Taxes

Well thankfully math isn't hard. Seeing as it's insolvent in 2033, and I won't be able to collect till 2052, I'd say I'm SOL. Not to mention the fact that their unfunded liabilities will exceed our GDP by then, and that's sort of an issue.

 

Alright guys... Lets stay on topic here.

This was meant for those who get something from their tax returns and like to splurge on something they love to use... Hunting gear. If someone could create a thread in the Off Topic section for a tax debate, that would be great .

 

You don't really believe that do you? Please provide sources and explain the math?

 

Usually we just put it in the bank and use it for items outside our normal spending.

 

To answer the OP's questions and stay somewhat on topic, yes, I'm hoping to by a new bow with my tax refund.

Where you live has nothing to do with your knowledge of taxes. We are talking federal taxes anyways, which are no higher in Minnesota than any other state.

But my point was that the example you used of cell phones and debit cards should be a very low on your list of worries when it comes to wasted tax $. If we are talking welfare, then you should be much more concerned with corporate welfare than food stamps and cell phones. People tend to let their emotions get in the way of clear thinking, and people tend to get very emotional when it come to welfare because they don't want these "parasites" taking advantage of their hard work. The powers that be (both republicans and democrats) like to direct people's emotions towards these types of issues, so the real issues go unnoticed by most.

I can try to dig it up. I used to be a tax accountant and I saw it in some literature that I kept on my desk. I don't remember the exact $ amount off the top of my head but I think it was around $4 or $5 for an individual making $50,000. I remember being surprised by how small the amount was.

 

You don't really believe you are paying hundreds of dollars towards food stamps and cell phones do you?

 

No, I believe I'm losing thousands of dollars that I worked hard for and it is being redistributed to people who have not contributed. We have 320 Million Citizens, and only about 120 million of those people are paying federal income taxes. There are nearly 110 million people that receive some sort of welfare benefit, so nearly 35% of our citizens. The average amount of welfare payed out is around $16,000 per person.

Now tell me how that's only $4.00 a year out of my pocket.

 

I am paying some for cell phones some for EBT cards some for school breakfast and summer food programs some for college grants and loans probably some housing grants extra on my car insurance to cover uninsured drivers more for my health insurance to help pay for others than do not have coverage, stop me when I am over $4 per $50,000 earned.

 

Although I would like to use my return for hunting stuff, my money is going towards property taxes and my wife said she wants boobs. Who am I to tell her she shouldn't have them?

 

Not sure yet what mine will be going towards.. Probably toward our annual Illinois trip in November and towards wedding/honeymoon stuff.

 

So do you believe a person earning $50k a year is paying "thousands" toward welfare benefits?

 

Yep! Sure do.

 

Let's get down to business then using an individual earning $50k per year. I'll assume their taxable income to be $40k, although it could be lower or slightly higher. This individual would pay $5,856.25 in federal income tax. Safety net programs (a.k.a. welfare) account for about 12% of the budget. Right away that brings us down to $702.75. You still thinking "thousands"? LOL. Now, safety net programs include things other than the cell phones and food stamps that my first post in this thread was referring to, such as Earning Income Tax Credit, Child Tax Credit, Supplemental Security income for the elderly and disabled, and unemployment insurance. Cell phones and food stamps receive about 12% of the total Safety Net budget, which would be $84.33 paid from the individual making $50k per year.

I believe my figure, while way off, was much closer than your "thousands". Nice try though.

Drops mic...

 

Best post on this thread

 

Well, I was talking in terms of what I pay. You are also leaving out the costs of medicare/medicaid and Interest on Federal Debt that was used to pay for the entitlement programs. The way I see it, over 50 cents on the dollar paid in taxes go to social support programs. All of which I'm not eligible for . So, using just your numbers which is way off. Assuming the $5856.25 you calculate, someone making 50K would be paying just shy of $3000 for those social support programs. And that's just federal, then we get to throw the state on top of that.

 

That is one of my better investments

 

Tax Returns should not exist. Government #1 should be able to calculate and take only what they should and not get interest free loans from countless people. #2 the private and small business owners NEVER get money back when they if anyone should. #3 Some of the crap people get more money back for is 100% bogus in my opinion and are personal choices that one make...and with those decisions come costs (dependent children for example).

Ever since I left the public sector and now work on the private side...magically the gov't always needs more from me at the end of the year....oh well better to owe than not in my opinion, can't imagine how much I'll owe if I ever make an actual solid amount of money.

 

I live in Maryland the land of Taxes and Fees..What burns my azz is if you get a refund you have to claim it as income for the next year...So you get taxed again on the money you already paid taxes on ...BS!

 

Mine will be going to pay off schooling or housing. Looking to come out of college with little to no debt. But I did move up a few brackets in the income so I won't be getting back near as much

 

Here's my dilemma. After paying property tax we only have half the money for it. Would you recommend the right or left?