Taxes over the laffer limit means you can have your cake and eat it at the same time, less taxes with higher total revenues. Regan/Bush/Trump have all done it
You're absolutely right that inflation is going to be high.
But technically, I think, it's the private bank called the Federal Reserve which "prints" money out of thin air... and then loans it to the government, with interest. Win for the bankers.
Disagree. The Federal reserve will print money loan it back to the government at an interest rate and then we will have to pay for that interest rate back with higher taxes.
It's only meant to help liquidity for those who have been impacted by the democrats intentionally tanking the economy, forcing unemployment, diminishing freedoms, and ruining the lives of small business owners in an election year in order to make the president look bad with the lives of Middle America as the collateral cannon fodder using a common cold virus as an excuse to overreach their authority and suspend our constitutional rights.
To make the average person realize just how much money they lose to taxes? Thus causing them to react violently against all Democrat plans to add back in more taxes.
If your spouse is on unemployment and shit is really tight, a tax deferral could actually be pretty helpful if you're the main income of the household. You would probably want to adjust your withholding for next year though to offset what your making if it is only a deferral.
If that is the case, you'd be better off not adjusting any tax withholding. Hopefully it's easy enough to decline the deferral. I could see a deferral helping some people who are very strapped now, but for a lot of people you'd be in for a big butt fucking when filing 2021 taxes.
You don’t understand, next year congress will have to slash the government expenditure to prevent from having to collect that money from this year, or they will be defenestrated.
I don't think it would be that extreme. I'm not sure when the deferral would end, but basically it would mean the taxes you would have been paying anyway would be owed at some point.
So if the deferral is for 2020 taxes, that means that you're basically getting a loan from the fed on your taxes until April. So if you would have paid 10k in taxes from now until Dec 31, that amount would be due when the deferral ends.
Perhaps there might be some sort of payment plan you can do on the deferral so you're not stuck with a huge tax bill come April. If there isn't, you would likely see everyone's refunds evaporating in April and potentially many people owing some money back to the fed.
Most savvy people would take the deferral and invest the money elsewhere for a bigger return and then just pay at tax time. But that type of micromanagement isn't for everyone.
Expand your thinking. Just like the gun grabber debate has gotten more pro gun from the Democrats burning cities, the tax debate will become one of much lower taxes and smaller government expenditures. The only reason the government gets away with taxes is because they never let you actually hold that money.
Don't be a 1D thinker. Do you honestly believe that Trump would take the political hit of enforcing a deferral payback? Do you think Trump WANTS people to pay it back to begin with? Do you think he'd leave it to the Democrats to take credit for it?
Take the money if you want it. If you don't, then don't. But you don't have to be hysterical about it.
I mean a certain amount of taxation is required. It's not theft. How else do you want to fund the military? The police? Any other worth while institution.
It's taxation without representation that is the true crime. But an incredibly imbalanced budget is more harm to this country and our financial stability than a well allocated and reasonable tax.
I'm all for wanting to keep my own money, but let's not pretend we're not the same group of people arguing for continued support and funding of police.
The problem is how many people will realize that be able to pay it back when it comes due? My guess is not a lot since people are fucking stupid with money.
It took my wife’s coworkers 2 months to realize that Trumps tax cuts were the reason they were making more money.
We'll have to see the exact wording but it's most likely a deferal and we'll owe it next year anyway.
But for those complaining - note that ALL these $600 stimulus checks are TAXABLE AS INCOME and many people will be pushed up a few brackets by taking them.
EDIT: If you guys think your income is taxed fully at the higher bracket level if you "go up a bracket" you really need to check out how taxes work. Here's a good explanation:
People don't want to make more money because of tax brackets???
Skywise, if you are, say 100$ over a bracket, you are ONLY taxed slightly higher on only that 100$.
Never worry about making more money. You've been duped, likely by a shitty boss that convinced you that the government was taking all your overtime or something.
Pedes remember this is a deferral, dont ruin yourself this tax season
“Oh, you know, tha thing.”
do people like tha thing?
Come on man!
kek shut it down
We're over $20 trillion in debt and running annual deficits of nearly $1 trillion/year!
THERE. IS. NO. MONEY. LEFT...
Taxes over the laffer limit means you can have your cake and eat it at the same time, less taxes with higher total revenues. Regan/Bush/Trump have all done it
We're gonna inflate the debt away, and so long as dollar is default currency ain't no one gonna question it
magic
IT'S MY MONEY AND I WANT IT NOW!!!
lmao.... government money is OUR money.
We will have to be taxed to "pay it off". Maybe not this year, but the years following certainly.
Yeah we pay an even heavier price for inflation
You're absolutely right that inflation is going to be high.
But technically, I think, it's the private bank called the Federal Reserve which "prints" money out of thin air... and then loans it to the government, with interest. Win for the bankers.
Disagree. The Federal reserve will print money loan it back to the government at an interest rate and then we will have to pay for that interest rate back with higher taxes.
It's only meant to help liquidity for those who have been impacted by covid.
This is good, and much better for the country overall and the strength of US dollar.
FTFY
It's like an interest free loan... of your own money.
Most people don’t save money though and owing money to the government is going to fuck them.
To make the average person realize just how much money they lose to taxes? Thus causing them to react violently against all Democrat plans to add back in more taxes.
If your spouse is on unemployment and shit is really tight, a tax deferral could actually be pretty helpful if you're the main income of the household. You would probably want to adjust your withholding for next year though to offset what your making if it is only a deferral.
LOL Nope Trump will wave collection just like Obama and DACA. No enforcement.
If that is the case, you'd be better off not adjusting any tax withholding. Hopefully it's easy enough to decline the deferral. I could see a deferral helping some people who are very strapped now, but for a lot of people you'd be in for a big butt fucking when filing 2021 taxes.
Interested to hear more at least.
You don’t understand, next year congress will have to slash the government expenditure to prevent from having to collect that money from this year, or they will be defenestrated.
Math isn't your strong suit, huh?
I don't think it would be that extreme. I'm not sure when the deferral would end, but basically it would mean the taxes you would have been paying anyway would be owed at some point.
So if the deferral is for 2020 taxes, that means that you're basically getting a loan from the fed on your taxes until April. So if you would have paid 10k in taxes from now until Dec 31, that amount would be due when the deferral ends.
Perhaps there might be some sort of payment plan you can do on the deferral so you're not stuck with a huge tax bill come April. If there isn't, you would likely see everyone's refunds evaporating in April and potentially many people owing some money back to the fed.
Most savvy people would take the deferral and invest the money elsewhere for a bigger return and then just pay at tax time. But that type of micromanagement isn't for everyone.
You sound like a Democrat screaming for free shit.
It's a 0% interest loan. Don't complain.
Expand your thinking. Just like the gun grabber debate has gotten more pro gun from the Democrats burning cities, the tax debate will become one of much lower taxes and smaller government expenditures. The only reason the government gets away with taxes is because they never let you actually hold that money.
Don't be a 1D thinker. Do you honestly believe that Trump would take the political hit of enforcing a deferral payback? Do you think Trump WANTS people to pay it back to begin with? Do you think he'd leave it to the Democrats to take credit for it?
Take the money if you want it. If you don't, then don't. But you don't have to be hysterical about it.
Triggered much? Must suck living paycheck to paycheck.
That you have to pay off in 18 months
Its not a loan. That's my money. It's deferred theft.
... Which is fine. I'll make a bit of money in interest in the meantime.
I mean a certain amount of taxation is required. It's not theft. How else do you want to fund the military? The police? Any other worth while institution.
It's taxation without representation that is the true crime. But an incredibly imbalanced budget is more harm to this country and our financial stability than a well allocated and reasonable tax.
I'm all for wanting to keep my own money, but let's not pretend we're not the same group of people arguing for continued support and funding of police.
The problem is how many people will realize that be able to pay it back when it comes due? My guess is not a lot since people are fucking stupid with money.
It took my wife’s coworkers 2 months to realize that Trumps tax cuts were the reason they were making more money.
He said both Deferal and that it was suspended.
We'll have to see the exact wording but it's most likely a deferal and we'll owe it next year anyway.
But for those complaining - note that ALL these $600 stimulus checks are TAXABLE AS INCOME and many people will be pushed up a few brackets by taking them.
Yes, all unemployment is taxable. And if you didn't set a withholding amount in the payment system you will owe the whole amount.
Brackets don't work like that.
EDIT: If you guys think your income is taxed fully at the higher bracket level if you "go up a bracket" you really need to check out how taxes work. Here's a good explanation:
https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/irs-tax-return/what-are-tax-brackets/amp/L8jeM6XaJ
Aside from some fringe cases applying for benefits or something there's no reason at all to be afraid of being in a "higher bracket".
This.
Come on, man!
People don't want to make more money because of tax brackets???
Skywise, if you are, say 100$ over a bracket, you are ONLY taxed slightly higher on only that 100$.
Never worry about making more money. You've been duped, likely by a shitty boss that convinced you that the government was taking all your overtime or something.
Good news, right!
The level to which public schooling failed people blows my fucking mind, man.
Wait so having a higher amount of income doesn’t effect a person’s tax bracket? Hmm
The portion above the bracket limit is taxed at the higher amount. The portion below the bracket limit is taxed at the lower amount.
In other words, if someone gets an extra $600, $500 of which is "above their bracket", only that $500 is taxed at the higher bracket amount.
...so why the downvotes?
That's not how tax brackets work, how did you even get 12 upvotes
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