RightMichigan.com || When Bean Counters Are In Charge

Advertise on RightMichigan.com

NEWS TIPS!

RightMichigan.com

Buzz

Who are the NERD fund donors Mr Snyder?
Tweets about "#RightMi, -YoungLibertyMI, -dennislennox,"

Raise the curtain.

When Bean Counters Are In Charge

By Corinthian Scales, Section News
Posted on Mon Feb 27, 2012 at 07:44:59 AM EST
Tags: Rick Snyder, Anti-Right To Work, DRIC-NITC, Light Rail boondoggles, Massive Federal debt is not a factor, Obamacare Health Exchange, Autism Mandates, Foreign National Job Preference, H-1B Visas, EB-5 Citizenship, Wholesale Gas Tax, Registration Fees, Government Funding, Cowardly with Detroits Financial Disaster, Progressives, Been there done that with Granholm, Puuuuure Michigan (all tags)

via detroitnews.com

Michigan's tax on pensions and retirement accounts kicked in on Jan. 1 and, not long after that, Jack Vassallo kicked back.
When the retired chemical engineering technician got his monthly payment from his Fidelity Investments 401(k) retirement savings account, the check was short. The $87.43 withheld for the new state tax would have made the check the right amount -- except that Vassallo is 79 years old and exempt from the retirement levy.
"I was furious," says the Woodhaven retiree. "It really irked me."
Read the rest here

Why folks in this state thought it would be 'smart' to vote for a CPA with a law degree from the Peoples Republic of Ann Arbor still puzzles me.

< Shakin' Foundations | Powerful ad >

Share This:

When Bean Counters Are In Charge | 6 comments (6 topical, 0 hidden)

So.. (none / 0) (#1)
by JGillman on Mon Feb 27, 2012 at 08:08:31 AM EST

Apparently you have to file an extra form if you are older than 66.

Nobody sent those 'geezers' that email I bet.

Probably didn't get the note with their weekly walmart greeters paycheck either.

Or the state of Michigan is suffering from the early onset of dementia.

Do you enjoy the state taking... by Corinthian Scales, 02/27/2012 09:09:29 AM EST (none / 0)

Two separate issues with the tax changes (none / 0) (#3)
by Bruce on Mon Feb 27, 2012 at 09:48:57 AM EST

1. Taxpayers who are exempt should file the MI W4-P form with their investment firms. The companies take you at your word, so make sure.

This ensures that there is no over-withholding.

2. According to Stanton, the penalty for deliberately underwithholding by more than $500 nets a penalty of up to 25 percent of what should have been withheld, plus interest. Another way to stay safe is withhold at least as much tax as you paid last year, adds Boggs, the CPA.

This is designed as incentive for over-withholding.

The broader issue, of course, is:
The new pension tax is expected to generate more than $300million for the state coffers in 2013, to make up the shortfall caused by a cut in the state business tax that will save corporations $1.7 billion this year. AARP of Michigan estimates that 380,000 households in the state will see some or all pension income taxed for 2012.

This will make up for "partnering with Detroit."

"partnering with Detroit." (none / 0) (#4)
by Corinthian Scales on Mon Feb 27, 2012 at 12:54:24 PM EST

Oh... Happy-happy, joy-joy! Just today's headlines:

Victim of carjacking, 86, thankful aid finally came

Boy, 6, shot in attempted carjacking in Detroit

Two burned bodies found in Detroit

Yup. It doesn't matter if it's an infant or a senior, the folk in Detoilet have ZERO respect for life. I don't give a rats ass how many public sector goonion LEOs you throw at the problem, it won't make one iota of difference. It's Detoilet's ingrained amoral victimhood culture to blame.

Badges don't fix that. Throwing more money at it won't fix it either.