Why should someone study so hard for the CPA Exam, when they have to give…?
August 5, 2012 at 1:38 am #361782
Is government spending included in that GDP figure?August 5, 2012 at 1:46 am #361783
In my opinion, 100% of the federal budget should be discretionary. We need to start from scratch and rebuild.August 5, 2012 at 1:50 am #361784
…and low tax revenue isn’t because of low rates … It’s because people are unemployed/underemployed and are not making money like they used to … and Breaking News … The economy is terrible and there is no end in sight.August 5, 2012 at 1:52 am #361785
Kricket – Mini will need to be my VP since I am a CGMA. 😀August 5, 2012 at 1:55 am #361786
“except that I think they are both too ethical, moral and honest to be politicians! “
That’s exactly what we need!!!
It’s interesting though. The government charges insane tax rates, especially here in NY, and they still don’t have enough. So, they increase the tax rate more. Still not enough. So, they increase some more. Etc…..August 5, 2012 at 4:33 am #361787
It is always easy to spend other peoples’ money……..
Check this out:August 5, 2012 at 5:20 am #361788
I always get a kick out of ‘I dont’ want to make more money because I’ll pay more in taxes!’ argument. The solution is simple then: make less money. Of course, nobody ever responds with “great idea, I think that’s what I”ll do!”
I will always love to make more money, regardless of how much more in taxes I’ll pay.August 5, 2012 at 5:48 am #361789
I just can’t be in favor of any increase in taxes so long as people can use their EBT cards (food stamps) for tattoos, guns, cigarettes and alcohol. All entirely legal in my pathetic state, and our “Governor” won’t prohibit any of that because he claims it would be degrading to the beneficiaries of my tax dollars.August 5, 2012 at 1:21 pm #361790
I’ve seen both sides. My spouse is a CPA Tax Manager, I’m an EA that has spent considerable time preparing returns for VITA low income clients.
We live in silicon valley, where housing, basic needs and transportation expenses makes our tax liability look like pocket change. Housing here will drain your pockets and that’s living in a city with bad schools and moderate amounts of crime and blight. Try living in a so called middle class neighborhood with acceptable schools, like Palo Alto, and you’re paying $1,500/month to be a roommate.
Hence, in comparison to cost of living, individual income tax isn’t that big of a deal. What does upset me, in relation to my work with VITA, is the waste of our tax dollars on benefits and entitlements that encourage a growing segment of society to stay put as an underclass. This flows back to my family as substandard public education, crime, gang culture, blight and a nearly 3rd world atmosphere. My point being that we pay Tokyo prices for Mexico City standard of living.
It’s not just that our standard of living is sinking, it’s the policies that have allowed the lower standards to engulf the middle class lifestyle we used to expect out of our achievements.August 5, 2012 at 2:58 pm #361791
Yes, the poor economy has led to reduced revenue and a large deficit but the the U.S. was running budget deficits to the tune of several hundred billion dollars a year even before the recession hit, which was a direct result of the two Bush tax cuts and two unfunded wars which have cost several trillion dollars. Why would we cut infrastructure, education, Social Security, and Medicare/Medicaid when those programs have had absolutely nothing to do with America’s fiscal problems?
When Clinton left office the U.S. was in fantastic fiscal shape due to a good economy and the tax increases he passed in the early 1990s. The dot com bubble burst led to a moderate recession which hurt the country’s finances but the Bush tax cuts severely compounded the problem while at the same time the defense budget more than doubled.August 5, 2012 at 3:25 pm #361792
@hoosier – I’m not really sure I understand your overall position. It seems to me that you are suggesting we raise taxes and keep our spending levels the same. If this is not your position, please clarify what you think should be done to fix our fiscal problems.
What has happened in the past has happened. Bush made a lot of poor decisions. Obama has done nothing to move the country forward. It is all in the past. What can we do now to move our country in the right direction? For me, it is SIGNIFICANT cuts in spending. Entitlement reform needs to be a part of the comprehensive retooling of our fiscal policies. There is no other way.August 6, 2012 at 6:30 am #361793
Technology and globalization are lifting hundreds of millions out of poverty. You cannot blame any politician or political party for broad scale changes that have been happening in the US over the last 50 years. Americans are no longer the shining beacon of a model society (both socially and economically). Other models are having their mettle tested and delivering their own results. The sooner Americans realize that they need to embrace these new challenges, and re-tool their education and entitlement systems, the better they’ll be able to co-exist in this dynamic and new world society. In my opinion, neither political party has the guts to really tell Americans it’s not going to be a cake walk any more. At least Democrats talk somewhat about encouraging government investment in technology, etc. Republicans seem more fixated on cuts, preserving entitlements, and touting American exceptionalism, even in the face of evidence that we are anything but exceptional anymore.August 6, 2012 at 6:48 am #361794
To pass the board exam.August 6, 2012 at 1:13 pm #361795
“At least Democrats talk somewhat about encouraging government investment in technology, etc.”
Yeah, this is definitely where we disagree. Our government should NOT be making investments in stuff like this (you do remember Solyndra, right?). It is up to the private sector to make these investments. What the government CAN do is encourage private sector investments by lowering tax rates and not trying to punish those people who are successful.August 6, 2012 at 1:54 pm #361796
I have to weigh in here. These are my opinions and thanks to the First Amendment, I’m allowed to voice them.
1. Cut the budget. The only thing sacred is spending for Veterans Benefits. These men and women did fight and put their lives on the line for us. We promised to take care of them in return for their service. We need to honor that promise.
2. Lower taxes. Stop all of these stupid tax breaks and make a fair tax. I give 10% to the church so I have no problem giving 10% to the Government. “Render unto Ceaser that which is Ceasar’s and render unto God that which is God’s”. I realize I butchered this verse. Please feel free to correct me.
3. Term Limit ALL Elected Officials. From the local Dog Catcher to the White House. Being a politician should NOT be a career. It’s a way of giving back to your country.
4. Stop the fraud in Medicare and Medicaid. If we did this, we wouldn’t need Universal Health Care. Congress built a $1,000,000,000 bridge over a creek when the existing bridge needed the pot-holes patched. I say $1,000,000,000 because everything Congress and the White House do involves the word “trillion”.
5. Stop the fraud in the Food Stamp Program. I went to Child Support Court and there were 5 cases where the non-custodial parent was on multiple food stamp cases but did not appear in court because he wasn’t living at any of the addresses listed. The state was giving these households food stamps to feed him and he didn’t live there. No one seemed concerned about this.
6. Eliminate the Retirement Program for Congress.
7. Eliminate Collective Bargaining for all public employees. A threat to strike by teachers, law enforcement and firefighters is extortion. Extortion is defined as “Give me money or I’ll hurt you or your family.” We don’t need unions any more because we have government regulations that now do what unions were designed to do, protect the worker. We have OSHA, DoL, Fair Labor, Wage & Hour, Workers Comp and the list goes on and on.
8. Shut down the borders. Either come to this country legally or go home. Don’t put them in jails or holding facilities. Send them HOME!
9. Fine people for filing frivolous law suits. Right now the courts are clogged with law suits that are ridiculous. If you burn your thighs on hot coffee from McDonalds, you shouldn’t get a penny! If you were stupid enough to put hot coffee between your legs, you are an idiot. Use a cup holder. Not the courts.
10. Contract postal services to UPS or FedEx. They are more reliable and cheaper. Send postal services out for bid once every 10 years.
11. Eliminate NAFTA. Bring our jobs home or tax the hell our of companies who outsource them to foreign countries.
12. Eliminate duplicate agencies. The Fed Dept of Education should be the first one to go. What do we need it for? We have local school boards and state school boards, both of which are funded with tax dollars from that school district.
I think these would make a start on fixing some of our economic problems and I could go on. But like I said, these are my opinions and I will stand on the First Amendment. Congress needs to stop bickering about things that don’t mean crap in the grand scheme of things. I have a 2nd Amendment right to bear arms. End of story. We don’t need any congressional hearings to determine whether or not that right extends to particular weapons. Besides, a drum of amonium nitrate and another drum of diesel fuel are far more dangerous than my Ruger P89. I only mention this because my 2nd Amendment rights are just as important as my 1st Amendment rights. Feel free to disagree with me. I don’t care. Those men and women I mentioned in #1 fought for your right to do so.
I’m off my soap box. Have a nice day!August 6, 2012 at 1:57 pm #361797
I can see based on your other posts that you like to do nothing MORE than to troll! Your views seem like those of the Tea Party…I do not know why “Tea Partyers THINK they are Republicans Lol Just so you know I am a registered Republican 🙂 A moderate more specifically…I just have the common sense to vote for the RIGHT person who cares about the American people and not about their overseas accounts headed by blind trustees. Just so you know MOST rep. DO NOT like Mitt Romney BUT they rather the country go even more down the shitter just to “de-throne” Obama. It really is sad and quite pathetic but w/e.
So before you start “spouting off” I hope you take a GOOD HARD look at that money being taken out of your paycheck and remember how people like Romney doesn’t pay one dime out of theirs! But thanks to people like you, his friends can sit on NICE hefty Billions, No I mean trillions NOT creating jobs like he says they do. Where are the jobs? Hello don’t see ANY!
Poking holes in your claims would LITERALLY TAKE ME HOURS! I’m not even kidding! I will never understand why people like you support the blood sucking vamps of our nation like the Legislative branch AND the IRS! Keep in mind that these “people” that you seem to be in love with DO NOT CONTRIBUTE to the IRS piggy bank. So IF we “taxpayers” have to contribute to this pot of luck then I think we should have a say in how OUR money is being spent!
IDK like paying for SS, Medicare, stuff like that us “younger” people will POSSIBLY NOT have when WE NEED IT! I’m not sure If I know anybody who wants to pay for something that is not benefiting them. But I am sure that you’d make the same argument about Obamacare, not benefiting us well neither is the IRS!
The IRS is a scam! I will NEVER support the IRS, not now and not ever! Just because you do not like the IRS does not mean you are against the government. Maybe you should research the IRS and their ‘scadals’>>>>>Douglas H. Shulman is the current Commissioner of Internal Revenue. google more about him 🙂
Its funny how the GOP only support the government when they NEED them….just lovely. Mitt Romney says “Oh the “government didn’t help me build my business!” The lets take back OUR taxpaying dollars that built the infrastructure that YOUR companies rely on!
“Yes, the poor economy has led to reduced revenue and a large deficit but the the U.S. was running budget deficits to the tune of several hundred billion dollars a year even before the recession hit, which was a direct result of the two Bush tax cuts and two unfunded wars which have cost several trillion dollars. Why would we cut infrastructure, education, Social Security, and Medicare/Medicaid when those programs have had absolutely nothing to do with America’s fiscal problems?”
Thank you! Someone with a brain and common sense! 🙂
“Hence, in comparison to cost of living, individual income tax isn’t that big of a deal. What does upset me, in relation to my work with VITA, is the waste of our tax dollars on benefits and entitlements that encourage a growing segment of society to stay put as an underclass. This flows back to my family as substandard public education, crime, gang culture, blight and a nearly 3rd world atmosphere. My point being that we pay Tokyo prices for Mexico City standard of living.
It’s not just that our standard of living is sinking, it’s the policies that have allowed the lower standards to engulf the middle class lifestyle we used to expect out of our achievements.”
EXACTLY! and these standards have been depleting WAYY before Obama.
Here some extra insight:
“.and low tax revenue isn’t because of low rates … It’s because people are unemployed/underemployed and are not making money like they used to … and Breaking News … The economy is terrible and there is no end in sight.”
“underemployed” Some companies grant it really have no choice to remain underemployed but then you have the greedy bastards that do it well just for greed. Thanks Wall Street! Big4, Wells, JP, BAC etc they are ALL guilty of the mean green bug.
And high tax rates has no adverse effects like some claim as well. Just look back during the Clinton Legacy! 🙂 Higher tax rates, lower deficits and MORE JOBS! Please someone denounce this if this is not true.
I don’t care about the claims Romney makes BUT he STILL CANNOT and WILL NOT IN DETAIL explain his economic plans to lower the deficits. And for pete’s sake, stop saying we CANNOT tax the job creators dude!They are not creating anything! Hece, why the employees that are currently working are being victimized by big corporations who continue to make biliions while us “middle class workers” income CONTINUES to drop. Do they care? NO! So why are some of you [Mr .Mini]*cough cough* act like they do?
“At least Democrats talk somewhat about encouraging government investment in technology, etc. Republicans seem more fixated on cuts, preserving entitlements, and touting American exceptionalism, even in the face of evidence that we are anything but exceptional anymore.”
Thank you for saying this! My exact point! 🙂 Totally in agreement
Its one thing to say they are not doing anything but GOP refuses to do ANYTHING! But they will take off [like,Boehner, Cantor, Rush,sorry had to toss him in there lol] to go play golf and sip margaritas while people are losing homes, becoming homeless because their unemployment is running out and those companies that SWEAR they create jobs are doing ANYTHING they can to take advantage of the bad economy.
Why pay [lets say]an Accountant 60k[even if it is deserved] when some out of college student is desperate for a job and willing to work for LESS [even if they deserve the 60k salary too]? Do you think greedy corps. have not thought about this? Greedy people will do ANYTHING for greed, even if it means bringing a country to its knees.
Keep in mind what happened to the Macedonian Empire after 600 years of reign or heck the Roman empire, I can go on. But they all crumbled from the same problem we are facing.
So legislators need to tighten up.
Alright, that’s enough for today! Anymore, and I would have to write a book! Lol Heck, got the time since jobs are few and far between, why not?August 6, 2012 at 2:07 pm #361798
One more thing lol
You mentioned the 2nd amendment! I am for guns, just cannot afford to buy one right since they are EFFING expensive lol My only concern is, if a loony like that guy in Colorado could purchase that amount of ammunition, then who is to say some “poser American” terrorist could not get their hands on the same thing. I think NRA…..well, I wont say all members but a good portion of them could care less.
We need to make sure American citizens at least are the ONLY ones who can purchase weapons. God forbid some one who really HATES Americans can do exactly what that guy did.August 6, 2012 at 2:10 pm #361799
@newbie – Romney paid more money in income taxes last year than you will pay in your entire life. You should write Governor Romney a thank you card for paying for all of the government services that I am sure you enjoy (and likely feel entitled to). The top 1% of wage earners pay close to 37% of all taxes. The top 5% pay close to 60% of all taxes. Let’s have a real discussion about who is and who is not paying their fair share in taxes. The bottom 50% of earners pay essentially no income taxes and then bitch and complain about high wage earners not paying their fair share. *Facepalm!*August 6, 2012 at 2:29 pm #361800
Ohhhhhh it’s Occupy A71! Less smelly (only slightly) than occupy wall street. Easy to tell who gets their talking points from Facebook lOl!August 6, 2012 at 2:41 pm #361801
“Romney paid more money in income taxes last year than you will pay in your entire life. You should write Governor Romney a thank you card for paying for all of the government services that I am sure you enjoy (and likely feel entitled to). The top 1% of wage earners pay close to 37% of all taxes. The top 5% pay close to 60% of all taxes. Let’s have a real discussion about who is and who is not paying their fair share in taxes. The bottom 50% of earners pay essentially no income taxes and then bitch and complain about high wage earners not paying their fair share. *Facepalm!*”
One year does not account for the YEARS of not paying taxes…if he did then he would not have a problem with releasing the tax returns from 1999-2009. I mean the GOP was just bitching about Obama not being American b/c he is from Hawaii! Hawaii is part of the US, c’mon! They demanded that Obama release his Birth certificate, did he not? lmao Some GOP members need to retake Geography lol Seriously!
Romney is just a prime example of those who are rich do not have to follow the same rules like middle class workers. Just let me try to evade taxes and see if I do not end up in prison.
And believe me when you are worth 250+million in assets, I would GLADLY pay 2-4 million in taxes, that’s like me wanting to withdraw $250 from the bank and having to pay a $3 convenience fee. I wast $3 at least once during the week, I could care less.
Why do you think those Super Pacs will write million dollar checks to Romney? Well, b/c to them it is a ‘small’ investment for a BIGGER savings, like NO TAXES! Like the whore, Oh I mean, Jenna Jameson said, “when you are RICH, you want a Republican in office!” Its true! The Queen of Porn is onto something :)LOL
Hahahaha I cant I cant!
I know you’re a VERY far right Republican but you cannot tell me that the Rich play fair…hell, Kricket is the first one on here to make a legitimate claim on paying taxes.
There needs to be a SET percentage for EVERYBODY. We have to be like parents, everyone gets the same amount, so none of the kids are whining about “she got more than me!” “He has 2, I only got one!”…Nope you all get the same…..all you taxpayers pay the same! No “exceptions” or what they call them, “loopholes”.August 6, 2012 at 2:42 pm #361802
Yeah, but Mr Mini, his tax liability was reduced because he gave away millions to qualified charitable organizations and that just isn’t fair!!!
*Dripping with sarcasm*August 6, 2012 at 2:47 pm #361803
Omg a set percentage for everyone? You can’t possibly want that. Let’s say you make $30k now you pay $0 in income tax. You’re willing to scrape together $3k a year and take food off your table? I didn’t think so…,.August 6, 2012 at 2:59 pm #361804
Damn it Paul, why couldn’t you hang in there longer?! Lol
What I love about the primaries, all the candidates poked holes through Romney’s stories like a sieve. A sieve he is having trouble patching…
The posters make some great claims as well!August 6, 2012 at 3:04 pm #361805
A couple of points …
1. If you have proof that Romney evades taxes (tax evasion is illegal … tax planning is not) – I believe the IRS has a cash reward available.
2. $3-4MM in taxes on $250MM income? Yes please!!!
3. Flat tax?? Everyone pays the same … everyone pays their fair share?? I agree!!! Yes please!!!
4. Jenna is small fries compared to the huge money flowing in from George Soros … Hollywood … etc.August 6, 2012 at 3:08 pm #361806
Citing articles from the Washington Post is like citing articles from The Onion.August 6, 2012 at 3:11 pm #361807
😮August 6, 2012 at 3:17 pm #361808
mla1169 Its about being FAIR. (Its fair and unfair at the same time)
A lot of the top earners bitch and moan about “fair shares”, no one can complain if we ALL pay out air share.
Keep in mind: You pay taxes on the income AFTER the 250k threshold. So lets say you make 270k+ you’d pay on the 20k not the other 250k…which is what the tax break would allow BUT the top earners will not let that happen UNLESS they get that additional break, the “claim” it would help them create jobs.
Congress should allow them to have the tax break for one year, and then set a project job growth for that year (since giving them the “tax break” would allow them to “invest” and create jobs)*dripping with sarcasm*. If job growth doesn’t meet the quota, it just proves to the middle class the lack of integrity top earners have.
But there also need to be a reform overhaul…doing such is a challenge b/c people don’t like change. It is a proven fact, when you have your habits, Im sure you don’t want someone changing them.
This is the gridlock we are in…Low earners pay less and the top earners complain b/c they do.
The REAL problem is that people either do not realize that we are all INDIRECTLY connected to one another. It’s the truth! Why some Republicans do not want to admit this behooves me.
Those who invest in businesses STILL NEED middle class workers to work for them. Without them, the CEOs better start rolling up their sleeves and “Running their business”.These workers grow the economy, why is this so hard to understand? I do not know why.
We have the tea partyers that throw a wrench in everything, Dems and some Reps are WILLING to compromise on things to get the economy going! We need to get rid of the TP. Those who are going to suffer are not the top earners who pay “more” in taxes, its going to be you, the middle class.
And even if you are being sarcastic Ms 300…it is true. You identified one of many loopholes being used.
Pay millions in charities and get it back with tax credits, so its like you’re not paying much of anything. My charities wouldn’t get me really anything in tax credits but for someone like Romney 🙂August 6, 2012 at 3:27 pm #361809
I feel the same way when I am watching Foxnews, why they include “news” in their title beats me lol
Its quite amusing but I like to read articles more so to read the comments underneath. That is where the true thinkers are. Whether they agree with me or not, people make some legitimate claims. Maybe they could run the legislative branch, I’m sure they would do a better job.
“1. If you have proof that Romney evades taxes (tax evasion is illegal … tax planning is not) – I believe the IRS has a cash reward available.”
That is why we call them “legal loopholes”
I think Romney is just being greedy, he doesn’t want us lower wage earners to get a slice of the “Not Paying Taxes This Year” pie! So not fair! This has to be the reason why he wont release those returns from 1999-2009!
And yes I am with you all the three reiterated points you made. Fair is fair!
For example, when you go to the grocery store the food prices are SET for EVERYBODY. Not one price if you make 30k or a different price if you make 300k. It’s the same.August 6, 2012 at 3:39 pm #361810
Romney’s 99-09 tax returns are as irrelevant to the future of the U.S. as Obama’s college records.
How easily we take our eye off the ball …August 6, 2012 at 3:43 pm #361811
We should bring in a Chinese guy to be our next President.
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