Happy Income Tax Day!

[♥ COVID-19♥]

TAX THE RICH!: Or why America’s 30-year experiment with trickle-down economics has failed ht.ly/4zxkY

[Ardbeg... innit]

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

Not to mention the fact that the top one percent earns about 43% of the income in any year.

[Chicago Jake]

Actually, Income Tax day is Monday.

[Ardbeg... innit]

Apr 15, 2011 9:08:01 GMT -6 Chicago Jake said:

Actually, Income Tax day is Monday.

Emancipation Day, which generally falls on April 16, is being observed in D.C. on April 15 this year, according to CNN Money. The holiday celebrates the emancipation of slaves in the district.

Under the U.S. tax code, deadlines can't fall on Saturdays, Sundays or holidays, according to CNN Money.

[♥ COVID-19♥]

Apr 15, 2011 9:08:01 GMT -6 Chicago Jake said:

Actually, Income Tax day is Monday.

Hey, I'm an old-school traditionalist.

[Tex]

Apr 15, 2011 9:06:25 GMT -6 Ardbeg... innit said:

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

Not to mention the fact that the top one percent earns about 43% of the income in any year.

According to the IRS, the top 1% earned about 20% of adjusted gross income and paid about 38% of federal income taxes (2008 returns). The Wall Street Journal, with newer numbers, says that the share paid by the top 1% is up and is the highest since 1940. Just curious where your numbers are from since they show such a disparity.

[Chicago Jake]

Apropos of nothing, I just dropped my Estimated Tax payments in the mail. As much as I dislike paying taxes, I especially dislike paying taxes on money I haven't even earned yet!

[♥ COVID-19♥]

Be positive! You'll probably earn so much more this year that you've likely already underestimated your payment for this quarter!

[Ardbeg... innit]

Apr 15, 2011 11:49:07 GMT -6 Tex said:

Apr 15, 2011 9:06:25 GMT -6 Ardbeg... innit said:

Not to mention the fact that the top one percent earns about 43% of the income in any year.

According to the IRS, the top 1% earned about 20% of adjusted gross income and paid about 38% of federal income taxes (2008 returns). The Wall Street Journal, with newer numbers, says that the share paid by the top 1% is up and is the highest since 1940. Just curious where your numbers are from since they show such a disparity.

I checked my source, and it was using unadjusted gross, its link to its source matches yours, so really, both numbers are correct.

Here is an interesting question to which I have the answer in hand. For the top 1% (which is approximately $500K adjusted gross per year), what do you think is the actual average tax paid by that income group, and what do you think would be appropriate? (The numbers I have are for 2007, published December 2010)

[Tex]

Do you have a link for the 43% number?

[Exildo Wonsetler Briggs III]

This shit just chaps my ass!! We already HAVE a progressive tax schedule!! The MORE MONEY YOU MAKE, THE MORE FUCKING TAXES YOU PAY!!

WHY is this so fucking hard to understand??

"TAX BREAKS FOR THE RICH!!"

WELL FUCKING DUH!! It might come as a big fucking SHOCK to poor folks, but you actually have to PAY TAXES TO GET A TAX BREAK!!

Go't DAMMIT someone just RIP my DICK OFF, will 'ya??

How much of this BULLSHIT do we have to put up with??

Let me tell you one more time. Listen up, DUMBASSES!!

"YOU CAN'T GET A FUCKING TAX BREAK UNLESS YOU PAY FUCKING TAXES!!!"

I'm beside myself over this shit!! I mean, what the FUCK do you have to do to make folks understand you DON'T GET A FUCKING TAX BREAK UNLESS YOU PAY TAXES!! - AND WHAT FUCKING PART OF THAT DON'T YOU UNDERSTAND???

DOUBLE BESIDE MYSELF!!

This crap has got to stop. Shit is getting under my fingernails.

Bummer.

[Tex]

Excellent article in the WSJ explains where the income is and isn't.

online.wsj.com/article/SB10001424052748704621304576267113524583554.html?mod=WSJ_hp_mostpop_read

[Chicago Jake]

Tex, you're a CPA type dude, right? Can you answer a simple question?

Suppose I have 1099 income, but it is not evenly spread all year, and is not even predictable as of April 15. Is there a way I can make Estimated Payments based on how much I made each quarter, rather than making a wild-ass guess at the beginning of the year and paying four equal payments that may or may not reflect reality? That would sure help me out! Thanks........Jake

[♥ COVID-19♥]

Horny Arizona Man Really Into Statue Of Liberty

Sexual proclivities are what they are—some people really do fall in love with the Eiffel Tower, or are sexually attracted to their car. But that doesn't mean that it's cool to repeatedly expose yourself and masturbate in front of a woman dressed as the Statue of Liberty. Some patriotic displays are best left to the imagination.

According to Arizona police, Kevin Robert Theriault was caught doing just that. He was arrested Monday in Tempe on suspicion of indecent exposure and public sexual indecency. Theriault is accused of exposing himself three times in the last month to a woman dressed as the Statue of Liberty promoting the Liberty Tax service. The victim reported the incidents to police last week, and they finally caught him on tax day:

Suspecting that Theriault again would expose himself on tax day, police set up surveillance near the area where the woman would be working that afternoon, and shortly after 5 p.m. officers observed a man drive up in his Jeep Liberty, unzip his pants and begin to masturbate after he got out of his vehicle while looking at the woman standing in the parking lot of the business.

If you're so inclined, you can see Theriault's mug shot at the East Valley Tribune here. We can't even imagine what would have happened on the Fourth Of July...or, heaven forbid, if Theriault ever made it to Liberty Island.

[innit Geezer]

Could you imagine the size of .... oh forget it.....and according to the article, his car is a Jeep Liberty.

[Tex]

Apr 18, 2011 23:23:59 GMT -6 Chicago Jake said:

Tex, you're a CPA type dude, right? Can you answer a simple question?

Suppose I have 1099 income, but it is not evenly spread all year, and is not even predictable as of April 15. Is there a way I can make Estimated Payments based on how much I made each quarter, rather than making a wild-ass guess at the beginning of the year and paying four equal payments that may or may not reflect reality? That would sure help me out! Thanks........Jake

The payments do not have to be equal and can be adjusted by quarter to suit reality. If you file an extension, try to have a good handle on what you owe by that time.

[Chicago Jake]

Thanks, that helps.......Jake

Edit: found it! It's form 2210, which lets you "annualize" your income per quarter. Now the question becomes: how to do that through TurboTax?