whatelseisnew: blog 
whatelseisnew's blog
are you taxed too much; too little, or just right?
Published May. 12, 2008
It seems like every day we see either the city, a county or the State wanting to either create new taxes or add more to additional taxes. In the last 20 years the state budget alone has tripled and it seems every year those in charge demand more.
I for one am taxed far too much. Once you add the federal taxes, state taxe, county taxes, sales taxes, gas, and on and on I find I have less and less money available on which to live. What I find very curious is how many people seem to favor more taxes. What is up with that? Apparently, many of you are either making a lot more money than me, or perhaps you are in favor of a tax that you do not pay.
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GOLO member since December 11, 2007
May 13, 2008 4:12 p.m.
GOLO member since May 7, 2008
May 13, 2008 2:42 p.m.
GOLO member since December 27, 2007
May 13, 2008 1:12 p.m.
If you itemize, state taxes are deductible, and the refund is then taxable. If you do not itemize, then it is not taxable. Here's why: Say you decide to withhold a lot of state tax, say $20,000 and your tax for the year is truly only $5,000, then you get a $15,000 refund, right?. Well on the federal return, you deducted $20,000 (an over-overinflated number) and if left unchanged, you lowered taxes without actually paying anything ($15 of the $20k was refunded)so the deductible portion should only be the $5k (the true tax paid). Taxing the refund keeps people from cheating, and makes sure that only taxes actually paid are deductible. Sorry, but it is fair (as fair as taxes go, at least).
GOLO member since May 9, 2008
May 13, 2008 7:54 a.m.
GOLO member since November 17, 2007
May 12, 2008 10:32 p.m.
May 12, 2008 9:42 p.m.
Couldn't agree with you more! Folks who know how to solve our problems by thinking out of the box rather than worrying about polls or getting re-elected...
GOLO member since July 8, 2007
May 12, 2008 9:30 p.m.
GOLO member since October 18, 2007
May 12, 2008 8:42 p.m.
May 12, 2008 8:04 p.m.
GOLO member since July 13, 2007
May 12, 2008 7:51 p.m.
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