As a non American i cant beleive this is a thing..
Killing TurboTax
611–620 of 692 posts
Re: Killing TurboTax
#612As a non American i cant beleive this is a thing..
I know, I'm a Brit and my girlfriend doesn't even remember her login to HMRC Gateway - if she pays too much tax she gets a rebate automatically, other than that its not even something we think about.
Re: Killing TurboTax
#613Earlier quoted context omitted.
I agree, a vastly simplified tax code is needed. Here's my dream for a simpler tax code: The only tax is a Sales tax/VAT/GST. Pros: - Individuals never have to think about tax. It would completely eliminate tax returns. That alone is worth it's weight in gold since tax returns are such a time and money burden. - It would close all the loopholes megacorps/wealthy individuals use to pay less tax. You cannot avoid spend…
The reason that Taxes are complicated, is that the government wants them to be complicated. You can do without taxes (the government prints money, which is a tax on economic activity); or at a maximum print money + tax on big wealth accumulation which shouldn't affect the average guy. The tax code is being used as a tool to funnel money through industries and as kickbacks to bureaucrats. A non-communist government ca…
Why would people keep using dollars if they were being inflated away and they didn't have to pay taxes?
Re: Killing TurboTax
#614"Killing TurboTax" is essentially a meme until we meaningfully simplify the tax code. There is no software development team on earth who could catch up with the full capabilities of TurboTax without some sort of fundamental shift in the business. I really hate to say this as someone who makes a living out of it, but dealing with the current amount of complexity in the tax code with a piece of software that a non-expe…
I agree, a vastly simplified tax code is needed. Here's my dream for a simpler tax code: The only tax is a Sales tax/VAT/GST. Pros: - Individuals never have to think about tax. It would completely eliminate tax returns. That alone is worth it's weight in gold since tax returns are such a time and money burden. - It would close all the loopholes megacorps/wealthy individuals use to pay less tax. You cannot avoid spend…
Here in NZ we have a GST plus income tax - there are 3 tax steps, there are NO exemptions. Most people don't need to file a tax return, if you have only 1 job your employer will pay exactly the correct PAYE. If you have multiple jobs (or if you want to anyway) you can file online, it's 2-3 pages. If you don't do anything the IRD will run your taxes and if necessary send you a bill, or a refund (with interest).
I run a small business, I do my monthly PAYE in a simple spreads sheet - one line, type in the gross income out comes the numbers to include in the online filing web page including PAYE, and 401K equivalent. Doing the same in California was a nightmare.
We have no need for TurboTax or it's equivalent
Re: Killing TurboTax
#615Earlier quoted context omitted.
One benefit of markets is price-discovery. But if you're not participating in a market, determining price is akin to shaking a magic 8 ball. It assumes a Just Price, which is a heuristic and a fiction. Also, quality of living is determined by income, not wealth. Fresh retirees are generally wealthier than other age-groups because they've saved for retirement. But that doesn't mean they consume more. Also, consider th…
Wealth tax has nothing to do with markets and Nobody whants to tax the level of wealth for an ordinary retire silly. That's a straw man. The American capital, legal, and tax structure collude to reduce wages, whereas the Dutch system incentivises responsible 'market based solutions' The only people who want to live with a somali gov are gop
> Wealth tax has nothing to do with markets [..]
(Genuine question) how would one determine the value of something for taxation purposes if there's no market involved?
Re: Killing TurboTax
#616Earlier quoted context omitted.
One benefit of markets is price-discovery. But if you're not participating in a market, determining price is akin to shaking a magic 8 ball. It assumes a Just Price, which is a heuristic and a fiction. Also, quality of living is determined by income, not wealth. Fresh retirees are generally wealthier than other age-groups because they've saved for retirement. But that doesn't mean they consume more. Also, consider th…
Wealth tax has nothing to do with markets and Nobody whants to tax the level of wealth for an ordinary retire silly. That's a straw man. The American capital, legal, and tax structure collude to reduce wages, whereas the Dutch system incentivises responsible 'market based solutions' The only people who want to live with a somali gov are gop
The market bit comes in when you have stuff like artworks. You have a canvas with splodges on. Is that worth $0 or $1m? Who knows till you sell it?
Or startups - is your loss making one a 0 or a $1bn? You could have work arounds for tax but it complicates things.
Re: Killing TurboTax
#617Earlier quoted context omitted.
How do any of those statistics refute that statement without supplementary data on income/wealth (or whatever else you're using to measure the proportionality of tax)?
I don't understand your question about proportionality of tax, because there are two ways to think about proportionality and the stats I cite cover both. Take another look at the last point I cite, I THINK it goes to what you're asking: the richest 1% paid 26.8% of they income in taxes. The poorest 50% paid only 4% of their income in taxes. Let me know if your question is something different.
I am not sure these percentages include indirect taxes or are just direct. Regardless, the top 1% wealthiest accumulate wealth which is not declared as income and therefore that percentage is on their declared income and not on wealth. For poor people their income is their wealth. Finally, for the 1% even basic things that would require income for the majority of the population, such as travel, food, accommodation are routinely not funded by income, making the comparison even worse as they have extremely more flexibility in optimising their income vs investments and their exposure to indirect taxes even if they are immaterial to them.
Re: Killing TurboTax
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Re: Killing TurboTax
#619Earlier quoted context omitted.
I don't understand your question about proportionality of tax, because there are two ways to think about proportionality and the stats I cite cover both. Take another look at the last point I cite, I THINK it goes to what you're asking: the richest 1% paid 26.8% of they income in taxes. The poorest 50% paid only 4% of their income in taxes. Let me know if your question is something different.
I am not sure these percentages include indirect taxes or are just direct. Regardless, the top 1% wealthiest accumulate wealth which is not declared as income and therefore that percentage is on their declared income and not on wealth. For poor people their income is their wealth. Finally, for the 1% even basic things that would require income for the majority of the population, such as travel, food, accommodation ar…
Also something I thought based on the statement above. Poor people have at best a converging to 100% tax on their wealth, assuming that taxes collected would be savings. If they were to be consumed it’s even worse as taxes eat into their survival. Edited to make it converging with the assumption they might still be saving a little.
Re: Killing TurboTax
#620"Killing TurboTax" is essentially a meme until we meaningfully simplify the tax code. There is no software development team on earth who could catch up with the full capabilities of TurboTax without some sort of fundamental shift in the business. I really hate to say this as someone who makes a living out of it, but dealing with the current amount of complexity in the tax code with a piece of software that a non-expe…
I agree, a vastly simplified tax code is needed. Here's my dream for a simpler tax code: The only tax is a Sales tax/VAT/GST. Pros: - Individuals never have to think about tax. It would completely eliminate tax returns. That alone is worth it's weight in gold since tax returns are such a time and money burden. - It would close all the loopholes megacorps/wealthy individuals use to pay less tax. You cannot avoid spend…
> Here's my dream [...] The only tax is a Sales tax/VAT/GST.
Ok, I'll share mine: the only tax is on pollution and/or scare resource usage.
It's weird that we tax anything that's considered "good" in my opinion. Taxing housing, income from labour, consumption -- who came up with these shit ideas? Tax only, ONLY, what is considered bad (or should be reduced to a minimum), mainly: pollution. And the market will organize itself accordingly; optimize for all of us to survive a little longer on this planet (instead of exploiting it ASAP).