Let's tax the veterans!!!

[deepc]

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.

[samclem]

Quote:

Originally Posted by deepc 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.

[MasterBlaster]

Quote:

Originally Posted by deepc 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.

[rescueme]

Quote:

Originally Posted by MasterBlaster 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 ...

[Independent]

Quote:

Originally Posted by deepc 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"?

[samclem]

Quote:

Originally Posted by Independent 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.

[braumeister]

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.

[JPatrick]

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.

[BLS53]

Quote:

Originally Posted by MasterBlaster 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.

[sheehs1]

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.

[DFA]

Quote:

Originally Posted by sheehs1 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

[Independent]

Quote:

Originally Posted by JPatrick 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.

[JPatrick]

Quote:

Originally Posted by Independent 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.

[ziggy29]

Quote:

Originally Posted by MasterBlaster 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...

[Nords]

Quote:

Originally Posted by deepc 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.