Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
If the IRS owes me a refund, yes I am giving them an interest-free loan. And if you follow their recommended withholding schedule, you will almost always be owed a refund.
Yeah, they do. Inflation is skyrocketing now. That hurts EVERYONE.
The lower one's income, the more one is harmed by inflation. Inflation is HIGHLY regressive. Everyone must ask themselves WHY Biden and the Dems are stoking higher and higher inflation rates by printing more and more money and then spending (pumping a sh*tload of excess cash into the economy), on steroids. They're going to absolutely crush the low-income and middle class with inflation, and they don't give a crap.
Another good question is why in the hell did Biden and the Democrats increase Trump's SALT deduction limit from $10,000 to $80,000? Only the rich pay state and local taxes of $80,000/year. WHY are Biden and the Dems giving the rich such a HUGE tax break?
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
That's because as new and more restrictive laws and regulations and higher taxes increase the costs of production, those who produce the goods pass those extra costs onto either the consumer via higher prices, or onto their employees by cutting wages, hours, jobs, and/or employment benefits.
That's because as new and more restrictive laws and regulations and higher taxes increase the costs of production, those who produce the goods pass those extra costs onto either the consumer via higher prices, or onto their employees by cutting wages, hours, jobs, and/or employment benefits.
And rich people can afford to hire armies of tax attorneys to make the IRS go away.
Seriously, the IRS is basically a workfare program for tax lawyers and accountants.
This comment proves my point. You know very little about how taxes (and economics) work.
Yep.
If you want to see tax bracket creep in action, in 1913 the top income tax bracket is 7% at $500k. That, adjusted for inflation, is $13,854,050.00 or thereabouts. The lowest tax bracket was 1% from the first dollar up to $20k in 1913 dollars, which is $554,162.00 or thereabouts adjusted for inflation.
Why do we always talk about the slippery slope? Why does the government keep proving us right? It starts with "tax the rich" and always ends with "eat the middle class". Always. Without fail.
If the IRS owes me a refund, yes I am giving them an interest-free loan. And if you follow their recommended withholding schedule, you will almost always be owed a refund.
I've used their schedule for decades, and tend to alternate between refund and owing. The new withholding calculator is much better than the old ones. If you are always getting a refund, adjust your withholdings, assuming it's a large refund. Anything under $1,500 or so is nothing to worry about, though.
Note to Grlzrl, these price rises started when your guy was still president. They're independent of the president. It's a supply chain issue due to Covid.
Republican policies hurt the middle class, the working class, the poor, minorities, women and LBGT people. They only help rich mainly white people (I'm white myself before you accuse me of being racist against whites)
Hmmm...I don't recall gas being very high a year ago when Trump was in office. I also don't recall ports backed up with shipping containers. I don't go around accusing people of being racist. That's a left thing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
