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SomeMichGuy · M
@Shaveit Why do you think she is?
Wait, no, you just think the "D" after a poltician's name stands for that, right?
You have been unable to respond to my points, so I guess people reading this can draw their own conclusions as to who is the "dumb ass"[[i]sic[/i]]...
Wait, no, you just think the "D" after a poltician's name stands for that, right?
You have been unable to respond to my points, so I guess people reading this can draw their own conclusions as to who is the "dumb ass"[[i]sic[/i]]...
wildbill83 · 36-40, M
dancingtongue · 80-89, M
hippyjoe1955 · 61-69, M
@sunsporter1649 Looks good. How much CO2 does it generate?
sunsporter1649 · 70-79, M
hippyjoe1955 · 61-69, M
@sunsporter1649 I agree but the greenies hate life and everything associated with it including plant food!
Heartlander · 80-89, M
By the way, interesting that you mention $75,000 income. In my state, $75,000 is the break off point for whether social security benefits are taxed or not. If the magic $75K is equaled of exceeded, we pay state taxes on basically that same amount. If lower than $75K, we get to deduct all of our taxable social security benefits for state income tax purposes. So step over the line and you suddenly may owe $2,000+/- more in state income tax. Duck below that line and suddenly state income taxes drop by that amount.
Even crossing that line by 1 cents can translate into an extra $2K in state income taxes.
Taxes aren't fair.
Even crossing that line by 1 cents can translate into an extra $2K in state income taxes.
Taxes aren't fair.
SomeMichGuy · M
@Heartlander Is that from AARP? Who "leads" in this category?
Heartlander · 80-89, M
@SomeMichGuy
I think it came indirectly from moneywise.
https://kansaspolicy.org/moneywise-kansas-3rd-worst-state-for-taxing-retirees/?print=print
I think it came indirectly from moneywise.
https://kansaspolicy.org/moneywise-kansas-3rd-worst-state-for-taxing-retirees/?print=print
SomeMichGuy · M
@Heartlander Thanks, I'll check this out!
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DomMan67 · 56-60, M
@Stereoguy The tax cuts for individuals had temporary elements under the tax changes in the Trump administration. So your taxes could certainly go up. However Biden has not passed any new tax increases on individuals. Proposals and what is passed are not the same thing but I understand they make great talking points.
Additionally what has been proposed does not involve anyone making under $75,000 a year so even what is proposed doesn't apply.
Ask your accountant what passed legislation he is referring to. You will get a blank stare and crickets as a response.
Additionally what has been proposed does not involve anyone making under $75,000 a year so even what is proposed doesn't apply.
Ask your accountant what passed legislation he is referring to. You will get a blank stare and crickets as a response.
SomeMichGuy · M
@Stereoguy I echo @DomMan67's sentiments, but note that any tax proposals put forth have only affected individuals making over $400k/yr, or the [u]very[/u] rich.
This sounds as though you are being fed misinformation by a professional who is in a position to know better, which is bad enough, but despicable for the only private profession with public responsibilities.
The thing he might have been thinking of is closing the "back door Roth", where you take a tax break for contributing $x to your Traditional IRA, but ALSO convert $x from your Traditional IRA to a Roth IRA (which increases your income by the amount of the distribution), making the net effect on your income $-0-. This was a part of the "Build Back Better" proposal, which was never passed. Even if passed, the regulations & case law might end up admitting that, if you *already* had at least $x in your Traditional IRA--before adding in your contribution for the "current" tax year--you might well STILL be able to do the contribution-and-conversion, as it can be argued that you are doing a FIFO conversion of dollars in your Traditional IRA (if you have one).
This sounds as though you are being fed misinformation by a professional who is in a position to know better, which is bad enough, but despicable for the only private profession with public responsibilities.
The thing he might have been thinking of is closing the "back door Roth", where you take a tax break for contributing $x to your Traditional IRA, but ALSO convert $x from your Traditional IRA to a Roth IRA (which increases your income by the amount of the distribution), making the net effect on your income $-0-. This was a part of the "Build Back Better" proposal, which was never passed. Even if passed, the regulations & case law might end up admitting that, if you *already* had at least $x in your Traditional IRA--before adding in your contribution for the "current" tax year--you might well STILL be able to do the contribution-and-conversion, as it can be argued that you are doing a FIFO conversion of dollars in your Traditional IRA (if you have one).
wildbill83 · 36-40, M
hippyjoe1955 · 61-69, M
Is there any actual evidence that the guy sitting on the movie set 'across the street from the White House' is actually Biden? Every time he makes an appearance there is something different about him. I was watching a video of him last night and his face was absolutely smooth. No wrinkles no spots no sign of life. Was someone in a face mask pretending to be Biden?
PTCdresser57 · 61-69, M
Stillwaiting · M
@PTCdresser57 I dont see any real chance that anything that increased under Trump is going away .. Biden will just take more on top of it. Gonna have to to pay back all the free money and any of the BBB projects that get through. There is no way they pay for themselves.
PTCdresser57 · 61-69, M
I didn't say anything under Trump was going away Stillwaiting. His tax cuts were only for a few years for everyone but forever for rich and companies. I have been paying taxes for 47 yrs...good times or bad so I just keep paying them. It's the rich and companies that should be paying their fair share.
Stillwaiting · M
@PTCdresser57 His "cuts" were actually an increase for anyone with high state/local/property tax because of that $10k max deduction. Fucked us pretty good.
Agree rich and corporations need to pay more. We aren't rich and paying more as a % of pay is all I've been doing the last 12 years running
Agree rich and corporations need to pay more. We aren't rich and paying more as a % of pay is all I've been doing the last 12 years running
QuixoticSoul · 41-45, M
Heartlander · 80-89, M
SomeMichGuy · M
@Heartlander Lol
1) You never subsidized both state [u]income[/u] taxes and state [u]sales[/u] taxes on your federal forms. (The ability to take off a return of overpaid taxes from a previous year simply fulfills a GAAP: income matching.)
For 2021, there is a complicated notion of "allowed sales tax", and for *my* state, one can only take off taxes on vehicles, watercraft, aircraft, homes...this is in the instructions for the "State and Local General Sales Tax Deduction Worksheet" on p. A-5 of the instructions for schedule A.
2) The amount itemized USED TO BE phased-out due to income, so only lower earners got the benefit of this, and didn't reduce taxes directly, it reduced the income on which the tax was based (which means only a percentage of the mortgage interest amount was "lost" taxes).
Trump changed that. So now high-income earners don't have a phase-out.
3) The idea is to encourage home ownership. Owners take better care of property and help the local economy by needing various services, goods--tools/equipment, materials, hardware--and sales of food, clothes, fuel, energy...
Do you think people should not be encouraged/helped to own homes?
4) Property taxes have not been something which are easy to control; they tend to increase, and if you live nearish to where you work, they are what they are.
Do you begrudge people living where they must, for work?
5) Do you realize people with more income buy more and may pay more taxes, so that helps the economy and the Treasury..and so it helps YOU...?
6) The truth is, if you live in a "red" area, you have probably been subsidized, net, more than you know.
[i](Edited to reflect current tax information and to correct an error.)[/i]
1) You never subsidized both state [u]income[/u] taxes and state [u]sales[/u] taxes on your federal forms. (The ability to take off a return of overpaid taxes from a previous year simply fulfills a GAAP: income matching.)
For 2021, there is a complicated notion of "allowed sales tax", and for *my* state, one can only take off taxes on vehicles, watercraft, aircraft, homes...this is in the instructions for the "State and Local General Sales Tax Deduction Worksheet" on p. A-5 of the instructions for schedule A.
2) The amount itemized USED TO BE phased-out due to income, so only lower earners got the benefit of this, and didn't reduce taxes directly, it reduced the income on which the tax was based (which means only a percentage of the mortgage interest amount was "lost" taxes).
Trump changed that. So now high-income earners don't have a phase-out.
3) The idea is to encourage home ownership. Owners take better care of property and help the local economy by needing various services, goods--tools/equipment, materials, hardware--and sales of food, clothes, fuel, energy...
Do you think people should not be encouraged/helped to own homes?
4) Property taxes have not been something which are easy to control; they tend to increase, and if you live nearish to where you work, they are what they are.
Do you begrudge people living where they must, for work?
5) Do you realize people with more income buy more and may pay more taxes, so that helps the economy and the Treasury..and so it helps YOU...?
6) The truth is, if you live in a "red" area, you have probably been subsidized, net, more than you know.
[i](Edited to reflect current tax information and to correct an error.)[/i]
Heartlander · 80-89, M
For those who experienced a tax increase, shouldn't that tax increase be paired with the lower mortgage interest rate?
Like taxes for those likely went up because they no longer had the advantage of the interest deduction. But then once they refinanced to the lower rate mortgagees, their monthly mortgage payments were lower, and the two together put them back to were they started, or even better off.
For (some of) the rest of us, thanks for the low mortgage rates that inflated the value of our homes. A quick check suggests that our home value rose by about 30% over the past year, And for those of us who have mortgage free homes and are old, it means a whopping standard deduction and additional net worth that may be enough to see us through remaining years.
It's not enough to say how taxes went up or down, but also how those changes affected other parts of their overall financial affairs.
Like taxes for those likely went up because they no longer had the advantage of the interest deduction. But then once they refinanced to the lower rate mortgagees, their monthly mortgage payments were lower, and the two together put them back to were they started, or even better off.
For (some of) the rest of us, thanks for the low mortgage rates that inflated the value of our homes. A quick check suggests that our home value rose by about 30% over the past year, And for those of us who have mortgage free homes and are old, it means a whopping standard deduction and additional net worth that may be enough to see us through remaining years.
It's not enough to say how taxes went up or down, but also how those changes affected other parts of their overall financial affairs.
SomeMichGuy · M
@dancingtongue The ability to deduct either property taxes or state sales taxes is on Schedule A, Itemized Deductions.
For me, the increase in the standard deduction amounts were so generous that it made filing the Schedule A unnecessary.
But following your argument, it is sad to see another way Trump screwed over Democratic areas...
For me, the increase in the standard deduction amounts were so generous that it made filing the Schedule A unnecessary.
But following your argument, it is sad to see another way Trump screwed over Democratic areas...
fanuc2013 · 51-55, F
@Heartlander What if you don't have a mortgage? Why should that have anything to do with it?
SomeMichGuy · M
@fanuc2013 smh
Since a primary power of Congress is to tax, most policies get expressed via the Internal Revenue Code. (If you are near a library which has the printed US Code, just look over it and see how thick those couple of volumes are.)
The government has encouraged home ownership because of a number of things, including that home ownership boosts the economy, locally and nationally (and globally), and that owning real estate is a good way to build wealth.
But look at the 1040 Schedule A before and after the Trump changes.
Before: you could take off both state income taxes and property taxes.
After: the amount is capped at $10k.
For people who live in higher-tax locales, the change can be--as is being reported im this reply thread--very negative; the federal tax code was helping to make it possible to live in those areas, and some (many? most?) people do this because of their job, not because they love high taxes. It did not hurt me, but I can see it being a problem in California, etc.
Since a primary power of Congress is to tax, most policies get expressed via the Internal Revenue Code. (If you are near a library which has the printed US Code, just look over it and see how thick those couple of volumes are.)
The government has encouraged home ownership because of a number of things, including that home ownership boosts the economy, locally and nationally (and globally), and that owning real estate is a good way to build wealth.
But look at the 1040 Schedule A before and after the Trump changes.
Before: you could take off both state income taxes and property taxes.
After: the amount is capped at $10k.
For people who live in higher-tax locales, the change can be--as is being reported im this reply thread--very negative; the federal tax code was helping to make it possible to live in those areas, and some (many? most?) people do this because of their job, not because they love high taxes. It did not hurt me, but I can see it being a problem in California, etc.
Stillwaiting · M
Stillwaiting · M
@SomeMichGuy Cap on state/local income and property tax deductions at $10k was biggest hit. We pay out nearly double that annually. Two kids in college with no financial aid and can't take deduction for a cent of it because income is just above complete cutoff. Not a cent in stimulus payments during pandemic. You name it .. I'm getting fucked by the U.S. tax code over it.
SomeMichGuy · M
@Stillwaiting
[quote]Cap on state/local income and property tax deductions at $10k was biggest hit. We pay out nearly double that annually.[/quote]
Yes, I can see that, and you mentioned it elsewhere. That Trump change hit a lot of people in expensive ZIP codes!
[quote]Two kids in college with no financial aid and can't take deduction for a cent of it because income is just above complete cutoff.[/quote]
According to this year's Form 8863, that would mean income >= $180,000. That's not a bad income, but a tsx code which would be more encouraging to going to college would probably be good.
Is this a Trump or Biden era change? Or just how things have been done?
[quote]Not a cent in stimulus payments during pandemic.[/quote]
Do you think the US should go into debt to help people at your income level? I make a bit less and did not need the stimulus (most of it went to charity).
[quote]You name it .. I'm getting fucked by the U.S. tax code over it.[/quote]
Over what?
Do you have specific Biden era tax changes? I guess the later pandemic payments qualify.
[quote]Cap on state/local income and property tax deductions at $10k was biggest hit. We pay out nearly double that annually.[/quote]
Yes, I can see that, and you mentioned it elsewhere. That Trump change hit a lot of people in expensive ZIP codes!
[quote]Two kids in college with no financial aid and can't take deduction for a cent of it because income is just above complete cutoff.[/quote]
According to this year's Form 8863, that would mean income >= $180,000. That's not a bad income, but a tsx code which would be more encouraging to going to college would probably be good.
Is this a Trump or Biden era change? Or just how things have been done?
[quote]Not a cent in stimulus payments during pandemic.[/quote]
Do you think the US should go into debt to help people at your income level? I make a bit less and did not need the stimulus (most of it went to charity).
[quote]You name it .. I'm getting fucked by the U.S. tax code over it.[/quote]
Over what?
Do you have specific Biden era tax changes? I guess the later pandemic payments qualify.
Stillwaiting · M
@SomeMichGuy Dont really have a problem not getting a stimulus check with our income .. but I have a lot of issue with my taxes going to pay stimulus for people who never missed a day of work and paying double normal unemployment benefits to people for many months.
That went on while posted jobs went unfilled and led to a lot of the supply chain issuds. That hurt the economy to have people sit on their @$$ and collect unemployment instead of getting back to work. Ridiculous economic policies.
That went on while posted jobs went unfilled and led to a lot of the supply chain issuds. That hurt the economy to have people sit on their @$$ and collect unemployment instead of getting back to work. Ridiculous economic policies.
PTCdresser57 · 61-69, M
sunsporter1649 · 70-79, M
ididntknow · 51-55, M
Ferric67 · M
I feel as if my taxes are always going up
Ferric67 · M
@fanuc2013 I live in New York. It seems as if my taxes go up every year regardless of what politician is in office. My property taxes were directly impact though with the Trump administration, because past administrations allowed me to claim my property taxes. The biggest shame to it for me is that I don't even have children to utilize the school district. By the way, there was a recent movie about fraudulent activity by school administration misalocating funds in my school district....the movie starred Hugh Jackman. Not only are my taxes too high, my school district was caught "stealing" those funds.
ronisme1 · 61-69, M
My taxes went up under trump . I was making exactly the same as previous year with the same deductions. My refund turned into a payment that I had to make
Coffeequilt · 51-55, F
I don't work, so...