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(Global Geopolitics)   Panic-fest 2014 hits the US Treasury as we now have to raise the debt ceiling again. Fark double-panic Bonus: Almost all the cash will be gone soon after due to your tax refunds   (glblgeopolitics.wordpress.com) divider line 206
    More: Scary, debt limit, Bipartisan Policy Center, Treasury Secretary Jacob Lew, tax refunds, treasuries  
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4667 clicks; posted to Main » on 04 Feb 2014 at 11:55 AM (29 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-02-04 08:08:29 AM
Tax refund? What's that+
 
2014-02-04 08:58:31 AM

BizarreMan: Tax refund? What's that+


That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.
 
2014-02-04 10:36:34 AM
Ah, this old song and dance.  there will be another punt.  to June maybe.  just in time for all those midterm elections to be in full swing.
 
2014-02-04 10:45:45 AM
I haven't gotten a tax refund since the stock market started to improve.
Thanks, Obama!
 
2014-02-04 11:22:54 AM
American people problems.

and maybe Greece, too.
 
2014-02-04 11:57:09 AM
Republicans need to make a stand and shut down the government to protect our liberty.  Voters will reward them for their steadfastness in the face of out of control liberal entitlement welfare queen subsidies.
 
2014-02-04 11:58:36 AM

Rapmaster2000: Republicans need to make a stand and shut down the government to protect our liberty.  Voters will reward them for their steadfastness in the face of out of control liberal entitlement welfare queen subsidies.


Nice troll.  Won't happen.  This will be a painless change; the GOP is not interested in taking attention away from Obamacare.
 
2014-02-04 11:59:33 AM

rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.


This. Rich people owe, then defer as long as possible.

/hey, if poor people are lending at 0%, why not take them up on their offer?
 
2014-02-04 12:01:16 PM
I owe $5.  You're welcome.
 
2014-02-04 12:01:49 PM
Sounds like a good reason to get your taxes done early if you expect a refund.

This reminds me of this one time I was working for the state.  I got laid off right before the 5-year point where I would have been vested in my pension (in simple terms, I would get some percentage of my salary from it for the rest of my life - bastards).  At the time, I had about $5k in my pension account, and Corzine was raiding the pension fund to pay for shiat the gov't couldn't afford.

So I had to take all the money out of the account before the gov't literally stole it from me.
 
2014-02-04 12:02:04 PM
Because a free hosted blog on WordPress.com is supposed to be a legitimate source?
 
2014-02-04 12:02:44 PM

tricycleracer: I owe $5.  You're welcome.


I owe $200 You're welcome
 
2014-02-04 12:03:56 PM
How does a Wordpress blog have its own Fark icon?
 
2014-02-04 12:05:33 PM

Somaticasual: Because a free hosted blog on WordPress.com is supposed to be a legitimate source?


You could always follow the link at the bottom of the blog entry to the Telegraph article, which says the exact same thing.
 
2014-02-04 12:05:34 PM

BizarreMan: Tax refund? What's that+


Another welfare program
 
2014-02-04 12:07:01 PM

generallyso: How does a Wordpress blog have its own Fark icon?


And another question, is why does it get greenlit almost every damn day?  I think it is owned by a fark moderator.
 
2014-02-04 12:08:02 PM
I am getting a refund, but not all I paid. I expect a candigram.

/Candi being a 230lb transvestite
 
2014-02-04 12:09:13 PM
This blog still sucks.
 
2014-02-04 12:10:27 PM
I made a mistake on my withholding election last year, so I owe about $1K in taxes.

THANKS OBAMA!
 
2014-02-04 12:12:13 PM
What is tax and why is it refunding you people?
 
2014-02-04 12:12:45 PM
The fact that this happens every year now or every few months should tell you that there is a reallllly bad problem here...sooner or later folks this sh-t is going to collapse in upon itself.
 
2014-02-04 12:13:09 PM
PANIC FEST!

widespreadpanic.s3.amazonaws.com

Oh, wait...nevermind.
 
2014-02-04 12:13:32 PM
The tax refunds don't belong to the government to begin with.

Why were they ever counted as part of the money available to be spent on other things, if it has to be replaced now?
 
2014-02-04 12:14:40 PM
But at least you've got something to show for it, not like all those other debt-ridden countries that spend their money on healthcare and education.

www.thenational.ae
 
2014-02-04 12:15:12 PM

Stile4aly: I made a mistake on my withholding election last year, so I owe about $1K in taxes.

THANKS OBAMA!


Know how minnow who's fault it is?

Tax refunds are just another pissing contest
 
2014-02-04 12:16:54 PM
Taxes already done.
Wish I could balance it out so I neither get a refund nor owe but putting more than 9 for withholding on my w-4 is a sure fire audit trigger so I'll wait for Uncle Sam to return the rest of my money again this year. Stupid system really.
 
2014-02-04 12:17:19 PM

Franko: But at least you've got something to show for it, not like all those other debt-ridden countries that spend their money on healthcare and education.

[www.thenational.ae image 460x307]


and the reason said countries dont have to spend on millitary, your welcome.
 
2014-02-04 12:18:48 PM
I wish we as a country would stop with this ridiculous crap.  The debt ceiling should not be and never should have been used as a negotiating tool.  If you can't pass your shiatty legislation the normal way it shouldn't pass.  If I was regulating the US credit rating I would lower it every time this even becomes an issue to teach our congress a lesson.
 
2014-02-04 12:18:56 PM

Joe Blowme: Franko: But at least you've got something to show for it, not like all those other debt-ridden countries that spend their money on healthcare and education.

[www.thenational.ae image 460x307]

and the reason said countries dont have to spend on millitary, you'rE welcome.


my bad, maybe i should spend more on spell checkers
 
2014-02-04 12:18:58 PM
Why not just raise taxes so high, that people are fighting over cans of dog food and pond water. Not that you would spend that extra money unwisely. Sure, raise our debt ceiling. We don't mind you raising taxes every year to make up for it and never making sure that people have a living wage to survive. But the good news now is, i have to have insurance that i cant afford the premium on, or, the deductible.


/thanks Obama.
 
2014-02-04 12:20:17 PM

rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.


Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.
 
2014-02-04 12:23:01 PM

Bit'O'Gristle: Why not just raise taxes so high, that people are fighting over cans of dog food and pond water.


We already have that, it's called "United Airlines."
 
2014-02-04 12:23:36 PM
This whole tax refund concept is strange to say the least. I can only imagine how immigrants feel when they get their first check. Picture cabbie uncle Odiwelke, who arrived from Nigeria and now in addition of a paycheck, gets a gift from kind uncle Sam. Halleluja!

After a few years Odi feels offended by tax refunds. Either tax what you must or leave my money alone. Why should we give you our money and then you hold it over our heads. One slip up and uncle Sam will keep it all.

What are we?  children?
 
2014-02-04 12:24:06 PM
No refund for me. I farked up my withholding for 2013 and it looks like I'll owe Uncle Sam a substantial amount this year. Bah.

I don't need a refund but I'd rather not owe either. Hopefully now I've adjusted it so that next year's tax return comes out as close to zero either way as possible.
 
2014-02-04 12:24:42 PM
Poor 'merikuh - always in a state of panic. Will she ever stop shrieking. lower her hoop-skirt & step off that parlour-room chair?
 
2014-02-04 12:25:18 PM
Dump the debt ceiling before the rest of the world tells America and it's dollar "FARK YOU!"
 
2014-02-04 12:25:20 PM

tarheel07: Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.


If you owe taxes at the end of the year you're going to pay penalties. You can put in an extension for filing but under normal circumstances there is no extension for payment.
 
2014-02-04 12:26:00 PM

Joe Blowme: and the reason said countries dont have to spend on millitary, your welcome


We don't spend as much on military because we don't run around pissing everyone off and blowing up their babies. Nobody wants to kill us. You guys should try it.

You're welcome.
 
2014-02-04 12:26:01 PM

tarheel07: rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.

Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.


That's not true.  If you don't estimate close enough to what you owe at the end of the year, you pay penalties.
 
2014-02-04 12:26:08 PM
I had more deductions this year than last so I'll be getting a refund.
 
2014-02-04 12:26:24 PM
I sent mine in today. Roomate still hasnt done hers for last year. She would get back a lot but she is lazy as shiat.
 
2014-02-04 12:26:40 PM

JC22: The fact that this happens every year now or every few months should tell you that there is a reallllly bad problem here...sooner or later folks this sh-t is going to collapse in upon itself.


No it won't! That's the beauty of it. We can continue to borrow from the Fed for ever and just never pay it back without ever having to worry about our dollars becoming worthless and being booted as the reserve currency. This party of freemoney will never end! We're just borrowing money from ourselves, and i don't know about you, but i'm ready to let that loan slide.
 
2014-02-04 12:27:10 PM

lennavan: tarheel07: rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.

Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.

That's not true.  If you don't estimate close enough to what you owe at the end of the year, you pay penalties.


Sorry, this was piss poor wording if you aren't familiar with it.  You have to estimate what you will owe at the beginning/during the year and pay taxes along the way.  If your estimate is off by too much and you owe too much by the end of the year, you will pay penalties.
 
2014-02-04 12:28:27 PM

tarheel07: rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.

Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.


Not really, since it's not the government's money until the taxes are actually due on April 15th.

You could have zero withheld from your pay and pay your entire income tax out of pocket every April if you wanted. That wouldn't constitute the government loaning you the money - it's simply not giving the government money before it's actually due.
 
2014-02-04 12:29:32 PM

generallyso: If you owe taxes at the end of the year you're going to pay penalties.


lennavan: That's not true.  If you don't estimate close enough to what you owe at the end of the year, you pay penalties.


First one is totally wrong. Second one is less wrong.

The only one you would get hit with is the "Failure to Pay Proper Estimated Tax" penalty. You can safe harbor that by paying 90% of what is owed for the current year through withholdings or estimated tax payments. You can also safe harbor that by paying at least 100% of your prior year tax through withholdings or estimated tax payments. You also aren't subject to the penalty if your total tax is less than $1000 after taking out credits and withholdings.
 
2014-02-04 12:29:55 PM

JC22: The fact that this happens every year now or every few months should tell you that there is a reallllly bad problem here...sooner or later folks this sh-t is going to collapse in upon itself.


The fact this happens every year or every few months tells me congress needs to do one of two things:
1)  Raise the debt ceiling for enough of a shot so they DON'T have to do it for the forseeable future
2)  Eliminate the debt ceiling entirely (this is number 2 because the way the appropriations process works the debt ceiling does in fact make some things easier)

It doesn't actually tell me anything about the debt itself because its a meaningless number.  It isn't based off of GDP, GNP, some international standard, or anything that comes close to actual data.
 
2014-02-04 12:33:29 PM

Slartibartfaster: because we don't run around pissing everyone off and blowing up their babies


Well, you're not a European, that's for sure.
 
2014-02-04 12:33:35 PM

tarheel07: rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.

Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.


Not quite.  The taxes are usually only due yearly, so if you owe, you simply didn't pay them all in advance; though if you owe too much, they do ding you for not paying in advance. I worked as a self-employed consultant for a few years and found that out the hard way.  After that, they got quarterly checks (usually).

If you are owed, the government had your money all that time.
 
2014-02-04 12:34:28 PM

Slartibartfaster: Joe Blowme: and the reason said countries dont have to spend on millitary, your welcome

We don't spend as much on military because we don't run around pissing everyone off and blowing up their babies. Nobody wants to kill us. You guys should try it.

You're welcome.


huffing paint, this is how it works
 
2014-02-04 12:35:13 PM

Doc Daneeka: tarheel07: rumpelstiltskin: BizarreMan: Tax refund? What's that+

That's the thing where we borrow money from the poor people at zero percent interest all year long, and then have to pay it back at the beginning of the next year. It's a huge thing in the peasant calendar, sort of like a harvest festival used to be. Lots of drinking and shooting guns and chasing wenches.

Devil's advocate, but if you owe taxes at the end of the year, the government's essentially loaned you money which you pay back interest-free too.

Not really, since it's not the government's money until the taxes are actually due on April 15th.

You could have zero withheld from your pay and pay your entire income tax out of pocket every April if you wanted. That wouldn't constitute the government loaning you the money - it's simply not giving the government money before it's actually due.


Actually scratch all that. I think that's wrong and I may have written something stupid.

I am obviously not a tax accountant.
 
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