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news and updates for tax professionals
Main Post: news and updates for tax professionals
Taxes: good? Bad? In between? Necessary?
Main Post:
Taxes are used for roads, police and law in general, firefighters, infrastructure, military, education and so on. society must be able to defend rights or else you don't have any.
Taxes are not theft. It's not your money. It's the government's. They made it. You're just borrowing it. You might say you should have choice of currency. Please explain how competing currencies different people use won't cause logistical complications.
Taxes are largely mismanaged and used for corrupt purposes, no doubt. Illegal wars and such. Corporate bailouts don't look so good either. How to set up a system that minimizes corruption is up for debate.
Some may argue that taxes are unnecessary because donations. Lotteries worked in the past? How much more complex is society now compared to then? Would it really work as well as taxes today? Have corporations pay us for advertising on roads?
lotteries are an irresponsible way for poor people to spend their money. Poor people won't pay into it because they need it and rich people won't help them because they don't need to. my hearts not gonna break for a billionaire paying taxes. what of the middle class?
If taxes are handled well enough they ultimately make society better and more free. Liberation from medical debt and unnecessary sickness, from lack of education, from student loan debt, from abusive owners who leverage your need to put you and your kids in horrible situations for profit. Ability to live your life in a real capacity. "Positive liberty means forcing people to work." No. It just needs taxes.
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r/personalfinance Wiki: A Guide to US Federal Income Taxes
Main Post: r/personalfinance Wiki: A Guide to US Federal Income Taxes
ELI5: Pre-tax dollars
Main Post: ELI5: Pre-tax dollars
Top Comment: Without getting too deep into taxes, let’s say you pay 25% of your income in taxes You make $100. You pay $25 in taxes. But you have $50 in pre-tax dollars now taken out for commuter benefit. Your taxable income is now $50, so you pay $12.50 in taxes now In the first example, you take home $75 but pay $50 in commuting, so you take home only $25. In the second, you bring home $50-$12.50, or $37.50