Obama 2 year continuation of Bush era tax cuts...

[Loren Littlejohn]

That were supposed to end at the end of last year.

So basically the rate of Social Security tax for me was going to be 6.2% and with this new extention of the tax cuts it's dropping down to 4.2%.

IIRC when these first went into place a couple years ago I was somewhat happy with it...

Until I got to tax season and the reality that the government was gonna get that stash no matter what.

Should I have my employer with hold a little more to compensate?

My 2009 taxes (have not gotten my 2010 taxes yet) sucked ass and I had to shell $300. I would rather not shell anything or get much back (ideally if I got a rebate of no more than $100 tops I would be happy).


Anyone have any input on this?

 

[TheWinterSnow]

I would always make your employer hold more than they need to. If you can financially survive on having everything held from you, at the end of the year when its time for the tax returns, you will get at least something back, and that could be used on some type of spending spree, or you could put it away for something. Better having a bonus check every year vs owing the government money every year. Even if you don't care to get much back, its still safer to go that way and making sure your getting enough pulled form your check than owing.

 

[JeffTD]

No real tax tips, but I don't get why this whole thing is such a big debate. Tax cuts are not the government helping you, it's the government hurting you less. It'd be like rejoicing over receiving 35 lashes instead of 40. The debt we have is not the result of a revenue problem, but result of a spending problem.

 

[Loren Littlejohn]

No real tax tips, but I don't get why this whole thing is such a big debate. Tax cuts are not the government helping you, it's the government hurting you less. It'd be like rejoicing over receiving 35 lashes instead of 40. The debt we have is not the result of a revenue problem, but result of a spending problem.

Well exactly. If the government really wanted to be productive they would stop bankrupting this country.

But well you know...

 

[crillemannen]

I wonder when the whole economy of USA will collapse. It have to break eventually, you guys got a BIIIIIIIG deficit.

 

[SwambA]

No real tax tips, but I don't get why this whole thing is such a big debate. Tax cuts are not the government helping you, it's the government hurting you less. It'd be like rejoicing over receiving 35 lashes instead of 40. The debt we have is not the result of a revenue problem, but result of a spending problem.

big +1

 

[grywolf627]

I wonder when the whole economy of USA will collapse. It have to break eventually, you guys got a BIIIIIIIG deficit.

It WILL collapse. It's only a matter of time. The government's answer to stimulating the economy is to just print more money. Worthless paper which then devalues the money I already have. Inflation will spiral out of control. And I'm afraid it just won't be the U.S. We live in a global economy these days. I hate to be such a pessimist on this, but I just don't see how things can be fixed now. It's already gone on for too long.

 

[Soundlurker]

I wonder when the whole economy of USA will collapse. It have to break eventually, you guys got a BIIIIIIIG deficit.

But...also a big army and funding
Rank Country Military expenditure, 2009[2] % of GDP, 2008
1 United States 663,255,000,000 4.3%
2 China 98,800,000,000 2.0%
3 United Kingdom 69,271,000,000 2.5%
4 France 67,316,000,000 2.3%
5 Russian Federation 61,000,000,000 3.5%
6 Germany 48,022,000,000 1.3%
7 Japan 46,859,000,000 0.9%
8 Saudi Arabia 39,257,000,000 8.2%
9 Italy 37,427,000,000 1.7%
10 India 36,600,000,000 2.6%

 

[crillemannen]

Well the Dollar as a world currency will probably be switched to Yen or something else. The world economy will get tired of having such an unstable currency. China and Russia is already trying to get rid of the dollar as a trading currency. And that is a good thing, the whole world shouldn't suffer from what USA does with its own economy :S

How much deficit in % does US have regarding the total GDP??

 

[aberration]

Better having a bonus check every year vs owing the government money every year.

Have to disagree with that...the government isn't paying you any interest on that money that they've held on to all year. Obviously, the best thing is to break even, but I don't know if that's even possible.

 

[Bekanor]

I couldn't give a crap about US politics, I just couldn't resist posting Randy, he's so awesome.

 

[midget donkeys]

I say to the op always have your employer with hold more than necassary. You might have a big problem coming up with money at tax time otherwise.

For me I was payed a bunch of back pay from the army this year (yeah it took them 5 years to pay me). Almost all of the pay was for combat, so it is supposed to be tax free. I don't know if the IRS got the memo on this because I got an email from the government last month saying I might have taxes due on it come spring.

As for the U.S. economy yeah it's pretty fucked, but you would be crazy to think China isn't nervous over it. They already are holding huge IOU's from the U.S., if the dollar inflates greatly china just got screwed too. And China knows this.

It's like the old saying if you lend some one alot of money you control them, but if you lend them too much money they control you. China is stuck in a spot were they can not stop lending to the U.S. becasue they need the U.S. to use that borrowed money to buy goods from China. Which is indeed pure madness in action.

The world wide economy is like a big house of cards. It is wishfull thinking to think that any country or region is immune to what happens in the rest of the world. Look at Ireland or Greece or Iceland.

 

[Loren Littlejohn]

Have to disagree with that...the government isn't paying you any interest on that money that they've held on to all year. Obviously, the best thing is to break even, but I don't know if that's even possible.

Yeah this. I would fucking love to get a $10 fed return and like a $2 state return.


THAT WOULD ROCK.

 

[egan.]

Unless you have no self control, setup an auto-transfer to a savings account for the additional amount you want your employer to withhold. Come tax time either use it to pay your taxes or treat in as a return.