Just filed my taxes...

[BigJim13]

Came out positive $50 after filing Federal, VT and NY ( I work in NY).

Working at a bank I am constantly amazed at the dollar amounts of some refunds. It's gotten to a point that when I see a $5k refund, it's nothing and more often than not refunds are in the $8-$10k range. On family got $17k. Blows my mind.

I know some of these tax credits are supposed to help working class folks stay afloat-and some actually use it for food, heating, clothes or groceries etc.

More often than not though families I see get their refund and then head to Walmart for a TV, have a nice new truck, 4 wheeler, snowmobile....basically all the toys that people in the middle brackets can't afford.

Anyway, rant off and pity part over. At least I'm not paying in and have a job right?

 

[limpalong]

We've always tried to owe. I just cannot understand the logic of letting the government use my money for an entire year before giving some of it back in a tax refund. It's MY money! Even though interest has gone to pot, it's still the principle. Now, our State has a penalty if you owe too much. They want to use your money or penalize you. We will pay a $44 penalty this year, simply because they want to stick it to us for writing a check rather than having huge dollars taken out all year long. The paperwork is sitting on my wife's desk. The almost $10,000 check is written. It will be mailed April 13th or 14th. I'm really grumpy this time of the year!!!!

 

[BigJim13]

We've always tried to owe. I just cannot understand the logic of letting the government use my money for an entire year before giving some of it back in a tax refund. It's MY money! Even though interest has gone to pot, it's still the principle. Now, our State has a penalty if you owe too much. They want to use your money or penalize you. We will pay a $44 penalty this year, simply because they want to stick it to us for writing a check rather than having huge dollars taken out all year long. The paperwork is sitting on my wife's desk. The almost $10,000 check is written. It will be mailed April 13th or 14th. I'm really grumpy this time of the year!!!!

The older I get the grumpier I get this time of year. NY is the same way with their penalty. I owe them $234, VT is refunding me $160. If I owe NY more than $300 there is a penalty also.

My wife and I are making more than ever and between taxes, more taxes and health care we are bringing home about as much as we were 5 years ago.

 

[limpalong]

The older I get the grumpier I get this time of year. NY is the same way with their penalty. I owe them $234, VT is refunding me $160. If I owe NY more than $300 there is a penalty also.

My wife and I are making more than ever and between taxes, more taxes and health care we are bringing home about as much as we were 5 years ago.

Don't want to go political, but... I understand the need for taxes. What I do not understand is the few of us in the middle who seem to pay the lion's share of them. The wealthy have all kinds of tax dodges. Off-shore accounts... boats, planes, luxury cars charged off as business expense. Likewise, those making little (even though they may be bringing in tens of thousands under the table or via illegal enterprises) pay a small amount. The middle class are we who are too honest to cheat or too poor to hire a good tax attorney. I have long lobbied for a consumption tax. If everything bought or sold had a 5% consumption tax on it, we could totally and completely do away with income taxes. No exemptions!! If you buy a plane for your business... you pay the 5% consumption tax. If a church buys new pews... they pay the 5% consumption tax. The ONLY exemption would be for government purchases since that would be double taxation. Drug dealers?? Who cares what they make? Everything they buy would have the consumption tax and they would help us. Mega-churches where pastors make million dollar salaries... Everything they buy would have the 5% consumption tax. Who care how much money is stashed in off-shore accounts? As it is brought back in to purchase mansions and luxury autos, the consumption tax is paid. I'd much rather pay 5% on everything we purchase than pay 30% as income tax.

 

[TheTrueReview]

My wife and I are making more than ever and between taxes, more taxes and health care we are bringing home about as much as we were 5 years ago.

Governments love people in your demographic.

 

[azgreg]

The tax code is way too complicated. The typical married couple with 2 jobs, a few funds, and property should be able to file on a single one sided form.

 

[eclark53520]

Don't want to go political, but... I understand the need for taxes. What I do not understand is the few of us in the middle who seem to pay the lion's share of them. The wealthy have all kinds of tax dodges. Off-shore accounts... boats, planes, luxury cars charged off as business expense. Likewise, those making little (even though they may be bringing in tens of thousands under the table or via illegal enterprises) pay a small amount. The middle class are we who are too honest to cheat or too poor to hire a good tax attorney. I have long lobbied for a consumption tax. If everything bought or sold had a 5% consumption tax on it, we could totally and completely do away with income taxes. No exemptions!! If you buy a plane for your business... you pay the 5% consumption tax. If a church buys new pews... they pay the 5% consumption tax. The ONLY exemption would be for government purchases since that would be double taxation. Drug dealers?? Who cares what they make? Everything they buy would have the consumption tax and they would help us. Mega-churches where pastors make million dollar salaries... Everything they buy would have the 5% consumption tax. Who care how much money is stashed in off-shore accounts? As it is brought back in to purchase mansions and luxury autos, the consumption tax is paid. I'd much rather pay 5% on everything we purchase than pay 30% as income tax.

Actually, the wealthiest 5% pay 99.999% of all tax dollars paid in this country.

I'd say that's the lions share.

 

[azgreg]

Actually, the wealthiest 5% pay 99.999% of all tax dollars paid in this country.

I'd say that's the lions share.

Are you talking income tax or all taxes?

 

[eclark53520]

Income

I looked up the actual numbers....

Top 10% pay about 75% of all income tax

 

[eclark53520]

Truth is, the tax code in America is already heavily progressive and the rich are shouldering most of the burden while reaping the least and increasingly less benefits.

Which is why I laugh in the face of anyone making less than 250k/year bitching about taxes.

 

[BigJim13]

Truth is, the tax code in America is already heavily progressive and the rich are shouldering most of the burden while reaping the least and increasingly less benefits.

Which is why I laugh in the face of anyone making less than 250k/year bitching about taxes.

Laugh all you want but this is why it's an issue that I am making more than ever but taking home less. Taxes and healthcare, but also cost of everything else is up. Wages...flat.

2014 Continues a 35-Year Trend of Broad-Based Wage Stagnation Economic Policy Institute

 

[eclark53520]

Consider yourself lucky you get to have stagnant wages in america. You could have nothing but stagnant water to drink in africa.

 

[BigJim13]

Consider yourself lucky you get to have stagnant wages in america. You could have nothing but stagnant water to drink in africa.

I do consider myself lucky, in many ways.

 

[subsonic]

Government spending needs to get in check... or we will have nothing here but stagnant water.

 

[MCDavis]

Got a big federal refund, but owed the state. Makes no sense.