Filed my income tax return today.

[memphis]

I make about the median amount for somebody my age. My total federal income tax liability was between 3 and 4 percent of my income. If I had kids, I would have had no tax liability and would be receiving tons of free money, but that's not "welfare" . TN has no income tax on wages. Meanwhile, the sales tax here is 9.25%. Payroll taxes, while lower in 2012, are now back over 7% for me, plus more for my employer.
So, why are people supposed to be so outraged about income taxes? I get a heckuva lot for my measly three and half percent. I actually had too much withheld by about $1000, so money is on the way Yes, I know you're not supposed to do it that way. I've changed my witholding for 2013, so I'll have less taken out, and less of a return. More or less, it cancels out the expiration payroll tax holiday, and I just won't get a big rebate next year. I can live with that.

[Fmr. Pres. Duke]

 Listen you piece of s**t, I am dr5unk as  but i am happy you did your patriotic duty and paid you taxes. God bless Obama and America.

[Lief 🗽]

Listen you piece of s**t, I am dr5unk as  but i am happy you did your patriotic duty and paid you taxes. God bless Obama and America.

[Torie]

You must be logged in to read this quote.

That, beyond per adventure, I believe to be an absolutely true statement.

[○∙◄☻¥tπ[╪AV┼cVê└]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

[memphis]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

We'll never know because Romney would never release any meaningful info about his taxes.  Unless you're doing far better than most people our age, I doubt very much you pay a higher effective rate though. The income tax falls very lightly on "regular people." It's all the other taxes that screw us.

[○∙◄☻¥tπ[╪AV┼cVê└]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

We'll never know because Romney would never release any meaningful info about his taxes.  Unless you're doing far better than most people our age, I doubt very much you pay a higher effective rate though. The income tax falls very lightly on "regular people." It's all the other taxes that screw us.

Umm, regular people in high cost of living areas can pay more than Mitt Romney percentage-wise. If you made the minimum that would pay more than Mitt Romney around here, you would never ever ever be able to buy a house here. So if middle class means you can afford to buy a house, you wouldn't even be middle class.

[memphis]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

We'll never know because Romney would never release any meaningful info about his taxes.  Unless you're doing far better than most people our age, I doubt very much you pay a higher effective rate though. The income tax falls very lightly on "regular people." It's all the other taxes that screw us.

Umm, regular people in high cost of living areas can pay more than Mitt Romney percentage-wise. If you made the minimum that would pay more than Mitt Romney around here, you would never ever ever be able to buy a house here. So if middle class means you can afford to buy a house, you wouldn't even be middle class.

Median household income in SF is about $73k. Everybody's different, of course, but once you take out deductions, you're probably looking at taxable income of no greater than $50k. It's going to be very hard to pay an effective tax rate greater than 13%, or whatever absurdly low rate Mitt Romney pays, on that middling income, especially if children are involved because the tax rates are marginal and because of all the welfare for middle class parents in the tax code. The people paying a higher effective income tax rate than Mitt Romney are the doctors making $300k, not that that makes any sense either. However, once one factors in FICA taxes, middle class people can easily pay a higher percentage of their income in federal taxes than Mitt Romney, and that is no less of a scandal. And home ownership is obviously not a middle class trait in SF. Census says only 37% of households there own their own home.

[Fmr. Pres. Duke]

My grandfather said he paid no income taxes on the $95,000 income he received last year. I'm not entirely sure how he managed that.

[○∙◄☻¥tπ[╪AV┼cVê└]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

We'll never know because Romney would never release any meaningful info about his taxes.  Unless you're doing far better than most people our age, I doubt very much you pay a higher effective rate though. The income tax falls very lightly on "regular people." It's all the other taxes that screw us.

Umm, regular people in high cost of living areas can pay more than Mitt Romney percentage-wise. If you made the minimum that would pay more than Mitt Romney around here, you would never ever ever be able to buy a house here. So if middle class means you can afford to buy a house, you wouldn't even be middle class.

Median household income in SF is about $73k. Everybody's different, of course, but once you take out deductions, you're probably looking at taxable income of no greater than $50k. It's going to be very hard to pay an effective tax rate greater than 13%, or whatever absurdly low rate Mitt Romney pays, on that middling income, especially if children are involved because the tax rates are marginal and because of all the welfare for middle class parents in the tax code. The people paying a higher effective income tax rate than Mitt Romney are the doctors making $300k, not that that makes any sense either. However, once one factors in FICA taxes, middle class people can easily pay a higher percentage of their income in federal taxes than Mitt Romney, and that is no less of a scandal. And home ownership is obviously not a middle class trait in SF. Census says only 37% of households there own their own home.

Where does one get $23,000+ in deductions without the mortgage interest subisidy?

[TeePee4Prez]

Still waiting on a W-2 and being able to file my S-Corp.  I also have to go into my brokerage account for dividends/capital losses.  I may know taxes, but I'm a clusterf!@k with investing.

[Ban my account ffs!]

Listen you piece of s**t, I am dr5unk as  but i am happy you did your patriotic duty and paid you taxes. God bless Obama and America.

This.

[memphis]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

We'll never know because Romney would never release any meaningful info about his taxes.  Unless you're doing far better than most people our age, I doubt very much you pay a higher effective rate though. The income tax falls very lightly on "regular people." It's all the other taxes that screw us.

Umm, regular people in high cost of living areas can pay more than Mitt Romney percentage-wise. If you made the minimum that would pay more than Mitt Romney around here, you would never ever ever be able to buy a house here. So if middle class means you can afford to buy a house, you wouldn't even be middle class.

Median household income in SF is about $73k. Everybody's different, of course, but once you take out deductions, you're probably looking at taxable income of no greater than $50k. It's going to be very hard to pay an effective tax rate greater than 13%, or whatever absurdly low rate Mitt Romney pays, on that middling income, especially if children are involved because the tax rates are marginal and because of all the welfare for middle class parents in the tax code. The people paying a higher effective income tax rate than Mitt Romney are the doctors making $300k, not that that makes any sense either. However, once one factors in FICA taxes, middle class people can easily pay a higher percentage of their income in federal taxes than Mitt Romney, and that is no less of a scandal. And home ownership is obviously not a middle class trait in SF. Census says only 37% of households there own their own home.

Where does one get $23,000+ in deductions without the mortgage interest subisidy?

I may have high balled the deduction, but it really depends on your circumstances. Even at $60k, it'd be pretty darn hard to pay double digit income taxes. That $73,000 median household most likely has more than one person. No offense to you, but I doubt you're pulling in that kind of money by yourself. I'm not either, so don't take it personally. So just the standard deduction for a couple would be about $10,000. And lots of people can do better by itemizing. The CA income tax is nothing to sneeze at. If they give large sums to a religious organization/charity that could be an additional deduction. A lot more people do that you might suspect. Medical expenses add up fast. I had a lot more than I realized when I added them all up, though I still did better taking the standard deduction. You can claim student loan interest even in addition to the standard deduction, which is super sweet for plenty of folks in SF. It was for me too. And if you have kids, which is rarer in SF than in the rest of the country, but not all that uncommon, the tax man will shower you with tax credit welfare.
Don't get me wrong. I'm as livid as anybody that Mitt Romney and his peers pay so little in taxes. And while he should be paying a LOT more in income taxes, it's not the federal income tax where the true insanity lies. Again, look at percents on FICA between you and him. Outrageous! Sales taxes. Complete horse manure! The income tax is a rich man's tax, but somehow the politicians have fooled the public into believing it, and not the truly regressive taxes, is their cross to bear.

[they don't love you like i love you]

I'll be filing mine as soon as my landlord mails in my property tax thing so I can file that separate refund here. Without it I'm still getting a grand back, woohoo! The property tax thing will probably be about $400, but I won't get that until August.

[Badger]

My grandfather said he paid no income taxes on the $95,000 income he received last year. I'm not entirely sure how he managed that.

Mostly capital gains and other income tax free retirement payments?

Good to see you've sobered up since your last post, you shameless attention whore.

[TeePee4Prez]

My grandfather said he paid no income taxes on the $95,000 income he received last year. I'm not entirely sure how he managed that.

Mostly capital gains and other income tax free retirement payments?

Good to see you've sobered up since your last post, you shameless attention whore.

Could also be tax free municipal bond interest.  I once had a client when I worked at a CPA firm with $350,000 in that alone!

[Grumpier Than Uncle Joe]

Lazy ass, I got my refund back already. 

[opebo]

But the point, memphis, is that the system is highly regressive - you are paying that ridiculously high sales tax and 'payroll tax', while the rich get away with virtually no taxes.  You should be paying less, and they more, to ameliorate the tremendously destabilizing forces of capitalism - that is, if we want to keep the current system of oppression functioning 'well'.

[memphis]

But the point, memphis, is that the system is highly regressive - you are paying that ridiculously high sales tax and 'payroll tax', while the rich get away with virtually no taxes.  You should be paying less, and they more, to ameliorate the tremendously destabilizing forces of capitalism - that is, if we want to keep the current system of oppression functioning 'well'.

Yes, that actually was the point of this thread. People get all worked up about the income tax, but it's one of the only "good" taxes. All the others are highly regressive. However, politicians whining about the estate tax may be my biggest pet peeve ever. The threshold should be far, far lower with much higher rates if capitalism is to work at all.

[opebo]

...the estate tax may be my biggest pet peeve ever. The threshold should be far, far lower with much higher rates if capitalism is to work at all.

Well there are several models which can 'work', depends on the balance or strategy of oppression.  The current model relies mostly on the whip, and very little on the carrot.  Unless you mean 'work' for the toilers in which case, you might as well ask if the slaughterhouse is working efficiently for the cows.

[muon2]

My federal income tax percentage is still higher than Mitt Romney's. Great job capitulating on the fiscal cliff, you stupid Democrats.

I would conclude mine is as well. I haven't finished all the details, but I had to do enough to fill out FAFSA for two kids this year. The impact of my wife taking on extra contract work to pay for the college generates a lot of tax. Right now it looks like I'll pay just under 17% of my adjusted gross income as tax. Almost a quarter of that is self-employment tax.

[Torie]

But the point, memphis, is that the system is highly regressive - you are paying that ridiculously high sales tax and 'payroll tax', while the rich get away with virtually no taxes.  You should be paying less, and they more, to ameliorate the tremendously destabilizing forces of capitalism - that is, if we want to keep the current system of oppression functioning 'well'.

Yes, that actually was the point of this thread. People get all worked up about the income tax, but it's one of the only "good" taxes. All the others are highly regressive. However, politicians whining about the estate tax may be my biggest pet peeve ever. The threshold should be far, far lower with much higher rates if capitalism is to work at all.

I actually am quite fond of the estate tax too. I have a negative opinion in general of trust fund babies.

[MasterJedi]

Ah, fun taxes. Still haven't filed mine yet, still need to actually get the cost basis on an investment my dad did for me back when I was 2 or 3 in the late 80s. Surrendered it last year because I was still in the 15% tax bracket and won't pay anything on capital gains.

So I'll be getting about $1,200 to $1,400 back from state and federal. And all of that plus about $500 PCA dollars from work (for doing a survey and doing a biometric screening) will be going directly to the hospital for the sinus surgery I had in January. So best case scenario I'll only have to pay $600 out of pocket instead of $2,500.

[memphis]

Ah, fun taxes. Still haven't filed mine yet, still need to actually get the cost basis on an investment my dad did for me back when I was 2 or 3 in the late 80s. Surrendered it last year because I was still in the 15% tax bracket and won't pay anything on capital gains.

So I'll be getting about $1,200 to $1,400 back from state and federal. And all of that plus about $500 PCA dollars from work (for doing a survey and doing a biometric screening) will be going directly to the hospital for the sinus surgery I had in January. So best case scenario I'll only have to pay $600 out of pocket instead of $2,500.

Was it difficult getting a hospital to perform surgery without payment upfront? Unless it's an emergency situation, most medical places here aren't willing. And even at the ER, the exit door is locked so you can't make a run for it without dealing with the billing department first.

[MasterJedi]

Ah, fun taxes. Still haven't filed mine yet, still need to actually get the cost basis on an investment my dad did for me back when I was 2 or 3 in the late 80s. Surrendered it last year because I was still in the 15% tax bracket and won't pay anything on capital gains.

So I'll be getting about $1,200 to $1,400 back from state and federal. And all of that plus about $500 PCA dollars from work (for doing a survey and doing a biometric screening) will be going directly to the hospital for the sinus surgery I had in January. So best case scenario I'll only have to pay $600 out of pocket instead of $2,500.

Was it difficult getting a hospital to perform surgery without payment upfront? Unless it's an emergency situation, most medical places here aren't willing. And even at the ER, the exit door is locked so you can't make a run for it without dealing with the billing department first.

My employer gives really good insurance that doesn't cost that much. Used to be even better before about 2009. Combined total for everything without insurance came to about $26,800 and the amount that I have to pay is about the $2,500. Plus the plan has us submit everything for review, they determine what they pay and then they send us the bill.