Corporate taxes? When I have to pay taxes on goods I provide or services rendered I just raise the price to cover the taxes. Corporate income taxes are just another way of taxing people.
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Income is Income
- Thread starter OldRegular
- Start date
Sorry, Old Reg, I must challenge your thinking on this:
False.
Read more: http://www.investopedia.com/ask/answers/08/nonprofit-tax.asp#ixzz2EU32IkpZ
False. See above. If they don't go to church, there are many non-profits they can give to, such as Wounded Warriors, etc.
False.
Pastors and others in ministry pay the same rate as the rest of us do, based on their income and allowable deductions, dependents, etc. The "iffy" question is use of the parsonage and that may not be taxable if certain IRS criteria are met.
Debatable. For many people, the main reason they bought their home was for the mortgage interest deduction to lower their taxes. For the primary residence, the mortgage interest deduction is a small pittance compared to all of the other costs of home ownership, which the renter does not have to pay for and are NOT tax deductible, things such as HO insurance, repairs, maintenance, replacement of heating/cooling systems and water heaters, garbage disposals, roofs, and more. Also, there are the other costs of yard maintenance, pest control, and more - these are not paid out of pocket by the renter, so the premise that the renter pays a higher tax is a faulty premise. If they do away with the mortgage tax deduction, you will see a lot of homeowners (especially those who have lost equity in this financial climate) walking away from their debts and opting to rent. That, in turn, will cause rents to skyrocket - supply and demand.
Yes, but then there are things like free food programs at school, free cell phones, free child care, free health care (Medicaid), WIC, and more, like the Earned Income Credit - I know people who have gotten money back from the IRS who didn't even pay taxes because of the EIC.
Right now, it seems more profitable to live on the govt dole and take advantage of all of the government handouts - especially if you have kids - than to work 40 hours a week and pay into the system. Sometimes I feel like a fool for not quitting my job & joining the approx. 50% of Americans and illegals who are living on the govt bennies - who is the sucker?
The libertarian streak in me asks:
1. Why should there be an exemption for charitable contributions. The tax paid by the uncharitable is increased because of this deduction.
False.
Section 501 of the Internal Revenue Service (IRS) tax code exempts qualified nonprofit organizations from federal taxes. A nonprofit organization is an organization that engages in activities for both public and private interest without pursuing the goal of commercial or monetary profit. To be exempted from federal taxes, nonprofit organizations have to meet certain rules. Some of these rules include:
Being organized and operated exclusively for charitable, scientific, religious or public safety purposes.
Collecting income and turning over entire amount less expenses to organizations or individuals who are lawfully recognized as legitimate charities.
If a nonprofit organization engages in activities that are unrelated to their basic purpose, they are required to pay income taxes on that money. For example, if nonprofit organization ABC was formed to provide shelter for the homeless and it makes some money selling bicycles, that income may be eligible for income tax purposes.
Read more: http://www.investopedia.com/ask/answers/08/nonprofit-tax.asp#ixzz2EU32IkpZ
2. Why should there be a deduction for contributions to the Church. Those who don't go to or give to a Church pay higher tax because of this deduction.
False. See above. If they don't go to church, there are many non-profits they can give to, such as Wounded Warriors, etc.
3. Why are there special tax rules for those in the ministry of the Church. Others pays a higher tax because of these rules.
False.
Pastors and others in ministry pay the same rate as the rest of us do, based on their income and allowable deductions, dependents, etc. The "iffy" question is use of the parsonage and that may not be taxable if certain IRS criteria are met.
4. Why is there a deduction for mortgage interest. The renter pays a higher tax because of this deduction.
Debatable. For many people, the main reason they bought their home was for the mortgage interest deduction to lower their taxes. For the primary residence, the mortgage interest deduction is a small pittance compared to all of the other costs of home ownership, which the renter does not have to pay for and are NOT tax deductible, things such as HO insurance, repairs, maintenance, replacement of heating/cooling systems and water heaters, garbage disposals, roofs, and more. Also, there are the other costs of yard maintenance, pest control, and more - these are not paid out of pocket by the renter, so the premise that the renter pays a higher tax is a faulty premise. If they do away with the mortgage tax deduction, you will see a lot of homeowners (especially those who have lost equity in this financial climate) walking away from their debts and opting to rent. That, in turn, will cause rents to skyrocket - supply and demand.
I am sure there are many others but the fact is some ones deduction results in a higher tax for those who can't claim that deduction.
Yes, but then there are things like free food programs at school, free cell phones, free child care, free health care (Medicaid), WIC, and more, like the Earned Income Credit - I know people who have gotten money back from the IRS who didn't even pay taxes because of the EIC.
Right now, it seems more profitable to live on the govt dole and take advantage of all of the government handouts - especially if you have kids - than to work 40 hours a week and pay into the system. Sometimes I feel like a fool for not quitting my job & joining the approx. 50% of Americans and illegals who are living on the govt bennies - who is the sucker?
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OldRegular
Well-Known Member
Corporate taxes? When I have to pay taxes on goods I provide or services rendered I just raise the price to cover the taxes. Corporate income taxes are just another way of taxing people.
I agree. Any business or corporations must operate at a profit or fail. I believe that most corporations and to some extent non corporate business pass their tax on to the consumer.
I said in the OP that income is income and dividends/interest should be taxed at the same rate as earned income. Theoretically dividend/interest income is double taxed, at the corporate level and individual level. I believe the tax code should be thrown out. A new tax code should exempt corporate income paid out as dividends/interest from taxes and dividends/interest should be taxed at the earned income rate.
OldRegular
Well-Known Member
False.
Read more: http://www.investopedia.com/ask/answers/08/nonprofit-tax.asp#ixzz2EU32IkpZ
False. See above. If they don't go to church, there are many non-profits they can give to, such as Wounded Warriors, etc.
False.
Pastors and others in ministry pay the same rate as the rest of us do, based on their income and allowable deductions, dependents, etc. The "iffy" question is use of the parsonage and that may not be taxable if certain IRS criteria are met.
Debatable. For many people, the main reason they bought their home was for the mortgage interest deduction to lower their taxes. For the primary residence, the mortgage interest deduction is a small pittance compared to all of the other costs of home ownership, which the renter does not have to pay for and are NOT tax deductible, things such as HO insurance, repairs, maintenance, replacement of heating/cooling systems and water heaters, garbage disposals, roofs, and more. Also, there are the other costs of yard maintenance, pest control, and more - these are not paid out of pocket by the renter, so the premise that the renter pays a higher tax is a faulty premise. If they do away with the mortgage tax deduction, you will see a lot of homeowners (especially those who have lost equity in this financial climate) walking away from their debts and opting to rent. That, in turn, will cause rents to skyrocket - supply and demand.
Yes, but then there are things like free food programs at school, free cell phones, free child care, free health care (Medicaid), WIC, and more, like the Earned Income Credit - I know people who have gotten money back from the IRS who didn't even pay taxes because of the EIC.
Right now, it seems more profitable to live on the govt dole and take advantage of all of the government handouts - especially if you have kids - than to work 40 hours a week and pay into the system. Sometimes I feel like a fool for not quitting my job & joining the approx. 50% of Americans and illegals who are living on the govt bennies - who is the sucker?
Lady Eagle
Government must have a certain amount of money if it is to exist. That money can only be raised by tax of one form or another. The rate of tax an individual pays is based on income after all exemptions and deductions. That is the taxable income on the 1040 form. If the tax code is written so that a person can take an exemption for charitable or church contributions and/or a home mortgage then the person who rents his domicile and makes no contributions must pay a higher tax on the same gross income. That is a fact.
Lady Eagle
Government must have a certain amount of money if it is to exist. That money can only be raised by tax of one form or another. The rate of tax an individual pays is based on income after all exemptions and deductions. That is the taxable income on the 1040 form. If the tax code is written so that a person can take an exemption for charitable or church contributions and/or a home mortgage then the person who rents his domicile and makes no contributions must pay a higher tax on the same gross income. That is a fact.
Agreed, but that comes down to personal choice, doesn't it?
Government has PLENTY of our tax money and squanders it on stupid stuff like throwing billions of our tax dollars (and borrowed) to nations that hate us and seek to destroy us. We prop up dictators all around the world and they stash the money we give them into personal bank accounts. There are millions and millions of unaccounted American tax dollars that went to Iraq, for instance. We subsidize Planned Parenthood and NPR and PBS, all who could operate by private donations. Need I go on? I know you probably agree with me on this. :flower:
The problem is NOT a shortage of tax dollars. The problem is government waste and spending. Did you know it will cost tax payers a pretty penny for the 2013 inauguration? The first obama inauguration cost tax payers $47 million in 2009.
And what about all of the money obama squandered on his corporate cronies that went belly up? Solyndra alone cost the taxpayers $550 million, as I recall.
Think about this: The current US population is 314,907,484. That $550 million dollars could have given every person in the US a million dollars with money left over, and THAT, my friend, would stimulate the economy!!!
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OldRegular
Well-Known Member
Agreed, but that comes down to personal choice, doesn't it?
No! It simply means the tax code is unfair. Subsidies are unfair. Loopholes are unfair. Deductions that favor one group over another are unfair. Depending on the philosophical mood I am in I might say the progressive income tax is unfair!