But is people saved rather than spend then the economy goes downhill. And when that happens less people spend.
Originally Posted by DeltaT
Mind you I am in the save camp.
Well, wow. That is a simple answer we can all understand. .
"You boys are really making this thing harder than it has to be". Me
"Who ARE you people? And WHAT are you doing in my SWAMP!?" Shrek
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I give free estimates [Wild Ass Guesses] over the phone.
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You can give my accountant lessons.
Originally Posted by printer2
You do not pay all your taxes at one level. The first dollars for people that make any real money are taxed at a lower rate than the last dollars - anyone that says otherwise should not be saying anything. Further, for higher income people the top effective rate is actually higher than the stated rate as you have to reduce the amount of money that certain exemptions are worth. Further, many are hit with the AMT and actually pay 28% on all income from dollar one depending on itemized deductions, and other issues which trigger AMT.
I think I will let my accountant worry about how to figure taxes... I will spend my time getting the $$$ INTO the account... Thoughts?
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My thoughts? I think it's insane that we have a tax code so complex with pandering and social engineering that we have to pay accountants big bucks just to tell us how much we owe in taxes.
Originally Posted by ga-hvac-tech
There's a better way. Problem is, it would take a lot of power out of the hands of politicians.
Why not just buy a copy of Tax Cut or Quicken . Taxes are fairly simple to do , it just takes a little time and either program will walk you right through it.
We need a consumption based tax and life essential like food and basic clothing items are exempt. Things like alchol, tobaco and luxury item carry a higher rate than everday items. Say you buy a basic car or truck you pay a 15% tax you buy a CL55 or a F-150 Platinum you pay 25% same for boats minks etc. The things the average person need to buy to keep hearth and home together very low tax.
Originally Posted by k_fridge
Yea our tax cheat of a treasury secretary claimed that Turbotax was the problem, not the tax code.
Originally Posted by acmanko
It's all just a house of cards waiting for a stiff wind.
Stepping back and looking at the total circle of commerce we see that all spending starts with someting to spend on. This means something has to be thought of, designed, manufactured, marketed, placed in the market and sold directly or indirectly to the spending public.
Originally Posted by printer2
Where's this money come from to produce all the above, you ask? A lot of it comes from individuals either alone or in large groups that want to invest in their original though of building a better mouse trap, as an example.
Typically, they don't have the beans or the expertise to do all the above so they borrow money from.................banks! Where do most banks, especially the local banks that we all like to deal with, get their money that they loan out? From us who save it into saving accounts in which we agree that the money can get loaned out with certain safety factors attached. And in which we also will get a part of the interest in a return for our placing money in this bank.
So now the whole circle of commerce gets started. It's always started with a thought by an individual in a free society like ours..even yours. Then the wheels of opportunity start turning because we all want that to happen and have developed a system within our free society to insure that people who think they can develope a better mouse trap, well, can.
It benefits everyone. Savings do that is. It all starts with a persons desire to do better for him/herself followed up by a commerce system ready to take on the follow through of making it happen to the final conclusion of customers wanting to purchase and use the better mouse trap.
But the well of water has to have water in it before anyone can drink (which means life) out of it.
In recent years, say 20 plus, the US way of life has been more towards just consumption for the sake of consumption without any thought as to the consequences. Ironcially, we, in the US, still have a very strong center of hard working people who still believe that you can only spend what you earn, you work for 8 hours and you get paid for 8 hours; and that honesty and intregitry is still the best policy...but they,the others - the consumers and not the producers, could care less as long as they maintain their life styles.
Start to put money into savings in this country, keep it away from the people who have been stealing it from us for years, keep it in the local communities and this counrty of ours will take off again.
"The American Republic will endure until the day Congress discovers it can bribe the public with the public's own money.
- Alexis de Toqueville, 1835
Believe what you want. The tax Code is structured so that 75-80%of it helps you lower or avoid paying tax.
Originally Posted by kirbinster
Remember. It's illegal to evade paying taxes but perfectly legal to avoid paying taxes. I suggest you get a dictionary and learn the difference.
As for the tax preperation software. The only difference between what you buy and what a CPA can buy is how many tax returns the software will let you file i.e., with H&R Blocks premium version , you can to maybe 5 returns while a CPA's version is unlimited.
Thanks for your condescending tone, I know full well the difference between the two words.
Originally Posted by acmanko
The tax code is not structured so that 75%-80% is designed to help you lower or avoid taxes - it is designed that way as kickbacks to certain groups to keep these corrupt politians in office. The by-product of this crazy system is that if you pay accountants and lawyers lots of money you can avoid taxes. If you think the accountant in a box is nearly as good as a real tax accountant and tax lawyer you have a lot to learn. There is no substitute for decades of experience, you can't put that in a box. If you think you can then next time you are seriously ill I suggest you go to the Internet rather than an Emergency room with real life critical care doctors.