Happy Monthly Child Tax Credit Day

[wufan]

With no state or local taxes, if the government wants to give me relief they can take less out of my paycheck.

In Venezuela, one person sells you on a phone. A second person sells you on a service. A third activates it, a fourth checks you out, and a fifth sets it up. That’s how everyone gets a job.

This program is set up so your company pays the gov. The gov pays you, then you pay the gov. A good system would be where your company pays you and you keep it. It’s ridiculous bureaucracy.

[SHOCKvalue]

Child tax credit - prepay or not - is exhibit #1 why literally half of the country pays out no income tax. Households without children are paying in or paying more in income taxes so that households with children but with higher incomes can pay less or nothing. It's absurd.

Really, it's another reason why our tax system needs to be trashed. The government has absolutely no business incentivizing home purchases, college education, or procreation.

[shocktown]

I guess I don’t see the correlation between adding new social programs and simply moving the payout of an already existing program. I didn’t say anything about the program itself being positive, I simply said the fact that the government is no longer holding that money for me for 12 months is a step in the right direction. Of course I’d rather have a lower rate instead of the credit, but that’s neither here nor there.

Edit: whoops - rereading my original post I see where I was not clear on that.

Do people not know about IRS Form W-4? It is a nifty document you can update as needed so your employer can adjust your tax withholding to where you want it. So, come tax season theoretically you don’t owe Uncle Sam and he doesn’t owe you! This way you control if whether the IRS holds that money for you for 12 months or not. You have the power.

For most people with a job this program that shows the government cares is totally unnecessary. Come early 2022 there will be loads of anecdotal stories about disadvantaged families who thought this was additional free money. The fine folks on Capitol Hill will then devise a new stimulus program to tend to the needs of this first generation of Idiocracy constituents.

[wufan]

Do people not know about IRS Form W-4? It is a nifty document you can update as needed so your employer can adjust your tax withholding to where you want it. So, come tax season theoretically you don’t owe Uncle Sam and he doesn’t owe you! This way you control if whether the IRS holds that money for you for 12 months or not. You have the power.

For most people with a job this program that shows the government cares is totally unnecessary. Come early 2022 there will be loads of anecdotal stories about disadvantaged families who thought this was additional free money. The fine folks on Capitol Hill will then devise a new stimulus program to tend to the needs of this first generation of Idiocracy constituents.

So, I am married and we both work. We have two children. We both claim zero dependents on our W-4, and have no other incomes or properties. At the end of the year we owe money. That’s a problem.

A few years ago, my wife claimed zero and I claimed 2. Our combined income was ~$150K and we owed $7k at the end of the day. WTF?

[shocktown]

There is a box where you can withhold an additional flat amount per pay period on the W-4. You guys are in that sweet spot where your each only having 10-12% withheld. Married filing jointly, the combined income over 82k is taxed at 22% though and that’s where you get bit.

[wufan]

There is a box where you can withhold an additional flat amount per pay period on the W-4. You guys are in that sweet spot where your each only having 10-12% withheld. Married filing jointly, the combined income over 82k is taxed at 22% though and that’s where you get bit.

Yes, we’ve withheld additional, and it is still wrong. Why can’t we submit our actual status and have the actual amount withheld? They can figure it up at the end of the year, why can’t they figure it up at the beginning?

[shocktown]

Because the IRS is a behemoth cluster puck! Flat tax anyone?

[Shockm]

Because the IRS is a behemoth cluster puck! Flat tax anyone?

I’m for that. The Republican Party is for that by a large majority, but the a Democrat Party are almost universally against it.

[wufan]

Because the IRS is a behemoth cluster puck! Flat tax anyone?

I’m only for a flat tax if it’s 0%

[Shockm]

I’m only for a flat tax if it’s 0%

A 0% federal tax could happen, and I could own Fantasy Island. Imo, the key should be to simplify federal taxes so the IRS is largely unnecessary.

[wufan]

A 0% federal tax could happen, and I could own Fantasy Island. Imo, the key should be to simplify federal taxes so the IRS is largely unnecessary.

No, the goal is to expand freedom.

[Shockm]

No, the goal is to expand freedom.

Your ideas of freedom doesn’t know U.S. History. I just look at realistic ways of accomplishing freedom that recognizes our history. Your standards have become idealistic and are not grounded in our countries history. The Federal Congress and the State Legislature’s instituted the first Federal Income Taxes in 1861 by passing the 16th Amendment to the Constitution to pay for freeing the slaves, and implementing the Civil War Amendments 13th,14th, and 15th Amendments, all designed to give freedom and rights to the Slaves.

You will never get your way and renege on our 16th Amendment and the power of the Federal Government to collect Taxes. It will take 35 states to agree with you plus both houses of Congress. With all respect, that’ll Never happen.

[wufan]

Your ideas of freedom doesn’t know U.S. History. I just look at realistic ways of accomplishing freedom that recognizes our history. Your standards have become idealistic and are not grounded in our countries history. The Federal Congress and the State Legislature’s instituted the first Federal Income Taxes in 1861 by passing the 16th Amendment to the Constitution to pay for freeing the slaves, and implementing the Civil War Amendments 13th,14th, and 15th Amendments, all designed to give freedom and rights to the Slaves.

You will never get your way and renege on our 16th Amendment and the power of the Federal Government to collect Taxes. It will take 35 states to agree with you plus both houses of Congress. With all respect, that’ll Never happen.

Keep conserving these important principles!

[SubGod22]

People would have much fewer issues with some/small federal tax if the government was less involved in our lives and still fit within the realms of its design. The income tax is just plain bad. A small consumption tax of non-necessary items (food/water and such) would be more palatable to many. That should really be enough to pay for what the government is actually necessary and we could get rid of all of the bullshit the government is involved with that it shouldn't be.

National defense. Arbitrating trade and whatnot between States. A little bit of oversight here and there. That's about it.

Just think how great the economy would be if we all had an extra 20-30% to spend or save and do with as we please. I know the few thousand dollars taken from me every year would go to pretty good use. I doubt the government is actually benefiting us more than we would benefit ourselves and each other.

[ShockerPrez]

People would have much fewer issues with some/small federal tax if the government was less involved in our lives and still fit within the realms of its design. The income tax is just plain bad. A small consumption tax of non-necessary items (food/water and such) would be more palatable to many. That should really be enough to pay for what the government is actually necessary and we could get rid of all of the bullshit the government is involved with that it shouldn't be.

National defense. Arbitrating trade and whatnot between States. A little bit of oversight here and there. That's about it.

Just think how great the economy would be if we all had an extra 20-30% to spend or save and do with as we please. I know the few thousand dollars taken from me every year would go to pretty good use. I doubt the government is actually benefiting us more than we would benefit ourselves and each other.

But, what about the people studying the mating habits of the Vulva Wasp in Madagascar? They need their $550,000 a year.