'Tis the Season - Tax season that is

[malibanker]

All this nonsense about State taxes makes me

Ya'll should move to Texas where we don't have any state tax.

To clarify: Texas has sales tax, I paid 6.25%

No state income tax tho!!!

[Steve B.]

All this nonsense about State taxes makes me

Ya'll should move to Texas where we don't have any state tax.

That's one reason I would never, ever mess with Texas.

Steve B.

[Pistol Pete]

Thanks for reminding me guys.

looks like I got a cool $4K installed into my bank acct. today.

Says it's "Processing" I take it, the bank is double checking that the state and the Feds. actually have the money.

Too bad it's pretty much spent on a trip to Boston and pay down some CC debt.

[WakingMeHappy]

Got mine finished the other day. I hope to get some change back.

[augie09]

Filed last night, the wait begins.... broke even on state tax by owiing missour 100 and getting kansas refund of 100. the fed will be a nice drop in the bucket. I love over paying on payckeck taxes to get a nice refund, regardless if it's an interest free loan to the government.

[Steve B.]

My tax person is a proud Mastercraft owner, and my sister. When I told her I was thinking about having more taxes taken out, so I could get more at the end of the year...she screamed at me, and it wasn't good.

Anyway, I did buy LED lites, a bimini and summer dockage with what Uncle Sam said I deserved.

Steve B.

[Sixball]

Filed just a Short time ago this morning. Thinking about spending it on a new everyday driver. Looking at a Ford Escape. Also looking at starting a new business.

[cwkoch]

What's a tax refund?? I thought I did taxes evey year so the Gov. could punish me for going to college and getting a good job by telling me I need to pay more in taxes to help support the stupid poor people who sit on the couch all day and do nothing to contribute to society.

I am very bitter about this right now. Not only do I have to pay more taxes, but one of these ^ said mouth breathers just destroyed one of my rental properties.

I was wondering the same thing..... I haven't gotten a tax refund since about college??? Been paying in ever since....

Our tax system(and entire government) is completely backwards.... It rewards the lazy and punishes the driven....

Flat tax anyone?? The higher earners will still pay more in taxes, but an equal percentage of everyones income is the only truly "fair" way of doing it.

Here's an interesting page. Tax stats from 2007.... The bottom 50% of people who filed taxes accounted for 3% of taxes collected. 3%???? Come on.... The top 5% of earners paid in nearly 60% of everything collected. Truly pathetic. I'm so sick of hearing about the co called "tax breaks" for the rich.... Guess what, you can only get a "tax break" if you actually pay taxes!!!!

http://www.parapundit.com/archives/004657.html

Sorry, I'm also bitter.... Our government is truly screwed up.

[board brained]

Some states in the US have property tax on your boat and some don't. For example, Kansas City is right on the border of Kansas and Missouri. If you register your boat in Missouri your registration is about $25. If you register your boat in Kansas, you pay $800 property tax per year plus $30 registration fee. Both states have a one time sales tax.

we don't have annual boat taxes up here in BC, but we do pay 12% tax when u buy a boat.......

however our property taxes are significant without

[Malibudude]

Filed last night, the wait begins.... broke even on state tax by owiing missour 100 and getting kansas refund of 100. the fed will be a nice drop in the bucket. I love over paying on payckeck taxes to get a nice refund, regardless if it's an interest free loan to the government.

I just can't wrap my mind around using Taxation as a savings plan just seems counterintuitive. I'd rather determine what the refund is and then just setup auto deduction from your paycheck into a savings account for the next year, if you need to pay some no big deal you have it and made a few $$ on it. it's essentially the same thing but you control it not some wackadoo....

[Baldwin]

Well, you can always max out your deductions so you pay absolutely no taxes during the year while putting the money into a savings account and drawing interest off of it until you file your taxes. Why give them their money early if you can benefit during the meantime?

DB

[augie09]

I just can't wrap my mind around using Taxation as a savings plan just seems counterintuitive. I'd rather determine what the refund is and then just setup auto deduction from your paycheck into a savings account for the next year, if you need to pay some no big deal you have it and made a few $$ on it. it's essentially the same thing but you control it not some wackadoo....

granted you are totally, right, but after being blind sided a few years back by owing close to $8k and I had 0 dependents and was making recommended tax contributions, I got shell shocked and pumped my contributions up drastically so that wouldn't happen ever again. Ever since, I've been to lazy to estimate future taxes and put it away in savings up front. auto withdrawal from paychecks seems less painful then giving uncle same a large check I wrote myself, i know it makes no sense.

funny thing was I wasn't too lazy to have paychecks deposit into a money market (~4.5%) and then put all purchases on a cash back credit card and pay it off monthly from money market, basically squeking out 5.5-9% more than a basic checking account.

[Slayer]

I was wondering the same thing..... I haven't gotten a tax refund since about college??? Been paying in ever since....

Our tax system(and entire government) is completely backwards.... It rewards the lazy and punishes the driven....

Flat tax anyone?? The higher earners will still pay more in taxes, but an equal percentage of everyones income is the only truly "fair" way of doing it.

Here's an interesting page. Tax stats from 2007.... The bottom 50% of people who filed taxes accounted for 3% of taxes collected. 3%???? Come on.... The top 5% of earners paid in nearly 60% of everything collected. Truly pathetic. I'm so sick of hearing about the co called "tax breaks" for the rich.... Guess what, you can only get a "tax break" if you actually pay taxes!!!!

http://www.parapundit.com/archives/004657.html

Sorry, I'm also bitter.... Our government is truly screwed up.

Both you and USU are right on. I have not seen a return in years. My wife is a business owner and we ALWAYS send the feds and State a check. It hurts to do so but as mentioned before, it's the cost of being driven and working hard. It just sucks to see lazy people buy into all the rhetoric and vote people into office who do nothing other than promote welfare and create dependency on government. It really is rather sad.

[cwkoch]

Both you and USU are right on. I have not seen a return in years. My wife is a business owner and we ALWAYS send the feds and State a check. It hurts to do so but as mentioned before, it's the cost of being driven and working hard. It just sucks to see lazy people buy into all the rhetoric and vote people into office who do nothing other than promote welfare and create dependency on government. It really is rather sad.

You're exactly right.... Government dependency is what it's all about!! The more people depend on the government for everything in their life, the more the government can control them!! The more the citizens are dependent on the government, the more they can get away with!!!

[Slayer]

Very true CW. Its sad to me that the United States have slowly fallen from that which made us great. I fear that some in the generations X, Y, and Z may never really get it. Btw I fall close to gen X so I am beating on myself a bit.

[Sixball]

Still say if you don't pay tax you don't get a vote.

[NorCaliBu]

All this nonsense about State taxes makes me

Ya'll should move to Texas where we don't have any state tax.

Texas doesn't have income tax but you do have sales tax, property tax, a rather steep school tax in some districts...

My mom and sister both live in Round Rock and their "school tax" is somewhere around $3K annually and going up.

...The bottom 50% of people who filed taxes accounted for 3% of taxes collected. 3%???? Come on....

What percentage of total wages earned did that bottom 50% take home? It's not nearly as lopsided as the numbers would imply when they are presented as stated. Even with a "flat tax" higher wage earners would still pay a larger percentage of total taxes collected. Using 10% for a flat tax example, a guy squeaking by on $25K / year can scarcely afford to pay $2500 in taxes (he's already living paycheck to paycheck) whereas a guy pulling $1,000,000 annually could pay his $100,000 tax bill without changing his lifestyle or missing any meals. The higher wage earner just paid 40X what the low wage earner paid. Isn't that unfair?

My gripe is paying taxes when the government is just wasting the money.

[cwkoch]

Still say if you don't pay tax you don't get a vote.

Awesome idea!!! I've been thinking the same thing for a while now....