Ikenvapers Chat (the door is open for EVERYBODY! Come on in.)

[5cardstud]

They can try but they've tried things with me in the past and lost. I had a great tax guy in Mont. and I think the most I ever paid was $20.00. That guy could find write offs I never knew existed.

 

[DPLongo22]

I have all the paper work I need, already downloaded and printed, along with the worksheets. It's actually pretty straightforward, just a 1040, and form 982. Proving Insolvency is just a matter of filling out the worksheet listing personal assets (I don't think my smile counts here) vs. amount of debt within a couple of months before the date of discharged debt. Why pay H&R Block for something I can do myself? It only sounded complicated because I've never had to do it.

Blue book value on my car is $825. The only valuable things I have are my friends, and I don't think even the IRS can take that away

But they might assess a tax to them.

You KNOW that I couldn't resist that.

 

[Switched]

Cat, glad to hear you're feeling better...slowly but surely! And I'm fine with the size of my petuty too, it's the spare tire that I battle! Weebles wobble

Ok kids, I need a confidence boost. I've been tossed a curve ball from my credit card debt and the IRS. The good news is that the debt have been forgiven! The bad news is that Chase Bank reported to the IRS, and sent me a 1099-C, which means that the forgiven $26,000 (yes you read that right) is now considered taxable income for 2014. I meet the requirements to claim an Insolvency Exemption so that no taxes will be owed, and I've downloaded all the tax forms/worksheets from the IRS.

If I managed to do my own divorce, I can handle doing my curve ball taxes, right? RIGHT!! Just reassure me that I got this

DP, this is what we talked about a couple of weeks ago...I know I have your vote of confidence!

Nap time, my brain hurts from all this IRS'ese. It's not my native tongue.

I don't know how you folks do things in the US, I'll be the 1st to admit it. But please explain for the love of God to me, how a forgiven debt, now becomes income???? That debt was incurred with "taxed" money, sooooooooo. It is the banks (the thieves) that are claiming a right off, not you. I ain't no attorney but tell them to go pound sand. The tax on the debt/income has already been paid. The FN IRS are criminals.

 

[FranC]

 

[DPLongo22]

I don't know how you folks do things in the US, I'll be the 1st to admit it. But please explain for the love of God to me, how a forgiven debt, now becomes income???? That debt was incurred with "taxed" money, sooooooooo. It is the banks (the thieves) that are claiming a right off, not you. I ain't no attorney but tell them to go pound sand. The tax on the debt/income has already been paid. The FN IRS are criminals.

Mmm-hmmm. Unfortunately, they make the rules. Out inheritance tax is so bizarre that I can't even type it.

But I'm all for the orange jumpsuits! The DO deserve it.

 

[5cardstud]

I don't know how you folks do things in the US, I'll be the 1st to admit it. But please explain for the love of God to me, how a forgiven debt, now becomes income???? That debt was incurred with "taxed" money, sooooooooo. It is the banks (the thieves) that are claiming a right off, not you. I ain't no attorney but tell them to go pound sand. The tax on the debt/income has already been paid. The FN IRS are criminals.

Down here you get taxed and retaxed on anything they can tax you for Switcher. It's taxed when it's bought, again when it's sold, and again every time it's rebought or resold. You are right though the government are thieves.
Bovinia's Case:

 

[Bovinia]

Agreed Switched! But here's how they make it "legal." Since the debt is "forgiven," it is considered a gift from the almighty bank. I don't like it, but I have to deal with it.

The responsibility lands rightly on me since I had my ex's name added to that credit card. Doesn't matter that he ruined me financially, it was still my fault that I trusted him with the finances. I am glad I will no longer have that debt hanging over my head. It's not like Chase Bank can repossess the drugs and booze he squandered all that money on

LOL DP!! Speaking of orange jumpsuits...the ex's fits him well

 

[DPLongo22]

The U.S. Is Number Two
France has surpassed America with the highest tax on capital investment.

Updated Feb. 5, 2015 2:24 p.m. ET

Wonderful news, readers. The U.S. has slipped in the rankings of nations with the highest tax on capital investment. America is now merely the second worst behind France, the home of celebrity economist Thomas Piketty and which you may have heard has been having some economic troubles.

Not that anyone should throw a party about this U.S. move in the annual ranking by the Tax Foundation. All the credit goes to France, which leapfrogged the U.S. by doubling its surtax on corporate income on Jan. 1. That lifted France to a marginal effective tax rate on capital investment of 36%. The U.S. gained by doing nothing to reform its dreadful corporate tax code and remained at 35.3%. The U.S. has stayed at that punishing rate since 2010, despite bipartisan recognition that it is economically insane.

The Tax Foundation calculation goes beyond the statutory corporate tax rate, which is 39.1% in the U.S. when you combine the federal rate with the average state levy. Instead, Jack Mintz and Duanjie Chen of the University of Calgary calculate what they call the “marginal effective tax rate on capital” to capture the overall tax burden on investment.

Wonder Land Columnist Dan Henninger says President Obama’s 2015 budget shows that Democrats are completely disconnected from the real economy. This takes into account the corporate income tax including deductions and credits, sales taxes on capital purchases, and other capital-related taxes including financial transactions taxes. No tax comparison is perfect because tax codes are so different and complex, but the Tax Foundation’s tally does as well as any we’ve seen.

While the U.S. retains its uncompetitive tax code, the Tax Foundation points out that the G-7 nations have on average reduced their corporate tax rates by 4.4 percentage points since 2005, and the G-20 by 3.1 points to 26.2% on average.

By the Tax Foundation’s measure of marginal effective tax rate on capital, South Korea is a distant third at 30.1%, Japan is next at 29.3%, while Germany is ninth at 24.4% following a big tax cut on investment in 2008.

One economic point to keep in mind is that taxes on capital are ultimately taxes on wages, as multiple economic studies have shown. If President Obama were serious about “middle-class economics,” he’d call for an immediate cut in the U.S. corporate tax rate to 25%.

 

[DPLongo22]

LOL DP!! Speaking of orange jumpsuits...the ex's fits him well

....

 

[Katdarling]

Dayum. You type fast, DPL.

 

[DPLongo22]

Dayum. You type fast, DPL.

Right???? ;-)

 

[5cardstud]

The U.S. Is Number Two
France has surpassed America with the highest tax on capital investment.

Updated Feb. 5, 2015 2:24 p.m. ET

Wonderful news, readers. The U.S. has slipped in the rankings of nations with the highest tax on capital investment. America is now merely the second worst behind France, the home of celebrity economist Thomas Piketty and which you may have heard has been having some economic troubles.

Not that anyone should throw a party about this U.S. move in the annual ranking by the Tax Foundation. All the credit goes to France, which leapfrogged the U.S. by doubling its surtax on corporate income on Jan. 1. That lifted France to a marginal effective tax rate on capital investment of 36%. The U.S. gained by doing nothing to reform its dreadful corporate tax code and remained at 35.3%. The U.S. has stayed at that punishing rate since 2010, despite bipartisan recognition that it is economically insane.

The Tax Foundation calculation goes beyond the statutory corporate tax rate, which is 39.1% in the U.S. when you combine the federal rate with the average state levy. Instead, Jack Mintz and Duanjie Chen of the University of Calgary calculate what they call the “marginal effective tax rate on capital” to capture the overall tax burden on investment.

Wonder Land Columnist Dan Henninger says President Obama’s 2015 budget shows that Democrats are completely disconnected from the real economy. This takes into account the corporate income tax including deductions and credits, sales taxes on capital purchases, and other capital-related taxes including financial transactions taxes. No tax comparison is perfect because tax codes are so different and complex, but the Tax Foundation’s tally does as well as any we’ve seen.

While the U.S. retains its uncompetitive tax code, the Tax Foundation points out that the G-7 nations have on average reduced their corporate tax rates by 4.4 percentage points since 2005, and the G-20 by 3.1 points to 26.2% on average.

By the Tax Foundation’s measure of marginal effective tax rate on capital, South Korea is a distant third at 30.1%, Japan is next at 29.3%, while Germany is ninth at 24.4% following a big tax cut on investment in 2008.

One economic point to keep in mind is that taxes on capital are ultimately taxes on wages, as multiple economic studies have shown. If President Obama were serious about “middle-class economics,” he’d call for an immediate cut in the U.S. corporate tax rate to 25%.

Which is exactly why all the intelligent wealthy people have a great deal of their wealth out of the country.

 

[5cardstud]

 

[5cardstud]

 

[FranC]

 

[catcat]

Morning J, Fran, and all.

I don't know what I should about taxes. A friend/co-worker does mine for me every year. Heck, I get anxiety attacks just having to fill out the FASFA applications for Paige's college. I absolutely stress over it. (kind of like learning my way with this phablet). Although I must say, loving all the things I can do just by verbally asking my phablet to get it for me...so cool...I'm getting there slowly but surely.

Switcher said it best. Honestly, I don't get it. They forgive something,,,and you pay taxes on it anyway?? I really need to pay more attention to things soon as I will want to understand better what I am doing so I can prepare for retirement (6 years away...gawd!!!). I hate anything that has to do with math and calculations..bah humbug

This kind of reminds me of my predicament this last year. At one point I was underwater with my loan vs worth of my home. They explained I could do a short sale, walk with nothing, but I would have to pay taxes on about 20,000.00...huh?

J-Thanks for explaining to me about your surgery. It all makes sense now.

Worked my "petuty" off yesterday, came home and crashed, and then up at flippin 4:30 am..so here I am! Happy Sunday

 

[5cardstud]

Cat don't you hate it? You get so used to getting up at the crack of dawn and on your day off when you can sleep in you're up as usual.

 

[DPLongo22]

Morning, all.

Cat - I hope you can get some rest today. Feeling it for you. :-(

On taxes. Many years ago Steve Forbes proved that if every American paid 11% (at that time) of their actual earned income (no "adjusted" carp) into the system, the government would raise receipts (slightly) and it would greatly simplify everyone's lives. In addition, it would remove the power that the lobbyists had (and still do) in manipulating the system to their advantage, and also remove politicians' incentive to strike dirty deals in order to get elected.

The very party he was running with spun on him, turning him into a nut-job (which is absurd when you think about it), and he went from front-runner to also-ran in the blink of an eye.

Just recently, the exact same thing happened with Rick Perry. As soon as he proposed a flat-tax, he plummeted (by design of those who previously propped him up). Struck by the very hands that had helped raise him to front-runner status. And "we" never realized it was even happening.

That's the saddest part; that we the people eat it up. We buy into it, believe it totally, then feed the frenzy. In the process we totally lose sight of what's actually going on (a very intentional removal of a candidate), which is exactly what "they" want to happen.

We are blind to the realities and ignorant to the processes that surround our elective system (which is still the best in the world, but with fault-lines ever growing). I've got hundreds of current-day examples I could cite, where the blind have wrongly been led off a cliff (to the detriment of our country instead of their perceived benefit), but I'm going to end Sunday Soapbox now. There's no value to it and I don't want to start the day in a bad mood.

To Sunday! We rest. Especially you, Cat. Please.

 

[catcat]

Cat don't you hate it? You get so used to getting up at the crack of dawn and on your day off when you can sleep in you're up as usual.

Yes I do !!!

DP...advice read loud and clear. I am going to try and go back to bed now.

 

[Bovinia]

Morning Ikenville