Results 1 to 12 of 12

Thread: ripping the system

  1. #1
    Veteran Member toxicgirl's Avatar
    Joined
    Jul 2003
    Posts
    559
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default ripping the system

    what ticks me off:
    i'm in ma rite now. the state is broke. they spent all their money on the big dig (construction of new roads in boston). there is NO $$$ being invested in schools, programs for the elderly, poor homeless and sick. may homeless people died this past winter because almost all but one shelter closed. i really dont want to pay taxes to a state that cant spend it's money right (they're STILL spending it all on the big dig, making the taxes higher) it makes me sick. i cant even get a doctor if i'm ill. free clinics are crowded as ever cause there are no jobs...
    here's my question:
    i would rather give that money that would be paid for taxes (mostly it goes to just rich greedy pigs) to medical research (cancer, aids), programs for the elderly & poor (meals on wheels, bridge over troubled waters), inner city schools (who now have no $ to run the places- some towns cant even afford buses for elementary school kids). the government is the middle man. and they're doing a BAD job. if i donated enough, can i be exempt from taxes?
    "RIP THE SYSTEM"

  2. #2
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: ripping the system


    No, there's a limit to the amount of tax deductible donations you can claim. I don't remember what it is, but I bet Melonie does...



  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: ripping the system

    Tax deductible does NOT mean the same thing as tax exempt. The IRS and the state of MA are going to want their respective 25% and 8% (or so) of all the money that you earned. If you donate say $10,000 to an accredited charity, it does not subtract dollar for dollar from your tax liabilities, only reduces them proportionately to say 15% and 5%. The actual amount your tax liabilities are reduced of course depends on your individual tax situation, what tax bracket you're actually in, your classification (IC vs employee) etc. I would take a wild guess that a $10,000 donation might translate into an actual tax reduction of $3500, meaning that you donated the other $6,500 of the $10,000 out of your own pocket.

    There's also another nasty tax law called the Alternative Minimum Tax. This was originally designed to make sure that millionaires couldn't hide all of their money in tax shelters, but would be forced to pay some taxes. Unfortunately, over the years wage and price inflation has occurred but congress hasn't adjusted the minimum tax thresholds, so that it now affects people with medium incomes as well as millionaires. Since I also live in a high tax state (NY) I have to be very careful to "stagger" my deductions evenly from year to year, and just barely get under the minimum tax threshold. Therefore, depending on how many other deductions you have (like mortgage interest, property tax, state income tax etc.) you might not even get a $3500 reduction in your taxes from a $10,000 donation because your contribution may trigger the Alternative Minimum Tax.

  4. #4
    God/dess Bella21's Avatar
    Joined
    Sep 2003
    Location
    SoCal
    Posts
    7,772
    Thanks
    2
    Thanked 40 Times in 35 Posts

    Default Re: ripping the system

    Yea, well I'm in CA and I have to deal with Gray $#@%$ Davis! I CANT BELIEVE HE CUT SCHOOL BUDGETS!!!!!! AAAAAAARRRRRRRRRGGGGGGGHHHHHHHHH [cuss]
    If you think school is hard, try being stupid.

  5. #5
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: ripping the system

    Not to get too far off the point, but with businesses and high earning Cal residents moving out of state as fast as they can, with illegal immigrants moving in to collect state funded benefits, and with a $36 Billion dollar state budget deficit, IMHO Cal residents are soon going to find themselves facing financial realities which already exist in the rest of the country. This will mean 10%+ state income tax rates, 8-9% state and local sales tax rates, $4-5,000 a semester out of pocket tuition at state colleges after TAP and grants have been applied, 50% property tax increases (which get passed on to renters by one means or another), huge increases in fees/hidden taxes for everything from car registrations to gasoline tax to utility bill excise tax etc. The $36 Billion deficit represents $9,000 of debt for every taxpayer in California, and they're going to have to recoup that money somehow! This is a major reason why businesses and high income residents are moving out of state, to beat the tax increases.

    This is also the reason I am so disturbed by the passage of last year's "employee dancer law" in California. Unreported/underreported income by Cal clubs and dancers is a very "ripe" area for "harvesting" by the Cal Franchise Tax Board - they'll be turning over every rock to find more tax revenue, starting with the "ripest" rocks first. I also heard earlier this week that the IRS has cut a deal with the tax departments of 40 states to share resources and co-operate in joint tax investigations !

  6. #6
    Veteran Member
    Joined
    Aug 2003
    Posts
    283
    Thanks
    0
    Thanked 4 Times in 3 Posts

    Default Re: ripping the system

    We Californians can give thanks to Enron, and the cheap mooches who voted for energy deregulation. That is where most of our budget deficit came from- Paying Enron's extortion rates for energy.... Grrr

  7. #7
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: ripping the system

    We Californians can give thanks to Enron, and the cheap mooches who voted for energy deregulation. That is where most of our budget deficit came from- Paying Enron's extortion rates for energy.... Grrr
    Sadly it's a lot more complex than the terrible deregulation scheme California cooked up. It is true that the state decided to pay outrageous energy costs. It is also true that the state did not pass those costs on to consumers directly. Instead, they did nothing to encourage conservation and the energy crisis got worse, not better. Also, California refused for years to approve new electric power generation facilities.

    But, there is more to California's fiscal crisis than even energy. California has seen discretionary spending sky rocket. During the 1990s when tax collections were rising, California went on a spending spree. They also cut tax rates, though not taxes. Now, as tax revenues have fallen, California has not cut spending. Thus, a deficit has grown. On top of that, California has been discouraging investment through their complex web of taxes and regulatory costs. This has lead to high income earners leaving the state. At the same time, California's generous welfare system has attracted many illegal immigrants seeking a government handout. The solution to California's problems is simple, stop the flow of high earners out, and stop the flow of non-earners in. Implementing the solution is what will be difficult.

  8. #8
    Ravin
    Guest

    Default Re: ripping the system

    Ya'll should all move up to Anchorage, Alaska if you can stomach the lack of sun in the winter, the cold, and the snow. There is currently no tax in stores (legislation is trying to change this)but still....there is no state tax, and you get at least a thousand dollars a year just for living here once you have been a resident for one year. Also there is the world famous Great Alaskan Bush Company.

  9. #9
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: ripping the system

    my mother and sister live in Fairbanks....I just don't know if I could handle it, but they love it.

  10. #10
    Ravin
    Guest

    Default Re: ripping the system

    Fairbanks is colder then Anchorage in the winter but I believe it is warmer in the summer but don't quote me on that.

    The cold doesn't really bother me, it is the dark that gets me down. I am a lot more vibrant in the summer season then in the winter season (sleep more in the winter).

    Other than that, its a great place to live. My husband is military so we will be leaving next summer but I don't think I would mind coming back whenever he gets out.

  11. #11
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: ripping the system

    I was born in Fairbanks. It's a drier cold, so even though it gets a lot colder than Anchorage, it doesn't feel as cold.

    Lena



  12. #12
    Ravin
    Guest

    Default Re: ripping the system

    That is interesting, I didn't know that. I was just going by my memory of temperatures on the news.

Similar Threads

  1. Stocking's Keep Ripping !!! :(!!!!!
    By teaze in forum Body Business
    Replies: 8
    Last Post: 03-09-2011, 05:27 PM
  2. The club is ripping me off please help
    By krchab99 in forum Stripping (was Stripping General)
    Replies: 8
    Last Post: 07-02-2009, 08:42 AM
  3. Im ripping my hair out!
    By AudreyLeigh in forum Dollar Den
    Replies: 13
    Last Post: 04-23-2008, 03:13 PM
  4. Ripping Headaches
    By Prester_John in forum Body Business
    Replies: 36
    Last Post: 07-08-2006, 07:21 AM
  5. Ripping Headaches
    By Prester_John in forum The Lounge
    Replies: 3
    Last Post: 06-10-2006, 03:08 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •