Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Let's tax the veterans!!!
Old 02-25-2011, 03:27 PM   #1
Recycles dryer sheets
 
Join Date: Apr 2008
Posts: 125
Let's tax the veterans!!!

In the spirit of not taxing the rich.

Just received my Retiree Account Statement and FITW went up 18 percent from last year based on the new tax rates. $260 monthly to $306. Have not seen a COLA in two years.

Sure glad that I could be of service to those rich folks who need the cash.
__________________

__________________
deepc is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-25-2011, 03:37 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,614
Quote:
Originally Posted by deepc View Post
In the spirit of not taxing the rich.

Just received my Retiree Account Statement and FITW went up 18 percent from last year based on the new tax rates. $260 monthly to $306. Have not seen a COLA in two years.

Sure glad that I could be of service to those rich folks who need the cash.
What new tax rate?
Is this a special tax on veterans, or is there some other reason for the title of your post?
Regarding the "rich folks that need the cash": Are you sending money to rich folks, or is it the government that is taking these tax payments? Inquiring minds want to know.
__________________

__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 02-25-2011, 03:53 PM   #3
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Quote:
Originally Posted by deepc View Post
Have not seen a COLA in two years.
You got lucky on the COLA calculation, due to a spike in energy prices in summer of 2008 you had a windfall COLA in 2009 that was larger than it really should have been. And now the CPI is just getting around to where it really should be.

All this complaining about the lack of a COLA recently is totally without merit.

You received more than you really should have. Yet you complain.
__________________
MasterBlaster is offline   Reply With Quote
Old 02-25-2011, 04:19 PM   #4
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by MasterBlaster View Post
You received more than you really should have. Yet you complain.
As a disabled vet, I would ask you to think about your comment/response.

I have not received any increase in my disability for the last two years; the price I paid for serving when requested (via the draft).

No thanks required ...
__________________
rescueme is offline   Reply With Quote
Old 02-25-2011, 04:24 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,811
Quote:
Originally Posted by deepc View Post
In the spirit of not taxing the rich.

Just received my Retiree Account Statement and FITW went up 18 percent from last year based on the new tax rates. $260 monthly to $306. Have not seen a COLA in two years.

Sure glad that I could be of service to those rich folks who need the cash.
On a different site, there was a comment about FIT withholding related to changes in the "making work pay" credit. Instead of $400/$800 per year it is 2% of earned income. Is that the cause of the "new tax rates"?
__________________
Independent is offline   Reply With Quote
Old 02-25-2011, 04:30 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,614
Quote:
Originally Posted by Independent View Post
On a different site, there was a comment about FIT withholding related to changes in the "making work pay" credit. Instead of $400/$800 per year it is 2% of earned income. Is that the cause of the "new tax rates"?
Also, IIRC, people who get the Earned Income Tax Credit also can't get paid in advance starting this year--they have to wait until the end of the year to get money taken from other people.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 02-25-2011, 04:30 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,585
Hey folks!
Please chill out.

I'm a disabled vet, too, and I am grateful that the gummint takes care of me as best they can, within a great many constraints.

I think the recent instance of Sec. Gates backtracking (for the most part) on the Tricare increases shows that they really do mean well.
__________________
Pas de lieu Rhône que nous.
braumeister is online now   Reply With Quote
Old 02-25-2011, 07:22 PM   #8
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
It maybe that your 2010 withholding was lowered in response to Obama's "Make work pay," and has now been adjusted back to normal. If that is the case, you would be eligible for a tax credit on your return. That program has been replaced by a 2% reduction in FICA for 2011. That change should show in checks NLT the end of this month. I realize none of this may apply to your situation, but it's all I can think of that could mess with your pay.
Regarding the so called bonus COLA in 09 due to energy spike, last I checked food and energy were not considered in COLA adjustments.
__________________
JPatrick is offline   Reply With Quote
Old 02-25-2011, 08:01 PM   #9
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 404
Quote:
Originally Posted by MasterBlaster View Post
You got lucky on the COLA calculation, due to a spike in energy prices in summer of 2008 you had a windfall COLA in 2009 that was larger than it really should have been. And now the CPI is just getting around to where it really should be.

All this complaining about the lack of a COLA recently is totally without merit.

You received more than you really should have. Yet you complain.
There's no more luck involved in COLA adjustments than there is with anything else involving money. Like say, the stock market.
__________________
ACC USN-(Ret)
BLS53 is offline   Reply With Quote
Old 02-25-2011, 10:29 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Posts: 1,648
deepc..I just have to tell you I have been laughing for 10 minutes. Considering the length of the "Let's Tax the Rich" thread...the justaposition of your "Let's Tax The Veterans" hit my laughing nerve.

Truthfully and while I try to stop laughing...let's not tax the veterans any more than need be.
__________________
sheehs1 is offline   Reply With Quote
Old 02-26-2011, 08:53 AM   #11
Recycles dryer sheets
DFA's Avatar
 
Join Date: Nov 2010
Location: Earth
Posts: 311
Quote:
Originally Posted by sheehs1 View Post
Truthfully and while I try to stop laughing...let's not tax the veterans any more than need be.

Agreed, USAF (Ret) and DW and I are still working to pay bills since I guess I missed out on the getting paid to much
__________________
DFA is offline   Reply With Quote
Old 02-26-2011, 09:40 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,811
Quote:
Originally Posted by JPatrick View Post
Regarding the so called bonus COLA in 09 due to energy spike, last I checked food and energy were not considered in COLA adjustments.
Where did you check?

I think the best source for the history of COLAs is here: Cost-Of-Living Adjustments

The calculation of the zero for this year is here:
Latest Cost-of-Living Adjustment

And the CPI-W numbers that are used in the calculation are here:
Top Picks (Most Requested Statistics) : U.S. Bureau of Labor Statistics

For the CPI-W tables, check the boxes labeled "All Items" and "All Items Less Food and Energy", then click "Retrieve data" and compare the numbers you see to the numbers the SSA uses for their calculation. It's clear that the SSA uses the numbers with food and energy.
__________________
Independent is offline   Reply With Quote
Old 02-26-2011, 11:21 AM   #13
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Quote:
Originally Posted by Independent View Post
Where did you check?

I think the best source for the history of COLAs is here: Cost-Of-Living Adjustments

The calculation of the zero for this year is here:
Latest Cost-of-Living Adjustment

And the CPI-W numbers that are used in the calculation are here:
Top Picks (Most Requested Statistics) : U.S. Bureau of Labor Statistics

For the CPI-W tables, check the boxes labeled "All Items" and "All Items Less Food and Energy", then click "Retrieve data" and compare the numbers you see to the numbers the SSA uses for their calculation. It's clear that the SSA uses the numbers with food and energy.
Yup, you are correct. I was thinking of CORE inflation which does exclude food and energy.
__________________
JPatrick is offline   Reply With Quote
Old 02-26-2011, 11:26 AM   #14
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by MasterBlaster View Post
All this complaining about the lack of a COLA recently is totally without merit.
Because, of course, people buying mostly food, energy, health care, educational services and the like haven't experienced any inflation over the last couple of years.

Of course, it's also true that many (if not most) wage slaves aren't making more than they were a couple years ago, too -- so it's not like military pensioners are being singled out for getting screwed...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 02-26-2011, 02:35 PM   #15
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by deepc View Post
Just received my Retiree Account Statement and FITW went up 18 percent from last year based on the new tax rates. $260 monthly to $306. Have not seen a COLA in two years.
Sure glad that I could be of service to those rich folks who need the cash.
For those military retirees who don't already know, you can choose to not have any FITW taken from your pay.

Of course you'd have to work through the estimated-taxes worksheet every year and perhaps have to pay estimated taxes.
__________________

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Veterans Day Purron Other topics 19 11-12-2010 12:08 AM
Veterans day Martha Other topics 6 11-11-2007 05:22 PM
Calling all Veterans chinaco Other topics 29 04-10-2007 01:56 PM
question to veterans - how to find one? vic Other topics 2 10-18-2006 10:07 AM
Veterans-- is there a reason to go to the VA with this? Nords Other topics 3 10-11-2006 08:24 PM

 

 
All times are GMT -6. The time now is 05:17 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.