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(Washington Post)   So if Congress doesn't act, half of America can't get a tax refund until late March   (washingtonpost.com) divider line 164
    More: Fail, congresses, Alternative Minimum Tax, tax refunds, income taxes  
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3853 clicks; posted to Politics » on 13 Nov 2012 at 10:08 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-13 04:55:00 PM
Maybe we should just get rid of the AMT completely since it undermines the tax code with a "GOTCHA!". If you want people to pay more tax, raise taxes and close loopholes instead of hiding it like a hotel does with their "resort fees".
 
2012-11-13 05:05:47 PM
Half of all taxpayers don't even file their returns before April 1st.
 
2012-11-13 05:21:30 PM
The hell you say. Give me back my monies!
 
2012-11-13 05:50:07 PM
So does that mean that the IRS will collect a bunch of extra taxes from middle-class families (thus raising much-needed revenue), without having to broach the painful subject of whether we should raise taxes on the rich, or the middle-class? 'Cause it sounds like a Republican wet dream...
 
2012-11-13 08:32:27 PM
Late March?

www.elitemusical.com.br
 
2012-11-13 08:36:42 PM
There are really no words to describe my stunned disappointment that people have been commenting in this thread for almost four hours now, it's going green in less than two, and yet nobody has made any comment to the effect that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple or some other variant of the term. What the hell is this. Sometimes I don't think I even know who the hell you people are anymore.
 
2012-11-13 08:49:35 PM
Time for a flat tax. A fair tax
 
2012-11-13 09:07:11 PM
MY BEANBAG CHAIR, NOOOOOOOOOOOOOOOOOOOOOOOO
 
2012-11-13 09:12:20 PM

Pocket Ninja: There are really no words to describe my stunned disappointment that people have been commenting in this thread for almost four hours now, it's going green in less than two, and yet nobody has made any comment to the effect that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple or some other variant of the term. What the hell is this. Sometimes I don't think I even know who the hell you people are anymore.


Welcome to Obama's America.
 
2012-11-13 09:14:18 PM

EnviroDude: Time for a flat tax. A fair tax


Which one?
 
2012-11-13 09:16:04 PM

impaler: EnviroDude: Time for a flat tax. A fair tax

Which one?


He's using the Fox News definition of "fair".
 
2012-11-13 09:30:36 PM
I would just like to say that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple.
 
2012-11-13 10:12:47 PM

EnviroDude: Time for a flat tax. A fair tax


"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion." -Adam Smith
 
2012-11-13 10:13:49 PM

mrshowrules: I would just like to say that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple.


What the hey, eh?
 
2012-11-13 10:14:45 PM
400 people have more wealth than 155 million people combined
"But somebody might abuse welfare if we raise taxes on the rich!"
 
2012-11-13 10:14:52 PM

impaler: EnviroDude: Time for a flat tax. A fair tax

Which one?


He's just doing republican math to make himself feel better.
 
2012-11-13 10:14:52 PM

mrshowrules: I would just like to say that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple.


The government needs it more than me, anyway.
 
2012-11-13 10:15:29 PM
Well it's only people that pay federal income taxes, so no Obama supporters will be affected!
 
2012-11-13 10:16:15 PM
Half of America is subject to AMT?
 
2012-11-13 10:17:47 PM
Getting sick of this "Fiscal cliff" boogeyman. I get the feeling we're being coaxed into a panic to make it easier to screw us when the time comes.
 
2012-11-13 10:21:51 PM
Blame the dumb lbieral Socialist tax monster.
i.imgur.com
 
2012-11-13 10:26:24 PM

moefuggenbrew: Blame the dumb lbieral Socialist tax monster.
[i.imgur.com image 600x486]


I like the cut of your jib good sir.
 
2012-11-13 10:28:22 PM
Maybe this guy could stop insider trading long enough to help out.

i97.photobucket.com
 
2012-11-13 10:29:38 PM

fusillade762: Getting sick of this "Fiscal cliff" boogeyman. I get the feeling we're being coaxed into a panic to make it easier to screw us when the time comes.


Your feeling is absolutely correct. Related: Neuroscientists find human brains can make fast decisions, and accurate decisions - but not at the same time. Quick, let's greenlight this

And a bit of extended reading:

upload.wikimedia.org
 
2012-11-13 10:31:05 PM

Summoner101: Well it's only people that pay federal income taxes, so no Obama supporters will be affected!


You're making an asshole out of yourself.
 
2012-11-13 10:31:41 PM

elchip: EnviroDude: Time for a flat tax. A fair tax

"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion." -Adam Smith


Socialist! 
 
2012-11-13 10:31:49 PM
Fark the AMT with a rusty railroad spike but who the hell files their taxes before the very last minute? March? I haven't even started putting it off at that point.
 
2012-11-13 10:33:00 PM
I've come close to AMT the last few years. It would be about $5k more for me, Can't say I'd be happy about that.

But; 28 million new taxpayers subject to AMT would be about 10% of the total taxpaying population or about 20% of the people who pay federal income tax.

It would mean 100 billion in additional revenue for 2012, but it would just about start a revolution.
 
2012-11-13 10:34:10 PM
I'm confused. Why does Congress have until the end of 2012 to decide what the taxes are for all of 2012 anyway? Wouldn't it make more sense to have it so the status quo is in effect unless/until it's specifically changed, and to have any changes go into effect for the next tax year, not the one that's ending?
 
2012-11-13 10:34:29 PM

moefuggenbrew: Blame the dumb lbieral Socialist tax monster.
[i.imgur.com image 600x486]


40%?
 
2012-11-13 10:35:57 PM

apoptotic: I'm confused. Why does Congress have until the end of 2012 to decide what the taxes are for all of 2012 anyway? Wouldn't it make more sense to have it so the status quo is in effect unless/until it's specifically changed, and to have any changes go into effect for the next tax year, not the one that's ending?


the tax hikes refer to the rates for 2013. They don't apply to this year, just the tax return you'll be filing in 2014
 
2012-11-13 10:37:21 PM

skullkrusher: Fark the AMT with a rusty railroad spike but who the hell files their taxes before the very last minute? March? I haven't even started putting it off at that point.


I imagine it's a scenario where they expect a refund (and therefore want the money back ASAP) and then discover (or the IRS does, anyway) they are subject to the AMT.
 
2012-11-13 10:38:12 PM

mrshowrules: I would just like to say that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple.


Right. Because a $30 refund is so significant.
 
2012-11-13 10:39:23 PM

Nuclear Monk: skullkrusher: Fark the AMT with a rusty railroad spike but who the hell files their taxes before the very last minute? March? I haven't even started putting it off at that point.

I imagine it's a scenario where they expect a refund (and therefore want the money back ASAP) and then discover (or the IRS does, anyway) they are subject to the AMT.


the AMT is an unpleasant farking suprise, no diggity.
 
2012-11-13 10:39:42 PM

skullkrusher: apoptotic: I'm confused. Why does Congress have until the end of 2012 to decide what the taxes are for all of 2012 anyway? Wouldn't it make more sense to have it so the status quo is in effect unless/until it's specifically changed, and to have any changes go into effect for the next tax year, not the one that's ending?

the tax hikes refer to the rates for 2013. They don't apply to this year, just the tax return you'll be filing in 2014


So why do the IRS Commissioner and the Tax Policy Center think the potential change to the AMT applies to the 2012 tax year?
 
2012-11-13 10:43:22 PM

babygoat: Summoner101: Well it's only people that pay federal income taxes, so no Obama supporters will be affected!

You're making an asshole out of yourself.


Mission accomplished!

/I mean really, someone was going to say it eventually. Might as well get it out of the way in jest.
 
2012-11-13 10:43:41 PM

cmunic8r99: mrshowrules: I would just like to say that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple.

Right. Because a $30 refund is so significant.


The other fallacy is that it isn't a "year-long interest-free loan" - its more like a month or two tops.

/despite my best efforts - I'll be getting a refund this year
//but I'll file in January and get my refund the first or second week in Feb
 
2012-11-13 10:49:28 PM

apoptotic: So why do the IRS Commissioner and the Tax Policy Center think the potential change to the AMT applies to the 2012 tax year?


Because they do and skullkrusher doesn't know what he is talking about. Basically every year - Congress attempts to 'patch' the AMT rules. But they are only temporary and the last set of 'patches' expired. So a whole lot of people will get a surprise when they calculate their 2012 taxes.
 
2012-11-13 10:49:47 PM

apoptotic: So why do the IRS Commissioner and the Tax Policy Center think the potential change to the AMT applies to the 2012 tax year?


When the AMT was created they set the income levels staticly based on incomes from 3 decades ago. Each year congress passes a bill that adjusts the AMT threshold for that year but they haven't done that yet, so the AMT threshold will drop to the 1980s version of "rich".
 
2012-11-13 10:50:18 PM

apoptotic: skullkrusher: apoptotic: I'm confused. Why does Congress have until the end of 2012 to decide what the taxes are for all of 2012 anyway? Wouldn't it make more sense to have it so the status quo is in effect unless/until it's specifically changed, and to have any changes go into effect for the next tax year, not the one that's ending?

the tax hikes refer to the rates for 2013. They don't apply to this year, just the tax return you'll be filing in 2014

So why do the IRS Commissioner and the Tax Policy Center think the potential change to the AMT applies to the 2012 tax year?


good question - I don't know how you can tell people what their tax rate will be after they've already earned the money. Seems that people should know what sort of rules they're operating under at the time.
 
2012-11-13 10:51:35 PM

Summoner101: babygoat: Summoner101: Well it's only people that pay federal income taxes, so no Obama supporters will be affected!

You're making an asshole out of yourself.

Mission accomplished!

/I mean really, someone was going to say it eventually. Might as well get it out of the way in jest.


Call me.
 
2012-11-13 10:55:54 PM
Can we just wordfilter "If Congress doesn't act, <bad thing>" to "<bad thing>".

I already do it mentally.
 
2012-11-13 11:03:10 PM

Mr. Eugenides: apoptotic: So why do the IRS Commissioner and the Tax Policy Center think the potential change to the AMT applies to the 2012 tax year?

When the AMT was created they set the income levels staticly based on incomes from 3 decades ago. Each year congress passes a bill that adjusts the AMT threshold for that year but they haven't done that yet, so the AMT threshold will drop to the 1980s version of "rich".


Ah, got it, thanks (and thanks to you too, gingerjet). It sounds to me like they've gone about this completely ass backwards from the beginning, and instead should be setting the AMT threshold for the coming year instead of the current year, and should they fail to do so have it automatically extend the current patch instead of reverting all the way back to the original bill's figures.
 
2012-11-13 11:09:02 PM
As long as they aren't taxing DMT.
 
2012-11-13 11:11:14 PM
I just want to know what lens the photographer used for that photo. Seriously. It's lovely.
 
2012-11-13 11:30:28 PM

EnviroDude: Time for a flat tax. A fair tax


Wow, I blew that call, I figured a 2 year deep sleep on that handle after 11/6.

But anyway bro, look at the actual taxes people pay. Deductions incentivize consumer participation. I know, I know, liberty to be a wealth-hording hermit that does nothing for the economy including job creation.

But hey, if you think the income of the 1% can continue to climb while everyone else stays stagnant, I've got a few Panic Rooms to sell you before 2020.
 
2012-11-13 11:34:17 PM

Pocket Ninja: There are really no words to describe my stunned disappointment that people have been commenting in this thread for almost four hours now, it's going green in less than two, and yet nobody has made any comment to the effect that people who get tax refunds are essentially giving the government a year-long interest-free loan and are, therefore, financially incompetent sheeple or some other variant of the term. What the hell is this. Sometimes I don't think I even know who the hell you people are anymore.


Heh, except the government doesn't put taxes in a bank. They simply remove it from the money supply. The truth is that they don't get the chance to keep it in a bank until paying it.
 
2012-11-13 11:34:33 PM

babygoat: Summoner101: babygoat: Summoner101: Well it's only people that pay federal income taxes, so no Obama supporters will be affected!

You're making an asshole out of yourself.

Mission accomplished!

/I mean really, someone was going to say it eventually. Might as well get it out of the way in jest.

Call me.


So THAT'S what whiplash feels like
 
2012-11-13 11:35:54 PM
If my taxes have to go up to get the ones at the top to go up, then raise mine. I'll survive with a lower refund.
 
2012-11-13 11:36:16 PM

Summoner101: babygoat: Summoner101: babygoat: Summoner101: Well it's only people that pay federal income taxes, so no Obama supporters will be affected!

You're making an asshole out of yourself.

Mission accomplished!

/I mean really, someone was going to say it eventually. Might as well get it out of the way in jest.

Call me.

So THAT'S what whiplash feels like


What happened?
 
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