Half the country thinks Donald Trump is a racist. HALF.

[Rob and Cheryl 56]

39 minutes ago, Satisfied said:

Those are not government handouts.  We worked for them.

You worked for and earned every benefit you received including all of the tax credits and deductions?

[The Nature Boy 7,659]

29 minutes ago, Rob and Cheryl said:

You worked for and earned every benefit you received including all of the tax credits and deductions?

A good example is federal flood insurance 

[Voice of Reason 10,298]

1 hour ago, Rob and Cheryl said:

You worked for and earned every benefit you received including all of the tax credits and deductions?

According to US tax laws, yes. I don't pay AMT, I don't get any deductions other than standard. I get to write off some business expenses (last year, no longer). Not sure what handouts you are referring to? Or benefits?

[Rob and Cheryl 56]

50 minutes ago, Satisfied said:

According to US tax laws, yes. I don't pay AMT, I don't get any deductions other than standard. I get to write off some business expenses (last year, no longer). Not sure what handouts you are referring to? Or benefits?

Freeways, Bridges, national defense, national parks, community block grants, Senior housing, education, cancer research where to stop. On your mortgage doesn't kick in enough interest? Good for you. Even the standard deduction is a reflection of all the deductions we would receive.

[Randyandyuni 2,682]

2 minutes ago, Rob and Cheryl said:

Freeways, Bridges, national defense, national parks, community block grants, Senior housing, education, cancer research where to stop. On your mortgage doesn't kick in enough interest? Good for you. Even the standard deduction is a reflection of all the deductions we would receive.

Deductions are not handouts, handouts are when you receive a benefit you didn't contribute towards.

 

If I have a net positive payment I am a payer of tax if I have a net negative payment I am consuming in excess of my contributions, in the latter case it's a handout or entitlement or tax funded benefit, choose your own synonym

[Rob and Cheryl 56]

4 minutes ago, Randyandyuni said:

Deductions are not handouts, handouts are when you receive a benefit you didn't contribute towards.

 

If I have a net positive payment I am a payer of tax if I have a net negative payment I am consuming in excess of my contributions, in the latter case it's a handout or entitlement or tax funded benefit, choose your own synonym

We have deductions on a personal return because we are contributing to some social good. My Brandy and vacation is not deductible, my contributions to church, invest in a solar panel or contributing to my IRA all are worthy of delayed or defered taxes.

[Randyandyuni 2,682]

Why do you feel the need to argue? I am agreeing with you in principal, where I disagree is you considering it a handout

[Rob and Cheryl 56]

19 minutes ago, Randyandyuni said:

Why do you feel the need to argue? I am agreeing with you in principal, where I disagree is you considering it a handout

And I don't consider EIC to be a waste or a handout.  So we agree.

[Randyandyuni 2,682]

3 minutes ago, Rob and Cheryl said:

And I don't consider EIC to be a waste or a handout.  So we agree.

We do not agree receiving more than you pay is welfare

[Voice of Reason 10,298]

1 hour ago, Rob and Cheryl said:

We have deductions on a personal return because we are contributing to some social good. My Brandy and vacation is not deductible, my contributions to church, invest in a solar panel or contributing to my IRA all are worthy of delayed or defered taxes.

No, my mortgage does did not qualify the past two years, and it certainly won’t going forward with the doubled standard deduction.

If you’re able to deduct your IRA, you should reconsider.  There is no good reason to do that when the ROTH is a better alternative (free advice).

 

But still, tax deductions are NOT handouts.  They are allowed by the IRS because we the people wanted themat some point in the past.  Like your solar panel... supposed to be good for the environment, so the government is allowing you to reduce your taxable income as the theory is tested and decided upon.  An incentive, if you will.  It’s NOT a handout.

[Keith & Arileidi 437]

22 minutes ago, Satisfied said:

No, my mortgage does did not qualify the past two years, and it certainly won’t going forward with the doubled standard deduction.

If you’re able to deduct your IRA, you should reconsider.  There is no good reason to do that when the ROTH is a better alternative (free advice).

 

But still, tax deductions are NOT handouts.  They are allowed by the IRS because we the people wanted themat some point in the past.  Like your solar panel... supposed to be good for the environment, so the government is allowing you to reduce your taxable income as the theory is tested and decided upon.  An incentive, if you will.  It’s NOT a handout.

Depends on your time horizon. 

(Free advice)

[Voice of Reason 10,298]

5 minutes ago, Keith & Arileidi said:

Depends on your time horizon. 

(Free advice)

Yes, it does.  If you are 65, the traditional makes sense.  Otherwise, the ROTH makes more sense.  Your earnings will grow tax free either way, but not having to pay taxes on the withdrawals beats the IRA and the  401K.

[The Nature Boy 7,659]

1 hour ago, Rob and Cheryl said:

And I don't consider EIC to be a waste or a handout.  So we agree.

Well then you have never met the guy who use to work for me. Paid in a few hundred. Got back over 5k. Since his wife was on government check number 6, he took FMLA. Parties like a rock star for 6 weeks. Came back broke. Pretty typical. 

 

There is a reason buy here pay here car lots pop like weeds in cow dung at tax time.

 

Those massive EIC payments benifit name brand high end retailers , no credit check car lots, liquor stores and very little else.

 

 

[Keith & Arileidi 437]

43 minutes ago, Satisfied said:

Yes, it does.  If you are 65, the traditional makes sense.  Otherwise, the ROTH makes more sense.  Your earnings will grow tax free either way, but not having to pay taxes on the withdrawals beats the IRA and the  401K.

You pay taxes either way.. growth is relatively the same for both Roth 401k/IRA and regular 401k/IRA accounts. 

The key factors when choosing are time horizon(age) and expected tax rate at retirement.

 

So it really isn't that simple unless you are under 40. 

 

 

 

 

 

 

 

Edited July 16, 2018 by Keith & Arileidi

[Boiler 43,721]

Makes me wish we could get back to how deplorable Trump is and how Hillary was the most qualified candidate, ever.