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This is a good thing.............

bswivbswiv Posts: 7,683 Admiral
But not for the apparent reason..............

Rather this may have the positive effect of getting a few more tax payers to cease the nonsensical practice of letting the government have a interest free loan every year. I can only imagine the positive social/psychological consequences that will follow as more Americans, the greatest portion YOUNG, finally have a reason to break the pitiful habit of treating a "refund" as something the government is giving to them.

The long-term impacts of that change, both to the psychology of a generation and to the fiscal situation of the nation as many millions hold up on their tax payments is hard to gage. I'm at least somewhat hopeful that this will wake a few of the sheeple up.................


""It is unclear how aggressive the government will be in enforcing the requirement to have insurance and in collecting the penalty. If a consumer fails to pay the penalty at tax time, the Internal Revenue Service can deduct it from any refund owed to the taxpayer, but it cannot impose a lien on property or garnish wages. Under the health care law, the consumer “shall not be subject to any criminal prosecution” for the failure.""

Replies

  • Grady-ladyGrady-lady east of the river, west of the woodsPosts: 5,282 Admiral
    It's all so confusing...
    if the penalty is a tax, but an uncollectible 'tax-by-force' tax, yet levied by Congress, written into the legislation, but denied as such by the administration, and it's unclear what will be enforced by law because 'the law' itself is a gigantumongous wiki-law consisting of thousands of pages of regulations written on the fly.

    As to using Uncle Sam as a savings account...even though all the financial guys say that is a bad investment, any 'investment' is better than no investment. Savings accounts are paying zilch, and it is so easy to spend that extra ten bucks a week on nothing...but $520 in the spring is real money. I agree that there are better uses for $40 a month...but some folks know the limits of their financial discipline. Most folks I know who 'overpay' are hourly workers who deliberately overpay, knowing full well it is their own money in the end.
    I find my peace out on the sand...Beside the sea, not beyond or behind. R.A. Britt

  • phlatsphilphlatsphil Posts: 14,632 AG
    Grady-lady wrote: »
    As to using Uncle Sam as a savings account...even though all the financial guys say that is a bad investment, any 'investment' is better than no investment. Savings accounts are paying zilch, and it is so easy to spend that extra ten bucks a week on nothing...but $520 in the spring is real money. I agree that there are better uses for $40 a month...but some folks know the limits of their financial discipline. Most folks I know who 'overpay' are hourly workers who deliberately overpay, knowing full well it is their own money in the end.

    Agree. Many many people would rather overpay a few dollars each month, in the form of a "forced savings" than have to cough up a few hundred dollars in April, because so many people don't have even a few hundred dollars in April.... especially if they got a couple new tats during the year or some new rims for their POS car. This is why SS is SO VERY IMPORTANT. It forces people, not all you well educated, high dollar executives who frequent this forum every day... I mean everyone else.... it forces them to save money for retirement... and 15% of your income over your entire working life is nothing to sneeze at. It's an annuity that provides a little income starting at 62-66 years old for the rest of their life.
  • navigator2navigator2 Posts: 22,506 AG
    bswiv wrote: »
    But not for the apparent reason..............

    Rather this may have the positive effect of getting a few more tax payers to cease the nonsensical practice of letting the government have a interest free loan every year. I can only imagine the positive social/psychological consequences that will follow as more Americans, the greatest portion YOUNG, finally have a reason to break the pitiful habit of treating a "refund" as something the government is giving to them.

    The long-term impacts of that change, both to the psychology of a generation and to the fiscal situation of the nation as many millions hold up on their tax payments is hard to gage. I'm at least somewhat hopeful that this will wake a few of the sheeple up.................


    ""It is unclear how aggressive the government will be in enforcing the requirement to have insurance and in collecting the penalty. If a consumer fails to pay the penalty at tax time, the Internal Revenue Service can deduct it from any refund owed to the taxpayer, but it cannot impose a lien on property or garnish wages. Under the health care law, the consumer “shall not be subject to any criminal prosecution” for the failure.""

    I pointed this out on another thread here and it is truly amazing how many are ignorant of this, including some I thought were somewhat intelligent. I did notice a few of the usual cast of liberal characters were quiet as crickets on a stormy night. :grin
    [SIGPIC][/SIGPIC]
  • Grady-ladyGrady-lady east of the river, west of the woodsPosts: 5,282 Admiral
    Force ≠ Voluntary ≠ SS ≠ Tax refund
    I find my peace out on the sand...Beside the sea, not beyond or behind. R.A. Britt

  • CatBoxCatBox Posts: 3,709 Captain
    phlatsphil wrote: »
    This is why SS is SO VERY IMPORTANT. It forces people, not all you well educated, high dollar executives who frequent this forum every day... I mean everyone else.... it forces them to save money for retirement... and 15% of your income over your entire working life is nothing to sneeze at. It's an annuity that provides a little income starting at 62-66 years old for the rest of their life.

    I agree 100%!!

    BUT, unlike a 401k or a "myira" for that matter, this is NO LONGER your money once the SS $$ gets taken from your paycheck.
  • navigator2navigator2 Posts: 22,506 AG
    CatBox wrote: »
    I agree 100%!!

    BUT, unlike a 401k or a "myira" for that matter, this is NO LONGER your money once the SS $$ gets taken from your paycheck.

    That is the problem with SS. It's a TAX. There is no guarantee that money will be there, it is not escrowed in your name. The fund is robbed for disability, dependent care, and medicaid. It's just a government Ponzi scheme, always has been.
    [SIGPIC][/SIGPIC]
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