Jack from Ohio Posted February 15, 2015 Report Share Posted February 15, 2015 It is a second mortgage that was charging 13% interest. This reeks of the Wells Fargo class action suite of a few years ago. I truly believe that they are insolvent, but it would have been much easier to file the 982 last year if she had only brought in the 1099C. I don't have time to fix these kind of dumb and careless issues right now. 100% increase in your normal fee to correct the issue. Paid in advance! ABSOLUTELY 1 Link to comment Share on other sites More sharing options...
mrichman333 Posted February 15, 2015 Report Share Posted February 15, 2015 I love it when people cry the rich don't pay enough and when I ask how much they think they should pay they haven't a clue or come up with a % lower then they currently pay. 4 Link to comment Share on other sites More sharing options...
kcjenkins Posted February 16, 2015 Report Share Posted February 16, 2015 The rich do not pay the most taxes, they pay ALL the taxes. Buried inside a Congressional Budget Office report was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent. And of that 106%, the top 20% pay 93%, the second 20% pay only 13%. The top 1 percent of taxpayers pay more in federal income taxes than the bottom 90 percent. As you can see in the chart below, this is a stark change from the 1980s and early 1990s. But since the early 1980s, the share of taxes paid by the bottom 90 percent has steadily declined. 3 Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 16, 2015 Report Share Posted February 16, 2015 Interesting chart, KC. I would love to see it also compare incomes by the top 1 percent of wage earners to the incomes of the lower 90 percent, and stretch those numbers back to the 1950s or 1960s. It would be interesting to see how they compare over longer periods of time. 1 Link to comment Share on other sites More sharing options...
kcjenkins Posted February 16, 2015 Report Share Posted February 16, 2015 Gail, the real significant change is that the number and size of 'refundable tax credits' skyrocketed in the 80's. In the 50's and 60's there was nobody paying NEGATIVE income taxes. Then the geniuses in DC [both parties] decided to make the IRS part of the welfare/safety-net system. That changed the whole direction of the trends. This is not meant as political commentary, it's just the direct cause of these trend lines. 3 Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 17, 2015 Report Share Posted February 17, 2015 I am not trying to be political about this. I agree that getting huge refunds when you have paid NOTHING in is a mis-use of the tax system. I am just curious as to how much effect that has actually had versus the changing income structure in this country, and a longer trend line would show that. I am also curious as to how the actual income distribution over the same period of time has changed. I think that the negative refunds are not the ONLY cause of those trend lines. 2 Link to comment Share on other sites More sharing options...
joanmcq Posted February 18, 2015 Report Share Posted February 18, 2015 The EIC was originally to refund some of the payroll taxes the very low income paid. At that point both SS & Medicare were capped at a pretty low rate; heck when I got married the second time in 1998 I remember my then husband being just short of the cap at $62,000 of salary. So the reasoning was that the poor actually paid a higher percentage of taxes because of payroll tax, even if they owed no income tax. You didn't get anything extra for having kids. That changed in the early to mid 90s if I remember correctly, which correlates with the graph. Link to comment Share on other sites More sharing options...
Richcpaman Posted February 18, 2015 Report Share Posted February 18, 2015 I will be political about this. It shows how weak kneed Congress actually is. They will vote to expand the EITC, but not to fund welfare (AFDC) etc, because it is easier.... Its a PITA to go to the office every month, or once a quarter to prove eligibility for benefits. But, if all you have to do is file a tax return? And get a check? Sweet. And the destruction of the incentive to get lower income folks to get and retain work continues, and even expands. Crazy. Rich 6 Link to comment Share on other sites More sharing options...
kcjenkins Posted February 18, 2015 Report Share Posted February 18, 2015 I think we've gone as far as needed, this is getting too political, even though I agree with most all of you, so I'm going to lock it now. 1 Link to comment Share on other sites More sharing options...
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