I'm getting hosed by the IRS this year!!!

[Good_Steward]

Hey, try being a foreigner here, legally!
I have to pay into all the unemployment insurance, pension, medical, retirement funds & I'll never get to claim a damn penny of it back!

Thanks, Rob! Lol

[E4 No More]

Changing the election date might be difficult, but changing payroll wouldn't be too hard.... have all employers switch their employees to independent contractors.  No more W2, you'll get a 1099. :up:

There's laws against that.

[rmiddle]

2014 will be the first year in the last five that I didn't have any 1099 income to file on.  It sucked to write a check so big I could have driven a car off the lot that had no payments due after, but render unto Ceasar and all that jazz. 

 

I do think if W2 workers (the majority of workers) didn't have their taxes taken by payroll deductions, their eyes would be open a bit more.  I also think there is no way the government could survive like that, because too many people just wouldn't save the money.  What taxes we would collect would be spent on jailing those who didn't pay up.  Our .gov knows they need to take that money before people can miss it.

 

The most head shaking I do is people who get all giddy over their refund.  Unless it's funded primarily by the child tax credit, you paid too much in, which was basically an interest free loan you gave the government.  I always make sure I claimed myself as an exemption, and never bitched about getting back a small amount.

 

I'd have to look around, but for the U.S., a flat tax would have to be pretty high for it to work.  Then when you factor in the hit on the economy by reducing the spending income of the working poor, it looks like a bad idea quick.  If anybody thinks it's a great idea, feel free to show me a country where it's thriving and how good that countries economy is.  I know you guys hate the progressive tax system, but the money it saves for those who make less isn't sitting in a savings account or an investment portfolio, it's being circulated in the economy. 

 

I believer Irland has a flat tax or at least did a few years ago before the big govt guys took over.

 

From what I have read a 10% flat tax would work in the US because close to half the people do not actually pay income taxes and some actually get more back then they put in.  The fact is many people would see an increase if the did a flat 10% tax.  If you use something like Turbo Tax it will tell you the actual percentage you paid.  I wouldn't be surprised to find out a large amount of us already pay in the 10% range already.  We might need a higher base depending on the variants we would actually go with.  The two most common variants I have seen is a) All income is taxes at 10% weather you make a dollar or 1 billion dollars everyone pays 10%.  b) The first X dollars Generally around 20K are free then everything after that is billed at X% generally around 12% but the key to a working flat tax is no deductions and no tiering.  Personally I favor a National Sales Tax and do away with the income tax all together.  That promotes savings and investment.  The key to a National sales tax is you have to kill the National Income tax 100% at the same time or the Government being the monster it is will keep increasing the number of people covered until we have both.

 

Thanks

Robert

[Handsome Rob]

Thanks, Rob! Lol

You're welcome. I'll expect my gift-wrapped 'Thank You Kimber' when you hit 60 :D

[felinesNfreedom]

This year will be the first in 5 years My wife and I will get a return and thats thanks to the child tax credit.... which went down by 500 bucks this year :( I always had to ask myself  every year I sent the Gubment my tax money is do I think I got my money's worth, the answer was usually no. I do beleive that everyone should pay something in taxes.

[Oh Shoot]

You're welcome. I'll expect my gift-wrapped 'Thank You Kimber' when you hit 60 :D

 

Do you not have permanent alien status yet? (meaning, if you do, then you can indeed at least collect Social Security after 10 years worth of employment).

 

- OS

Edited February 11, 2015 by Oh Shoot