Category: Taxes

Categories
Taxes

You think the taxes

themselves are the whole story? Uh, no. Think of the compliance costs…

Look, taxes are only part of it. You also have to spend a great deal time, even if you have someone else do their taxes. You need to search and look for all the documents that you need. Then, if you have an accountant, you need to bring all the material to the accountant. And of course, the accountant does not work for free. So we will cost you some money to be in compliance with the tax laws.

And the tax laws are so complicated and the IRS is so severe and unforgiving, that you really don’t dare do yourself if you have anything more than one income from one source. So the compliance costs are huge. It’s not just the actual bottom line in taxes that are an issue.

Categories
Evil Taxes

And here we see

perhaps the biggest reason for the involuntary tax withholding scheme. I have always thought it was just anesthesia for the Government taking a BIG bite out of your butt. But no, I think there is also another reason, one that is at least as important, if not more.

When you consider all the money the Feds have stolen (yes, stolen) from you and put it to Somali and other frauds, it is nothing short of stunning! And you may feel inclined to revolt, and refuse to pay taxes until they clean their act up. Sure, that makes sense!

BUT, you can’t. Even if you are willing to risk prosecution. Social Security money is being taken directly out of your paycheck–about 10% of your salary. You never even see it. In other terms, if your salary is $100,000.00 per year, about $10,000 of that is skimmed off the top for FICA taxes.

You pay 6.2% in FICA (social Security) tax (which your employer must match). Plus MEDICAID. And then you pay income taxes, based NOT on what is left, but on the original amount! And it is withheld. The average Federal income tax last year was 14.5% And then state income taxes.

So out of your yearly salary, you pay between 36-40% of Federal income taxes. BUT WAIT, THERE’S MORE! You also pay state income taxes, and then perhaps local taxes. And throughout the year, there is, say, a 6% sales tax. Your disposable income is not really $100K a year. It is more like $60K, tops. Probably more like $55k, Again that is the best-case scenario.

Your paycheck is actually not $8,300 a month. It is effectively about half that. And let’s say you hit it big in the lottery, winning a million bucks! Well, about half of that goes to taxes–right off the top…

Then property tax on your home (at an unrealistically inflated assessment). And your car. And constant sales tax at maybe 6%. You are merely sheep to be fleeced

THAT is why the gov’t punishes 1099 workers so severely in terms of taxes. MANY 1099 workers seek the shelter of being a regular employee, because the punitive experience of being 1099 is so bitter and the anesthesia of withholding just makes things SO much more numb and less painful. With withholding, you can hardly feel the needle going in!

To cite the immortal words of Pink Floyd (in quite another context): OK, it’s (withholding) just a little pin prick/There’ll be no more aaah!/But you may feel a little sick.

I hope you are feeling a little sick about Federal taxation…

Categories
Taxes

I can’t tell you

how much I hope that happens. I know Leftists who claim that it is just fine, but they are just anesthetized by the dark magic of withholding.

I am not an employee. That means there is no withholding for me and I am charged double in Social Security taxes (maybe you didn’t know your employer pays half your Social Security bill in order to pay you–you only see half).

But I have to cut a personal check for the entire amount each year. I also have to hire an accountant because the tax forms for a contractor are far too complicated for the educated layman, and the IRS is famously unforgiving…

I don’t mind paying taxes. But I do object to being reamed…

Categories
Taxes

The BBB is a MAJOR

tax break for seniors. HUGE!

“The bill ensures that nearly 90 percent of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy,” the agency said in a July 3 statement.

Categories
Taxes

Our elected

Senators and Representatives better get off the can and get the BBB passed! I really don’t need a massive tax increase with the end of the Trump tax cuts.

Categories
Taxes

Please understand,

the BBB doesn’t increase debt at all. Quite the opposite. The issue is that the financial scoring is skewed. It assumes that there is a sunsetting of the Trump tax cuts. And without those tax cuts, the government would take $4 trillion more. That is where the figure comes from, not from the bill itself.

Don’t be fooled by this deliberate sleight-of-hand!

“It wasn’t even my idea. It was Axle and Loco. They talked fancy to me, I GOT CONFUSED!”

Don’t let the deliberately ignorant and the uninformed talk fancy to you and make you confused.

Categories
Taxes

Yeah business

owners are not going for this crap!

Honesty, the people endorsing don’t know Jack crap about running their own business. THIS yes why you never vote for anyone who has not had to live off his her own business! That would exclude about nine out of 10 people on the Left…

The dark magic of withholding has destroyed most people sense of what is appropriate regarding taxes. I know some Lefties who say,” I look at my paystubs and I know exactly how much going out.” Yeah, how about they pay no taxes all year and then write one big check at the end of the year for all that they owe. I guarantee you that that would make a big difference in how they view profligate spending!

Categories
Stooooopid! Taxes

Honestly, what

is WRONG with Democrat leadership and the mindless Democrats shlubs that follow them? I mean, why on earth would they keep choosing the most unpopular side possible?

I mean, really? After Elon Musk threw the curtain back on MASSIVE waste, fraud, and abuse Democrats want to stiff regular people for even MORE money? You’ve GOT to be kidding!

That’s a vast coalition in favor of extending the Trump tax cuts, which Democrats adamantly oppose. It’s not even an 80-20 breakdown in this survey; it’s 84-16. Democrats are taking the side of imposing the largest tax increase in the history of the country on the American people, across the board.  

Categories
Taxes

The EPA is a

“massive crime scene.”

Sick. That is sick and wrong. This is our hard-earned money!!

Yesterday, my wife and I wrote a check for taxes (I am a 1099 consultant, so I’m not an employee). I really wish everyone wrote a check for taxes so they were not beguiled by the dark magic of withholding.

If that were the case, there would be a whole lot more attention paid to spending and waste. But there is a reason for withholding. It is to prevent people from feeling the pain of writing a check. It is fundamentally a form of fiscal anesthesia. Because if they had to pay directly, people would be very much involved and concerned about how their money is being spent! And that is something that makes Democrats roll back their eyes and rear like a shying stallion…

.

Categories
Taxes

Yeah, I’m not

particularly broken up about this. Nor is anyone else.

A flat tax is really the only thing that makes any sense. It is simple and it would be easy to calculate your tax debt. And most people would have no objection to that, at least in principle.

It is also fair and it applies identically to everyone. It would also mean that we don’t need all these IRS agents. Nor would we need a horde of tax advisors and calculators. As it is, there is almost no way for a regular person to fill out the forms correctly. You have to hire an accountant.

And maybe that is why we had the current system. It is purely a “make work” program.