Taxes

My bad. I said CSI LA.  It's NCIS LA. Just to set the record straight even though you don't watch it.

Actually, I've watched it maybe a half-dozen times at most. Dunno...the original NCIS is one of my all-time favorite shows.  The only show I watch regular...aside from Jeopardy. 

Tax plan would cost Montgomery families up to $1,000 | Washington Examiner

This is in Maryland. And a Democratic governor. But that's immaterial as to why I found it interesting. It's a good example, IMHO, of how lots of little things add up to something big. Increases in gas tax, water tax, "flush" tax, toll fees, income tax rate and so forth. None huge in itself but could add "up to" a thousand per year. (Depending on income, commute and other factors.)

On one hand though I did find it a "good" thing. Apparently Maryland must have some sort of Property Tax limit in place as the article says they've hit the limit.  As a property owner I find it satisfying (mean, but satisfying) that we have limits in Hoosierland these days and have to rob everybody instead of just us property owners.

"It's the right thing to do."  Hmmmm...

Report: Just $31B From Buffett Rule Tax on Rich - ABC News

That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett rule tax.

If I'm reading correctly and that's accurate...I'm sure having a hard time getting my head wrapped around the concept.  New (fair) Buffett Rule takes in about $31 billion over 10 years.  The old system (phasing it out) takes in hundreds of billion.  Just weird.

There's sure some strange taxes in the different states.  I just finished reading some lists of different taxes imposed by states. One struck me not because it was 'unusual', but because it shows how a "temporary" tax rarely is:

In Pennsylvania--as in every other state--there's a tax on alcohol. But Pennsylvania's tax arose as a response to the devastating Johnstown flood, which killed several thousand people in the 19th century. A follow-up flood in '36 did more damage. The state imposed a tax on alcohol to raise money to rebuild the city, and in 1942 rebuilding was complete. Yet the tax remains, picking Pennsylvanians' pockets of $200 million annually.

 

A long war...

Boy...this is a hard fellow to make happy:
Buffett Rips The Buffett Rule

I read rather fast. It sounds like Buffett wanted Obama to cut other loopholes...AND cut spending...not just raise taxes on the millionaires.  Or billionaires, whatever. 

Federal Income Tax Brackets 2012

About half way down on this page is a table of tax brackets. I've clicked on the "couples" tab.
It says, for example,

For earnings between $17,400.00 and $70,700, you'll pay 15% plus $1,740.00

I've read and re-read. Anybody know what the

"...plus $1,740.00

is after the percentage? The dollar amount varies from bracket to bracket of course, but wondering what it is..

I think that's the amount from the lower bracket(s) and then the percentage on the remainder in the highest bracket.

I've looked at the tax brackets and this progressive tax thing just irks me. In a hypothetical way of course: If a person worked hard all their life to save for something special in their retirement years they could really get dinged. Maybe they worked a second job to do it. It wouldn't take much each week to save up a few hundred thousand over the course of 40 or 50 years. (Also figuring interest returned in a 401k or IRA of course.)  And they could put the money in while they're in the lowest tax bracket.  But just because, say at age 70 would wind up paying one of the highest tax rates if they wanted to use it in one lump sum on a lifelong dream. Maybe an extended world-wide luxury cruise...a once in a life time adventure with their spouse.

It's a hypothetical situation as I mentioned of course. Just something that occurred to me. Just doesn't seem right to get taxed at a higher tax rate when you take it out, than when you put it in.

Stinking government. (Can't really blame the IRS...they are just the collection gangsters. The real gangsters are the ones who make the rules....our "servants" in Congress.)