Archives For Taxes

A household income of $400,000 puts a family in the top 1%. Although, definitely not poor, it’s also not nearly as “wealthy” as those of a certain political party and the mainstream media would have us believe. Were that their taxable income (not factoring in exemptions or deductions), they would pay $107,528 in federal income tax (that’s not including property tax, state tax, or payroll tax).

QUESTION:

How much more should they be expected to pay in taxes in order to fund government programs?

Watch this:

A Black Box in Your Car? Some See a Source of Tax Revenue

Charging drivers by the mile.

Anyone who lives outside of New York City or any other big metropolitan area, will not like this idea.

I loathe any idea that adds a new way to tax people. Why? Because the old taxes rarely get done away with. There is a gasoline tax already. There are also lots of toll roads that charge by distance driven. WE DON’T NEED ANOTHER WAY FOR GOVERNMENTS TO GET MORE TAXES.

The above article mentions that this is necessary because the roads are in need of repairs. Wasn’t TARP supposed to be for roads? We have zero accountability in how the government spends the money it receives.

I Found this on facebook and thought it was pretty funny:

Intaxication

Sadly, a lot of people don’t realize it’s their own money and instead treat it like found money.

So, I’m working on our taxes today (yeah, I know I’m procrastinating).

I’m entering information from my wife’s W-2 and notice a new box that I didn’t have to report last year:

DD – Cost of Employer-Sponsored Health Coverage

I got a sinking feeling in my stomach that eventually this is going to be used against us at some point in the future&151;as if we don’t pay enough in taxes already.

If this doesn’t concern AFM readers, I don’t know what will:

Consumers are already familiar with Internet “cookies” that track their movements and send them targeted ads that follow them to different websites. The IRS has brought in private industry experts to employ similar digital tracking–but with the added advantage of access to Social Security numbers, health records, credit card transactions and many other privileged forms of information that marketers don’t see.

From: IRS High-Tech Tools Track Your Digital Footprints

Does anyone else think the IRS is overstepping here? I sure do.

You know, none of this would be important or necessary if we had a flat tax.

Where does it stop?

Obama budget to take aim at wealthy IRAs

From the article:

Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.

I’ll look more into this later.