End the payroll tax and withholding?

[Maggie]

I thought this was an interesting article in the WSJ (not that it is likely to happen or even be seriously discussed):

http://online.wsj.com/article/SB10001424052970204313604574328273572673730.html

[SB Shock]

I had a friend tell me once (who is a self employed engineer) that if everybody had to write a check each quarter (like he does) to pay their taxes - there would be a revolution in Washington D.C.

[wu_shizzle]

I had a friend tell me once (who is a self employed engineer) that if everybody had to write a check each quarter (like he does) to pay their taxes - there would be a revolution in Washington D.C.

I wonder what percentage of people think they pay no taxes because they get a refund check...

[RoyalShock]

Interesting article (though I despise his frequent and casual use of the word "democracy").

True conservative lawmakers should be in favor of something like this. Though ideally, it would lead to an eventual elimination of income taxes and the IRS.

[WuDrWu]

I had a friend tell me once (who is a self employed engineer) that if everybody had to write a check each quarter (like he does) to pay their taxes - there would be a revolution in Washington D.C.

I wonder what percentage of people think they pay no taxes because they get a refund check...

I think you might be STUNNED by the number that, in fact, pay ZERO federal income tax.

I assisted an employee of mine with her taxes one year (I offer to help every year for anyone that would pay someone else to file a form that is entirely too much red tape) and I was stunned to learn that even though she had only $12.00 in Federal Tax Withholding for the entire year, she was eligible for a nearly $2000 "refund" due to the EIC, which is a liberal phrase for welfare. Nothing more than income redistribution, plain and simple.

[WuDrWu]

http://www.taxfoundation.org/news/show/1410.html

According to this website, 43.4 MILLION tax returns, representing almost 91 MILLION Americans pay NO FEDERAL INCOME TAX.

This number includes anyone that either did not pay any income tax or was refunded all (or all "plus") of the amounts they paid in throughout the year.

Any child without income that is claimed as a dependant is not included in that number. Those individuals are considered "in the tax system".

[RoyalShock]

Roughly a third, just like the WSJ column says.

[WstateU]

I had a friend tell me once (who is a self employed engineer) that if everybody had to write a check each quarter (like he does) to pay their taxes - there would be a revolution in Washington D.C.

I wonder what percentage of people think they pay no taxes because they get a refund check...

I think you might be STUNNED by the number that, in fact, pay ZERO federal income tax.

I assisted an employee of mine with her taxes one year (I offer to help every year for anyone that would pay someone else to file a form that is entirely too much red tape) and I was stunned to learn that even though she had only $12.00 in Federal Tax Withholding for the entire year, she was eligible for a nearly $2000 "refund" due to the EIC, which is a liberal phrase for welfare. Nothing more than income redistribution, plain and simple.

Smack! :good: :good:

[shocklight]

33% of america doesn't pay taxes.

1% considered the wealthy.

66% PBO says won't pay more taxes.

Where in the world is the money going to come from?

Lets be honest with eachother, we know where the money is going to come from. 66% just don't want to believe it, and many of them don't think PBO would ever lie to them.

Guess what?

[kcshocker11]

I had a friend tell me once (who is a self employed engineer) that if everybody had to write a check each quarter (like he does) to pay their taxes - there would be a revolution in Washington D.C.

I wonder what percentage of people think they pay no taxes because they get a refund check...

I think you might be STUNNED by the number that, in fact, pay ZERO federal income tax.

I assisted an employee of mine with her taxes one year (I offer to help every year for anyone that would pay someone else to file a form that is entirely too much red tape) and I was stunned to learn that even though she had only $12.00 in Federal Tax Withholding for the entire year, she was eligible for a nearly $2000 "refund" due to the EIC, which is a liberal phrase for welfare. Nothing more than income redistribution, plain and simple.

Well Doc the solution is simple. You might consider paying a living wage! :D


On a serious note though, heres some real welfare or I guess just plain thieves.

http://online.wsj.com/article/SB124804796387763807.html

The penalties for offshore income violations are now among the toughest in the tax system. Those who have inadvertently failed to report offshore income, even just a few hundred dollars, could be subject to a $10,000-a-year penalty going back several years.

For those the IRS considers willful tax evaders, it is much worse. The IRS can impose a penalty of $100,000, or one half the value of the account, whichever is greater, per year. "I just helped a 67-year-old man who cannot sleep, he's so nervous," says New York certified public accountant Stuart Kessler. "He's saying, 'What if they find me before I turn myself in?'"

8)

[WuDrWu]

Well Doc the solution is simple. You might consider paying a living wage! :D

I'm going to give you benefit of the doubt and assume you were totally kidding before I blow gasket.

As long as we have a system where nearly half do not contribute, we will continue down the road of economic collapse.

Also, I heard someone discussing the national debt and how at this point, there is no hope of paying it off by taxing and that inflation is the only way out. Anyone have a thought on this?

[kcshocker11]

I'm going to give you benefit of the doubt and assume you were totally kidding before I blow gasket.

Doc watch your language :D 8)

Yes I was just kidding. 8)

I have mixed feelings on EIC, if you must know. 8)

[RoyalShock]

Also, I heard someone discussing the national debt and how at this point, there is no hope of paying it off by taxing and that inflation is the only way out. Anyone have a thought on this?

I have a thought on that. The Federal Reserve (you know, that pesky group that Ron Paul and over half of the House want to expose) have kept interest rates artificially low to stave of a natural inflationary period that we get to look forward to hyper-inflation.

If it happens fairly soon, and my salary increases accordingly, and the government doesn't step in to have my mortgage rewritten to account for rapidly rising house prices, I'll deal with it. Of course, that last one is a long shot, at best. Gotta protect the banks!!!

Maybe then America will wake up and see the Fed for what it is.

[Ixiah]

What can you say about a system where you can dodge taxes by paying rent to yourself ...

http://isites.harvard.edu/fs/docs/icb.topic524118.files/Walmartonline.wsj.com_article_print_SB117027500505994065.html.pdf