Oooh! Are we all excited yet about our big PAY HIKE due to the gop tax cuts?
I received my retirement check today for March 1 and it is true that my "take home" is increased due to a reduction of the withholding for federal taxes. Who doesn't love a pay increase?
Smoke and mirrors are still basic props for governmental fiscal operations-- across a wide range of activities, I might add, up to and including the creation of "money" out of thin air. But books could be written on the subject-- and little would be fixed thereby. So back to the issue at hand.
The payer of my retirement stipend has no knowledge of my over-all income status. He simply uses a federal table of deductions and applies it to the amount I have earned for the month. And what he doesn't know doesn't hurt him-- but it hurts me, but only to the extent that I allow myself to be the victim of the ruse that I have gotten a "tax cut."
Because the Lord has blessed me I have certain other incomes in addition to the one referenced above. Hence I pay taxes monthly on them, but in addition I submit a quarterly ES voucher with payment to the IRS four (4) times a year. And wind up, usually, writing a fifth check in April, but that is also another issue.
So, this "pay increase," thank you Washington, DC, that I receive this month will ultimately cost me bigger checks direct from my bank account to the IRS. But wait! You say. Your 2018 taxes will be less in the long run.
Can you repeat after me: Poppycock!
Will not. I have already done the math.
If the pants of every liar in DC caught fire simultaneously the entire district along with the states of Virginia and Maryland would go up in flames.
(But, you say, if you are armed with this knowledge why don't you have your payers withhold larger amounts in the first place? Yes, I could do that. And how does that reduce my taxes?)
8 comments:
Exactly! But the booby-heads that inhabit this country can't see further than the end of their noses! If they can even see that far. The accountant did projections for our 2018 income tax and gave us a number we had to hit to just come out even on our 2018 taxes. I have federal tax taken out of my social security and G has additional taxes taken out of his federal pension AND his salary. He upped the amount of the additional fed tax deduction from his paycheck...you can't run fast enough to just to stay even...Did you know, and I'm sure you did, if you OWE too much on your fed taxes, and I'm talking here about just an ordinary Joe with only his salary, you also have to pay a penalty? The lady that does our taxes says there is going to be a lot of weeping and crying next tax season when reality sets in.
Aw, gees...I am all fired up today anyway...this just fans the flames....
We have a mayor that won his election by promising that everyone will get a portion of their VILLAGE taxes refunded to them. He raised the local taxes to help pay for this promise AND the lawsuits that came from them serving us contaminated water. (That's another story) So, these fools vote him in not realizing that you are taking from your left pocket to sort of fill the right.
As for the water lawsuits. The morons who filed suit are suing themselves if they still live in the village.
Is anyone out there thinking anymore??? I doubt it. I think in these times of people living check to check, they don't care long term. It is for today...and the extra pennies they have today.
I'm sorry. Was this a comment? or a rant? I apologize if it were the latter. I just wanted to show another example of your thought.
Grace, we share the pain. Oh, yes, Penalty and I are on a first-name basis. As I say, "And another thing." The taxes on the soe sec is another issue that gets my blood boiling. We pay taxes on 85% of our SS income, as I am sure you do as well, as if that money had not already been taxed to death when we could ill-afford it. And of course the much-vaunted IRA which "they" sold us in our youth, while it turns out to provide "useful" income in my old age, also turns out to be even more beneficial to the benevolent uncle than it is to us. Who knew? Thanks for playing along. I love it when a rant stirs things up.
Lin, no apology required-- unless it is I who should apologize for getting you riled? So long as the booboisee does not understand that taking money from your left pocket and stuffing it in the right will not enrich you or improve your social status; so long as that same coterie does not understand that politicians are self-serving, as we may all be to a degree, but the most self-serving of all human types whose words are worth less than the air it takes to propel them from their mouths, nothing will improve. Oooh! Now we are going, and I am stoked!
I have lived a life in the crack between not poor enough for assistance and not well enough off to do more than scrape by. I'm mostly used to it, but dang... I'd like to squander a nickel or two occasionally.
Sharkey, living a life of joy in doing is a greater blessing than living the acquisition of things. But I do know what you mean.
Hmmm, maybe you should have gone into church work, then high income taxes during retirement could be one thing to take off of your list of things about which to stew.
But we do stew about our sales tax. If the rate keeps rising, Kansas and our fair city will consume much our retirement income. Almost 10% now on everything we purchase - including groceries. Not a good state for retired people. We are all happy that the cause of the Kansas mess is now in Washington D.C. Creatures do seem to gravitate to their own kind.
Vee, trust me, I don't stew about high income. But I do get a bit incensed about double-taxing and legalized government theft from the people. And other stuff.
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