2007 & 2008 Tax Brackets

[AJ]

http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx

A nice table of info for those who may want to double check taxes yet.

[mazdamn02]

Wow marriage does pay.

[ZoomZoom Diva]

All depends on the individual tax situation, Josh. There is a widely recognized principle known as the marriage penalty because many people pay more in taxes because they are married. Generally this is due to the exclusion of deductions and other exemptions when the incomes are significantly different.

[mazdamn02]

Hmm.... I guess I still hate taxes.

[ZoomZoom Diva]

Don't we all?

[ij1889]

i dont bc i got money back. YAY. i guess ill learn to hate them soon enough tho

[mazdamn02]

i dont bc i got money back. YAY. i guess ill learn to hate them soon enough tho

Keep thinking that way and ignore the deductions on your check.

[Workdawg]

If you're under 18, you get it all back, so no problem.

BTW, getting money back just means you gave the govt and interest free loan.

[spek1098]

I don't really mind taxes, as long as the amount is fair, and it's used well (much could be said here). I only dislike them as much as any of my other bills, that I choose to have. I could not have a car payment, and not have a nice car. I could not have taxes, and not have a government, but I'd prefer not to live in a failed state.

[ZoomZoom Diva]

I wouldn't mind taxes nearly so much if the amounts were determined fairly, that amount was the full extent of the money they charge you, and if the money was used solely to provide the necessary functions of government in an efficient manner. However, none of those qualifications are true.

Also, there are those who would say we are already living in a failed state.

[ADaughen]

Have you guys looked into the Fair Tax plan? Federal tax on items you purchase vs your income tax.

You could then "choose to pay your taxes". I had to do a report on it for Econ. IMHO, it is a pretty interesting concept that seems to be working in Florida and Texas state tax systems.

[ZoomZoom Diva]

There is nothing fair about the so-called "fair tax". Any tax that determines the percentage of your income you pay based on personal behavior is inherently unfair and unethical. The "prebate" attached to the program adds even more unfairness. A true flat income tax is a far better plan, as it ensures everyone pays his or her fair share.