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Offline rich_t

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Federal Tax Refunds
« on: March 08, 2010, 12:46:11 PM »
How do you fine people feel about folks that get more money back on their federal tax refund than they paid in federal income taxes?

Personally, it irritates the hell out of me.
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Offline JohnnyReb

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Re: Federal Tax Refunds
« Reply #1 on: March 08, 2010, 03:41:21 PM »
Quote from: rich_t on March 08, 2010, 12:46:11 PM
How do you fine people feel about folks that get more money back on their federal tax refund than they paid in federal income taxes?

Personally, it irritates the hell out of me.

You are not alone.
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Offline IassaFTots

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Re: Federal Tax Refunds
« Reply #2 on: March 08, 2010, 03:44:21 PM »
Quote from: JohnnyReb on March 08, 2010, 03:41:21 PM
You are not alone.

Nope.  Not alone one iota. 
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Offline Thor

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Re: Federal Tax Refunds
« Reply #3 on: March 08, 2010, 04:18:24 PM »
Ummm, I'm one of "those people" now. (Maybe) My annual taxable income is pretty low.
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #4 on: March 08, 2010, 04:31:49 PM »
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.
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Offline Thor

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Re: Federal Tax Refunds
« Reply #5 on: March 08, 2010, 05:25:19 PM »
Quote from: rich_t on March 08, 2010, 04:31:49 PM
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.

I'll be lucky to get back just a little over what I paid in or break even. That's still up in the air. We're talking about $100, NOT $5K !!!
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #6 on: March 08, 2010, 05:32:23 PM »
Quote from: Thor on March 08, 2010, 05:25:19 PM
I'll be lucky to get back just a little over what I paid in or break even. That's still up in the air. We're talking about $100, NOT $5K !!!

IMO one should NEVER get back more than they paid in.

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Offline Lacarnut

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Re: Federal Tax Refunds
« Reply #7 on: March 08, 2010, 05:51:47 PM »
If I had not had an energy credit for Pella windows and the sales tax deduction on a new car, I would have owed. Getting back a little over a thousand bucks back.     
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Offline Carl

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Re: Federal Tax Refunds
« Reply #8 on: March 08, 2010, 05:51:57 PM »
Quote from: rich_t on March 08, 2010, 04:31:49 PM
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.

Me too and made that point here once as far as the EIC is concerned.

On edit..

I don`t know if that is what you are talking about Rich so don`t take my comment as specific to whatever that situation is but my feeling on an issue that can have the same effect.
« Last Edit: March 08, 2010, 05:55:10 PM by Carl »
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Offline MrsSmith

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Re: Federal Tax Refunds
« Reply #9 on: March 08, 2010, 06:51:26 PM »
Quote from: rich_t on March 08, 2010, 04:31:49 PM
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.
How did that work?  My kid made about $14,000 last year, had something over $800 deducted.  I forget exactly what he got back...less than half of that though.  What was her income?  And how many kids does she have?
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Offline Duke Nukum

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Re: Federal Tax Refunds
« Reply #10 on: March 08, 2010, 07:08:18 PM »
Quote from: rich_t on March 08, 2010, 12:46:11 PM
How do you fine people feel about folks that get more money back on their federal tax refund than they paid in federal income taxes?

Personally, it irritates the hell out of me.
It makes no sense and seems to only perpetuate a poverty mindset.
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Offline NHSparky

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Re: Federal Tax Refunds
« Reply #11 on: March 08, 2010, 07:51:06 PM »
Quote from: rich_t on March 08, 2010, 04:31:49 PM
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.

Waitthe****upnowjustholdonamother****insecond...

Her tax return was LARGER than mine?  And the only reason I got one at all is because I've got NO deductions, and basically itemizing is where I get money back?

And I pay more in Federal in ONE PAYCHECK than she did ALL ****ING YEAR???

 :censored: :censored: :censored: :censored: :censored:
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #12 on: March 09, 2010, 07:42:48 AM »
Quote from: MrsSmith on March 08, 2010, 06:51:26 PM
How did that work?  My kid made about $14,000 last year, had something over $800 deducted.  I forget exactly what he got back...less than half of that though.  What was her income?  And how many kids does she have?

She is married with 1 child.  Her dead beat husband doesn't work (boy am I pissed about that too).  She made a little over $23K.
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #13 on: March 09, 2010, 07:44:44 AM »
Quote from: NHSparky on March 08, 2010, 07:51:06 PM
Waitthe****upnowjustholdonamother****insecond...

Her tax return was LARGER than mine?  And the only reason I got one at all is because I've got NO deductions, and basically itemizing is where I get money back?

And I pay more in Federal in ONE PAYCHECK than she did ALL ****ING YEAR???

 :censored: :censored: :censored: :censored: :censored:

Amazing isn't it?

I told her that people like her piss people like me off, when it comes to this issue.
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Offline terry

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Re: Federal Tax Refunds
« Reply #14 on: March 09, 2010, 07:50:44 AM »
Quote from: rich_t on March 09, 2010, 07:44:44 AM
Amazing isn't it?

I told her that people like her piss people like me off, when it comes to this issue.

Why be pissed at her? She didn't write the code.   Did she lobby for it?

Sounds like she's doing her best in a crappy situation.
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Offline thundley4

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Re: Federal Tax Refunds
« Reply #15 on: March 09, 2010, 07:58:58 AM »
Quote from: terry on March 09, 2010, 07:50:44 AM
Why be pissed at her? She didn't write the code.   Did she lobby for it?

Sounds like she's doing her best in a crappy situation.

True, EITC is another welfare program brought to us by the US government. It wouldn't bother me  if they got back everything they paid in, but it is giving them more than that , that most people don't like.
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #16 on: March 09, 2010, 08:03:40 AM »
Quote from: terry on March 09, 2010, 07:50:44 AM
Why be pissed at her? She didn't write the code.   Did she lobby for it?

Sounds like she's doing her best in a crappy situation.

She understood that I wasn't pissed at her personally, just pissed at the system that allows one to get back WAY more than they paid in.
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #17 on: March 09, 2010, 08:04:08 AM »
Quote from: thundley4 on March 09, 2010, 07:58:58 AM
True, EITC is another welfare program brought to us by the US government. It wouldn't bother me  if they got back everything they paid in, but it is giving them more than that , that most people don't like.

Exactly!
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Offline IassaFTots

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Re: Federal Tax Refunds
« Reply #18 on: March 09, 2010, 08:11:40 AM »
Quote from: rich_t on March 09, 2010, 08:04:08 AM
Exactly!

We have quite a few employees here that get that credit, and a good bit back on their refund.  Some will, and I am not making this up, work up until they get their refund, then take a vacation in May, and go look for work at the end of the summer.  They make enough on the refund to carry them through the summer, and by not working, they keep their income low enough to get it again.

We don't rehire them, they go off somewhere else.  But, if you are a $9.00/hr call center employee, it ain't that hard to find a job, as all of them have not been moved to Mexico or India. 

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Offline DumbAss Tanker

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Re: Federal Tax Refunds
« Reply #19 on: March 09, 2010, 09:48:27 AM »
Quote from: thundley4 on March 09, 2010, 07:58:58 AM
True, EITC is another welfare program brought to us by the US government. It wouldn't bother me  if they got back everything they paid in, but it is giving them more than that , that most people don't like.

Couldn't agree more.  Any system that engages in transfer payments like EITC/EIC is headed down a bad road, and it can't end well.  The amount and top-end threshold for getting it inevitably increase over time to woo voters, and the tax burden on those that are really paying it has to rise over time accordingly.  Eventually it reaches a point where enough taxpayers have no skin in the game on how the tax money is spent that they can vote in anything for themselves and win, and entitlement programs take over the world.
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Offline debk

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Re: Federal Tax Refunds
« Reply #20 on: March 09, 2010, 09:59:55 AM »
I haven't done my taxes yet, but since I made similar to last year....I'm going to OWE about $7000.  :bawl:
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Offline rich_t

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Re: Federal Tax Refunds
« Reply #21 on: March 09, 2010, 10:29:26 AM »
Quote from: debk on March 09, 2010, 09:59:55 AM
I haven't done my taxes yet, but since I made similar to last year....I'm going to OWE about $7000.  :bawl:

OUCH!!!
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Offline Thor

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Re: Federal Tax Refunds
« Reply #22 on: March 09, 2010, 10:37:23 AM »
Quote from: debk on March 09, 2010, 09:59:55 AM
I haven't done my taxes yet, but since I made similar to last year....I'm going to OWE about $7000.  :bawl:

Yeah, but did you pay in your quarterly taxes??

I remember one year that my ex and I made so much that we had to pay in more than what I made that year and I had a pretty decent job at the time.
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Offline debk

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Re: Federal Tax Refunds
« Reply #23 on: March 09, 2010, 11:40:01 AM »
Quote from: Thor on March 09, 2010, 10:37:23 AM
Yeah, but did you pay in your quarterly taxes??

I remember one year that my ex and I made so much that we had to pay in more than what I made that year and I had a pretty decent job at the time.

No, I didn't pay my quarterlies. That 7k will be total. Since I don't have a mortgage anymore, I don't have any deductions but work expenses. From a tax standpoint, I would have been better off keeping my house, but then I would have had other headaches with renters and maintenance.

Maybe I should just quit work and collect welfare. I think I would have more money.... :(

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Offline docstew

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Re: Federal Tax Refunds
« Reply #24 on: March 10, 2010, 10:17:48 AM »
Quote from: rich_t on March 08, 2010, 04:31:49 PM
I did my daughter's tax forms for her yesterday.

She paid less than $600.00 last year in Federdal income taxes.

But she is "getting" back just over $5K.

She is getting back about 8.75 times what she paid in.

I have a HUGE problem with that.

Milton Freidman didn't have a problem with it, he proposed what he called a "negative" income tax that would replace welfare.

And I too am one of those people, but then again, my taxable income this year (09) is only from Jan-Mar.
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