SEC=UGA Posted June 30, 2011 Share Posted June 30, 2011 Corporations, with regard to income taxes, get a "carry back" where they can deduct losses in a year against income taxes paid in previous years and essentially get a refud of some of those taxes. Would it be a good idea in these times to allow individuals whao are unemployed or underemployed to be able to do the same thing given the current crisis? Say John Doe in 2009 Made $300,000 but lost his job in 2010, took a job at another company manufacturing widgets and made $52,000. Essentailly he lost $248,000 in income. His fed tax exposure on the 52K would be, what, +/- 13K, how bout we allow him to claim that loss in income and have his 13K liability wiped out? You could go back up to say three years and only claim up to the amount you paid in taxes for those previous 3 years. Quote Link to comment Share on other sites More sharing options...
SuperBalla Posted June 30, 2011 Share Posted June 30, 2011 Corporations, with regard to income taxes, get a "carry back" where they can deduct losses in a year against income taxes paid in previous years and essentially get a refud of some of those taxes. Would it be a good idea in these times to allow individuals whao are unemployed or underemployed to be able to do the same thing given the current crisis? Say John Doe in 2009 Made $300,000 but lost his job in 2010, took a job at another company manufacturing widgets and made $52,000. Essentailly he lost $248,000 in income. His fed tax exposure on the 52K would be, what, +/- 13K, how bout we allow him to claim that loss in income and have his 13K liability wiped out? You could go back up to say three years and only claim up to the amount you paid in taxes for those previous 3 years. Not uh, no way. This makes way too much sense. Quote Link to comment Share on other sites More sharing options...
Bronco Billy Posted June 30, 2011 Share Posted June 30, 2011 I'm pretty sure that if you took your rational argument to Congres, they'd be happy to collect less revenue in order to help out. Good luck. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 30, 2011 Author Share Posted June 30, 2011 I'm pretty sure that if you took your rational argument to Congres, they'd be happy to collect less revenue in order to help out. Good luck. How bout instead of modifying mortgages and bailing out banks they allowed people to do this. Would it be revenue neutral or maybe even increase govt revenue by decreasing the crazy amounts of money they are putting into programs that are not being used? But, I get yer point. Quote Link to comment Share on other sites More sharing options...
TimC Posted June 30, 2011 Share Posted June 30, 2011 If the Federal Government really liked poor people more than big banks, they would've charged off a chunk of mortgages directly instead. Plus, they could've waived the fees and penalties and taxes for dipping into a 401(k) and such the past few years like alot of those unemployed people did to get by until they got back on their feet. Alas, the Federal Government really does hate poor people. Sucks in so many ways to be poor, don't it? That's why I sell babies. Illegal babies. Quote Link to comment Share on other sites More sharing options...
Bronco Billy Posted June 30, 2011 Share Posted June 30, 2011 Hey - wait a minute! You tricked us! The guy was earning $300K? Hell, he's one of them rich people! Hell, he probably flies in corporate jets and wants to kill children! He needs to give all of his money to the government. Working for less a few years later doesn't excuse his obligation to everyone else for being rich before. Pay up, bastard! Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 30, 2011 Author Share Posted June 30, 2011 Hey - wait a minute! You tricked us! The guy was earning $300K? Hell, he's one of them rich people! Hell, he probably flies in corporate jets and wants to kill children! He needs to give all of his money to the government. Working for less a few years later doesn't excuse his obligation to everyone else for being rich before. Pay up, bastard! If that was the only flaw in my initial post, well, I'm satisfied. Quote Link to comment Share on other sites More sharing options...
DMD Posted June 30, 2011 Share Posted June 30, 2011 Once upon a time there was income averaging like you are describing but the government got rid of it in 1987. Quote Link to comment Share on other sites More sharing options...
peepinmofo Posted June 30, 2011 Share Posted June 30, 2011 How about instead of bailing out the corporations, how about bailing out the American people? Wipe all debt to zero. Then no one has debt to pay, so everyone starts spending money again. There's your boost to the economy right there! Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 30, 2011 Author Share Posted June 30, 2011 Once upon a time there was income averaging like you are describing but the government got rid of it in 1987. I didn't file my first W2 until a year later... Quote Link to comment Share on other sites More sharing options...
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