How about the poor American taxpayers? - Mercedes-Benz Forum
 
LinkBack Thread Tools Display Modes
post #1 of 5 (permalink) Old 04-14-2009, 12:47 PM Thread Starter
BenzWorld Elite
 
Date registered: Feb 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 313 Post(s)
(Thread Starter)
How about the poor American taxpayers?

Where is our bailout or is there a hidden "honest mistake" clause ?

Quote:
WASHINGTON (Reuters) - As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers.

"Our calls are up 280 percent," said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent taxpayers resolve tax issues.

"We've seen a huge rise in what we call the rookie delinquent taxpayer," he said. "They are incredibly scared, and they have no idea what's going to happen to them because, God bless them, they've never owed before."

As the weak economy puts job security and a steady flow of income on a slippery slope, many are wary of the U.S. tax man, tax consultants say.

With household balance sheets under pressure, more U.S. households are having trouble keeping up with their day-to-day bills and struggling to pay their taxes.

"Folks are not paying their taxes because they are spending it on necessary living expenses," said Kristin Lavieri, an accountant with Weinstein & Anastasio, PC in Hamden, Connecticut.

She added that more of the self-employed, who are required to pay taxes each quarter, are likely to end up with back taxes. "When there is not enough money for general operating expenses, there most definitely isn't going to be enough for quarterly estimates," Lavieri said.

Among those not self-employed, many also have to make tough decisions that could carry long-term financial consequences.

Many withdrew funds from 401k and IRA retirement savings accounts before the permitted time, unaware of the punitive taxes and penalties this would generate, said Larry Walker Jr, president of the financial and tax services firm 4-Serenity Inc in Snellville, Georgia.

Withdrawals from a retirement account before reaching the age of 59.5 are considered taxable income and generally incur an additional tax of 10 percent of the amount.

Other taxpayers did not have enough tax withheld from paychecks. As a result, they now owe taxes or will not receive the amount of refund they usually do, Walker said.

FEAR, SECRECY CAUSE MORE PROBLEMS

"If we are seeing a nearly threefold increase in people who have tax problems who have never had tax issues, it shows that things are worse than people think right now," Boggs said.

But tax woes are such a taboo issue that over 40 percent of Boggs' clients have told him nobody knows about their problems, and that often includes their spouses.

"When they see a tax bill that they know they can't pay, they freeze up," Boggs said. "A very innocent procrastination can get you into a lot of hot water with the IRS."

...
An elderly woman in Austin, Texas, who asked not to be named, said her $3,000 debt to the IRS grew to around $60,000 in taxes and penalties over 16 years despite the fact that she paid off the initial debt within six months.

The 61-year-old is disabled and suffers from multiple health problems. The IRS now takes $133 each month from her Social Security disability check.

The practice is part of the agency's Federal Payment Levy Program, which allows up to 15 percent of any federal payments a delinquent taxpayer receives to go directly to the IRS until their overdue taxes are paid in full.

Olson noted that too often this automated levy system withholds Social Security payments to taxpayers with incomes below the poverty line. If these cases had been subject to human review, the report says, many would have been classified by the agency as unable to pay.

Some wealthier people are also finding themselves overwhelmed by tax burdens. "America's top earners are suffering a new one-two punch," Boggs said.

"Not only are America's wealthiest suffering the largest losses in nearly a century, but the IRS will be seizing what little resources they do have left in record time," he said.

"Some of my rich clients are having big problems," said Lance Wallach, CEO and president of Veba Plan LLC, a financial consultancy firm. "Hundreds of them do not have liquid cash to pay bills."

More Americans wary of tax man this year | U.S. | Reuters

Last edited by mlfun; 04-14-2009 at 12:52 PM.
mlfun is offline  
Sponsored Links
Advertisement
 
post #2 of 5 (permalink) Old 04-14-2009, 12:53 PM Thread Starter
BenzWorld Elite
 
Date registered: Feb 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 313 Post(s)
(Thread Starter)
Yes, Obama apologists , I am asking you.
mlfun is offline  
post #3 of 5 (permalink) Old 04-14-2009, 06:22 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,576
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by mlfun View Post
Yes, Obama apologists , I am asking you.
I believe you need to actually articulate a question before it can be answered. The first one made no sense.
mcbear is offline  
post #4 of 5 (permalink) Old 04-14-2009, 08:05 PM
BenzWorld Elite
 
Date registered: Sep 2004
Vehicle: 2014 E250 Bluetec 4-Matic, 1983 240D 4-Speed
Location: USA
Posts: 9,903
Mentioned: 7 Post(s)
Quoted: 655 Post(s)
Quote:
Originally Posted by mcbear View Post
I believe you need to actually articulate a question before it can be answered. The first one made no sense.
Comes from his marathon gargling of his own gonads. Nothing he enunciates is clear, direct, or honest. Jim
JimSmith is offline  
post #5 of 5 (permalink) Old 04-14-2009, 08:08 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,576
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Maybe it is the Spirit of Teabagging. It seems to be contagious on the right.
mcbear is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > Off Topic Section > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Topic Author Forum Replies Last Post
Taxpayers are spending over $1 billion to send refined fuel to the Israeli military C_R Off-Topic 38 09-13-2012 05:54 AM
Gaming the taxpayers mlfun Off-Topic 1 04-06-2009 05:09 PM
Thank You Obama & hard-working American taxpayers Punjabi Off-Topic 7 03-27-2009 09:43 AM
Many Taxpayers Stand to Gain From New Laws Jakarta Expat Off-Topic 2 01-08-2009 09:44 AM
Court leery of suits by taxpayers GeeS Off-Topic 0 03-01-2007 07:56 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 

Title goes here

close
video goes here
description goes here. Read Full Story
For the best viewing experience please update your browser to Google Chrome