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Income taxes

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Income taxes

Postby Shorty » Tue Apr 15, 2014 8:45 pm

I filed my income taxes today. Did you get yours done? Here are some points to ponder:

The rich pay the lowest percentage of their income in taxes. The poor pay the highest percentage of their income in taxes. The Paul Ryan budget would help the rich pay even less taxes.
https://www.facebook.com/wisaflcio/phot ... 69/?type=1

http://front.moveon.org/is-our-tax-syst ... 0198Ve9Y0o

The biggest portion of your taxes goes towards Corporate Subsidies, more than towards the military and medicare combined:
https://www.facebook.com/photo.php?fbid ... nt_count=1
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Re: Income taxes

Postby gargantua » Tue Apr 15, 2014 9:12 pm

Yeah. I owed the Feds 400 bucks. I don't miss the mortgage, but losing that meant losing the mortgage interest deduction. I've already adjusted my withholding for next year.
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Re: Income taxes

Postby Donald » Tue Apr 15, 2014 9:38 pm

Yeah, I sent them in about five days ago. I'm one who likes to file hardcopy returns. It's not that I don't trust the technology. I just like the old fashioned pen to paper grind it out approach. And I do them myself---no help from some "tax expert." I have never been audited, but I have had a couple years where IRS found errors in my favor. I love those folks.

I have some sympathy with finding a way to simplify the tax code, but I like ferreting out some credit or trick that saves me a few dollars. When I was young it was easy to file. Less money, no kid in day care or college, and no investments means less need to deal with lots of Schedules and Forms. A few years later I had a kid and a couple bad years with a fledgling home-based business. That got me acquainted with a lot of the complicated parts of the code, and the Earned Income Credit, which is the best thing in the code. With the Bush recession, I got acquainted with capital losses, and with the Obama years with capital gains. Anyway, next year the wife retires and collects social security and pensions and I get to learn a whole new aspect of taxes.
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Re: Income taxes

Postby green union terrace chair » Tue Apr 15, 2014 10:59 pm

Shorty wrote:The biggest portion of your taxes goes towards Corporate Subsidies, more than towards the military and medicare combined:
https://www.facebook.com/photo.php?fbid ... nt_count=1

Sorry, I don't accept "Bitchy Pundit" as a valid source.

Where do these "corporate subsidies" that are 8x the defense budget (and 2x the entire federal budget) fit in?
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Re: Income taxes

Postby Shorty » Thu Apr 17, 2014 8:17 pm

I agree that bitchy pundit may be questionable but there are two others sources cited at the bottom of the FB post. The common dreams one explains their math:
http://www.commondreams.org/view/2013/09/23
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Re: Income taxes

Postby gargantua » Thu Apr 17, 2014 9:14 pm

I notice the paper Isthmus attributed Shorty's first post to me, and mine to him. I wonder how often that happens?
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Re: Income taxes

Postby Shorty » Fri Apr 18, 2014 8:53 pm

I noticed too. Oh well no big deal.

More bad news about taxes. Foodstamps cost the average taxpayer $36 per year. Offshore tax havens cost the average taxpayer $1,259 per year.

https://www.facebook.com/photo.php?fbid ... =1&theater
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Re: Income taxes

Postby Shorty » Thu Apr 24, 2014 8:31 pm

America’s Top 10 Corporate Tax Avoiders
http://www.sanders.senate.gov/top-10-co ... x-avoiders

1. General Electric
From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.

2. Boeing
From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective U.S. corporate income tax rate over this six-year period was -2 percent.

3. Verizon
From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS.

4. Bank of America
Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1.3 trillion.

5. Citigroup
6. Pfizer
7. FedEx
8. Honeywell
9. Merck
10. Corning
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