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Re: Loss of income due ti an increase in FED tax

This is what I warned everyone about last year. However, even though I increased my witholding by the amount recommended by the IRS calendar, I still ended up paying almost $300 in taxes to the IRS.

"People making less than $250,000 will not pay one cent more in new taxes"

Yeah...right!

Re: Loss of income due ti an increase in FED tax

I don't think the change in Fed Tax was Bush's thing. I remember the change in my Fed with holding happened in the early part of '09. Same with the $600.00 give back. (Just after I returned to work from Disability). That would make it the present administration. This is not an increase in taxes...it's just not letting us keep it through the year.

I did not adjust my withholdings when that happened, and this year I found that the Navy did not hold out very much on my retirement pay. Of course I do have to pay this year, but I have had use of that money, and invested it....I still have it to give them now. Best part is, I made a good return on it and not them.

Of course this year, my finances have changed conciderably by doing another final retirement in Oct. By my calculations, I can lower or eliminate all together, any withholdings. I should not have to pay any taxes for 2011, and on going. Good planning the past 20 years has allowed this to happen.

Re: Loss of income due ti an increase in FED tax

The Fair Tax is an idea whose time has come. A consumption tax instead of an income tax, capital gains tax, and various other taxes on business. Check it out at fairtax.org and read the below link of the congressional testimony given under oath to congress.

R

Re: Loss of income due ti an increase in FED tax

Rick Matthews
The Fair Tax is an idea whose time has come. A consumption tax instead of an income tax, capital gains tax, and various other taxes on business. Check it out at fairtax.org and read the below link of the congressional testimony given under oath to congress.

R


+1 on the Fair Tax....let's stop the bloodletting..

CT and 1.5 billion Tax increase...

Let me tell you how it will be,
There’s one for you, nineteen for me,
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.

Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cos I’m the Taxman,
Yeah, I’m the Taxman.

(If you drive a car ), I’ll tax the street,
(If you try to sit ), I’ll tax your seat,
(If you get too cold ), I’ll tax the heat,
(If you take a walk ), I’ll tax your feet.
Taxman.

‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.

Now my advice for those who die,
Declare the pennies on your eyes,
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
And you’re working for no-one but me


Whatever happened to the casinos picking up the tab?

Re: CT and 1.5 billion Tax increase...

Thanks for The Taxman, Tim.
Seems I've heard it before, but still enjoyed it.
Do you know the original author?

Thanks either way.

Re: CT and 1.5 billion Tax increase...

Dave Bailey
Thanks for The Taxman, Tim.
Seems I've heard it before, but still enjoyed it.
Do you know the original author?

Thanks either way.


Yes, a little known guitar player went by the name of George Harrison! Played for a garage band back in the day called "The Beatles"....circa 1966 I think.

Re: CT and 1.5 billion Tax increase...

I think I heard of them.

Re: Loss of income due ti an increase in FED tax

The time has come for major reforms and the consumption tax is a great idea. I too have looked into that idea and other than EVERY STATE jumping on raising every tax that could be remotely connected such as Telecommunications of ALL sources, Utilities of ALL types, Transportation vehicles and Fuel of ALL kinds in the spirit of consumption!!!!
CEC

Re: Loss of income due ti an increase in FED tax

Not only will we deal with an increase in Fed tax, here in Illinois our legislators recently voted in a 66 % increase in State Tax. I predict there's gonna be a multitude of Illinois Democrats looking for new jobs next election.

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