March 28 (UPI) -- It's tax season. Americans will pay an average of $10,489 in personal taxes -- about 14 percent of the average household's total income. Most will do so because they think it is their civic duty. Many believe they are morally obliged to obey the law and pay their share. But as tax day approaches, many Americans will bemoan their tax bill and complain that it is unfair. So, how are we to know if paying taxes is the right thing to do? Perhaps philosophy has some clues? RELATED Tax on sugary drinks recommended by health organizations Reasons to obey the law Many philosophers agree that we should obey the law. In his book, The Crito, Plato, for example, describes Socrates' choice after the Athenian jury sentenced him to death for impiety. Crito, a wealthy friend of Socrates', arranges for him to escape from the prison a night before his execution. Socrates refuses, saying he ought to obey the law. In explaining his decision, Socrates hinted at roughly three reasons why … [Read more...] about Do you have a moral duty to pay taxes?
Why pay taxes
Cat Marnell. Photo: by Ben Ritter; Photo-Illustration by: Stevie Remsberg Get That Money is an exploration of the many ways we think about our finances — what we earn, what we have, and what we want. As part of the series, we’re interviewing women about how they feel about their bank balances. In June 2017, Cat Marnell packed all her belongings into storage and flew to Europe to travel “indefinitely.” She’d finished promoting her first book, How to Murder Your Life, a memoir about running around in downtown clubs and working in fashion magazines while on prescription pills (and more), and she needed to escape for a while. She’d also blown through most of her book advance (rumored to be in the healthy six figures, although she declines to specify) and wanted to live more simply. Since then, she’s been to more than 60 countries, by her estimation, and is finally ready to get back to work. Her next project is an audio version of her travel … [Read more...] about Cat Marnell Pays Taxes Now
NEW YORK (AP) — President Donald Trump suggested the U.S. change its tax laws to punish organizations such as the NFL if members are "disrespecting" the national anthem or flag. Actually, the NFL gave up its tax exempt status two years ago and its 32 teams pay taxes already. TRUMP: "Why is the NFL getting massive tax breaks while at the same time disrespecting our Anthem, Flag and Country? Change tax law!" — tweet on Tuesday morning. THE FACTS: The NFL gave up its tax exemption for its league office in 2015. The 32 individual teams pay federal tax on all revenue, from ticket sales to merchandise to sponsorship to broadcast revenue. "The NFL gave up its tax exempt status in 2015 and I think we were quite open why we were giving it up," NFL spokesman Joe Lockhart said on a conference call on Tuesday. NFL commissioner Roger Goodell said in a memo to teams in 2015 that effects of the league office's tax exempt status "have been mischaracterized repeatedly in recent years." … [Read more...] about AP FACT CHECK: Trump seems unaware NFL pays taxes
This month’s election was good news for those who believe Californians’ taxes, while already among the nation’s highest, should be increased. Voters elected Gavin Newsom, who has an expansive and expensive agenda, as governor, and also solidified Democrats’ supermajorities in the Legislature, giving them, at least on paper, unfettered power to raise taxes for that agenda. Voters’ willingness to raise taxes was most starkly demonstrated, however, at the local level, where the vast majority of nearly 400 city, county and school district tax measures (including bonds that require new property taxes to repay) were endorsed by voters, according to a tally by Californiacityfinance.com. About three-quarters of those tax increases were approved, including 90 percent of the 168 placed on the ballot in California cities. They are facing sharp increases in mandatory payments for city employee pensions — although that factor was rarely mentioned in the … [Read more...] about Like paying taxes? Then your fellow Californians did you a solid on Election Day.
Can't pay your taxes? Don't make this huge mistake. If you owe money to the IRS that you can't pay, you're probably pretty nervous with the tax deadline approaching. While you may be tempted to skip filing your taxes and hope the IRS doesn't notice you owe money, that's a really bad idea. Not only will the IRS likely fine you, but you'll face much harsher penalties for not filing your tax returns than you'd face for not paying the amount you owe. When do you owe a penalty to the IRS? If you don't file your taxes when the IRS owes you money, you won't be penalized financially. However, you need to file to obtain any refund. You have until 2021 to file your return and still claim a refund on your 2017 taxes. If you owe money to the IRS, you need to file your tax returns and pay what you owe by April 17, 2018 for the 2017 tax year. If you can't file by the deadline, you can request an extension until October 15, 2018. An extension on your time to file is not an extension on the … [Read more...] about Why your tax return absolutely must be on time — even if you can’t pay on time