Taxman Seeking Cash Means U.S. Filers May Move Income to 2009

Taxman Seeking Cash Means U.S. Filers May Move Income to 2009

www.bloomberg.com

Nov. 5 (Bloomberg) -- The U.S. government is spending $787 billion to stimulate the economy, the deficit is $1.4 trillion and Congress is debating costly changes to health care. The taxpayers’ bill to pay for it isn’t far behind.

“Something is going to have to be done to raise revenue unless entitlement spending is cut,” said Gerald Prante, senior economist for the Washington-based Tax Foundation.

Federal tax rates may rise in 2011 to as high as 39.6 percent, up from 35 percent

(visit the link for the full news article)

This article obviously is about just how high our taxes will be raised starting in 2011. You did know this huge deficit had to be paid back right???

Many people who took part in such programs like cash for clunkers and the first time home owners program will soon be learning that tax credit is expected to be repaid. What, you really didn't think our government was handing out free cash??? Oh no they only do that if your a big multi national bank...

A lot of the old tax credits you were use to claiming will be removed... which those are is still in the works so I would expect fewer deductions, and more withheld from your checks to cover.

One things sure we have to pay the piper and and that tab is coming due fast

www.bloomberg.com
(visit the link for the full news article)

reply to post by DaddyBare

Oh no they only do that if your a big multi national bank...

Uhhh....the banks paid back that money
www.nytimes.com...





and a key piece of the puzzle that you're leaving out (hopefully not intentionally???) is this:

for those earning more than $373,650

That means those making more than 370,000 a year will see a 4% tax increase.

IMO - it's about time higher-income folk pay their FAIR share of taxes...this country has been living off the backs of the middle class for far too long.



[edit on 5-11-2009 by Snarf]

Maybe we should make our own fiat money and pay our taxes in that. Bucks Populi, it's worth as much as a US Dollar in the end.

Honestly, if I didn't think it was probably illegal to say this, I'd say no one should pay their taxes in protest.

reply to post by Snarf


CIT wont be repaying 2.3 billion in tax payer money so not all of them do...
Of course now that the US is a major stock holder in many of these banks they will make sure that money gets put back with interest, one way ot another

[edit on 5-11-2009 by DaddyBare]

10% off from 50%. Taking half your money.

The government doesn't do a damned thing worthy of taking half of anybody's paycheck, or anywhere near that much.

reply to post by DaddyBare


CIT wont repay because the filed for bankruptcy

that is a far leap and cry from not being required paying it back


there's a fundamental difference.

1.) They were required to pay it back

2.) they filed for bankruptcy

3.) they dont have to pay it back.


It's magical how that works

[edit on 5-11-2009 by Snarf]

I can tell you that I will be making sure I owe the govt after this year and not having them owe me. In the past I have always claimed less dependents and been on the receiving end at tax time. No more. I will up my dependents to make sure I owe them. I do not trust this administration and their insane spending spree will refund my money.

No IOU govt tax refunds for me! I pray to God they don't do that this year.

reply to post by Snarf


You need to go back and read the fine print on CIT's pestructured chapter 11 filing... there not going out of business... CIT will still be there only they wont have this debt hanging over their heads

reply to post by DaddyBare


Yes they are doing something about already, for people like my husband and me we have been overtaxed since October of this year, with additional taxes been held, because they told my husband he wasn't paying enough taxes.

Yes we have call and told the IRS that they are over taxing but they are just turning their head the other way and my husband can not even tell his company to change the taxing status because is been blocked.

The last thing we found out is that we many need to get a lawyer to reverse what the IRS is doing,

Incredible.

BTW we know more people that are having the same problem as we in the same income bracket we are.

Originally posted by DaddyBare

This article obviously is about just how high our taxes will be raised starting in 2011. You did know this huge deficit had to be paid back right???

You did know that this huge deficit is IMPOSSIBLE to repay, right? Our current economic system is an absolute sham. Money is debt, debt is money. You cannot have money without having debt, because they way money is made, is by going into debt.

When you take out a loan at the bank, your signature on the loan makes the amount being loaned to you APPEAR out of thin air, into your account. And of course, all debt has to be paid back with interest, right? I wonder how many people realize that the money DOESN'T even exist to pay the interest with? It is impossible for us to pay our deficit back, once a country goes into deficit spending it NEVER comes out.

reply to post by NoEXcUseS


My sarcasm seems to have missed the mark...
I posted this with another news article... Projected deficits unsustainable: White House

these two stories tie together... Whitehouse is out of money and guess who their looking at to pay the tab for their spending spree

reply to post by DaddyBare


Ah ok yes I see how those two articles tie together. I'll still stand by my concluding remark, once a nation goes into deficit spending, it's an endless downward spiral into absolute bankruptcy. I'm just wondering how much longer the Fed is going to continue pumping out these more and more ridiculous sums of money until we reach the breaking point and going into over-inflation of our currency.

But more on-topic with your post, of course the citizens are the first people the tax thugs are going to empty the pockets of to finance more unnecessary spending.

NEXUS