Buffalo_Gal Posted April 20, 2019 Posted April 20, 2019 13 minutes ago, keepthefaith said: Tax cuts, big spending and low interest rates. The economy is on cocaine. Would you prefer the economy on life support, as it was during the Obama years?
SoCal Deek Posted April 20, 2019 Posted April 20, 2019 9 hours ago, keepthefaith said: Tax cuts, big spending and low interest rates. The economy is on cocaine. Fact: Interest rates have finally been raised. They actually should’ve been raised in the last years of Obama’s administration but the Fed just didn’t think his fragile economy could withstand it.
plenzmd1 Posted April 20, 2019 Posted April 20, 2019 Not sure if I posted this earlier, sorry if i did! The first year in at least 15 we are getting a refund!!!!!!WOOHOOOOOOOOO. Abd the checks we cut are not trivial every April. Trump is buying me a roof as we speak!!!!!!!And we truly had no clue that was happening till the 14th. Still ain't voting for Trump?? On the other hand, my sister, who is a controller for a decent sized entity, misunderstood the tax cuts and actually upped her deductions cause she always gets a refund and did not want to loan even more money to the gov. She truly was almost in tears the other night when she realized she needed to stroke a $5K check instead of a decent size refund...was sad to hear from someone who should have understood. BTW, she was an avid Trump supporter who is not quite happy with him now and has said she will not vote for 2020...which makes a little good come out of a bad situation?
3rdnlng Posted April 20, 2019 Posted April 20, 2019 1 hour ago, plenzmd1 said: Not sure if I posted this earlier, sorry if i did! The first year in at least 15 we are getting a refund!!!!!!WOOHOOOOOOOOO. Abd the checks we cut are not trivial every April. Trump is buying me a roof as we speak!!!!!!!And we truly had no clue that was happening till the 14th. Still ain't voting for Trump?? On the other hand, my sister, who is a controller for a decent sized entity, misunderstood the tax cuts and actually upped her deductions cause she always gets a refund and did not want to loan even more money to the gov. She truly was almost in tears the other night when she realized she needed to stroke a $5K check instead of a decent size refund...was sad to hear from someone who should have understood. BTW, she was an avid Trump supporter who is not quite happy with him now and has said she will not vote for 2020...which makes a little good come out of a bad situation? Maybe she should look for a different line of work? How difficult could it be for someone who passed 8th grade math to figure out how much to have deducted from her paycheck to come out even with the government. She then doubles down and blames it on Trump? Maybe you should think of getting a different sister. 1 1
Buffalo_Gal Posted April 20, 2019 Posted April 20, 2019 Do people really not pay attention to what their paycheck deductions should be in order to allow the government the least amount of their cash each week in a non-interest loan? Do people really not understand if they do not withhold correctly to owe little or nothing come tax time, they should have money in the bank to cover that IRS check that comes due April 15th? I know I come at this differently than so many people (we have to send quarterly checks), but when I did have a traditional job I was always aware of my (our) tax situation and adjusted withholdings accordingly. When all went right my refund was about ten bucks, and when things were not perfect, it could be a thousand dollars (I never wanted to owe for... reasons). It is your money (generic your), practice due diligence and awareness just as you would with any other expense. As far as "blame Trump", I can see why people in high SALT states would. However, blaming the politicians, unions, etc in those states which lead to higher property and school taxes is probably a better target for your anger. Me? I'd like a flat tax. I'm never going to get it. Who do I correctly "blame" for that?
row_33 Posted April 20, 2019 Posted April 20, 2019 23 minutes ago, Buffalo_Gal said: Me? I'd like a flat tax. I'm never going to get it. Who do I correctly "blame" for that? reality. you cannot streamline tax on revenue, you can't even streamline revenue categories to begin with grateful i got out of the taxation loophole career-wise and entered a much more suitable accounting specialty when we need a complex tax opinion to assist us, about twice a year, we have our experts to call in....
ExiledInIllinois Posted April 20, 2019 Posted April 20, 2019 8 minutes ago, Buffalo_Gal said: Do people really not pay attention to what their paycheck deductions should be in order to allow the government the least amount of their cash each week in a non-interest loan? Do people really not understand if they do not withhold correctly to owe little or nothing come tax time, they should have money in the bank to cover that IRS check that comes due April 15th? I know I come at this differently than so many people (we have to send quarterly checks), but when I did have a traditional job I was always aware of my (our) tax situation and adjusted withholdings accordingly. When all went right my refund was about ten bucks, and when things were not perfect, it could be a thousand dollars (I never wanted to owe for... reasons). It is your money (generic your), practice due diligence and awareness just as you would with any other expense. As far as "blame Trump", I can see why people in high SALT states would. However, blaming the politicians, unions, etc in those states which lead to higher property and school taxes is probably a better target for your anger. Me? I'd like a flat tax. I'm never going to get it. Who do I correctly "blame" for that? You would think... That straight up. No very tough tax complications, that withholding zero allotments and then filing on 4/15, one would break even. Okay... Maybe pay or get a refund of a few hundred bucks either way. I am talking, straight up, clean. That's not the case with the new tax law. Both my wife and I withhold zero then claim 4 at end of year (two children). Straight up, with no other tax liabilities we owed. Withholding zero, the Fed didn't withhold enough.... Even for 4 of us? My Kid's college expenses were capped too. Same with charity. Why are people donating to charity? What's so wrong with giving them an interest free loan out of convenience of not being in tax jeopardy on 4/15? Making a mistake and getting in a bind? I am not complaining... We can afford to pay... But I betcha a lot of people are in a bind? Just like our President. Not sure what they are trying to accomplish... But it's probably not working... We are just withholding zero now AND an extra $100 a week. Whatever interest on it, is considered a convenience fee on my part. They can use it free to spend on others for 12 months. At least we paid something. Guys like Jeff Bezos and Donald Trump probably paid zero in taxes.
row_33 Posted April 20, 2019 Posted April 20, 2019 (edited) 18 minutes ago, ExiledInIllinois said: You would think... That straight up. No very tough tax complications, that withholding zero allotments and then filing on 4/15, one would break even. Okay... Maybe pay or get a refund of a few hundred bucks either way. I am talking, straight up, clean. That's not the case with the new tax law. Both my wife and I withhold zero then claim 4 at end of year (two children). Straight up, with no other tax liabilities we owed. Withholding zero, the Fed didn't withhold enough.... Even for 4 of us? My Kid's college expenses were capped too. Same with charity. Why are people donating to charity? What's so wrong with giving them an interest free loan out of convenience of not being in tax jeopardy on 4/15? Making a mistake and getting in a bind? I am not complaining... We can afford to pay... But I betcha a lot of people are in a bind? Just like our President. Not sure what they are trying to accomplish... But it's probably not working... We are just withholding zero now AND an extra $100 a week. Whatever interest on it, is considered a convenience fee on my part. They can use it free to spend on others for 12 months. At least we paid something. Guys like Jeff Bezos and Donald Trump probably paid zero in taxes. you are confusing wealth with income, a Bezos or Trump probably earn $1 in income each year, you are not taxed on your accumulated wealth, only on the (net) income it generates. it's not going anywhere to compare the working man's tax slip for employment to the complexities of the tax situations of small business or a partnership or a corporation or trusts Trump may now have a federally mandated slip for his earnings as President, which would be easily dealt with Edited April 20, 2019 by row_33
ExiledInIllinois Posted April 20, 2019 Posted April 20, 2019 Oh... Daddy Bush did it in early 1990s. "READ My Lips"... I used to withhold 1, wife 1. We switched to 0 ever since. Now we need to withhold $100/week extra as a convenience fee, hedge against tax calamity on 4/15? Really? I am supposed to be worried about some chump change interest or extra $$$ every paycheck so I can throw it into the consumer junk market. Why not throw into durable goods every April... Or take a trip, pay school off, etc... I guess I am indifferent. It's not worth the headache at tax filing time. People pay for all kinds of convenience. Nothing wrong with this convenience... Except the angry right is hoping to suck others into their angry "gov't bad" world... Do they think angry equates at the voting booth for them? Sad if they do. 4 minutes ago, row_33 said: you are confusing wealth with income, a Bezos or Trump probably earn $1 in income each year, you are not taxed on your accumulated wealth, only on the (net) income it generates. it's not going anywhere to compare the working man's tax slip for employment to the complexities of the tax situations of small business or a partnership or a corporation or trusts Trump may now have a federally mandated slip for his earnings as President, which would be easily dealt with Bezos made $86k last year. I understand it.
row_33 Posted April 20, 2019 Posted April 20, 2019 (edited) 20 minutes ago, ExiledInIllinois said: Oh... Daddy Bush did it in early 1990s. "READ My Lips"... I used to withhold 1, wife 1. We switched to 0 ever since. Now we need to withhold $100/week extra as a convenience fee, hedge against tax calamity on 4/15? Really? I am supposed to be worried about some chump change interest or extra $$$ every paycheck so I can throw it into the consumer junk market. Why not throw into durable goods every April... Or take a trip, pay school off, etc... I guess I am indifferent. It's not worth the headache at tax filing time. People pay for all kinds of convenience. Nothing wrong with this convenience... Except the angry right is hoping to suck others into their angry "gov't bad" world... Do they think angry equates at the voting booth for them? Sad if they do. Bezos made $86k last year. I understand it. up here your income earned as an employee is hopefully "remitted" out to meet tax and social security obligations to about $100 return from that you can deduct payments towards a registered pension plan (which you'll be taxed for when you withdraw it) and donations and tuition and medical (over 3% of your earnings) and other specific items that will be disclosed and accepted (alimony, child care, income exemptions) not much you can do when you have an employment slip for your earnings.... not sure how much leeway you have in the US as a wage earner with the employer making remittances on your behalf you have kept your marriage together and have a life, you are doing very well, all things considered Edited April 20, 2019 by row_33 1
ExiledInIllinois Posted April 20, 2019 Posted April 20, 2019 11 minutes ago, row_33 said: up here your income earned as an employee is hopefully "remitted" out to meet tax and social security obligations to about $100 return from that you can deduct payments towards a registered pension plan (which you'll be taxed for when you withdraw it) and donations and tuition and medical (over 3% of your earnings) and other specific items that will be disclosed and accepted (alimony, child care, income exemptions) not much you can do when you have an employment slip for your earnings.... not sure how much leeway you have in the US as a wage earner with the employer making remittances on your behalf you have kept your marriage together and have a life, you are doing very well, all things considered 25 years next month. We probably should get divorced for tax purposes... Especially for the kids in college. /smh
row_33 Posted April 20, 2019 Posted April 20, 2019 12 minutes ago, ExiledInIllinois said: 25 years next month. We probably should get divorced for tax purposes... Especially for the kids in college. /smh high praise and congrats! stay the course! muddle along and do the best you can and somehow it usually always works out.... divorce, it so expensive because it's worth it. 1
Tiberius Posted April 22, 2019 Posted April 22, 2019 Quote “When you think it can’t get any worse, it does,” servile Senate Republicans keep whimpering. The sentiment came up when Trump announced his latest choice for an open Federal Reserve Board seat—former presidential candidate and Trump super PAC head Herman Cain. Until then, Trump’s previous selection for another open seat, Stephen Moore, think tank executive, pundit, and author of Trumponomics, a homage to the president whom he also recommended for the Nobel Prize in Economics, held the record for least credentialed person up for a seat on the Fed board. Together, these two amateurs are a critical part of Trump’s re-election strategy, which is not just to build a wall, close the border, and deter asylum-seekers by making orphans of their babies. It’s also to keep those lured by tax cuts and an (Obama) economy to stay the course. Should the economy slow, Trump won’t just need someone to blame. He’ll need someone to juice it. Right now that means laying the groundwork to undercut the independence of the most important central bank in the world. Thus the campaign for Cain and Moore—an heir, and a spare, ready to become chair should anything happen to the current one. Now, it’s the Fed’s time in the barrel. Trump’s soured on its too-independent chairman Jay Powell, whom the president elevated after he found former chair Janet Yellen too short (and too female and too independent) for the job. Powell, who served in the first Bush administration, didn’t jump fast enough when Trump began blaming the Fed's interest-rate policy for drops in the stock market, Trump’s applause meter for how the economy is doing. After Powell said rates would remain steady, Trump rewarded him with a Comey-like dinner at the White House. Immediately after, the Fed assured the public that the chairman “did not discuss his expectations for monetary policy.” That’s all it took for Trump to resume trashing him, and to nominate the two stooges. Trump has asked his lawyers how he could fire Powell, according to Bloomberg. To avoid being yelled at, as former White House counsel Don McGahn was when giving unwelcome legal advice, his lawyers only cited the inevitable court challenge that would follow any dismissal for “cause”—a standard not defined since no prior president has ever tried to remove a Fed chair. https://www.thedailybeast.com/trump-nominates-clowns-herman-cain-and-stephen-moore-to-bring-the-fed-to-heel?ref=author
3rdnlng Posted April 22, 2019 Posted April 22, 2019 The above quote, posted here is a crockofshit. When you think it can’t get any worse, it does,” servile Senate Republicans keep whimpering. The sentiment came up when Trump announced his latest choice for an open Federal Reserve Board seat—former presidential candidate and Trump super PAC head Herman Cain. Until then, Trump’s previous selection for another open seat, Stephen Moore, think tank executive, pundit, and author of Trumponomics, a homage to the president whom he also recommended for the Nobel Prize in Economics, held the record for least credentialed person up for a seat on the Fed board. Together, these two amateurs are a critical part of Trump’s re-election strategy, which is not just to build a wall, close the border, and deter asylum-seekers by making orphans of their babies. It’s also to keep those lured by tax cuts and an (Obama) economy to stay the course. Should the economy slow, Trump won’t just need someone to blame. He’ll need someone to juice it. Right now that means laying the groundwork to undercut the independence of the most important central bank in the world. Thus the campaign for Cain and Moore—an heir, and a spare, ready to become chair should anything happen to the current one. Now, it’s the Fed’s time in the barrel. Trump’s soured on its too-independent chairman Jay Powell, whom the president elevated after he found former chair Janet Yellen too short (and too female and too independent) for the job. Powell, who served in the first Bush administration, didn’t jump fast enough when Trump began blaming the Fed's interest-rate policy for drops in the stock market, Trump’s applause meter for how the economy is doing. After Powell said rates would remain steady, Trump rewarded him with a Comey-like dinner at the White House. Immediately after, the Fed assured the public that the chairman “did not discuss his expectations for monetary policy.” That’s all it took for Trump to resume trashing him, and to nominate the two stooges. Trump has asked his lawyers how he could fire Powell, according to Bloomberg. To avoid being yelled at, as former White House counsel Don McGahn was when giving unwelcome legal advice, his lawyers only cited the inevitable court challenge that would follow any dismissal for “cause”—a standard not defined since no prior president has ever tried to remove a Fed chair. Making orphans of their babies? Trump's policies are to kill parents? Useless post from a useless poster.
row_33 Posted April 23, 2019 Posted April 23, 2019 Has the DOW crashed yet, the NYT has been predicting it will for many many months now
Buffalo_Gal Posted April 23, 2019 Posted April 23, 2019 20 minutes ago, row_33 said: Has the DOW crashed yet, the NYT has been predicting it will for many many months now Well, I wish they'd get to it already. I am sitting on a pile of cash waiting for deals. This "highest ever" crap needs to stop. :-)
row_33 Posted April 23, 2019 Posted April 23, 2019 18 minutes ago, Buffalo_Gal said: Well, I wish they'd get to it already. I am sitting on a pile of cash waiting for deals. This "highest ever" crap needs to stop. :-) I have to buy another copy of the book that changes to THE GUARANTEED 100% STONE COLD DEPRESSION STARTING TOMORROW.... 1980 version 1983 version 1988 version 1992 version 1996 version 2003 version 2008 version 2010 version 2016 version every day since Trump entered office
3rdnlng Posted April 23, 2019 Posted April 23, 2019 34 minutes ago, Buffalo_Gal said: Well, I wish they'd get to it already. I am sitting on a pile of cash waiting for deals. This "highest ever" crap needs to stop. :-) Did you sleep through last December?
Buffalo_Gal Posted April 23, 2019 Posted April 23, 2019 31 minutes ago, 3rdnlng said: Did you sleep through last December? Wasn't low enough. I need a good old fashioned crash. I didn't hop on enough of what I wanted the day Trump was elected and have regretted it ever since. On a positive note, Pinterest finally went IPO last week so now I can unload the "stock" I bought on a raise years ago. I'm just waiting for it to go up a little bit (ok, a lotta bit) more. I've been waiting for years for them to really mean "we are going IPO soon".
Chef Jim Posted April 23, 2019 Posted April 23, 2019 1 hour ago, Buffalo_Gal said: Well, I wish they'd get to it already. I am sitting on a pile of cash waiting for deals. This "highest ever" crap needs to stop.? Same here. I need to fully fund my SEP for 2018 but not at a peak. Dollar cost average I guess.
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