AMT & $7500 desperate PLEASE HELP!!!

[DrRocket]

I wish I paid 34,000 in taxes

Nice to see someone tired of paying those six figure tax bills!

The original Form 1040 from 1913 (shortly after the creation of the privately held Federal Reserve) has an income tax of 1 percent on the first $20,000 of income ($400,000 2011 equivalent) and 2 percent on the next $20,000. Serfdom sucks.

It's fun to have these rebates of $7500 and $5000 but we pay far more into the .gov.

 

[SanDust]

It's fun to have these rebates of $7500 and $5000 but we pay far more into the .gov.

Serfdom? If you think you pay too much in taxes then just convince the voters to get rid of the Department of Defense, Medicare and Medicare and all the related benefits like prescription drugs, and Social Security. That's about 80% of the federal budget. While you're at it, convince them to give up roads and schools and running water. And just let all the prisoners out. That should help keep state and local taxes down.

I don't like paying taxes anymore than the next person. Maybe less. But I'm not delusional. You have to pay for government services that you use. Whining about paying taxes while demanding more benefits doesn't help.

It would BTW be quite easy to cut taxes and balance the budget. Just get rid of all the tax expenditures like agricultural subsidies and oil and gas credits. Closer to home ditch the home mortgage deduction. While you're at it make oil pay its fair share. It's not really that hard if you have the political will, which sadly isn't there.

 

[cwerdna]

Regarding taxes (although I don't want to get into a debate on it), some folks might find http://www.whitehouse.gov/issues/taxes/tax-receipt insightful.