| Feb 11 @ 10:31 PM |
Tax Rebates: Thank Me Here
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Gallows_Humor
Posts: 7,784
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http://www.usatoday.com/money/perfi/taxes/2008-02-08-tax-rebates-qanda_N.htm?csp=34
Even though I worked about 70 hours a week last year, I won't be getting a tax rebate because I was too successful........
PS: Why should I be angry that Washington politicians used my hard earned money to buy your vote in an election year?
what is your problem DR...
is the 600 dollars that you are not getting going to make any difference to your standard of living one way or another ..?
what I want you to say just as loudly is..how much in taxes you didn't have to pay when Bush gave you all that tax relief when he promised the rest of us that it made sense..
just for you, DR.. I found this site...which spells it out in simple terms that even you can follow... 
http://www.ctj.org/html/bushcut.htmSo how would the Bush tax cut plan affect the President and his wife? The following table looks at the likely effects of the Bush income tax cuts on George W. and Laura Bush, from 2002 when the plan begins to be phased in through 2006 when the income tax cuts are fully in place. The figures show that by the time the tax cuts are fully in place, the Bushes can expect a reduction in their federal income tax bill of almost $100,000 a year.
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| Feb 11 @ 11:33 PM |
Tax Rebates: Thank Me Here |
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steveemac
Posts: 2,336
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I'm going to use mine to pay for my medical expenses, mainly prescriptions-you know, the ones that the well-to-do constantly persecuted NeoCons insist are a "privilege."
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| Feb 12 @ 12:34 AM |
Tax Rebates: Thank Me Here
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Angel54214
Posts: 13,926
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Hey Diamond...you still might win out with a check!
Treasury chief: Tax rebate checks to go out in May
WASHINGTON (CNN) -- Tax rebate checks will begin going out in May, Treasury Secretary Henry Paulson said after the House's passage of a Senate-approved $167 billion economic stimulus package Thursday.
The House of Representatives voted 380-34 to send the measure to the president a few hours after Democratic and Republican senators reached accord and ended a dayslong stalemate over the legislation.
Earlier, two White House officials said President Bush would support the package. The bill will be delivered Friday to the White House, with Bush's signing likely sometime next week, Democratic aides said.
The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.
http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
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| Feb 12 @ 12:37 AM |
Tax Rebates: Thank Me Here |
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lazareth
Posts: 1,066
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well then he can forward it to me and I will personally make sure it gets sent back to the government since he has no use for it 
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| Feb 12 @ 12:41 AM |
Tax Rebates: Thank Me Here
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Jankia
Posts: 9,088
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Unless he takes me up on my bet,then hell need it to pay me off. 
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| Feb 12 @ 12:43 AM |
Tax Rebates: Thank Me Here |
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daisy315
Posts: 4,281
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he can send it to me sis.. waiting in line at the food bank is getting mighty old.. 
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| Feb 12 @ 12:44 AM |
Tax Rebates: Thank Me Here
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Angel54214
Posts: 13,926
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We gotta watch out for that "seven year" IRS bad luck sydrome. 
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| Feb 12 @ 12:49 AM |
Tax Rebates: Thank Me Here |
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daisy315
Posts: 4,281
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I made 900 bucks last year.. not counting my unemployment .. think old Georgie will send me a check?
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| Feb 12 @ 1:00 AM |
Tax Rebates: Thank Me Here
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Angel54214
Posts: 13,926
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daisy...you very well could qualify for the $300 rebate, but make sure you file.
[Edited on 2/12/2008 1:07 AM]
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| Feb 12 @ 1:12 AM |
Tax Rebates: Thank Me Here |
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SensualGemini
Posts: 3,460
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SNG wrote: Just so I'm clear on this: The maximum income tax rate is still 35%, right? They didn't jump it up to 75% or something while I was away at work, right?
...Actually, it goes much higher, with total FICA at 15.3%, Medicare at 1.45%, State Tax that varies but around 3% and Federal withholding maxing out at 35% for a total out of your check, depending on state, of around 54.75% and that is before all the rest of the taxes we pay.
...Granted, the employer pays half of FICA, but otherwise, you would be receiving that as well and the self employed do pay the full amount.
...And typically, if you don't belong to a Union, your wages are less, but add the cost of Union dues to even have a decent paying job.
...Real estate taxes hover around 3.5% of the appraised value each year, utility taxes are about 20% of each the telephone, gas and electric bill, state sales tax that is around 4 to 8%, depending on state, county and local, Federal gas tax is 18.4 cents a gallon (soon to go to 40 cents) and your state tax, etc. and etc.
...No SNG, it may not be 75% outright, but getting close when you add all government imposed taxes.
...Depending on the state, but welfare recipients on section 8 housing do not pay property taxes, often no utility bill, so not any utility taxes, no employment taxes and of course, little need for gas taxes to get to a job. Food stamps are free and no tax there. Health through Medicaid and not Medicare is paid for, etc.... and on top of that, they qualify for the child rebate that is often in the $Thousands annually from those that do pay taxes.
...Yes, I can understand DR's gripe. 
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| Feb 12 @ 1:20 AM |
Tax Rebates: Thank Me Here
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Angel54214
Posts: 13,926
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Food stamps are free and no tax there.
Absolutely correct Gemini...Also to add, that if a family that has been on the food stamp (card) program and was over drawn on their max allowed, the IRS holds there rebate check (no longer than 14 days by law), until the adjustment over drawn amount is applied and subtracted from the rebate amount. This happens a lot and not sure why the over max allowed happens and just causes havic in the end for the families.
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| Feb 12 @ 1:26 AM |
Tax Rebates: Thank Me Here |
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SweetNapaGuy
Posts: 4,526
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If I recall correctly, FICA (Social Security) deductions are 6.2% each for employer and employee (12.4% of 92.35% of your income, if you're self-employed). HOWEVER, it's regressive: It only is taxed on the first $100k or so. So the total (i.e. federal, state, and payroll) marginal (i.e. each additional dollar) tax burden does drop as you make more money. It's like a bell curve.
Medicare doesn't have a maximum. It's 1.45% each for employer and employee (2.90% of 92.35% of your income, if you're self-employed), whether you make $1 or $1,000,000,000.
So someone making the top tax bracket gets the following marginal tax rate on their last dollar earned for the year:
35% Federal income tax rate
0.0% FICA payroll tax
1.45% Medicare tax
3.0% State Income Tax (as per your post)
Total: 39.45% tax rate
Someone who's in the middle-class tax brackets (let's say, $34k to $79k):
25% Federal income tax rate
6.2% FICA payroll tax
1.45% Medicare tax
2.0% State Income Tax (to be conservative)
Total: 34.65% tax rate
So there's not a major difference between the two. The middle-class guy takes home almost 5% more of each dollar, but then, they're not taking home as many dollars.
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Property taxes: If it's a home, the owner pays for it. If it's a rental, the tenants pay for it. No big difference there.
Utilities: Same effect on everyone, based on usage.
So no, I'm not seeing any major impositions on the upper crust, any more than the middle class.
[Edited on 2/12/2008 1:29 AM]
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| Feb 12 @ 1:28 AM |
Tax Rebates: Thank Me Here
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Angel54214
Posts: 13,926
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I'm going to use mine to pay for my medical expenses, mainly prescriptions-you know, the ones that the well-to-do constantly persecuted NeoCons insist are a "privilege."
If you itemize, you can claim those medical expenses as long as the total exceeds 7.5% of your AGI. If you file single, you can use the 1040 form.
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| Feb 12 @ 1:37 AM |
Tax Rebates: Thank Me Here |
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Angel54214
Posts: 13,926
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Unless he takes me up on my bet,then hell need it to pay me off.
 If he's smart, he will ask how high will you raise him. 
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| Feb 12 @ 1:40 AM |
Tax Rebates: Thank Me Here
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SweetNapaGuy
Posts: 4,526
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This happens a lot and not sure why the over max allowed happens and just causes havic in the end for the families.
Just a quick guess, but I'd say it probably has something to do with "cost of living" increases not keeping pace with the rising cost of groceries?
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| Feb 12 @ 3:24 AM |
Tax Rebates: Thank Me Here |
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SensualGemini
Posts: 3,460
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SNG, I wrongly added the 1.45% for Medicare, which is already in FICA. I feel better already....
...Since I am self employed, I pay both employee and employer under what they call Self Employment Tax.
...The breakdown of FICA is 6.2% for Social Security (Old-Age, Survivors, and Disability Insurance or OASDI) and 1.45% for Medicare.
6.2 (SS) + 1.45 (Medicare) = 7.65 (for each employee and employer) X 2 = 15.3%
FICA Tax
My state tax is 3%, where they go as high as 5.35%
State Income Tax tables
...Depending on how you file, Federal can be 35% at $174,850 when married and filing separately, or $349,700 when married and filing jointly. Singles due not hit 35% until the married and filing jointly bracket and I have heard of some people getting divorced to save on taxes.
...Property taxes are not owed by section 8 housing, or by non-profits set up for section 8, but the homeowner has to make up the difference to support the school system, where about 80% of my property taxes go to. No increase is coming forth from the Feds, where children of Illegals fill many schools.
...Here, utilities, day care, certain transportation, food stamps, medical, etc. are paid for welfare recipients and even others that are subsidized through a work training program that attempts to get them off welfare.
My response, although incorrect for here, was to your prior quote:
SNG wrote: Just so I'm clear on this: The maximum income tax rate is still 35%, right? They didn't jump it up to 75% or something while I was away at work, right?
From what I understand, pretty much every other liberal Western democracy has a higher tax rate. I guess you could live on your own island, but the commute would be tough. Or you could live in some third-world country...
Face it, no country is as friendly to the wealthy as the US. The constant whining of the well-to-do about the "persecution" they face grows wearisome.
...Whereas my attempted point to be made was that you don't have to be wealthy, but middle class to be paying a load of taxes to support the social programs that have no end in sight.
...I mean, somebody has to pay in, for another to receive. And I certainly think an ongoing 35% for Federal alone, is a chunk to pay for someone that is married, filing separate and making over $175,000 annual. Add FICA, whatever State and all the other taxes to just be able to get to work and the incentive is to just sit on your ass, smoke a camel and wait for the check as millions do.
...With that, giving tax breaks to the wealthy, although I have no idea where these breaks are, is certainly an incentive to make more and thus pay more. From the paragraph above, if you live in say Minnesota, even after FICA at $102,000 or so, you will still pay 40.35% on every dollar you make on the check, even if it was $Millions and before any other taxes.
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| Feb 12 @ 9:11 AM |
Tax Rebates: Thank Me Here
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SweetNapaGuy
Posts: 4,526
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So what social programs do you not approve of? Social Security? Medicare? Given the dissolution of the multi-generation household, how do you intend to care for the elderly?
Welfare? It's been pretty much dismantled. The reforms of the last twenty years have been brutal. There's now a maximum lifetime benefit, if I recall correctly.
Unemployment? It's similarly brutal. People are tossed off the rolls at the drop of a hat, even when their regions are economically depressed. And the cost of moving to a new region can be prohibitive.
The whole "people are getting rich off of the feeding trough" meme has been done to death. While it may have some validity, it doesn't have the same ring of truth as in decades past. The majority of the social safety net is Social Security and Medicare, and any plans to scrap either is both heartless and doomed to failure.
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| Feb 12 @ 9:29 AM |
Tax Rebates: Thank Me Here |
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COWBOYBILLYBOB
Posts: 458
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THANKS, DR!!!
Since you are so successful, and make so much money, it is highly likely you got yours a few years back! (Bush Tax Cuts!) Now, us "little guys" will finally get our "tax cut"!
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| Feb 12 @ 2:11 PM |
Tax Rebates: Thank Me Here
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blueyes101
Posts: 8,306
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I personally just wish to be thankful it is an election year, or you would have seen the parties divided like the red sea.......
Taxing the rich.......... what exactly is rich? How much is it? Many throw the term out there...... But no one ever defines it....
I personally have never made a dime off a poor person. I have certainly never worked for a poor person.... The only jobs they really create is at the state and federal level, buy who gives then/ or should I say oversees their handout.
I hate when the politically correct crowd clouds the issues by lumping folks together...
Lets take the homeless for example. If you are living in say Flint Michigan and was laid off years ago from GM, your benefits have run out, your house was foreclosed on and you and your family are sleeping in your car..... That IS homeless !!!!!!
If you decide to drop out of society and sleep in a card board box under an overpass and refuse to get a job.......... This is a bum !!!!!!!!!
Welfare has the same problem. So does unemployment. So does every program ever conceived to help people. Some need it, and some abuse it.
Our real problem is those who need it, are unable to get it, due to some bureaucratic snafu. You made too much money last year...... ( but you are broke now ).
But the illegals are able to receive every possible handout available, due to the fact they have no income to report.
The proud, want a small portion of help to survive.... The lazy stand and demand their slice of the pie everyone else is working for.
And the politicians prey on both of them, taking your money, handing it to others to secure a vote.......  Where's my gun ? 
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| Feb 12 @ 2:24 PM |
Tax Rebates: Thank Me Here |
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MusicMonster
Posts: 2,954
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Blue asked:
Taxing the rich.......... what exactly is rich? How much is it? Many throw the term out there...... But no one ever defines it....
Hi Blue. It is income in excess of $1,000,000.00 annually. Which equates to the top 1% in the nation. We covered this matter quite recently in another thread here. But I don't recall which one. There were absolute references. If I run across that I'll link it in for you.
That is, as it relates to the Bush Tax Cuts, which I assume you are referring to.
-MM 
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