you can not open that door or there will other items that are allowed. Charity is charity, give it because you want to, not to get the deduction. (I take the deduction because it is legal to do so, but I would give the same even if it was not.)
 
#34
#34
droski said:
yup. working americans are definetely getting screwed.
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The middle class is, imo, taxed unfairly. Question is, are they taxed unfairly because of breaks and discounts being given to the lowest wage earners, or to the highest?

Or is it a mix of the two?
 
#35
#35
middle class is doing just fine. it's those in the 100K-300K area who work for a company they don't own who are getting screwed. and when 47% of the country isn't paying federal taxes i think we can safetly assume the poor and lower middle class aren't paying enough.
 
#36
#36
T-TownVol said:
I know what you meant. Just having some fun.
15% would be a great place to set the tax rate and make EVERYONE pay the same. No exemptions!
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You mean 15 % of gross income, with no deductions at all? Including all forms of income, not just from employment?


Or do you mean 15 % of consumption?
 
#37
#37
droski said:
middle class is doing just fine. it's those in the 100K-300K area who work for a company they don't own who are getting screwed. and when 47% of the country isn't paying federal taxes i think we can safetly assume the poor and lower middle class aren't paying enough.
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:clap:
 
#38
#38
lawgator1 said:
You mean 15 % of gross income, with no deductions at all? Including all forms of income, not just from employment?


Or do you mean 15 % of consumption?
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gross....all forms......every person the same.....and cut the hell out of the size of government
 
#39
#39
T-TownVol said:
gross....all forms......every person the same.....and cut the hell out of the size of government
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I think you will find the GOP not too happy with a plan to tax 15% of all gross income, regardless of source, and with no deductions.
 
#40
#40
lawgator1 said:
I think you will find the GOP not too happy with a plan to tax 15% of all gross income, regardless of source, and with no deductions.
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i very much doubt that. only people that would ***** are real estate investors and even then i doubt we'd void depreciation.
 
#42
#42
lawgator1 said:
I think you will find the GOP not too happy with a plan to tax 15% of all gross income, regardless of source, and with no deductions.
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I think you are naming the wrong side on who would want this and who would not. Take away 47% of Americans that do not pay ANY income tax and the Dems will be the ones hurting.
 
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#43
#43
of course making muni income taxable would probably bankrupt a handful of states and hundreds of municipalities. but you gotta break some eggs. . .
 
#44
#44
The crowd that Droski named is the group that is taking the heaviest hit. The cannot claim enough kids to get them down to a realistic federal income rate and are stuck. I can only imagine what living in Cali feels like when you hit your state cap once you make around 50K or something, then you add in all the other taxes.

What needs to happen is the government needs to stop spending money they don't have.
 
#45
#45
Actually, since the middle quintile receives an estimated $16K in benefits from US Gov, I suppose each household owes an extree $35K....

WHOOPS! Bad math skillz!

$45K.

I have a feeling that's more than a year's salary for many on VN.
 
#46
#46
I don't understand why everyone takes LGs bait and runs with it.

Other than having a clown in chief that couldn't run a bait shop much less the US government and economy, what does everyone think is really behind the national debt problem??
 
#47
#47
utgibbs said:
Actually, since the middle quintile receives an estimated $16K in benefits from US Gov, I suppose each household owes an extree $35K....

WHOOPS! Bad math skillz!

$45K.

I have a feeling that's more than a year's salary for many on VN.
Click to expand...
Yes, that's utterly idiotic math.
Posted via VolNation Mobile
 
#49
#49
lawgator1 said:
I think you will find the GOP not too happy with a plan to tax 15% of all gross income, regardless of source, and with no deductions.
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I doubt you'll ever see this type of system implemented because it would immediately place hundreds of thousands of tax accountants and tax lawyers out of work.
 
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#50
#50
droski said:
of course making muni income taxable would probably bankrupt a handful of states and hundreds of municipalities. but you gotta break some eggs. . .
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Those eggs are getting broken in the next one to three years anyway.
 
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