Who's gonna owe taxes this year?

Everyone should have to write a check for their taxes. As it is, it is an abstraction and people generally base their perception of their income on their take-home.

MM
 
You can only deduct the interest not the entire payment.

MM
yeah and most of my payment is interest. like 75% of it. just started paying them a couple years ago. anywhere from 6-8% interest on them. so about $600 of that 800 is interest.
 
yeah and most of my payment is interest. like 75% of it. just started paying them a couple years ago. anywhere from 6-8% interest on them. so about $600 of that 800 is interest.

Try being a dentist. My colleagues and I are looking at $300k+ educational debt at 6.8% running $2k+/mo student loan payments for 30yrs and not one cent of it is deductible. Your average doctors, dentists, optometrists, and veterinarians will be in debt until well after they’ve already retired.
 
My take on all this is much simpler. Say good bye to all deductions (at the fed level) period. Then lower the tax rate to a flat amount that does not escalate. If you want to have a standard deduction for each person that is fine but once you start paying taxes it is flat percentage - The problem is that too many people pay no federal tax. So, if you earn 50K you pay x% if you earn 50M you pay x% - The rich will still pay more (@1% someone earning 50K will pay 500.00 but at 50M they are paying 500K). Then Government needs to be put on a diet and cut spending - I am sure we could all come up with some ideas. Then force the Congress and Senate to put together budgets that address needs within a real budget based on revenue - or face having their salaries de-funded until such time as a conforming approved budget is in place (right now they have no incentive). Then get rid of the payroll deduction and make people pay their taxes so they realize how much of their hard earned money they are giving away.

-Kevin

I’m a big fan of the flat tax idea. One rate for all with no deductions for anything.
 
As another member pointed out, you’re lucky you don’t live north of the border when it comes to taxes. Deductions are few (for me, anyway)We can not deduct mortgage interest on our residences, and boats don’t classify as secondary residences. You also cannot get mortgages on boats.
Generally, consumption is discouraged with virtually everything subject to a “gst” - good&services tax at 13% in Ontariowe. Boats, cars, gasoline,heating costs for your house etc.
Even trying to drown our sorrows is expensive due to tax.....a 24 of Budweiser in cans is $43!!
 
Try being a dentist. My colleagues and I are looking at $300k+ educational debt at 6.8% running $2k+/mo student loan payments for 30yrs and not one cent of it is deductible. Your average doctors, dentists, optometrists, and veterinarians will be in debt until well after they’ve already retired.

But dentists have big boats!
 
I'm just sitting here quietly watching this parade go by. Please don't stop, I'm enjoying it.

WA is a heavily taxed state. No income tax, but our liberal Democratic government still has not learned to curb its spending habits.
 
That tax cut is going to screw all of us New Yorkers in high property tax counties.
The other states felt like they were subsidizing our high taxes with us getting the full write off from the fed for our high state and local taxes.
Honestly, I think the fault is more with our state and local governments then with the feds. With all the money coming in to them from all the taxes we should have a state of the art infrastructure and the finest schools in the country.
Among the highest property, income, and sales tax rates in the country in one of the most populated states in the country, and the billions of dollars of revenue they generate from tax collected from tourism in NYC you’ve got to ask yourself what went wrong.
Oh wait, could it be all the politicians and their cronies that have gotten locked up by the feds over the last decade for stealing, or the multi billion dollar monument that our governor built to honor his late father? Or maybe it”s our liberal crooked politicians welcoming miscreants, misfits, drug addicts, and lowlifes from other states with open arms and showering them with entitlements?
Nah, they’ll point out to you that it’s Trump’s fault.
Long Island should be it’s own state. With the amount we contribute... alone we would be ranked in the the 10 economically, population, and in education. The shithole of nyc is sucking us all down!
 
Even trying to drown our sorrows is expensive due to tax.....a 24 of Budweiser in cans is $43!!
In Canada....How are you suppose to pay for free health care if not taxing gas, pot and liquor..... All of which the government controls.

When the government controls .....money is wasted and there is no competition to self regulate... Socialism is not self sustaining.
 
As another member pointed out, you’re lucky you don’t live north of the border when it comes to taxes. Deductions are few (for me, anyway)We can not deduct mortgage interest on our residences, and boats don’t classify as secondary residences. You also cannot get mortgages on boats.
Generally, consumption is discouraged with virtually everything subject to a “gst” - good&services tax at 13% in Ontariowe. Boats, cars, gasoline,heating costs for your house etc.
Even trying to drown our sorrows is expensive due to tax.....a 24 of Budweiser in cans is $43!!

Sounds very much like the Australian system, except our GST rate has remained at 10% since inception on 1 July 2000. Sales tax was abolished at the introduction of our GST system and income tax rates were reduced. We also have a 50% tax exemption on assets held for more than 12 months (i.e. shares, rental properties etc) with your primary residence generally exempt from tax. Our company rates are being reduced from 30% to currently 27.5% and down to 25% for small/medium sized companies.
 
With all the changes made I'm just going to wait until this years return is done and compare total tax liability as best I can.

Some folks will come out better and some won't. No matter what happens we'll be told it's not good and that Trump messed everything up.
 
If NY knew we were in a bad spot and would have to owe more taxes because of the SALT and lack of deductions, Why in the hell did they take less out of out paychecks. I understand the lower brackets and all, but imagine all the people that were like " Wow this is great. Look how much more I'm getting in my check" To find out they have to give it all back and some. I was a little prepared at least when my accountant told me to take the difference out and put it aside. Just never thought it would be double. As Woody said..IRS will be getting payments from me this year if it's what I think. I'll just have to see what the difference really is.
 
Not sure about NJ, but that isn’t all that accurate here in NY. Our Police are among the highest paid in the Country here in Nassau County on Long Island, yet if you look at a breakdown of where my 17k a year in property taxes go, the line for police is minuscule.
Schools are the most expensive. While teachers salary and benefits are high, the real problem is that each community has a separate and independent school district. About 56 of them, and each has their own administration which is where the real waste is. Yeah, the teachers make more than in many other places, but it isn’t out of line in relation to the median income. It’s the 56 administrations, each community having to support their own, that are choking us.
Many other parts of the country have single school districts that cover the whole county.
Next thing on my tax bill is my town taxes. Although we have a county government, there are also three townships and two cities in this county. Each of these municipalities has there own elected officials, more than their fair share of politically appointed bureaucrats, and others who get checks of varying amounts and benefits for part time gigs. Our last town Supervisor got locked up by the feds for corruption offenses. The towns largely exist to provide jobs for a lot of otherwise unemployable people that somehow benefit the political machine.
I have the pleasure of living in an incorporated village that has its own salaried part time elected officials and appointees who also get benefits. We had a Mayor who got locked up about ten years ago for playing fast and loose at bars and restaurants with the village credit card. Most of it was spent wineing and dining county and town officials. He got a kind of raw deal though since that is really the only way to get those guys to do anything for you.
Lastly, the lowest portion of my total tax bill is my county tax which goes to support, among other things, that elected body, career bureaucrats, and political appointees who all get salaries and benefits. Our last county executive got locked up by the feds for corruption offenses. The police department is funded by the county tax bill, but they are a relatively small part of it.
The majority of these elected officials and appointees, even the part timers, get benefits for the rest of their life if they keep their job for 10 years. If they don’t need them they get to take the cash instead. They die early, no problem. Their spouse gets them until they die.
Almost as good a deal as the members of Congress have, and they don’t have to commute to DC to get it.
They’ve been stealing for so long out here on Long Island that they actually think it’s legit.
Republicans or Democrats, it doesn’t matter.
On the state level we had the last state senate leader (Republican Dean Skelos) get locked up by the feds for corruption offenses, and the last state assembly leader (Democrat Sheldon Silver) met the same fate.
Our Governor hasn’t been arrested for corruption, but others close to him have. He’s good enough at keeping himself insulated that he is about to start his 3rd term next month. Just like his daddy did a generation ago. He’s pretty much untouchable because although he eventually divorced her, he was married to a Kennedy. That makes his kids members of that clan too. That’s pretty much a license to steal, or maybe even murder, for life in this country. Even better than being a Clinton.
Yeah, the people that pick up our garbage, patrol our streets and teach our kids might make more than their counterparts in other parts of the country. But they have to in order to be able to afford to live here. Despite the crooked politicians pointing the finger at these working stiffs every chance they get and blaming their unions for the high taxes, it isn’t them that are breaking us.
Despite what our governor says on tv, it isn’t Trump that is screwing us either.
Although the 10k a year cap on SALT deductions is going to kill me, and I’d like to see it get lifted, I can’t say I really blame people in other states for not wanting to subsidize our stupidity.
I'm curious how your property tax mill rate compares to ours. Mine is 15.17713 per thousand, 65% is education.
 
In Canada....How are you suppose to pay for free health care if not taxing gas, pot and liquor..... All of which the government controls.

When the government controls .....money is wasted and there is no competition to self regulate... Socialism is not self sustaining.
Ah yes, Canada, soon none of them will receive any money at all, they'll have no need for it because all things will be free.
 
If NY knew we were in a bad spot and would have to owe more taxes because of the SALT and lack of deductions, Why in the hell did they take less out of out paychecks. I understand the lower brackets and all, but imagine all the people that were like " Wow this is great. Look how much more I'm getting in my check" To find out they have to give it all back and some. I was a little prepared at least when my accountant told me to take the difference out and put it aside. Just never thought it would be double. As Woody said..IRS will be getting payments from me this year if it's what I think. I'll just have to see what the difference really is.

The FEDs and NYS each publish their own withholding formulas for employers. These are each independent of each other and establish the minimum withholdings for the employer based on your declarations. This has nothing to do with your taxes owed as you may have additional earnings not part of your salary that the employer may not even know about. It is simply a easy money grab in advance by the government.

If withholdings are not properly made they will go after the company as well as the individual if the company defaults.

Also don't forget that the employer is paying a tax on each and every employee to the feds for each hour they work.

As stated before the government does not want people knowing what they pay so they make it intentionally obfuscated. Most people only know the take home and hope to get money back on fileing.

So if you have to pay consider yourself lucky as you did not give the government a zero interest loan that was forced on you.

-Kevin
 
“In Canada....How are you suppose to pay for free health care”
I chuckle when people talk about free health care .... it’s not free....we pay for it in taxes. In the province of Ontario it takes up almost 40% of the annual $158 billion budget, most going to administrative bureaucracy. It is not unusual to have wait times of 6-12 months for surgery. Our hospitals in major cities have patients on gurneys in the HALLWAYS from overcrowding. Lots of misconceptions about Canadian healthcare.
Fwiw...the last government (in power for 12 years) overspent budgets so that Ontario has the highest sub sovereign debt IN THE WORLD!
Sorry for the rant. Somebody mentioned taxes and it flipped a switch.
I remember when I used to drink for fun!
 

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