Economy Corporate Welfare - April 15th addition

kpt018 said:
I'm not saying companies like TurboTax shouldn't exist. My issue is that their lobbying efforts have basically the markets less competitive by ensuring the IRS can't provide basic tools to file returns (which imo is a reasonable thing for citizens to demand).
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I'm agreeing with you and saying that their software would be useless and redundant if we created a public alternative.
 
Not A Theist said:
I don't know about the U.S. but in Canada Turbotax offers free online software which does this for people doing fairly basic taxes.

"TurboTax Free Edition Requirements:

  1. Your annual income (AGI) must be less than $100,000* which is also the IRS’s maximum income to file using 1040EZ
  2. You must not own rental property or a home. If you want to take advantage of property-related deductions like the mortgage interest deduction or property tax deduction, you’ll need to upgrade to at least the Deluxe Edition.
  3. You must not have sold investments like stocks and bonds. If you need to report capital gains or investment losses, you are better off upgrading
  4. You can’t have a health savings account to use the Free Edition
  5. You must not have unreported tip income in the Free Edition
  6. If you work for yourself the free Edition does not have the forms that you’ll need
  7. You can’t itemize your tax deductions with the Free Edition. This includes medical expenses, charitable donations, and job-related expenses"

https://www.mightytaxes.com/is-turbotax-free/

Though, if that website is accurate, it seems like they might do the same thing in the U.S.

Frankly, if private enterprise is already offering precisely this to people who are low income earners or people without especially complicated taxes (most of whom are people owning properties or who have certain types of specialized savings and whatnot) I'd rather the government spend their time and money elsewhere. This seems like the government stepping in to (largely) help people who really don't need the financial help.

Now, the tax software companies being involved is sketchy... But at face I agree with what they're proposing. Is this a place we need the government providing a solution when it seems there already is one?
Click to expand...

The problem with that is that they charge you for common deductions, Student Loan Interest for one. That's a deduction a fuckload of people take.

"Free" is free until you start doing anything more than a W2, then the charges start.
 
brackis1 said:
Yeah Just because they like an existing product doesn't mean it should keep existing.
Lots of people like things that don't deserve to exist.
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Like the Republican Party, for instance.
 
BarryDillon said:
Like the Republican Party, for instance.
Click to expand...
For real. The GOP needs to be put out to pasture and return only if they can act like adults that serve the best interests of the country. There's place in politics for a sane center right party but they've been batshit crazy for a long time now.
 
Not A Theist said:
I don't know about the U.S. but in Canada Turbotax offers free online software which does this for people doing fairly basic taxes.

"TurboTax Free Edition Requirements:

  1. Your annual income (AGI) must be less than $100,000* which is also the IRS’s maximum income to file using 1040EZ
  2. You must not own rental property or a home. If you want to take advantage of property-related deductions like the mortgage interest deduction or property tax deduction, you’ll need to upgrade to at least the Deluxe Edition.
  3. You must not have sold investments like stocks and bonds. If you need to report capital gains or investment losses, you are better off upgrading
  4. You can’t have a health savings account to use the Free Edition
  5. You must not have unreported tip income in the Free Edition
  6. If you work for yourself the free Edition does not have the forms that you’ll need
  7. You can’t itemize your tax deductions with the Free Edition. This includes medical expenses, charitable donations, and job-related expenses"

https://www.mightytaxes.com/is-turbotax-free/

Though, if that website is accurate, it seems like they might do the same thing in the U.S.

Frankly, if private enterprise is already offering precisely this to people who are low income earners or people without especially complicated taxes (most of whom are people owning properties or who have certain types of specialized savings and whatnot) I'd rather the government spend their time and money elsewhere. This seems like the government stepping in to (largely) help people who really don't need the financial help.

Now, the tax software companies being involved is sketchy... But at face I agree with what they're proposing. Is this a place we need the government providing a solution when it seems there already is one?
Click to expand...
It is free here too
There are commercials
 
HockeyBjj said:
Gotta love when this is the type of shit that actually gets bi partisan support
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Our government has been captured by corporations. Anyone, either on the left or the right, that doesn't realize that this is the primary problem our country is facing, is simply beyond help.

-Overturn citizens united now
-Restore glass steagall now
-Campaign finance reform now

Get corporate money out of politics. Across the board. Period. This should be a bi partisan issue.
 
kpt018 said:
Democratic Rep. John Lewis (GA) and Republican Mike Kelly (PA), and in the Senate by Finance Committee Chair Chuck Grassley (R-IA) and Ron Wyden (D-OR) would like to make sure that you are shelling out $75 to upwards of a couple of hundred dollars a year to pay for tax preparation software by enacting a law that would prevent the IRS from providing free tax preparation software.

https://www.vox.com/2019/4/9/18301943/last-minute-tax-preparation-h-r-block-turbotax

Philosophically speaking, if government has a sophisticated tax code and filing system it would seem reasonable that the government provide assistance to it citizens in filing those returns so that they pay the appropriate level of tax and are in compliance with tax rules. For most people the software could scan your documents, gather basic information through user input and file your returns. But the tax prep industry has lobbied to make sure you pay for their services.

Is there an argument to be made in support of this bill? Seems like blatant corporate welfare to me.
Click to expand...

I've always thought the same thing about lawyers/law and it ties into finance. It is similar to taxes. We don't know our rights. I mean you can get a public defender but that is after the fact. A lot of this tax shit is legalities. People need to be more educated in law and finance in general.

You can find education. I watch a ton of Youtube. Learn about finance, accounting, real estate, etc. A lot of experts out there willing to teach.
 
JonesBones said:
I've always thought the same thing about lawyers/law and it ties into finance. It is similar to taxes. We don't know our rights. I mean you can get a public defender but that is after the fact. A lot of this tax shit is legalities. People need to be more educated in law and finance in general.

You can find education. I watch a ton of Youtube. Learn about finance, accounting, real estate, etc. A lot of experts out there willing to teach.
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Should do the same for health care and childhood education imo
 
Falsedawn said:
The problem with that is that they charge you for common deductions, Student Loan Interest for one. That's a deduction a fuckload of people take.

"Free" is free until you start doing anything more than a W2, then the charges start.
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I've had to pay the past five years I've used Turbo Tax because of that, well that and to have them electronically file my state returns.

But at the end of the day. Paying them $40 is still a hell of lot cheaper than paying a place like H and R or Jackson Hewitt
 
kpt018 said:
Democratic Rep. John Lewis (GA) and Republican Mike Kelly (PA), and in the Senate by Finance Committee Chair Chuck Grassley (R-IA) and Ron Wyden (D-OR) would like to make sure that you are shelling out $75 to upwards of a couple of hundred dollars a year to pay for tax preparation software by enacting a law that would prevent the IRS from providing free tax preparation software.

https://www.vox.com/2019/4/9/18301943/last-minute-tax-preparation-h-r-block-turbotax

Philosophically speaking, if government has a sophisticated tax code and filing system it would seem reasonable that the government provide assistance to it citizens in filing those returns so that they pay the appropriate level of tax and are in compliance with tax rules. For most people the software could scan your documents, gather basic information through user input and file your returns. But the tax prep industry has lobbied to make sure you pay for their services.

Is there an argument to be made in support of this bill? Seems like blatant corporate welfare to me.
Click to expand...
Wyden is saying this isn't true.

What gives?
 
BarryDillon said:
Like the Republican Party, for instance.
Click to expand...

kpt018 said:
For real. The GOP needs to be put out to pasture and return only if they can act like adults that serve the best interests of the country. There's place in politics for a sane center right party but they've been batshit crazy for a long time now.
Click to expand...
Chelsea Handler sought professional help, you guys can too. I know Trump as president is traumatizing, but y'all can overcome. I believe in the both of you.
 
Not A Theist said:
I don't know about the U.S. but in Canada Turbotax offers free online software which does this for people doing fairly basic taxes.

"TurboTax Free Edition Requirements:

  1. Your annual income (AGI) must be less than $100,000* which is also the IRS’s maximum income to file using 1040EZ
  2. You must not own rental property or a home. If you want to take advantage of property-related deductions like the mortgage interest deduction or property tax deduction, you’ll need to upgrade to at least the Deluxe Edition.
  3. You must not have sold investments like stocks and bonds. If you need to report capital gains or investment losses, you are better off upgrading
  4. You can’t have a health savings account to use the Free Edition
  5. You must not have unreported tip income in the Free Edition
  6. If you work for yourself the free Edition does not have the forms that you’ll need
  7. You can’t itemize your tax deductions with the Free Edition. This includes medical expenses, charitable donations, and job-related expenses"

https://www.mightytaxes.com/is-turbotax-free/

Though, if that website is accurate, it seems like they might do the same thing in the U.S.

Frankly, if private enterprise is already offering precisely this to people who are low income earners or people without especially complicated taxes (most of whom are people owning properties or who have certain types of specialized savings and whatnot) I'd rather the government spend their time and money elsewhere. This seems like the government stepping in to (largely) help people who really don't need the financial help.

Now, the tax software companies being involved is sketchy... But at face I agree with what they're proposing. Is this a place we need the government providing a solution when it seems there already is one?
Click to expand...

I think they legally have to offer this.

You pay for things like the state preparation, looking for credits etc..
 
kpt018 said:
My main point is that it should be free for most people every year (not just as a marketing tool). For someone with just a w2 it should be automatic.

If you had a 1099 for side work or something you'd have to pay to file. The law is corporate welfare.
Click to expand...

I think they have to provide the free services they provide by law
 
PolishHeadlock2 said:
I think they legally have to offer this.

You pay for things like the state preparation, looking for credits etc..
Click to expand...
They offer it, but they try to funnel you away from it.
"Some 70 per cent of Americans qualify to use free tax-preparer programmes run by the companies in question, but just 3 per cent of eligible taxpayers use the service, according to the Free File Alliance, a private industry group."
https://www.independent.co.uk/news/...tax-irs-software-tax-filing-ban-a8864236.html
 
BarryDillon said:
Like the Republican Party, for instance.
Click to expand...

Nice. Start partisan shit stirring in a thread about bipartisan support for a shitty bill that is being opposed by all comers in the usually fractious warroom.
 
brackis1 said:
They offer it, but they try to funnel you away from it.
"Some 70 per cent of Americans qualify to use free tax-preparer programmes run by the companies in question, but just 3 per cent of eligible taxpayers use the service, according to the Free File Alliance, a private industry group."
https://www.independent.co.uk/news/...tax-irs-software-tax-filing-ban-a8864236.html
Click to expand...

Yeah I think it's fairly obvious a for profit company would try to get to to buy their product.

I'm just pointing out that I believe they have to offer the free option.

I'd be interested in some articles on why this bill has bipartisan support. Maybe it is purely "they're all bought and paid for", but there could also be unintended consequences like Turbotax no longer having to provide free services
 
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