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actually they do...everytime the liberals ADD a new law, regulation, or tax...its the little guy or middleclass that gets it up the butt...yet their mantra is tax the rich... but that is never the actual fact
point of example is the AMT (alternate minimum tax)… was supposed to be a "tax the rich" "have them pay their fair share"...(passed congress in 1969 went into effect in 1970)...yet it hits/hurts the middleclass
… so what we have here (a failure to communicate ..lol) is back in the late 60's/early70's (50 years ago) the liberals were screaming the VERY SAME THING AS TODAY.."tax the rich"...and yet today it effects/hurts the middleclass.... the liberals can NEVER get it right
one of the good things that President Clinton/SoH Newt did was reform welfare... ending "a way of life" of welfare....today with the FULLY REFUNDABLE (whether you work (have an income) or not) is actually making parents want not to work (going back to pre-Clinton reforms of "a way of life" of welfare.) so it is an underhanded welfare
if the liberals were smart..sure have 3500 per kid, have it refundable...but ONLY FOR PEOPLE WITH AN INCOME
Meanwhile, Democrats are pushing SALT cap changes where 96% of the benefits go to the top 20% and over a quarter of the benefits to the top 0.1%.
yeah, I wonder why the liberals would do that...it would seem reasonable to raise the SALT up to 20k or 25k.. but to raise the SALT to 80k...liberals are showing more and more THEY are the party of the rich
What are you defining as middle class? I'm definitely middle class and I don't pay the AMT....
the amt was/is hitting people with income as low as $52,800 for singles(2015); $82,100 for married couples filing jointly).
While the AMT hits a much larger percentage of million-dollar households, those who earn less than $200,000 actually account for a much larger number of people who actually pay the alternative tax. This year, the Tax Policy Center estimates that 953,000 of households making between $50,000 and $200,000 will have to pay the AMT. By contrast, only 118,000 households making more than $1 million will be hit. https://money.cnn.com/2015/04/07/pf/...tax/index.html
Rather than targeting the highest income earners, the AMT is disproportionately hitting many middle-class families. In practice, AMT is more likely to hit taxpayers with families, those who are married and those who live in high-tax states... https://www.wsj.com/articles/BL-258B-7395
For tax year 2020, the AMT exemption for individual filers is $72,900. For married joint filers, the figure is $113,400. For tax year 2021, the figures are $73,600 for individuals and $114,600 for couples.
Purpose of AMT:
AMT is designed to prevent taxpayers from escaping their fair share of tax liability through tax breaks. However, the structure was not indexed to inflation or tax cuts. This can cause bracket creep, a condition in which upper-middle-income taxpayers are subject to this tax instead of just the wealthy taxpayers for whom AMT was invented.
the amt was/is hitting people with income as low as $52,800 for singles(2015); $82,100 for married couples filing jointly).
While the AMT hits a much larger percentage of million-dollar households, those who earn less than $200,000 actually account for a much larger number of people who actually pay the alternative tax. This year, the Tax Policy Center estimates that 953,000 of households making between $50,000 and $200,000 will have to pay the AMT. By contrast, only 118,000 households making more than $1 million will be hit. https://money.cnn.com/2015/04/07/pf/...tax/index.html
Rather than targeting the highest income earners, the AMT is disproportionately hitting many middle-class families. In practice, AMT is more likely to hit taxpayers with families, those who are married and those who live in high-tax states... https://www.wsj.com/articles/BL-258B-7395
For tax year 2020, the AMT exemption for individual filers is $72,900. For married joint filers, the figure is $113,400. For tax year 2021, the figures are $73,600 for individuals and $114,600 for couples.
Purpose of AMT:
AMT is designed to prevent taxpayers from escaping their fair share of tax liability through tax breaks. However, the structure was not indexed to inflation or tax cuts. This can cause bracket creep, a condition in which upper-middle-income taxpayers are subject to this tax instead of just the wealthy taxpayers for whom AMT was invented.
I would certainly call 73k middleclass wouldn't you??
Our tax system is grotesque. It needs to be simple and flat. No deductions. People in poverty should be exempt from income tax. And a VAT so everyone feels the pain of paying for the federal government.
Our tax system is grotesque. It needs to be simple and flat. No deductions. People in poverty should be exempt from income tax. And a VAT so everyone feels the pain of paying for the federal government.
Riggggght. So come April 15th, 80% of taxpayers won't have the cash to pay their taxes. And, the government has no incoming tax revenue until the following year. Really bad idea. There's nothing wrong with paycheck withholding.
Riggggght. So come April 15th, 80% of taxpayers won't have the cash to pay their taxes. And, the government has no incoming tax revenue until the following year. Really bad idea. There's nothing wrong with paycheck withholding.
Because people are too dumb to save for bills that they know are coming? Considering the government's been running on a deficit for the past 20+ years, they can obviously manage with no incoming tax revenue.
Yes, there is something wrong with withholding - why should I be forced to give the IRS an interest-free loan?
Because people are too dumb to save for bills that they know are coming? Considering the government's been running on a deficit for the past 20+ years, they can obviously manage with no incoming tax revenue.
Yes, there is something wrong with withholding - why should I be forced to give the IRS an interest-free loan?
Unfortunately yes. Many people are too stupid. But for those of use that aren't, we should be fine a choice.
Because people are too dumb to save for bills that they know are coming? Considering the government's been running on a deficit for the past 20+ years, they can obviously manage with no incoming tax revenue.
Yes, there is something wrong with withholding - why should I be forced to give the IRS an interest-free loan?
You aren't giving the government (the IRS is just a regulatory and collection agency) an interest free loan with withholding, you are paying your estimated taxes for that period. You then true up your withholdings with your actual tax liability by April 15th of the following year. If you have a lot of non-wage income, you make estimated tax payments quarterly, and then true up to your actual tax liability by April 15th of the following year.
You seem to think that your total taxes should be paid on April 15th of the following year, and that's just not the case.
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Considering the government's been running on a deficit for the past 20+ years, they can obviously manage with no incoming tax revenue.
