Are we going to get our income tax checks next year?

I dont know about the rest of America but, I depend on that money to survive. If there is any chance of us not getting it then I guess alot of us are screwed. I really haven't been following the latest so, I can't say that I know what the latest is with the budget. With everything going on lately it has given me something else to worry about and I for one would love to know ahead of time so, I can plan for this just in case.

So, President OBAMA, how about it, are you gonna pay up when it comes time or are you gonna take our money and run? Maybe I should ask him directly,...

Simple, have your employer only withhold the amount to cover your taxes, instead of giving the IRS way too much and then counting on them to pay you back.

i hope to hell that we will get our refund checks next year!!! i am just curious that if the clock runs out and some of the things that they are talking about that might happen actually will? when will the panic set in and the stores get looted????

I'd be THRILLED if we stopped sending tax "refund" checks to everyone who gets back more than they paid in (thanks to the redistribution of money through the Earned Income Tax Credit...)

yep the fact is most americans overpay taxes they give the federal governemnt an interest free loan.

if you want your money dont give them more than they need.

Well, if you don't get your refund check, you need to start looking at why. Instead of giving back what is owed to you, why did Treasury issue checks to:

Corporation for Public Broadcasting Subsidy. $445 million

Save America 's Treasures Program. $25 million

International Fund for Ireland . $17 million

Legal Services Corporation. $420 million

National Endowment for the Arts. $167.5 million

National Endowment for the Humanities. $167.5 million

Hope VI Program.. $250 million

Amtrak Subsidies. $1.565 billion

U.S. Trade Development Agency. $55 million

Woodrow Wilson Center Subsidy. $20 million

John C. Stennis Center Subsidy. $430,000

Community Development Fund. $4.5 billion

Heritage Area Grants and Statutory Aid. $24 million

Federal Travel Budget $15 billion

Technology Innovation Program. $70 million

Manufacturing Extension Partnership (MEP) Program. $125

Department of Energy Grants to States for Weatherization. $530 million

Beach Replenishment. $95 million

New Starts Transit. $2 billion

Exchange Programs for Alaska Natives, Native Hawaiians, and Their Historical Whaling and Trading Partners in Massachusetts . $9 million

Intercity and High Speed Rail Grants. $2.5 billion

Title X Family Planning. $318 million

Appalachian Regional Commission. $76 million

Economic Development Administration. $293 million

Programs under the National and Community Services Act. $1.15 billion

Applied Research at Department of Energy. $1.27 billion

FreedomCAR and Fuel Partnership. $200 million

Energy Star Program. $52 million

Economic Assistance to Egypt . $250 million

U.S. Agency for International Development. $1.39 billion

General Assistance to District of Columbia . $210 million

Subsidy for Washington Metropolitan Area Transit Authority. $150 million

Presidential Campaign Fund.

Eliminate Mohair Subsidies. $1 million

Eliminate taxpayer subsidies to the United Nations Intergovernmental Panel on Climate Change. $12.5 million

Eliminate Market Access Program. $200 million

USDA Sugar Program. $14 million

Subsidy to Organisation for Economic Co-operation and Development (OECD).$93 million

Eliminate the National Organic Certification Cost-Share Program. $56.2 million

And, this is just a partial list...

If Treasury doesn't pay Social Security recipients, Medicare obligations or others that will hurt the lower or middle class, it is because the Executive branch (Obama) instructed them not to. There are plenty of things that could (and should) go unpaid, instead.

So, like I said, if you don't get your refund check, you need to loudly ask "why not?"

reply to post by downtown436


I don't think it works that way.

If they take out less,then you're going to have to pay money in to make up the difference come tax season.

reply to post by mustangill


Of Course You Will...


It's Fake Money

Google Video Link

While I disagree with the individual income tax in any form, while it exists I'd rather just be square. April 15th is just a day, I don't give the IRS any money, they don't give me any money, and the headaches go away.

/TOA

reply to post by The Sword

Originally posted by The Sword
reply to post by downtown436

 

I don't think it works that way.

If they take out less,then you're going to have to pay money in to make up the difference come tax season.

That is exactly what you want. As the other members have said, if you get back money that means you just let the government borrow your money interest-free for 12 months.

Of course you must be responsible with your "extra" money when you lower your withholdings so that you do have the money to cover come tax time. I always try to come in right at $0, but I usually end up paying an extra $100 or so.

reply to post by xenthuin


I don't quite understand how the tax brackets work, for many years I worked in construction earning a decent living. I would pay in over $5000/yr Federal taxes and be lucky to get back $300 and was understandably angry about it.
I finally got tired of it about 6 years ago and changed my witholding to $0 or exempt. At the end of the year when I filed my taxes I only had to pay in $400.

Like I said I don't understand this at all as I didn't pay in all year then only $400 at the end of it whereas whenpaying in all year over $5000 and only getting back $300.

You do the math and tell me what you would do he because for me it wasn't hard to make a choice.

reply to post by IncognitoGhostman

Hmm doesn't sound quite right offhand, but I'm not a tax expert by any means. You're not including SS/Medicare as part of your number are you?

Your bracket depends on a lot of things: marital (filing) status, income (obviously, but includes stocks you sold and interest in any bank accounts), taxes already paid (property taxes, car own tax), deductions for children, any interest paid on a mortgage of your main residence, and any other credits that are "offered" that year (and a bunch of other stuff too).

Not to mention that they change the "rules" every year.

Lately for me it's been pretty easy because I have my wife not withhold anything (like you) and our numbers work out to near $0... Before that though, I'd sell stocks (losers on a year I would not get a refund and winners on years where I would have got a refund) and/or adjust my withholdings with my employer for the last 3 months of the year or so. You can also contribute to an IRA to lower your tax burden.

The trick is keeping track of all the goes-in-to's and goes-out-of's so that you already know the answer before the end of the year (not around April 15th).

All that said, I'm with TOA... Income tax is dumb (and overly complicated). But if you're only paying a few hundred bucks at the end of the year, you're doing alright in my book!

reply to post by xenthuin

I started this when I was married and had nothing, no property, dividends or anything just my income. There was nothing else and no SS/medicare wasn't included in that number.

I am since divorced and have 3 children and head of household now so it works out even better. I do feel guilty about EIC then on the other hand I'm not going to argue. Now I work for myself so I pay all my own taxes which make it a lot easier for me to know what I ahev to pay and so forth.

I agree with no income tax as well, there isn't one thing I can think of that we do where we aren't taxed.

reply to post by mustangill


based on the fact that I got ticked off this year about owing them more money come tax time and am now having them take extra out, enough extra to assure we get a refund.....
knowing how my luck runs.....
nope, to tax refunds this time around!!!!

oh, well, they will have destroyed the dollar by that time anyways probably, so we'll just be bickering about who should have the extra toilet paper anyways....

I'm just hoping to still be employed by next year, getting a refund would just be icing on the cake.

if you dont get a tax check next year would you be happy if they revamped the text code and just came out with a flat tax across the board and did away with the present tax code?

reply to post by downtown436


Claim 9 and owe them. Then -- decide if you want to pay based on their "performance."

I prefer owing someone then having to beat it out of them, every single time. In fairness -- I don't suggest this route if you are "bad at math" or prone to raiding your savings.

reply to post by 0zzymand0s


Does it say anywhere that they have to give us back our money? Or can they just come out and say , sorry due to unforeseen circumstances, we will not be giving out income checks this year. I just want to know what to expect if anything happens at all.

I believe they will raise the debt ceiling and create money out of thin air like they always do. They have to because if they don't all hell will break loose and America will loose its credibility to other countries. Also, a total economic downfall isn't in the books as far as what TPTB are wanting to accomplish. They are wanting to bring the world together as one and allowing America to fall would be detrimental to their plan.

reply to post by inferno85


that would be beautiful!!!!

reply to post by mustangill

the tea party control the Congress, so ask Cantor.

will the fed still be in business?

my guess is that at worst they'll be late or maybe get rid of some deductions, or other benifits.