Half the country thinks Donald Trump is a racist. HALF.

[The Nature Boy 7,659]

34 minutes ago, Satisfied said:

So you're saying that just by being a CEHST member, your status in life is now a couple of notches higher? Improved you, and you didn't even KNOW it!!  ($hhh, if the mods find out, they might start charging us!)

wait, you dont have to pay ??

[Boiler 46,012]

20 minutes ago, Nature Boy Flair said:

wait, you dont have to pay ??

think they were running a special offer, first 90 days free.

[Ban Hammer 13,508]

7 hours ago, Boiler said:

think they were running a special offer, first 90 days free.

we mods often refer to nb as "beta test"

[jb914 33]

On 7/10/2018 at 6:04 PM, Satisfied said:

Not sure where you’re getting your inaccurate info, but the middle class and even upper middle classes often take the standard deduction.  A mortgage doesn’t mean you can automatically itemize.

I said people who itemize tend to be middle class or wealthy.

 

I did not say all middle class and wealthy people itemize.

 

P implies Q does not mean Q implies P.

 

See the Affirming the Consequent Fallacy

 

Either way, the point is that huge tax expenditures go the middle class and wealthy, there is no argument about that- everybody gets government handouts, not just the poor.

Edited July 12, 2018 by jb914

[Voice of Reason 10,298]

2 hours ago, jb914 said:

I said people who itemize tend to be middle class or wealthy.

 

I did not say all middle class and wealthy people itemize.

 

P implies Q does not mean Q implies P.

 

See the Affirming the Consequent Fallacy

 

Either way, the point is that huge tax expenditures go the middle class and wealthy, there is no argument about that- everybody gets government handouts, not just the poor.

People who itemize will always be those who have enough deductions to surpass the standard deduction.  It's not a measure of how "middle" or "upper" class they are. 

 

I make over twice what I used to make now, and I used to be able to itemize, but could not last year.  Certainly will be taking the standard deduction next year with the new laws.  So your premise that itemizing is only for those who make more money is false. 

 

And your link backs this up:

",,,the tax code really does cut across people of all income brackets in this country. Every income group gets some kind of tax expenditure,"

[jb914 33]

On 7/11/2018 at 10:51 PM, Satisfied said:

And your link backs this up:

",,,the tax code really does cut across people of all income brackets in this country. Every income group gets some kind of tax expenditure,"

But that is my exact point- all groups received government handouts, not just the poor.

[Randyandyuni 2,682]

12 minutes ago, jb914 said:

But that is my exact point- all groups received government handouts, not just the poor.

reimbursements of overpaid taxes do not equate to a government handout, a handout would be receipt of money above and beyond what I paid in

[jb914 33]

5 minutes ago, Randyandyuni said:

reimbursements of overpaid taxes do not equate to a government handout, a handout would be receipt of money above and beyond what I paid in

According to accounting principles, it's the same thing. If you receive a tax break, your effective income is higher than someone else who has the same gross income but does not receive that tax break. This is in practice exactly the same net effect as if you paid the normal tax rate, and then the government cut you a benefit check. It's just easier for Congress to pass tax credits and deductions than it is to increase spending, so we have more of the former.

 

According to the Center on Budget and Policy Priorities, tax expenditures dis-proportionally benefit those with high incomes. CBPP estimated that the top 1% of U.S. households by income received approximately 17% of the tax expenditure benefits in 2013, while the top 20% received 51%.

 

A tax expenditure is government spending. https://en.wikipedia.org/wiki/Tax_expenditure

Edited July 13, 2018 by jb914

[Randyandyuni 2,682]

Accounting process might be the same but if i pay $500 in taxes and then they reimburse me $50 as a tax credit is not a handout, however if i pay $50 in taxes and receive $500 earned income credit that is a handout or are you equating paying $450 the same as receiving $450 dollars. 

[The Nature Boy 7,659]

2 hours ago, Randyandyuni said:

reimbursements of overpaid taxes do not equate to a government handout, a handout would be receipt of money above and beyond what I paid in

Happens all the time in the amount of 1000's

[The Nature Boy 7,659]

1 hour ago, Randyandyuni said:

Accounting process might be the same but if i pay $500 in taxes and then they reimburse me $50 as a tax credit is not a handout, however if i pay $50 in taxes and receive $500 earned income credit that is a handout or are you equating paying $450 the same as receiving $450 dollars. 

earned income tax credit. Pay in next to nothing get 1000's back 

[Rob and Cheryl 56]

4 hours ago, Randyandyuni said:

reimbursements of overpaid taxes do not equate to a government handout, a handout would be receipt of money above and beyond what I paid in

If you cannot figure out your tax liability and make the correct payments quarterly, you might not be suited to be self employed.

e

[Randyandyuni 2,682]

18 minutes ago, Rob and Cheryl said:

If you cannot figure out your tax liability and make the correct payments quarterly, you might not be suited to be self employed.

e

You are right, of course. I am too stupid to figure out my taxes. Luckily for me and the financial stability of this country i am not self-employed. 

 

I will await your quick and sanctimoniously witty retort with bated breath

Edited July 14, 2018 by Randyandyuni

[Rob and Cheryl 56]

3 hours ago, Randyandyuni said:

You are right, of course. I am too stupid to figure out my taxes. Luckily for me and the financial stability of this country i am not self-employed. 

 

I will await your quick and sanctimoniously witty retort with bated breath

Sorry for the long delay  of three hours...are you still breathing?

[Voice of Reason 10,298]

On 7/13/2018 at 3:27 PM, jb914 said:

But that is my exact point- all groups received government handouts, not just the poor.

Those are not government handouts.  We worked for them.