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Posted: 2/4/2006 12:24:06 PM EDT
So....did the taxes this morning.
As usual, I owed....no surprise there.
This year was higher than anything I ever imagined.
But still...this is fine...because its all my money. I have less withheld, so its in my pocket all year, and at the end I have to hand it over to uncle sam...no big deal, I still prefer that as opposed to getting smaller paychecks and letting my government manage my money for me.

What I learned today however was that if you owe more than a thousand to the fed two years back to back, they assess a penalty fine...of a few hundred bucks....because I didnt give them the opportunity to withhold enough. I spoke with my accountant about this. They told me that basically, every year the IRS expects you to either owe or get a return somewhere under $1000. If you continually owe more than that, they feel that you should be having more withheld rather than keeping it to yourself where the government cant make money off of you. To encourage this behavior, you are fined a penalty every year you owe too much.

Just who the fuck do the leaders of this country think they are?

Its not enough that I am already in one the higher brackets and fork over a pretty handsome five figure number every year. On top of that, they are going to ride me because I dont allow them use my hard earned cash during the year? Fuck them. It makes me sick to think for every piece of shit out there taking a handout, I am working my ass off just to hand over damned near 30% of everything I earn, against my will, and then to top it off....I get fined because they would prefer more frequent deposits? Well suck me....not gonna happen.

It would seem to me that all the current tax scheme does is encourage the poor to stay poor.
I wonder how many of these idiot liberals that bitch about tax cuts for the wealthy have a clue how stupid they are. Im not rich by any measure, but I am very fortunate to have a good career and I do well. I get screwed....hard.....every year. The more money I make, the higher the bracket and the more they take away. Where are these tax cuts for the rich I wonder? Hmmmm.

There are always those people that cry about the upper 1% controlling the other 99%.
Hey....heres a news flash....that upper 1% fucking bankrolls the economy and sustains communities with the taxes they, and their corporations pay. Keep crying about the upper 1%....see what happens when they take their business offshore....oh wait, they are already starting to do that.

But hey, it could be worse. I have a friend in west Germany that make about what I do, probably a little more....pays around 60% in national tax. Hey, someone needs to subsidize the rebuilding of east Germany. Thankfully....that will never happen here. Oh wait....Katrina...the rebuilding of New Orleans.

I suppose the privilage of having a job, a roof over my head, and food in the fridge comes at the price of the government forcing me to share whatever I have left over with my community. Lucky them!
Link Posted: 2/4/2006 12:27:24 PM EDT
Sorry to hear about it. I was completely unaware of this back-to-back penalty. Since I'm still in school and barely making anything worth a damn in small-time jobs, I don't have to worry about it yet.....
Link Posted: 2/4/2006 12:28:01 PM EDT
I feel your pain. I wish we would go to a national sales tax system or a flat tax of something like 10% across the board for everyone.
Link Posted: 2/4/2006 12:29:10 PM EDT
[Last Edit: 2/4/2006 12:31:52 PM EDT by SWS]
Welcome to socialism. You're paying for those who don't.

Do yourself a favor and don't ever look at your Social Security and Medicare deductions.
Link Posted: 2/4/2006 12:29:12 PM EDT

Originally Posted By BIKECOP29:
I feel your pain. I wish we would go to a national sales tax system or a flat tax of something like 10% across the board for everyone.



I'd love a flat tax. However, H&R Block, TurboTax, and all those companies that make their bacon off of deciphering the tax code will do their damndest to prevent it from happening.
Link Posted: 2/4/2006 12:30:51 PM EDT
Forgot to mention the sales tax and random other taxes paid on ammo, gasoline, not to mention tobacco and alcohol if you smoke or drink. We pay probably 1000% of what it costs to produce this stuff, most of it syphoned off for taxes to subsidize programs the promote gun control, alternative fuels, cancer awarenes, and DWI awareness.

What ever happened to capitalism?
Was this country into that at one point?
Link Posted: 2/4/2006 12:30:57 PM EDT
Yup,

It is a 10% penalty if you DO NOT PAY IN ENOUGH TAXES during the year, sweet aint it, NOT.
Link Posted: 2/4/2006 12:34:22 PM EDT
revolution?

what would happen if we had a 2006 version of the boston tea party and burned our W-2 forms en masse and paid no taxes? think the IRS JBTs would shoot our dogs and burn down our houses?
Link Posted: 2/4/2006 12:34:36 PM EDT
Time for the Fairtax! Time to write your Senator and Congressman and demand passage of the fair tax.
Link Posted: 2/4/2006 12:35:56 PM EDT
I don't agree with requiring people to pay their taxes early, but considering you can't trust the average person now to plan ahead and have enough at the end of the year to pay the entire year's taxes, I understand the reason for the requirement. I don't like it, but imagine the chaos there would be if you weren't required to pay a penny until the following April 15.z
Link Posted: 2/4/2006 12:40:49 PM EDT

Originally Posted By zoom:
I don't agree with requiring people to pay their taxes early, but considering you can't trust the average person now to plan ahead and have enough at the end of the year to pay the entire year's taxes, I understand the reason for the requirement. I don't like it, but imagine the chaos there would be if you weren't required to pay a penny until the following April 15.z



Yeah. People would get so pissed when they realized how much it was really costing them that they in no time at all they'd be demanding that demand that the feds make due on about 10% of what they spend now.
Link Posted: 2/4/2006 12:49:58 PM EDT

Originally Posted By JohnTheTexican:

Originally Posted By zoom:
I don't agree with requiring people to pay their taxes early, but considering you can't trust the average person now to plan ahead and have enough at the end of the year to pay the entire year's taxes, I understand the reason for the requirement. I don't like it, but imagine the chaos there would be if you weren't required to pay a penny until the following April 15.z



Yeah. People would get so pissed when they realized how much it was really costing them that they in no time at all they'd be demanding that demand that the feds make due on about 10% of what they spend now.



Two things....

Its not my problem the government cant collect its debts. My check will be in the mail on Monday. I make good on what I owe, and I shouldnt be penalized because some other deadbeat cant manage to save during the year.

Lets understand...this isnt about be feeling inconvenienced. I pay my taxes and I understand why they exist. I can even look the other way in the face of them being administered so inneffectively. What I cannot overlook is my government deciding to essentially punish me for being a top earner and simply wanting to hold on to MY OWN MONEY until the taxes are actually due.

I guess the money really never is ours....we just get to play with it as it passes from our employers to the government. We get to babysit it for a few months and generate sales tex revenues during the year before giving it back.
Link Posted: 2/4/2006 12:54:39 PM EDT
What they are doing is ensuring that they get their interest out of you one way or another.


Have enough withheld, they get the interest off holding your money. Don't have enough withheld, they still get their money(possibly more) by having you pay a fine.


I don't agree with it either, it's downright disgusting. However, if you can figure out which way puts the most money into your pocket with less going to them, if that means figuring more withholdings than that is what I would do.


On principle alone, I'd like to see politians and beaurocrats choke on a wad full of cash.
Link Posted: 2/4/2006 12:56:09 PM EDT
Don't get me started. I am usually in a bad mood soon after I get my W2 and start figuring how much I owe the .gov
Link Posted: 2/4/2006 12:59:21 PM EDT
I claim 2 exemptions for Fed tax and 1 for State and I never owe or get a refund.
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