Taxes

[Pakuni]

MANY irresponsible, greedy lazy pricks outspend their means. Pakuni believes the smart & successful should bail them out. Bizarre, but that’s where we’re at.

Nope.

[4everwarriors]

You are preaching to the choir, my friend.

There is no question that our president decided that the the federal government would no longer subsidize the blue states by continuing to let their high taxes be deductible for Federal purposes.

It's one more reason Glow and I intend to get out of Illinois as soon as reasonably possible.

Stagecoaches leeve ourly, aina?

[4everwarriors]

Eye'll have crean cheese, tomato, and onion on my lox, hey?

[TSmith34, Inc.]

    btw,  i remember some very hard times myself, but it only motivated me to correct them.

Yeah? Do tell.

[Herman Cain]

I did point out where she was wrong. You're welcome.

I've found that the people mostly likely to say "life ain't fair" are the people who've rarely, if ever, had to deal with real hardship. Because those who have had to deal with real hardship know what it's like and have empathy for those experiencing the same.

I had hardship in my life and at one point was homeless. Pulled myself up from the bootstraps. I have empathy for those experiencing true hardship as opposed to over indulgence related financial reversals .  I have always lived below my means ( the missus gives me some heat sometimes though)

My view is self reliance is the preferred alternative. I understand though that many don't have the frame of reference and family support structure necessary. We do have a lot of safety net structures in society , I believe the private alternatives are run more effectively  the public ones, however I do believe all need to be streamlined in a way for ready access. 

[Spotcheck Billy]

I did our taxes yesterday, slightly higher refund (will need to tweak that withholding) probably due to the higher standard deduction. No mortgage interest since home is paid off, I was surprised that even with unusually high medical expenses for the Mrs. last year the standard deduction still applied.

[Pakuni]

I had hardship in my life and at one point was homeless. Pulled myself up from the bootstraps. I have empathy for those experiencing true hardship as opposed to over indulgence related financial reversals .  I have always lived below my means ( the missus gives me some heat sometimes though)

My view is self reliance is the preferred alternative. I understand though that many don't have the frame of reference and family support structure necessary. We do have a lot of safety net structures in society , I believe the private alternatives are run more effectively  the public ones, however I do believe all need to be streamlined in a way for ready access.

Curious ... without requiring you to tell your life story, how exactly did you pull yourself up by your bootstraps?

And of course no one has empathy for those facing hardship as a result of their own financial recklessness (well, unless it's a corporation deemed too big to fail), but, using things like bankruptcy filings as a guide, such cases are in the minority.

[Jon]

I had hardship in my life and at one point was homeless.

I have been homeless many times. By choice.

Sleeping under the stars night after night but only if the hazards of the situation allowed for sleep.

No access to fresh, clean water; having to make do by filtering coffee-colored liquid.
 
Living on 700 calories a day. Carrying dried beans and rice in spare socks which we reconstituted then flavored with a dash of tabasco and soy. Letting the mush roll around in the mouth to make the sensation of eating last.

No shower much less running water.

My entire existence reduced to the 140 pounds on my back.

When confronted with extreme deprivation, acute physical hardship, severe environmentals, and the very real probability of sudden outbreaks of intense violence life gets distilled down to the basics.

Anyone who has gone without naturally asks why are we so materialistic. People in the developed world are voracious consumers.

Food for thought: 99% of everything we purchase ends up in the waste stream within 180 days.

And the problem of waste is that it is not only poisoning the air, soil, and water but is also a major contributor to the issue of GHG emissions.

I love how people bitch about climate change yet are rapacious participants in our consumptive society. Change begins at home.

[Herman Cain]

Curious ... without requiring you to tell your life story, how exactly did you pull yourself up by your bootstraps?

And of course no one has empathy for those facing hardship as a result of their own financial recklessness (well, unless it's a corporation deemed too big to fail), but, using things like bankruptcy filings as a guide, such cases are in the minority.

In a nutshell realized that I had only to rely on myself . It was then like an internal drive . Made me look at the hard labor job as a tool to a greater goal. Was basically a one foot forward after the next mind step with no excuses. Never got ahead of myself and at all times avoided being envious of others. Which when I look back was really the attribute that helped me the most, enabled me to focus on my own modest progress and build off of it. 

 

[mu03eng]

The concept of empathy driving policy is an interesting one. I view it as an extension of the "privilege" discussion and how does one reduce the impact of privilege so to speak. Put another way, how much of government policy can really be around minimizing the negative impact of bad luck/the positive impact of good luck in life? Government can't save everyone from the circumstances of life, how do we decide who/what to reward/punish to achieve a balance that empathy would dictate?

[dgies9156]

Stagecoaches leeve ourly, aina?

Yeup and to cite the Chicago Tribune, there's the equivalent of one modern stagecoach (a Boeing 777) leaving Illinois daily, never to return. That's a sad reality on what should be the Midwest's economic and social driver.

[dgies9156]

In a nutshell realized that I had only to rely on myself . It was then like an internal drive . Made me look at the hard labor job as a tool to a greater goal. Was basically a one foot forward after the next mind step with no excuses. Never got ahead of myself and at all times avoided being envious of others. Which when I look back was really the attribute that helped me the most, enabled me to focus on my own modest progress and build off of it.

Brother Herm, I admire your story.

In my case, I went from a first job where I was sleeping in a really bad, roach infested apartment. During spring melt, I had water leaking through the roof and dripping on me as I slept (hint: I didn't sleep long). Went to a comparatively good life with a great wife and family. Two great secrets I've found are very simple:

1) Marry well. He/she should be your compass and your motivator. You both have to act as a team and be on the same page. Helps to know what book you're in while you are still dating.

2) Take advantage of every opportunity that you can that comes your way. In my case, it meant finding the fine print in the employee manual at my third employer that made my MBA possible. The other was a mentor who guided me from one career into another.

Oh and if you're paying high taxes, quit your complaining. You're probably making more money than you can count. As Ms. Dgies once said, "I don't understand why Republicans are complaining about Bill Clinton. Republicans never made so much money in their life!"

[Pakuni]

In a nutshell realized that I had only to rely on myself . It was then like an internal drive . Made me look at the hard labor job as a tool to a greater goal. Was basically a one foot forward after the next mind step with no excuses. Never got ahead of myself and at all times avoided being envious of others. Which when I look back was really the attribute that helped me the most, enabled me to focus on my own modest progress and build off of it.

I have no doubt that you're a self-motivated guy. I guess I was asking more specifically, like did you get an education, change your career path, drop some bad habits, etc.
You don't have to answer, by the way. I may be prying.

[Cheeks]

Brother Herm, I admire your story.

In my case, I went from a first job where I was sleeping in a really bad, roach infested apartment. During spring melt, I had water leaking through the roof and dripping on me as I slept (hint: I didn't sleep long). Went to a comparatively good life with a great wife and family. Two great secrets I've found are very simple:

1) Marry well. He/she should be your compass and your motivator. You both have to act as a team and be on the same page. Helps to know what book you're in while you are still dating.

2) Take advantage of every opportunity that you can that comes your way. In my case, it meant finding the fine print in the employee manual at my third employer that made my MBA possible. The other was a mentor who guided me from one career into another.

Oh and if you're paying high taxes, quit your complaining. You're probably making more money than you can count. As Ms. Dgies once said, "I don't understand why Republicans are complaining about Bill Clinton. Republicans never made so much money in their life!"

The taxation complaint often isn’t the amount, it is what it is spent on and also why others aren’t paying....in other words, who is carrying the load. 

Thought your other comments were right on.

[SERocks]

I love how people bitch about climate change yet are rapacious participants in our consumptive society. Change begins at home.

Amen.

[SERocks]

The interesting thing is that you either itemize deductions or you take the standard deduction.  Whichever is higher.  So if you use the standard deduction, you are not deducting mortgage interest or charitable contributions, true, but you are getting a higher deduction against income because the standard deduction is higher.  Presumably you are coming out ahead of the game.  Or look at it another way, if you itemize the only deduction you are getting is the amount that is higher than the standard deduction.

So many freak out .... what do you mean I cannot deduct my mortgage interest?  Ugh.  You are getting a free deduction in the standard deduction.  You did not have to spend any money to qualify for it.  The closer your total itemized deductions get to zero the better the standard deduction benefits you.

And remember your preparer will need all those numbers this year anyway, even if the taxpayer uses the standard deduction as you could very well get an itemized deduction credit in Wisconsin which is based on those items....so not a whole lot easier in the end.  Still need the numbers, even if using the standard for Federal.

As I noted last year when we ran our projections, most of my clients (so far, it is early) are showing up with less overall liability.  However, due the changes in the withholding tables are getting less back than they are used to or owing more by April 15th.  Overall liability has decreased so far in my small microcosm of the world. 

[buckchuckler]

Anyone who has gone without naturally asks why are we so materialistic. People in the developed world are voracious consumers.

How is shopping for the luxury sportyacht going?

[Cheeks]

Yeup and to cite the Chicago Tribune, there's the equivalent of one modern stagecoach (a Boeing 777) leaving Illinois daily, never to return. That's a sad reality on what should be the Midwest's economic and social driver.

1.9M have left New York over the years and the gov is blaming the current tax plan as a reason.  Lol, 1.9M left BEFORE the new tax laws.  Sometimes these guys need to look inward.  Illinois, CA no different.

[Jon]

How is shopping for the luxury sportyacht going?

Every 50 MW of clean energy we install eliminates more than 30 tons of CH4, 730 tons of CO2, and 15 tons of leachate from poisoning the air, soil, and ground water that sustains all life on this planet.

Every quarter this year (and for the next several years) we will break ground on appox 800 MW of clean, renewable energy in both brownfield and greenfield sites on 5 continents that will make the planet a much healthier place.

I think we are doing our bit.

And yes, I am looking at sailboats. When you own 6.25% of all of these power plants you can afford one.   

[WarriorDad]

We are receiving a slightly larger refund.

[buckchuckler]

Every 50 MW of clean energy we install eliminates more than 30 tons of CH4, 730 tons of CO2, and 15 tons of leachate from poisoning the air, soil, and ground water that sustains all life on this planet.

Every quarter this year (and for the next several years) we will break ground on appox 800 MW of clean, renewable energy in both brownfield and greenfield sites on 5 continents that will make the planet a much healthier place.

I think we are doing our bit.

And yes, I am looking at sailboats. When you own 6.25% of all of these power plants you can afford one.

No offense intended.   I just found it funny so I was giving you crap.

[Benny B]

Every 50 MW of clean energy we install eliminates more than 30 tons of CH4, 730 tons of CO2, and 15 tons of leachate from poisoning the air, soil, and ground water that sustains all life on this planet.

Every quarter this year (and for the next several years) we will break ground on appox 800 MW of clean, renewable energy in both brownfield and greenfield sites on 5 continents that will make the planet a much healthier place.

I think we are doing our bit.

And yes, I am looking at sailboats. When you own 6.25% of all of these power plants you can afford one.

And yet, GE just can't stay above the 10-dollar mark.

[Jockey]

What I have surmised is that higher income earners are not paying less in taxes, the higher standard deduction is causing homeowners to get lower refunds because of not deducting mortgage interest, and many tax payers should have but did not change the number allowances, and are surprised to find out they owe or are getting a small refund.

The only people that have experienced favorable results from the tax law changes are those with a unique circumstances and those who have earned far less in 2018 than in years past.

Utter nonsense.

[Jockey]

Why do you assume everyone had unexpected bad circumstances? There are some in these situations but there are also many entitled irresponsible people living beyond their means trying to impress others with their illusion of success.

Maybe you could look up the definition of empathy?

[dgies9156]

OK gang, back to taxes.

If there is ever living proof that the media collectively is a group of financial idiots, the recent coverage on tax reform is People's Exhibit Number 1.

In every report I've seen, the story has been about fools complaining that they are not getting as much of a refund as in past years. As if somehow that's a consequence of a tax policy that "screws" the middle class.

What it probably is -- and we'll never know because the financial idiots covering the story did not explore withholding and earnings with their sources -- is that withholding changed with the effective date of the tax law. Said source didn't bother to check his or her withholding and so there's no big refund. Said financial idiot reporter didn't bother to ask about deductions, gross income, and total tax bill against last year.

As Private Gomer Pyle once said, "S-u-r-p-r-i-s-e, S-u-r-p-r-i-s-e, S-u-r-p-r-i-s-e!!!!!"