Personal Income Taxes - A Visual Explanation

[kaelad316]

i'm not sure why basic life finance isn't taught in k-12...my friends and i have degrees and we have no idea what the numbers mean. this has helped me get the jist of it so thanks :)

[thoafarr5]

Alimony is NOT an exclusion. Other than that good presentation.

[Unclesamslair]

wish that all those things were automatic (i.e., when you made a donation it gets automatically reported to the IRS and deducted and at the end of the year you receive a bill with everything already calculated)

[SeeingFinance]

@Unclesamslair With Intuit's acquisition of Mint, we might be getting closer to fully automated tax returns.

[TruthJusticeForAll]

Very impressive. Kudos to a very simple demonstration for something so complex.

[SeeingFinance]

@TruthJusticeForAll Thanks!

[almartin77]

My Dad was a WW2 vet. In 1968 he suffered a massive heart attack. He applied to the SSA for help but was turned down. With a wife and 4 kids, he was forced to return to work earning $3 an hour. He appealed to the SSA and wile waiting for an answer suffered a second heart attack and died. He was 47. On the day he was buried my Dad got a letter from the SSA. Dear Mr. Martin we regret to inform you that the SSA does not consider heart attacks debilitating enough to warrant assistance from SSA.

[diddyN1]

God bless your family and may god have mursy on his soul

Aimen

[almartin77]

thank you. I decided to challenge the income tax 15 years ago. I have since been convicted along with my wife, who is totally innocent to prison terms that will begin Oct. 7th. It will be a death sentence to us.

[SeeingFinance]

That is terrible. How long is the prison term?

[almartin77]

we don't know how long we will spend in prison. It could be up to 15 years. I am afraid for my wife who is a very fragile woman. She is 60 years old and I fear she will not survive prison. We have been together for 43 years and have never been separated. My wife is a stay at home grand mother of 7 children. She takes care of her mom and mine who are both in their 80's. Our trial was a total sham where we were not aloud to present any evidence. The jury was kept in the dark.

[almartin77]

could be up to 15 years. I fear for my wife who will not survive prison.

[almartin77]

Tom is a typical wage slave. Tom will die young due to exposure to industrial pollution and toxins. Toms wife will become destitute because Toms medical bills have piled up. Tom did not have life or health insurance. Toms taxes went to pay for congress's health care and outrageous retirement benefits. Toms children had to drop out of school to help Toms wife make the mortgage payments. When Tom got sick he applied for SSI but had to sue. Tom is a typical American. SSI was refused. Tom died.

[SeeingFinance]

Hopefully Tom had fun at some point along the way, but yeah, that's not an unlikely story. What's so astounding is Fox "News" talking heads and Rush Limbaugh convincing Tom that his country has the best of everything in the world, to endure as a wage slave supporting the upper class, and that any reform (other than for more corporate/government collusion) is unpatriotic/communist/socialis­t/evil/kills puppies/supports terrorism.

[KaptainKaka]

@SeeingFinance even with socialism/communism and corporatism(socialist capitalism)The very few 20 or so elites at the top of the pyramid continue to fuck us in the ass. HOW do we destroy the elites running the entire show? I don't feel that people should be punished so to speak for becoming successful, but the elites who have had money by using force by the state to obtain it are the ones that need to be handled.

[SeeingFinance]

@KaptainKaka I agree with you, but I don't have an answer, because it seems that any power structure is eventually corrupted. There will always be imbalance, but I wish it were based on merit rather than political influence. Our social systems are too large, too abstract for individuals to see the true consequences... both the rich and the poor are deceived by their own status. So, promoting self-education is what I suggest at the moment.

[infonfd]

Wow! Such a superb method of presenting the mumbo-jumbo of the tax returns in simple, easy-to-understand terms

[SeeingFinance]

Thanks for the feedback.. I hope the video is helpful!