New Taxes in 2011

[pbwalker]

So why should the taxes go up for only the rich? Can anyone answer that question?

Here is your answer

http://www.cnn.com/2010/OPINION/04/15/h ... index.html

When 47% of the households don't pay any income tax (and some even get refunds), everyone else by default is "rich"

If you think that taxes will not increase for all of those who do pay taxes, you haven't been following the news. The new healthcare law alone will get nearly everyone, just not necessarily through the income tax directly.

So why not go after those 47%? That's my point...why do those who have done well for themselves have to pay more taxes? It's fundamentally unfair.

It already drives me up the wall having my hard earned money going to Welfare and Social Security. Why do I have to pay for those 47%?

[megs]

You know the answer. They're buying votes.

[Oldgringo]

pbwalker asks:

It already drives me up the wall having my hard earned money going to Welfare and Social Security. Why do I have to pay for those 47%?

Why do I have to pay property taxes so that other people's kids will have a school to go to with a whole bunch of coaches and instructors who will all someday draw nice state pensions with health insurance for life?

[jester]

The answer to Oldgringo and pbwalker is you have to pay because we live in a country where both major parties are socialists.

Or where those rhetorical questions?

[pbwalker]

pbwalker asks:

It already drives me up the wall having my hard earned money going to Welfare and Social Security. Why do I have to pay for those 47%?

Why do I have to pay property taxes so that other people's kids will have a school to go to with a whole bunch of coaches and instructors who will all someday draw nice state pensions with health insurance for life?

x 100!

[pbwalker]

The answer to Oldgringo and pbwalker is you have to pay because we live in a country where both major parties are socialists.

Or where those rhetorical questions?

Rhetorical...mine at least.

I can't even think about it because it makes me so mad...and to OG's point, I couldn't agree more. My two girls will go to private school. Yet, I am expected to contribute for illegals and career welfare recipients to go to school. And then when said children are in school, they assault teachers and the parents threaten teachers when a child gets an F in a class where they skipped 90% of the time. "Give them the same opportunities" my rear. Personal responsibility is a thing of the past. I grew up dirt poor and knew I didn't want it. No one gave me any hand outs...I paid for school and bootstrapped myself in to the nice life I have today. When I hear the "They weren't given a chance" argument, it makes my blood boil.

Wouldn't it be a wonderful world where US citizens were allowed to spend their money as they see fit?

/sister is a teacher, so I hear horror stories

Side note: Apparently, still to this day, you have to bring extra supplies for the kids who can't afford them. I will be happy to do that...but the pens and pencils will be engraved with a "This pen/pencil was provided to you by 'daughter's name'". I'm evil like that...

[rm9792]

Side note: Apparently, still to this day, you have to bring extra supplies for the kids who can't afford them. I will be happy to do that...but the pens and pencils will be engraved with a "This pen/pencil was provided to you by 'daughter's name'". I'm evil like that...

I dont do that, I refuse to do that. I know quite a few of the parents whose kids are getting free meals and free supplies when they dont need them for free. This is just more socialist junk. If the poorer kids need supplies then why cant the school buy them? The overpaid admins can cut their bloated salaries and easily buy all the kids supplies.

[gemini]

Drop all current taxes. Do away with IRS. Go to national sales tax. Taxed on only what you consume.
Everyone pays.

[Mach1]

"Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.

If you're retired? So what... your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year."

Actually, the above is not correct -- you will not be taxed on the value of your health care paid by your employer...yet.
Kiplinger issued a correction on that subject.

Course, once everyone gets use to reporting the value of health care, taxing it won't be many years away!

[Kythas]

Actually, the above is not correct -- you will not be taxed on the value of your health care paid by your employer...yet.
Kiplinger issued a correction on that subject.

Course, once everyone gets use to reporting the value of health care, taxing it won't be many years away!

Exactly. This is the first step in the government taxing those benefits. First they need a few years of this non-taxed income to be reported so they can build a baseline as to how much it is. Once this baseline is created, the government will then know how much "income" is out there that they aren't taxing.

[Purplehood]

Actually, the above is not correct -- you will not be taxed on the value of your health care paid by your employer...yet.
Kiplinger issued a correction on that subject.

Course, once everyone gets use to reporting the value of health care, taxing it won't be many years away!

Exactly. This is the first step in the government taxing those benefits. First they need a few years of this non-taxed income to be reported so they can build a baseline as to how much it is. Once this baseline is created, the government will then know how much "income" is out there that they aren't taxing.

I don't want to sound ignorant (though I am about this subject), but aren't the employer's somehow already getting hit for the monies already? Or were they (prior to this fiasco) a deduction for the employer?

[Mach1]

Health insurance provide by an employer is paid with after tax dollars, that is, the employer gets a deduction from income for the cost of health insurance provided to employees. That remains true for 2011, unless changed

[Shasta]

I have literally been "stewing" over this 1099 thing all weekend long.

I tend to operate on the "most people are basically honest" principle. I keep my records in top shape, and I assume most small business owners do the same.

Anyway, the 1099 clause tends to make the opposite assumption, that "most businesses & business people are fundamentally dishonest". Sooo.... even though I'm a small business, and a small employer (about 15 employees) I will probably need to generate something like 75-100 1099s, with all of the associated paperwork.

Someone decided that by generating these 1099s, there is going to be 17 BILLION dollars of additional revenue.

say what?

They plan to match my 1099s with the receipts records of all of the companies I do business with and find out what? That I use 2 airlines, I use Avis Rent-a-car, I go to various conventions 3-4 times per year, I send employees to Austin and Dallas once a month, I spend a load of money at various office supply places. I come really close to charging $600 per year at the shell station on Mockingbird right outside of Love Field. ALL of the businesses I deal with do substantial retail business.Do they really expect to find out that someone at my local Office Depot is skimming money off the register receipts, just from MY 1099? Exactly HOW do they expect this provision to be anything other than a revenue LOSER? (I'm sure I will be paying not only to gather the records, but for the CPA to generate the 1099s, these will be yet another deduction and my income - therefore my income taxes - will be reduced. As long as these businesses continue to have substantial income from private sales, there will be absolutely no way that the 1099s will do anything other than kill many, many trees)

I'm at a total loss. I also feel like someone in Washington actively hates ME. What did I ever do to them?

[davidtx]

I have literally been "stewing" over this 1099 thing all weekend long.

I tend to operate on the "most people are basically honest" principle. I keep my records in top shape, and I assume most small business owners do the same.

Anyway, the 1099 clause tends to make the opposite assumption, that "most businesses & business people are fundamentally dishonest". Sooo.... even though I'm a small business, and a small employer (about 15 employees) I will probably need to generate something like 75-100 1099s, with all of the associated paperwork.

Someone decided that by generating these 1099s, there is going to be 17 BILLION dollars of additional revenue.

say what?

They plan to match my 1099s with the receipts records of all of the companies I do business with and find out what? That I use 2 airlines, I use Avis Rent-a-car, I go to convention 3-4 times per month, I send employees to Austin and Dallas once a month, I spend a load of money at various office supply places. I come really close to charging $600 per year at the shell station on Mockingbird right outside of Love Field. ALL of the businesses I deal with do substantial retail business.Do they really expect to find out that someone at my local Office Depot is skimming money off the register receipts, just from MY 1099? Exactly HOW do they expect this provision to be anything other than a revenue LOSER? (I'm sure I will be paying not only to gather the records, but for the CPA to generate the 1099s, these will be yet another deduction and my income - therefore my income taxes - will be reduced. As long as these businesses continue to have substantial income from private sales, there will be absolutely no way that the 1099s will do anything other than kill many, many trees)

I'm at a total loss. I also feel like someone in Washington actively hates ME. What did I ever do to them?

I've been stewing all weekend too and for the same reasons. I just can't figure out how this is going to generate additional revenue without LOTS of audits.

[Shasta]

OOps. Just realized my typo. I don't convention QUITE that much. 3-4 times per year. LOL.