#Income tax in USA

[theaccountingjournal]

USA Income Tax

[tomorrowusa]

^^^ This is why people think things are getting worse. 1% of the US population owns 31.4% of the nation's wealth.

This is the result of massive tax breaks for the filthy rich which began under Republican Ronald Reagan in the early 1980s, were boosted twice by Republican George W. Bush in the 2000s, and got a big boost under Republican billionaire Donald Trump.

David Leonhardt at the New York Times writes...

The simplest explanation for the shift is that the old economic approach hasn’t worked very well for most Americans. Starting in the 1980s, the U.S. moved toward an economic policy that’s variously described as laissez-faire, neoliberal or market-friendly. It involved much lower taxes for the wealthy, less regulation of business, an expansion of global trade, a crackdown on labor unions and an acceptance of very large corporations. The people selling this policy — like Milton Friedman, a Nobel laureate in economics — promised that it would bring prosperity for all. It has not. Incomes for the bottom 90 percent of workers, as ranked by their earnings, have trailed economic growth, and wealth inequality has soared. For years, Americans have told pollsters that they were unhappy with the country’s direction. Perhaps most starkly, the U.S. now has the lowest life expectancy of any affluent country; in 1980, American life expectancy was typical. Conventional wisdom rarely changes quickly. Friedman and his fellow laissez-faire intellectuals spent decades on the fringes, before the 1970s oil crisis and other economic problems caused many Americans to embrace their approach. But conventional wisdom can change eventually. And after decades of unmet promises about the benefits of a neoliberal economy, more people have grown skeptical of it recently.

Massive tax breaks for the filthy rich as a means of boosting economic growth for all was once regarded as fringe economics – until Ronald Reagan took office. Even the man who became Reagan's vice president referred to such a policy in the 1980 primaries as "voodoo economics" – but to no avail. It has largely overshadowed economic policy for the past 40+ years.

There were only two exceptions. In 1993 when Democrat Bill Clinton raised taxes on the filthy rich. The economy soared and the 1990s became the most prosperous decade since the 1950s. And in 2013 Democrat Barack Obama let the Bush tax breaks expire. Sadly, Trump and the then GOP majorities on Capitol brought back the Bush tax breaks in 2017 and have been ironically blaming poor people for the subsequent rise in the national debt.

As president, Trump often contradicted his own populist rhetoric. (His one big piece of legislation was a tax cut that mostly benefited the rich.)

There needs to be a repeal of the Reagan-Bush-Trump tax giveaways to billionaires like Elon Musk.

One stat which Republicans don't like hearing is that in the mid 1950s, the highest federal income tax rate was 91%.

Republicans are nostalgic about some stuff about the 1950s like Jim Crow laws and suppression of women and gays. But they don't talk about the federal tax rate on the filthy rich which helped build the Interstate Highway System and provided low cost college education to the masses.

We don't need to go back to a rate of 91% for the Musks, Trumps, and Zuckerbergs. But just under half that rate would dramatically restore economic balance in this country. And the ONLY way to get there is to keep promoting growing Democratic majorities in Congress and electing Democratic presidents. Votes for third party losers are about as helpful as used toilet paper.

[anastasiaoftheironwood]

Hello, American followers! If your Adjusted Gross Income (AGI) for 2022 is $73,000 or less, you can file your return for free via the IRS.

From the IRS website: The Guided Tax Preparation service provides free online tax preparation and filing at an IRS partner site. The partner delivers this service at no cost to qualifying taxpayers. Taxpayers whose AGI is $73,000 or less qualify for a free federal tax return.

Don't pay Intuit, or H&R Block. If your taxes don't require professional assistance, you don't need to pay to file!

[masllp]

Why Tax Advisory Services in USA Are Your Compass

The United States tax code is notoriously intricate, a labyrinth of rules and regulations that can leave even the most seasoned business owner or individual feeling lost. This is where tax advisory services in USA come in, acting as your trusted guide through the complexities of the tax landscape. Mercurius & Associates LLP (MAS), a leading provider of tax advisory services in USA, understands the unique challenges faced by individuals and businesses. We offer a comprehensive suite of services tailored to your specific needs, helping you:

Minimize Tax Burden: Our expert advisors analyze your financial situation and identify opportunities for tax optimization, ensuring you keep more of your hard-earned money. Stay Compliant: We navigate the ever-changing tax code on your behalf, ensuring your filings are accurate and timely, avoiding costly penalties and audits. Plan for the Future: Whether you're a growing startup or a seasoned entrepreneur, MAS helps you develop tax-efficient strategies for long-term success. Here are just a few ways MAS can assist you: International Tax Planning: We guide you through the complexities of cross-border transactions and investments, mitigating your global tax risk. Business Entity Structuring: We help you choose the optimal business structure for tax efficiency and asset protection. Mergers & Acquisitions: We advise on the tax implications of M&A transactions, ensuring a smooth and profitable process. Estate & Gift Tax Planning: We safeguard your legacy by developing strategies to minimize estate and gift taxes. But MAS goes beyond just numbers. We believe in building strong relationships with our clients, providing personalized attention and clear communication throughout the process. We're not just your tax advisors; we're your partners in financial success. Investing in tax advisory services in USA is an investment in your future. Choosing MAS means you gain access to a team of experienced professionals who are passionate about helping you achieve your financial goals. Ready to take control of your taxes and unlock your financial potential? Contact MAS today for a free consultation and discover how our Tax advisory services in USA can guide you through the maze of the US tax code.

[sukimas]

the whole libertarian bear village in NH (grafton) thing is especially funny to me personally because most people become libertarians because they don’t want the government to fuck with them, right. however generally speaking you can get the experience of ““who give a shit” -the government” from any small town in the state. the people you have to worry about bringing the force of the law on you are your neighbors- and if your town is small enough, they usually live half a mile or more away. live on a road that isn’t the main thoroughfare and you don’t even get it plowed for snow and you have to call your buddy who has a plow on his truck (or get one yourself!) just don’t be a pest.

grafton just removed basically all the ordinances that let your neighbors bother you about how you’re being a pain in the ass. it did very little in terms of changing anything legally besides slashing the town’s budget. the problem was almost 100% on the population going “well, it’s not my fucking business” about everything their neighbors did- an issue with the attitudes of the people in the town (20% population increase thanks to freestaters) rather than the town’s nitty gritty governance choices themselves.

basically what i’m saying is that there’s an opposite to suburban moms who run HOAs and it involves bears. try to find a happy medium.

[esmtaxservices]

Esmtaxservices has the best service and staff who speak English and Spanish... When contacting them, say they are calling from this Tumblr page. Thank you.

[tfincareer]

Overview of US and India Tax Systems for Expats and Visa Holders: Ultimate Guide

India Tax Systems: Expats and visa holders in both the United States and India face distinct tax obligations based on their residency status, income sources, and the tax treaties between the two countries. Below is an overview of the key features of the tax systems in both nations as they pertain to expatriates. Key Takeaways US Tax Obligations: Citizens and green card holders must report…

[tomorrowusa]

^^^ In short, that is why American oligarchs and the filthy rich in general hate unions. Unions generally mean greater income equality.

People who are so nostalgic about the prosperity of the 1950s may not understand that it was a golden age of union membership.

And the federal income tax rates on the filthy rich in the 1950s were almost double what they are now.

[harrywblog]

What Improvements Is US Bank Coming Up With in 2024?

US Bank is innovating further this year, with several developments oriented toward making the consumer experience better and banking easier. Here's what is new this year at US Bank.

Enhanced digital banking capability

US Bank is working on enhancing digital services. They launched an update of their mobile app. This new version contains a more user-friendly interface for multiple accesses. Now, customers can access their accounts more quickly and easily. Advanced budgeting tools, for example, facilitate users in keeping an eye on their spending. The addition of AI-driven chat support means that resolution time will be quicker. All of these digital upgrades are aimed at easing banking for all.

Advanced Security Features

Security is the bank's top priority at US Bank. They are incorporating state-of-the-art security features within 2024. The bank is introducing biometric authentication. This entails facial recognition and fingerprint scanning. These features bring additional safety to your account and prevent fraudulent activities. For instance, one can now log in with their face. In this way, other unauthorized users cannot have easy access to their accounts. US Bank is also improving its fraud detection systems. These systems utilize AI in identifying suspicious activity much more quickly. Security enhancements would protect customer data, which would help to build trust.

New Financial Tools and Services

US Bank is adding new financial tools to the mix, including offering personalized investment advice. Customers will be able to receive tailored recommendations in service of their goals. Also, the new savings program offering higher interest rates to customers to grow their savings effectively is coming. Furthermore, it's improving its web-based online courses and webinars with a view to equipping customers with better financial decision-making skills.

These innovations are a semblance of a message from the commitment of US Bank to progress, which includes improved digital features, enhanced security, and new financial tools. All of them are about improving banking for customers, staying ahead in the industry.

[nando161mando]

How A Low-Income, Single Parent In the U.S. can Face a Marginal Tax Rate as High as 95%

https://medium.com/@hrnews1/how-a-low-income-single-parent-in-the-u-s-can-face-a-marginal-tax-rate-as-high-as-95-02998263aa4e

[gryffindorhealer]

Well, potentially a FYI for the so erudite encouraging online filing. As well as avoiding pay services, or suggesting other free services: these work quite well for anyone filing 1040 personal income tax (US Centric, btw).

However, to the best of my knowledge (because I need to do both of these), they do not work as well for those filing a Schedule C (sole proprietor business, like for example any and all artists/writers on here actually selling their work), or a Schedule F (Farming and Ranching expenses and income). Furthermore, even using something like TurboTax, if filing a Schedule F the IRS still requires a paper filing and does not allow in-line filing.

[miraeism]

does anyone know anything about taxes on here 🤣🤣🤣