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#incometax

3 posts3 participants0 posts today
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Douglas Edwards 🇺🇦🇨🇦🇲🇽🇵🇦🇬🇱🇩🇰🇪🇺

@Remittancegirl @pgiulan Since long before Trump even entered politics, or #Palantir existed, I've been convinced that #surveillance, not revenue generation, was the real reason for #IncomeTax on working-class individuals (as opposed to plutocrats and corporations). There are many other ways to generate revenue, such as #VAT and #LandValueTax, or just income taxation limited to corporations and very wealthy individuals. But those wouldn't enable the monitoring of everyone's economic life the way population-wide income taxation does.

Continued thread
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Nonilex

#Trump again criticizes the creation of the #IncomeTax in the US in 1913, arguing that it’s a mystery why the nation ever instituted one. American policymakers embraced the income tax for 2 reasons: to collect more taxes from the #rich & to pay for a growing federal govt.

Conversly, #tariffs disproportionately burden #LowIncome Americans, who spend more of their earnings on goods that tariffs make more expensive.

#economy#inflation#recession
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Steve Dustcircle 🌹

#OHIO #NEWS -

Ohio #Republicans introduce measure to flatten #incometax to 2.75%

Not just #DEI: Seven things to know about Ohio’s sweeping #highered bill

Ohio ‘Given Name Act’ proposes strict rules for names, #pronouns in #schools

Cuts to federal #foodassistance would devastate #Ohioans, #foodbanks that help supplement

Ohio #faithleaders advocate for #housing, #food in #statebudget

Ohio may join 19 states in trying to re-write the #USConstitution

flipboard.com/@dustcircle/the-

FlipboardThe State of Ohio News & Commentary | @dustcircleImportant updates on what will affect your life today and tomorrow, or yesterday (if we live in a timeless timeline). If you'd like to be a contributor, email dustcircle0@gmail.com
#flipboard#OH
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MikeDunnAuthor

Today in Labor History August 5, 1861: In order to help pay for the Civil War, the U.S. government levied the first national income tax as part of the Revenue Act of 1861. Anyone earning over $800 was taxed 3%. The tax was rescinded in 1872. They raised the income tax again in 1917, to 67% for those in the highest income bracket, and again in 1918, to 77%, to fund World War I. And to pay for World War II, they raised it to 94% on all income over $200,000. Now the richest Americans pay only 37%, but only if they’re dumb enough to pay anything at all, since they have so many ways to write off or shelter their income. So, who pays for the imperialist wars that protect their investments? Who pays for the slaughter in Ukraine and Gaza? You know who.

Graph showing the historical changes in the U.S. marginal tax rate
#workingclass#LaborHistory#taxes
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key jordan-abrams

general tip and advice:

don't use for or stuff, folks. it's not a gift. it's considered income instead of a gift, especially if you take payments through Stripe, and if you get more than I think six hundred dollars in total revenue from it in the United States, you'll owe taxes on it at the end of the year.

use direct transactions instead and either don't mark it as business, or mark it as a gift. these are the best ways to make sure that the money gets to the person you intend it to, and the best way to not end up fucked when tax season comes around if you file.

if you do use ko-fi in the United States, do yourself a favour and look up the percentage you're responsible for in self-employment taxes and then also actual taxes for your estimated income bracket, and then take that percentage and set it aside from anything that you take it from it.

it seems like a great platform but so does the wolf in sheep's clothing at the beginning. the end cost, if in the end you are wildly successful, has the potential to be steep if you're not expecting it.

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