Sorry ... reflex from reading my W-2.

It would not be so bad if we actually got our stolen moneys worth.

The fed gov't is hugely inefficient and wasteful. It never lives up to it's vision. When I add up all taxes, federal, property, school, sales, it is just disgusting.

I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

(01-31-2011 02:21 PM)Rebel Wrote:  

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

Yep. If you make less then $44,000 and pay a mortgage your tax liability will be at, or below, $0.

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some people don't work particularly hard for their pay. They benefit from working for an established company, and they don't realize all the effort that went into establishing it, or the effort it takes to keep it profitable.

So, to them, making money is easy, and therefore they don't mind "sharing the wealth." And, since they do so well by not working hard, they can't imagine that anyone else really works that hard, except they're "greedy." Furthermore, that guy over there, who also doesn't work hard, obviously deserves to make more. He's being held back, probably due to racism.

(01-31-2011 02:21 PM)Rebel Wrote:  

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

Do you get a W-2 for welfare and unemployment? Or for that matter if you're living off of retirement pay? Generally speaking, of course, not looking for an indepth analysis.

Just wait until the tax cuts expire in the next few years. Cause tax increases are a comin....

(01-31-2011 03:03 PM)T-Monay820 Wrote:  

(01-31-2011 02:21 PM)Rebel Wrote:  

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

Do you get a W-2 for welfare and unemployment? Or for that matter if you're living off of retirement pay? Generally speaking, of course, not looking for an indepth analysis.

Yes...for unemployment. I know this for sure. I have unfortunately drawn it in what is called "temporary status" for over 2 years. Our business has used this to survive. We have had our employees draw a check when we simply do not have orders to keep the mill running. It works like regular unemployment and you can draw up to 25 weeks per year...with a one week signup period that garners no benefits. We have drawn 10 to 12 weeks each of the last 2 years. I have to admit that it has kept our business viable during this horrible housing period. I expect this will continue into 2012. Hopefully we will survive after being in the plywood mfg. business since 1959.

I can not as of now tell you about welfare.

To cater to the people in the subject, a local grocery store, a Food Lion, is having a Midnight Madness tonight, so the subject folks can gather at midnight to spend their newly replenished loot in their EBT cards. What a country!!

Even though I am a fiscal conservative, 2010-11 will be nice years for taking advantage of our government's stu . . I mean generosity. In 2011, I will make more than $50,000, and less than half of my income will be subject to federal income tax. This is after paying no state income tax for 2010 (New Construction Tax Credit - missed out on the first time homebuyers' credit).

I guess I better cash out the savings bonds I've had since childhood while our government still has the money.

(01-31-2011 02:29 PM)moe24 Wrote:  

(01-31-2011 02:21 PM)Rebel Wrote:  

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

Yep. If you make less then $44,000 and pay a mortgage your tax liability will be at, or below, $0.

You might want to consult a tax preparer.

A single person residing in Michigan with a W-2 of $43,999 and no kids would have a taxable income before itemized deductions of $40,359 and would have a federal tax liability of around $6,263.

To wipe that out you would need around $35,000 of mortgage interest and real estate taxes. That's a pretty nice house on a $44,000 salary!

(02-07-2011 02:46 PM)Redwingtom Wrote:  

(01-31-2011 02:29 PM)moe24 Wrote:  

(01-31-2011 02:21 PM)Rebel Wrote:  

(01-31-2011 02:14 PM)flyingswoosh Wrote:  I cannot understand how someone can look at his/her paycheck/W2 and not become a fiscal conservative

Because some of those are going to be getting back more than they paid in.

Yep. If you make less then $44,000 and pay a mortgage your tax liability will be at, or below, $0.

You might want to consult a tax preparer.

A single person residing in Michigan with a W-2 of $43,999 and no kids would have a taxable income before itemized deductions of $40,359 and would have a federal tax liability of around $6,263.

To wipe that out you would need around $35,000 of mortgage interest and real estate taxes. That's a pretty nice house on a $44,000 salary!

I was wondering what type of jacked up tax code he was using.

I got all of my money back, and because of a tax credit given to those who invest into a traditional IRA I got $400 more back than I had withheld. Sorry guys.

I've never gotten anywhere near all my money back, I have a mortgage, and don't make that much more than 44,000. That's even when I had capital losses from stocks. I think most people are still paying a fair amount of taxes at that point.

Everyone's tax situation is different. You can't take two factors and make a generalization like that.

And FWIW, since yesterday would have been his 100th birthday, Ronald Reagan instituted the earned income tax credit that most low income taxpayers use to get tax refunds in excess of actual tax paid.

The term is not moocher. It is looter. Ayn Rand was correct is describing what they do.