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The ignorance here is accepting made up statistics about large population groups, especially when it fulfills that sweet confirmation bias.
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Dec 18, 2017 20:19
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Moxxis Endowment posted:I mean, it's kind of hard to blame americans for being ignorant about even basic tax poo poo like the above when the full tax code is two 8 lb volumes. You don’t need to read the loving tax code to have basic understanding of taxes
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Dec 18, 2017 20:22
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Andrast posted:You don’t need to read the loving tax code to have basic understanding of taxes Yeah the difference between credits/deductions and "how marginal taxes work" are incredibly basic and people get them wrong SO MUCH Like I've even heard people be like "ugh that guy is just donating to charity for the tax break!!" and I'm like "you know that doesn't make it free right, it's still costing him/her money" and they just get confused
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Dec 18, 2017 20:27
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Marketing New Brain posted:My favorite is how so few people understand marginal tax rates in the U.S. It's always good to make as much money as possible, but people think jumping a tax bracket means their entire income will be taxed at the higher level. Most Americans don't even understand where dollars come from or what currency is. They think money is something we dig out of the ground. That we might run out of dollars!
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Dec 18, 2017 20:39
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I have met grown fully functional adults that think my bank prints money.
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Dec 18, 2017 20:43
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my taxes are automatically calculated by the government and taken out of my monthly pay check
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Dec 18, 2017 20:44
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Jose posted:my taxes are automatically calculated by the government and taken out of my monthly pay check same
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Dec 18, 2017 20:48
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Jose posted:my taxes are automatically calculated by the government and taken out of my monthly pay check In the US, we have the tax preparation lobby to make things as difficult as possible. No, really.
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Dec 18, 2017 20:55
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Having educated myself It must be nice to live in a country where they just do it all for you. My understanding is that it would be simple for the IRS to do that here too but it would put HR Block and Turbotax either "out of business" or "down to a tiny nubbin."
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Dec 18, 2017 21:16
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Stefan Prodan posted:Do you guys want to hear a good "doesn't understand tax credit vs deduction" story I can understand it insofar as they're rationalizing it that the "business" pays for it, not them personally. Problem is that up here at least, you still have to keep track of personal use of company vehicles, so you still pay tax on that part because it's a benefit in lieu of pay.
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Dec 18, 2017 21:45
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Jose posted:my taxes are automatically calculated by the government and taken out of my monthly pay check This is how it works here except you can also choose how much the gov't takes and then once a year when you file returns they figure out how much you owe or are owed back depending on withholdings you picked and what your tax bill comes out to be. So for example I usually like to have maximum withholdings so I get a rebate, other people prefer to have no or minimal withholdings so they have more cash in hand month to month but then they owe money at tax time. Honestly for like 90% of people filing taxes really isn't hard at all. They have W2s and fill in some blanks and that's about it. I don't even get the "postcard" thing because unless you have assets and wealth it's basically that easy anyway. COMRADES fucked around with this message at 22:30 on Dec 18, 2017 |
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Dec 18, 2017 22:25
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Dec 18, 2017 22:31
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Lol
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Dec 18, 2017 22:35
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mojo1701a posted:I can understand it insofar as they're rationalizing it that the "business" pays for it, not them personally. Problem is that up here at least, you still have to keep track of personal use of company vehicles, so you still pay tax on that part because it's a benefit in lieu of pay. They were the owner of the business, lol
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Dec 18, 2017 22:36
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COMRADES posted:This is how it works here except you can also choose how much the gov't takes and then once a year when you file returns they figure out how much you owe or are owed back depending on withholdings you picked and what your tax bill comes out to be. So for example I usually like to have maximum withholdings so I get a rebate, other people prefer to have no or minimal withholdings so they have more cash in hand month to month but then they owe money at tax time. It's also entirely unnecessary. The IRS has all of the data and technology to fill out returns, and the 70% of filers who don't itemize could sign the default form and be done with it. This is successfully implemented in other countries and has been proposed here, but has gone nowhere due to a combination of (a) tax preparation lobbyists and (b) Republicans who want filing taxes to be as painful and visible as possible so people resent the process.
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Dec 18, 2017 22:38
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COMRADES posted:Honestly for like 90% of people filing taxes really isn't hard at all. They have W2s and fill in some blanks and that's about it. I don't even get the "postcard" thing because unless you have assets and wealth it's basically that easy anyway. 90% is a gross overestimation It's probably closer to 50%
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Dec 18, 2017 22:49
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Marketing New Brain posted:My favorite is how so few people understand marginal tax rates in the U.S. It's always good to make as much money as possible, but people think jumping a tax bracket means their entire income will be taxed at the higher level. I knew an accountant who thought this and argued with me on this. He changed his tune quick after he got fired for being a poo poo accountant though.
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Dec 18, 2017 22:52
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I've met multiple people who have told me they turned down a raise because of that. Smart people with college degrees in engineering fields, too.
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Dec 18, 2017 22:53
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It isn't quite that cut and dry with the US tax code because of the AMT and various credits that go away based on that $1 difference. For the vast majority of people making more is always better; but for some it can actually cost them money.
Raldikuk fucked around with this message at 23:18 on Dec 18, 2017 |
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Dec 18, 2017 23:05
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COMRADES posted:This is how it works here except you can also choose how much the gov't takes and then once a year when you file returns they figure out how much you owe or are owed back depending on withholdings you picked and what your tax bill comes out to be. So for example I usually like to have maximum withholdings so I get a rebate, other people prefer to have no or minimal withholdings so they have more cash in hand month to month but then they owe money at tax time. I found something in your last sentence, like who’d want that!
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Dec 18, 2017 23:12
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COMRADES posted:I've met multiple people who have told me they turned down a raise because of that. Smart people with college degrees in engineering fields, too. Lol the smartest best people
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Dec 18, 2017 23:14
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Raldikuk posted:It isn't quite that quite and dry with the US tax code because of the AMT and various credits that go away based on that $1 difference. For the vast majority of people making more is always better; but for some it can actually cost them money. Like who? Not saying it doesn’t happen, but I’m thinking really poor people who cross into paying tax, from nothing before. Which is a good thing imo that they want to work. The line has to be somewhere I guess. Maybe I misunderstand. Cost them money is broad.
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Dec 18, 2017 23:18
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It's over guys. Bitcoin has won. https://office-watch.com/2017/excel-to-support-bitcoin/
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Dec 18, 2017 23:19
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Burt Sexual posted:Like who? Not saying it doesn’t happen, but I’m thinking really poor people who cross into paying tax, from nothing before. Which is a good thing imo that they want to work. The line has to be somewhere I guess. Maybe I misunderstand. Cost them money is broad. An example would be the ACA subsidies, after 400% federal poverty level you are cut off so a few extra dollars can cost thousands. Here is an article about how that could happen specifically with those. But there are many credits and such that are tied directly to income and generally congress sets up "cliffs" where after a certain point it goes away; rather than having it fade down to zero gradually.
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Dec 18, 2017 23:24
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Paladinus posted:It's over guys. Bitcoin has won. Has for ages - always crashes on me.
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Dec 18, 2017 23:24
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Pyromancer posted:He's not entirely wrong, in many countries you can tax deduct small donations without providing a proof, but it's something fairly insignificant like $200/year. Pretty sure there is no country where you deduct the donation from your tax. It's always from your taxable income.
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Dec 18, 2017 23:32
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Marketing New Brain posted:My favorite is how so few people understand marginal tax rates in the U.S. It's always good to make as much money as possible, but people think jumping a tax bracket means their entire income will be taxed at the higher level. Oh god, this. I hear this one all the time.
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Dec 18, 2017 23:35
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a hot gujju bhabhi posted:Pretty sure there is no country where you deduct the donation from your tax. It's always from your taxable income. The difference is between a deduction and a credit.
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Dec 18, 2017 23:36
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Moxxis Endowment posted:I mean, it's kind of hard to blame americans for being ignorant about even basic tax poo poo like the above when the full tax code is two 8 lb volumes. I love a "haha americans" thing as much as the next guy but not understanding this basic poo poo is a problem in Australia too
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Dec 18, 2017 23:37
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EAT FASTER!!!!!! posted:The difference is between a deduction and a credit. Yes I know...
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Dec 18, 2017 23:38
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There are charitable donations that earn you $0.60 credit for edit $1 donated.
EAT FASTER!!!!!! fucked around with this message at 23:44 on Dec 18, 2017 |
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Dec 18, 2017 23:40
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Raldikuk posted:An example would be the ACA subsidies, after 400% federal poverty level you are cut off so a few extra dollars can cost thousands. Here is an article about how that could happen specifically with those. But there are many credits and such that are tied directly to income and generally congress sets up "cliffs" where after a certain point it goes away; rather than having it fade down to zero gradually. Yeah I’ve heard that before I guess. Just change it to be a sliding scale instead of hard cut offs? Not sell more private insurance. But anyways I looked at that sites About page, which won’t let me c/p, and it’s an insurance company surrogate that is for profit. https://www.healthinsurance.org/about/
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Dec 18, 2017 23:44
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EAT FASTER!!!!!! posted:There are charitable donations that earn you $0.60 credit for edit $1 donated. Yes but I don't know of anywhere where you would just deduct all of your donations directly off your tax bill, is what I'm saying in what I imagined to be very clear words.
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Dec 19, 2017 00:15
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My understanding about how charitable donations work is that if I donate $1, I get to subtract $1 from the amount used to calculate my taxable income. The effect is that for every $1 I donate, the total income tax I end up paying is reduced by approximately 25 cents.
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Dec 19, 2017 00:40
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Burt Sexual posted:Yeah I’ve heard that before I guess. Just change it to be a sliding scale instead of hard cut offs? Not sell more private insurance. It definitely should be a sliding scale to avoid the problems. The source might be a for profit; but the information is legitimate. Making just a little bit more can put you into a world of hurt in a few cases. This of course isn't the case for 99.9% of people who claim that making more will hurt them, and most think their marginal rate is their effective rate. But anytime there's a cliff instead of a sliding scale the calculus isn't necessarily clear cut if you actually make use of those benefits.
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Dec 19, 2017 01:09
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WAR DOGS OF SOCHI posted:My understanding about how charitable donations work is that if I donate $1, I get to subtract $1 from the amount used to calculate my taxable income. Assuming that you donate in excess of the standard deduction, then yes. And it would only be 50% max of each $1 that you could use, sometimes even less.
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Dec 19, 2017 01:12
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I,read a story today about Mormons flipping out over the new charitable rules. Lol Mitt Do bitcoins count as charity when donated?
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Dec 19, 2017 01:17
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Raldikuk posted:Assuming that you donate in excess of the standard deduction, then yes. And it would only be 50% max of each $1 that you could use, sometimes even less. Right, yes, forgot that part: only if I'm claiming deductions beyond the standard.
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Dec 19, 2017 01:17
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Burt Sexual posted:Do bitcoins count as charity when donated? They count as an assault.
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Dec 19, 2017 01:19
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WAR DOGS OF SOCHI posted:They count as an assault. 
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Dec 19, 2017 01:22
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