Taxes

[scaeagles]

Originally Posted by Claire

Thanks to all those groovy federal tax cuts and credits, the state's economy has tanked....

Now, I wouldn't blame the feds for that. AZ is doing just fine, and we have the same federal government as Oregon. I don't know much about the government of Oregon, but perhaps they have some internal policies making life more difficult than it has to be?

[Ghoulish Delight]

Originally Posted by scaeagles

Now, I wouldn't blame the feds for that. AZ is doing just fine, and we have the same federal government as Oregon. I don't know much about the government of Oregon, but perhaps they have some internal policies making life more difficult than it has to be?

Among other things, Oregon has no sales tax, so the state has less revenue generating power, so they are a lot more dependant on Federal funding.

[scaeagles]

Originally Posted by Ghoulish Delight

Among other things, Oregon has no sales tax, so the state has less revenue generating power, so they are a lot more dependant on Federal funding.

Really? That's an interesting policy. I think they screw themselves with that, personally, because then they generate virtually no income from tourists, unless they have some sort of bed and board tax.

[Mousey Girl]

I finally had ours done... Same ol' thing. We get $$$ back from federal but have to pay $$ to the state. We still come out ahead, but I would prefer not having to pay the state anything extra. I was finally able to change my state withholdings this year so that should help with the taxes next year. I think part of the thing with the state the last 3 years is that we make too much to be able to get the credit for The Boy.

[sleepyjeff]

Originally Posted by scaeagles

Really? That's an interesting policy. I think they screw themselves with that, personally, because then they generate virtually no income from tourists, unless they have some sort of bed and board tax.

Actually we do have a hotel tax. They manage to tax us and fee us every other way imagineable(including a business tax based on gross receipts...in other words, a hidden sales tax) so when all is said and done we are actually one of the most taxed States in the Nation. People are leaving this State in droves(which is why Vancouver(aka Vantucky) is one of the fastest growing Cities in America) due to high taxes.

.....but at least we don't have to pump our own gas

[Brigitte]

We finally did ours today, getting enough back combined to pay for most of our vacation this summer. Much better than wondering...`

[scaeagles]

Originally Posted by sleepyjeff

They manage to tax us and fee us every other way imagineable(including a business tax based on gross receipts...in other words, a hidden sales tax)

I always think it so funny when someone says we need to tax corporations more to take the burden off the little guy.....businesses don't pay taxes! The consumer does in the form of higher prices.

[LSPoorEeyorick]

Phew!

I think I did exactly what GD did. I had a very sizeable panic attack after thinking that I owed a LOT.

Except that I'd forgotten to subtract the adjustment from my total income. I owe $17 to Uncle Sam. Annoying to, for the first time, have to pay out. But the math error totally took the sting out of that. "17? That's better than 1700!"

Kind of like the Steel Magnolias trick. "Aw, don't cry, I don't have a tumor. I'm only gay!"

[Ghoulish Delight]

Originally Posted by scaeagles

I always think it so funny when someone says we need to tax corporations more to take the burden off the little guy.....businesses don't pay taxes! The consumer does in the form of higher prices.

Simple economics shows that, due to supply and demand, when a tax is levied, prices are not raised in proportion to the tax. The supplier absorbs a percentage of the tax, the more inelastic the demand, the lower that percentage. So a product like gasoline, which is very inelastic (as in, people will buy it, even if the price increases significantly), nearly all tax is passed on to consumers. While more expendable products, the demand would drop too much if the price is raised, so the supplier takes on more of the tax. This is why taxing the supply side can generate the same amount of revenue with a proportionately smaller affect on overall prices.