Host Sammy Ross and guest Ethan Steimel discuss all things taxes. On this episode we demystify federal vs. state tax, define what tax credits vs. deductions are, and explain just where all of that tax revenue goes.
For Bonus content where host Sammy Ross and guest Ethan Steimel discuss taxes as part of the freelance community, please visit: https://www.patreon.com/ThisisNotaHandout
For more information about the show, please visit: https://www.thisisnotahandout.com
Resources:
For more on the history of Taxes: https://www.history.com/news/why-we-pay-taxes#:~:text=The%20history%20of%20income%20taxes,flat%20rate%20federal%20income%20tax.
For an interesting video summary of David Graeber’s book “Debt: The First 5,000 Years:” https://www.exploring-economics.org/en/discover/an-introduction-to-david-graebers-debt-the-first-5/
For an explanation of the Excise Tax: https://www.investopedia.com/terms/e/excisetax.asp
For more on Trick-Down Economics, and what a new study has found out about the policy for the last 50 years: https://www.washingtonpost.com/business/2020/12/23/tax-cuts-rich-trickle-down/
For more on Modern Monetary Theory: https://www.investopedia.com/modern-monetary-theory-mmt-4588060
For a breakdown on our federal taxes, and what they pay for: https://www.usatoday.com/story/money/2019/04/15/what-do-taxes-pay-for-defense-social-security-medicare-and-more/3450446002/
For a look at local taxes: https://www.investopedia.com/terms/l/localtax.asp#:~:text=Local%20taxes%20fund%20government%20services,in%20the%20form%20of%20grants.
For more on federal tax brackets: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
For more on FICA taxes: https://www.nerdwallet.com/article/taxes/fica-tax-withholding
For more on state income tax rates and rules: https://www.nerdwallet.com/article/taxes/state-income-tax-rates
For a breakdown on property taxes by state: https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585
For a look into state’s sales tax: https://www.aarp.org/money/taxes/info-2020/state-sales-tax-rates.html
For more on the 2008 Financial Crisis and the impact upon the Detroit Fire Department: https://www.michiganradio.org/post/detroit-fire-department-already-struggling-will-have-do-more-less
For more on tax credits vs. tax deductions: https://www.nerdwallet.com/article/taxes/tax-deductions-tax-breaks
For more on state bailouts and federal spending: https://www.cbsnews.com/news/state-bailouts-federal-spending-give-receive/
For a look at the Trump Administration’s tax cuts: https://news.bloombergtax.com/daily-tax-report/the-trump-tax-cuts-promises-made-promises-kept-1
For a look at where D.C. stands for statehood currently: https://www.bloomberg.com/news/articles/2021-02-24/washington-d-c-pushes-for-statehood-after-capitol-riots
For more on the stance of those who want D.C. to become the 51st state: https://statehood.dc.gov/page/why-statehood-dc
For more on US Territories: https://fortune.com/2018/09/13/is-puerto-rico-part-of-us/
For more on the status of statehood for both Puerto Rico and DC: https://www.theguardian.com/us-news/2021/feb/20/puerto-rico-washington-dc-statehood-politics
For more on Unemployment taxes: https://www.cnbc.com/2020/05/18/you-have-to-pay-taxes-on-unemployment-what-you-need-to-know.html
For more on whether you qualify for a tax refund due to the stimulus checks: https://www.cnet.com/personal-finance/its-finally-time-to-claim-missing-stimulus-money-on-your-2020-refund-heres-how/
For more on which tax preparation software will be best for you: https://thecollegeinvestor.com/17356/free-tax-software/
For tax filing dates, including quarterly dates: https://thecollegeinvestor.com/32815/tax-due-dates/
For more on IRS payment plans: https://www.irs.gov/payments/payment-plans-installment-agreements
For more on tax extensions: https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
For more on the tax exclusion for the first $10,200 of your 2020 unemployment compensation: https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation
For more on the tax filing extension date for 2020 taxes: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
For Ethan Steimel’s podcast, Artistic Finance: https://www.artisticfinance.com/