Friday, March 27, 2020

Federal tax and state tax?

Bethanie Menden: If you live here, you file Federal Tax. Some, but not all, states have State income tax. I live in Illinois, which has a state income tax.You can go to the post office and get Federal tax forms for free. The IRS also has a helpful web site:http://www.irs.gov/...Show more

Donnie Bolio: Go to H&R Block or Jackson Hewitt, or somewhere that knows these things because I would have to know details before I would be able to tell you which forms that you use....

Lashawnda Anteby: The government in all its forms takes more and more from all of us, rich or poor, doesn't matter. If you get a break on federal taxes you don't get a break on state taxes, or you pay a lot of your money in sales taxes. How to stop this is a question that occupies some of us and in others just creates the question of how they can get more. The only way that I can see to start having some control is to totally abandon our current form of taxation. On the federal level we ! should go to a flat tax. Only 1 deduction and that would apply to everyone. That deduction would be about $30000 a year. This would leave the poorest the most money. Tax rate should be about 17%. That's it no other deductions for anything, no credits, no to all the pages it takes to fill out your personal tax form. File your taxes on a postcard. The other thing I would do is eliminate withholding. Everyone pays their taxes when they file. When taxes are withheld you are not aware of how much you are actually paying and it makes it all too easy for the federal government to raise rates because you don't actually notice how much is coming out of your check. This would also help with state and local income taxes because they would no longer be deductible people would pay more attention to what these entities were taking. Property taxes seem to go up all the time no matter the actual value of the home or property. Considering how much home values have dropped you would think yo! u would see lower tax bills but no they just increase the % th! ey base their calculations on. Sales taxes are the most fair of all the current taxes because they are based entirely on what you spend. People also are very aware of how much sales taxes are because they pay every time they shop. This keeps this tax rate down because states and cities know that citizens are very aware of how much they are paying. There are so many tax laws that the federal tax law covers over 70000 pages. Most of it in legal gobbledy **** that the average American won't read and couldn't understand if they did read it. Too long an answer I know but these are just some of my thoughts on current taxes....Show more

No comments:

Post a Comment