I thought Bubblez was banned ?

FWAppraiser said:

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gigemhilo said:

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bmks270 said:

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Isn't the penalty pretty minor?

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it's essentially interest for not paying enough in through the year.

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Which is absolutely absurd because the IRS doesn't pay interest if you overpay. It's completely backwards. The government thinks it's their money that they allow you to have instead of your money that they're taking. The income tax is a terrible thing that should have never happened. The 16th amendment and the IRS need to go.

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They do if you get your refund after April 15.

Before April 15 - on you
After April 15 - on them

Doesn't change the fact that they don't pay interest if you overpay throughout the year. Paying interest for your money thay they're too incompetent to pay back on time is the LEAST they can do.

Quote:

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The whole tax system really still favors the wealthy. No way should the middle class be paying so much.

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Yep.
Those of us in the middle get the squeeze.
4 tax deposits a year so billionaires, Iraqis, Afghans, Ukrainians and welfare queens have a good life.

FWAppraiser said:

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Doesn't change the fact that they don't pay interest if you overpay throughout the year. Paying interest for your money thay they're too incompetent to pay back on time is the LEAST they can do.

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LOL alright

Our tax system sucks. Buried in politics, it's beyond comprehension of the average citizen. There's no right answer, only interpretation.

I'd like to see a show along the lines of Chopped where government officials are given x amount of hours to complete a return given a set of circumstances.

Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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"No where close to being balanced". So when the top 50% of income earners carry 97% of the Individual tax burden, when are we getting "balanced"? And the top 1% carry over 25% of the burden. Again, what is balanced?

https://taxfoundation.org/publications/latest-federal-income-tax-data/

Bubblez said:

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Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.

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It doesn't favor the rich. It favors the poor. The rich are paying close to 50%. For the equality the left likes to espouse they stand for they sure do like crapping on wealthy people.

Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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There are always those people that believe that the economic system we have creates certain individuals. The smart people understand that it is the individuals that create the economic system that we have.

I'm still waiting for the IRS to send me my money from last year. Too bad I can't charge them penalties and interest.

Bubblez said:

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Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class anyone be paying so much.

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FIFY

Cry more....

How dumb do you have to be to complain about paying penalties for underpaying taxes on actual gains
and yet...
vote in a drooling, child sniffing incompetent that wants to tax you on unrealized capital gains?
OP encapsulates the idiocy of the left.

(Don't get me wrong, it makes me angry to pay quarterly "pre taxes" to avoid the penalty because the greedy government can't wait for the money I will end up paying at the end of the year but it takes a special kind of stupid to vote in someone that wants more of your hard earned money and pretend that Trump caused all of their ills)

Nothing to add here other than we got hammered this year on taxes as well. Take the last 4 or 5 years we've had to pay at filing time and combine them... and it wouldn't equal the check we wrote this time around.

Good to see it isn't just me. Misery loves company!

Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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A fool and their money.....

Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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Define benefit. Despite Warren Buffets BS schtick about paying less than his secretary, high income people in this country pay more than their fair share.

FWAppraiser said:

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gigemhilo said:

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bmks270 said:

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Isn't the penalty pretty minor?

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it's essentially interest for not paying enough in through the year.

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Which is absolutely absurd because the IRS doesn't pay interest if you overpay. It's completely backwards. The government thinks it's their money that they allow you to have instead of your money that they're taking. The income tax is a terrible thing that should have never happened. The 16th amendment and the IRS need to go.

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This is not just an IRS thing. Every taxing entity follows the same approach. For instance if you purchase a new home in Texas after property tax bills are sent out. The new owner will get penalized if they do not pay on time even if they never get a bill from the county.

Most taxing entities want you to be ignorant of tax law so they can take advantage by charging penalties.

Bubblez said:

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The whole tax system really still favors the wealthy.

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the top 1% of earners pay 40% of all income tax collected.

the top 10% pay 70% of income tax.

the top 25% pay 87%.

the top 50% pay 100%.

RogueAg said:

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Nothing to add here other than we got hammered this year on taxes as well. Take the last 4 or 5 years we've had to pay at filing time and combine them... and it wouldn't equal the check we wrote this time around.

Good to see it isn't just me. Misery loves company!

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I am always miserable when I see how much I have to pay. It is not always at the end of the year only because unlike Bubblez I actually understand I have to make estimated payments for Capital gains.

It takes real delusion to move further left after you start paying taxes on stuff like capital gains. Impressive OP.

If you want a fair system, everyone should be taxed the same percentage. No more loopholes for the rich or poor, while the middle class gets screwed.

ac04 said:

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Bubblez said:

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The whole tax system really still favors the wealthy.

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the top 1% of earners pay 40% of all income tax collected.

the top 10% pay 70% of income tax.

the top 25% pay 87%.

the top 50% pay 100%.

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Those are not the wealthy people he was referring to.

Keller6Ag91 said:

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Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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"No where close to being balanced". So when the top 50% of income earners carry 97% of the Individual tax burden, when are we getting "balanced"? And the top 1% carry over 25% of the burden. Again, what is balanced?

https://taxfoundation.org/publications/latest-federal-income-tax-data/

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The top 1% have over 34% of the wealth locked up. The bottom 50% have less than 2%. Our taxation should be focused on wealth

Definitely Not A Cop said:

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It takes real delusion to move further left after you start paying taxes on stuff like capital gains. Impressive OP.

If you want a fair system, everyone should be taxed the same percentage. No more loopholes for the rich or poor, while the middle class gets screwed.

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Lets be honest here it is really the super rich that get the loopholes. Any high income person that make a substantial portion of their income from W-2 income is screwed,

Bubblez said:

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Keller6Ag91 said:

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Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

---

The OP fully supports this regime. He thinks they aren't marxist enough.

---

The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

---

"No where close to being balanced". So when the top 50% of income earners carry 97% of the Individual tax burden, when are we getting "balanced"? And the top 1% carry over 25% of the burden. Again, what is balanced?

https://taxfoundation.org/publications/latest-federal-income-tax-data/

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The top 1% have over 34% of the wealth locked up. The bottom 50% have less than 2%. Our taxation should be focused on wealth

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Move to Cuba. They already have that sort of system in place.

Bubblez said:

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Keller6Ag91 said:

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Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

---

The OP fully supports this regime. He thinks they aren't marxist enough.

---

The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

---

"No where close to being balanced". So when the top 50% of income earners carry 97% of the Individual tax burden, when are we getting "balanced"? And the top 1% carry over 25% of the burden. Again, what is balanced?

https://taxfoundation.org/publications/latest-federal-income-tax-data/

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The top 1% have over 34% of the wealth locked up. The bottom 50% have less than 2%. Our taxation should be focused on wealth

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Wealth redistribution through taxation. What could go wrong?

Ulysses90 said:

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Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

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The OP fully supports this regime. He thinks they aren't marxist enough.

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The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

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It isn't the people that make more than you whao aren't paying their fair share. It's the people who make less that aren't paying anything.

Middle class Marxists that ***** about the wealthy not paying their fair share of taxes and the are strangely oblivious to the 47% that pay ZERO federal income tax. Lenin had a name for such complainers, he called them useful idiots. You complain about the top 1% that actually contribute over 50% of all income tax revenues but give a pass to the entitlements lass that consume all the social programs while skating. Even those who make very little must have real skin in the game. Simply not making a lot of money doesn't mean someone has skin in the game.

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Excellent post.

A flat tax rate on income is the only thing that's really a fair share for all.

AustinScubaAg said:

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Definitely Not A Cop said:

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It takes real delusion to move further left after you start paying taxes on stuff like capital gains. Impressive OP.

If you want a fair system, everyone should be taxed the same percentage. No more loopholes for the rich or poor, while the middle class gets screwed.

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Lets be honest here it is really the super rich that get the loopholes. Any high income person that make a substantial portion of their income from W-2 income is screwed,

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And the super poor get all sorts of loopholes too. They get refunded pretty much any taxes they owed while on average using way more government services.


If the poor made up any significant portion of the actual tax base, you would have a point. But I refuse to point fingers at the people who make up the majority of the taxes collected, and then say they need to pay more under our "progressive" tax system.

Because our "progressive" tax system is anything but. It favors the poor staying poor and the rich staying rich, while disfavoring growth in the middle class.

Bubblez said:

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Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.

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How much was the underpayment, how much was the penalty?

Asking for a friend.

FWAppraiser said:

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gigemhilo said:

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bmks270 said:

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Isn't the penalty pretty minor?

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it's essentially interest for not paying enough in through the year.

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Which is absolutely absurd because the IRS doesn't pay interest if you overpay. It's completely backwards. The government thinks it's their money that they allow you to have instead of your money that they're taking. The income tax is a terrible thing that should have never happened. The 16th amendment and the IRS need to go.

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Amen.

Even more absurd, if you go to the IRS for help preparing your return and they screw it up, guess who pays the penalty for the screwup?

Definitely Not A Cop said:

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AustinScubaAg said:

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Definitely Not A Cop said:

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It takes real delusion to move further left after you start paying taxes on stuff like capital gains. Impressive OP.

If you want a fair system, everyone should be taxed the same percentage. No more loopholes for the rich or poor, while the middle class gets screwed.

---

Lets be honest here it is really the super rich that get the loopholes. Any high income person that make a substantial portion of their income from W-2 income is screwed,

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And the super poor get all sorts of loopholes too. They get refunded pretty much any taxes they owed while on average using way more government services.

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And all of that still is a drop in the bucket with respect to their wealth

Bubblez said:

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Definitely Not A Cop said:

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AustinScubaAg said:

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Definitely Not A Cop said:

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It takes real delusion to move further left after you start paying taxes on stuff like capital gains. Impressive OP.

If you want a fair system, everyone should be taxed the same percentage. No more loopholes for the rich or poor, while the middle class gets screwed.

---

Lets be honest here it is really the super rich that get the loopholes. Any high income person that make a substantial portion of their income from W-2 income is screwed,

---

And the super poor get all sorts of loopholes too. They get refunded pretty much any taxes they owed while on average using way more government services.

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And all of that still is a drop in the bucket with respect to their wealth

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It's not a drop in the bucket to most Americans wealth. And if it's wealth, then it's already been taxed, so why do you care?

If you want change and have more upward growth in this country, then you should favor a fair tax. If you want the rich to stay rich, the poor incentivized to stay poor, and the middle class slowly being shoved down to be poorer and poorer, then continue embracing our current system.

Bubblez said:

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Keller6Ag91 said:

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Bubblez said:

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Ellis Wyatt said:

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Fedup said:

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Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.

---

The OP fully supports this regime. He thinks they aren't marxist enough.

---

The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced

---

"No where close to being balanced". So when the top 50% of income earners carry 97% of the Individual tax burden, when are we getting "balanced"? And the top 1% carry over 25% of the burden. Again, what is balanced?

https://taxfoundation.org/publications/latest-federal-income-tax-data/

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The top 1% have over 34% of the wealth locked up. The bottom 50% have less than 2%. Our taxation should be focused on wealth

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Wealth and income are not the same. Taxing wealth is a sure way to destroy wealth. Anyone with any understanding economics would understand that since it is basic supply and demand. There are only two ways to tax wealth

1. Sell assets to cover taxes. In this scenario there are not enough buyers that can afford the massive amount of assets so the prices drop and a large amount of wealth is simply destroyed.
2. Direct transfer of assets to government. This is either pure socialism where the government ends up owning everything or the government has to sell resulting in #1.

Wealth Taxes would destroy the economy.