Muscatine

Higher taxes????

Posted in: Muscatine
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  • gta1
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well davie, there is my wife who is working....and when we get our taxes done we have a specific amount of taxes due......i became unemployed in october of last year, even though i hadnt worked since july i still had income last year.....plus i had a part time job this year for a short time...so thats income that will be taxed when we do our taxes again.....so dont try to pretend u know what tax bracket we are in....

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  • hiroad
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gta1:  You, and all of us, who purchase any item or service are indirectly paying "income taxes".  Because all overhead, including income tax expense, is included in the price of any product, the customer pays the income taxes of any and all businesses.  So if you are a customer, you are paying income taxes.

 In order for a profit to be made, all expenses must be covered in the price of the product, including income taxes.  If all expenses are not covered in the price of the product, profit will not be made and the business will be forced to either discontinue (or raise their prices or lower costs in some way).   No profitable business actually pays income taxes.  Only people pay income taxes.

gta1:  You, and all of us, who purchase any item or service are indirectly paying "income taxes".  Because all overhead, including income tax expense, is included in the price of any product, the customer pays the income taxes of any and all businesses.  So if you are a customer, you are paying income taxes.

 In order for a profit to be made, all expenses must be covered in the price of the product, including income taxes.  If all expenses are not covered in the price of the product, profit will not be made and the business will be forced to either discontinue (or raise their prices or lower costs in some way).   No profitable business actually pays income taxes.  Only people pay income taxes.

He didn't say Obama was "indirectly" raising our taxes did he? And if our taxes "indirectly" go up from businesses covering their overhead, that's not Obama is it?

 

GTA 1 I know only what you put in print. Being on government aid means no tax bill.

 

The uniformed jillary posted:

Perhaps we should clarify that nobody is actually raising taxes. There were cuts authorized by Bush that are expiring...meaning taxes will be back to what they were before the cuts.

Granted, we'll all be paying more unless these cuts are extended. But, technically, they're NOT raising taxes. Even though I don't pay taxes because my only income is social security, I certainly sympathize with those who do and hope the cuts are extended.


Well...miss know-it-all...tanning salons started paying an additional obama tax as of this July 1st as part of the health bill. (It's everywhere online) Now tell us all how a tanning tax applies to the black population, will ya? How do you call that, "nobody is actually raising taxes"?

 

Here is the list in its entirety: (mallcontent and davieboy both refused to respond to this posting several times before.) (davie even posted that obama did not raise taxes).

 

President Obama has broken his central campaign promise: a “firm pledge” not to raise “any form” of taxes on families making less than $250,000 per year. The healthcare bill passed by the House and Senate and just signed into law by Obama contains seven taxes that unquestionably violate his pledge.
 
(Page numbers reference ORIGINAL REID-OBAMA BILL unless noted):

Individual Mandate Excise Tax (Page 324/Sec. 1501/Jan 2014*): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income.
 
Employer Mandate Tax (Page 348/Sec. 1513/Jan 2014*):  Small business owners pay their business taxes on their personal 1040 forms. This tax does not exempt startup small business owners even if they make less than $250,000. If the employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees. Applies to all employers with 50 or more employees.

If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).

Medicine Cabinet Tax(Page 1997/Sec. 9003/$5 bil/Jan 2011): Americans would no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

HSA Withdrawal Tax Hike(Page 1998/Sec. 9004/$1.3 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

Flexible Spending Account Cap – aka “Special Needs Kids Tax”(Page 1999/Sec. 9005/$14 bil/Jan 2011): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2011 (added on page 363 of manager’s amendment). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.

Medical Itemized Deductions Cap(Page 2034/Sec. 9013/$15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction if the total cost of the expenses reduces the filer’s income by 7.5%. The new provision would impose a threshold of 10%. This new tax will most adversely affect early retirees and the catastrophically ill. Waived for 65+ taxpayers in 2013-2016 only.

Tax on Indoor Tanning Services (Page 373 of Manager’s amendment/$2.7 billion/July 1, 2010): New 10% excise tax on Americans using indoor tanning salons

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