Despite Pledge, Taxes Increase for Teenagers

**Jason** · 05-21-2006, 01:12 PM

The $69 billion tax cut bill that President Bush signed this week tripled tax rates for teenagers with college savings funds, despite Mr. Bush's 1999 pledge to veto any tax increase.

Under the new law, teenagers age 14 to 17 with investment income will now be taxed at the same rate as their parents, not at their own rates. Long-term capital gains and dividends that had been taxed at 5 percent will now be taxed at 15 percent. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent.

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**Fox** · 05-21-2006, 07:14 PM

Well of course, teenagers aged 14-17 can't vote.

My philosophy is this: if you can't vote, you shouldn't have to pay taxes. Period.

**DumberDrummer** · 05-21-2006, 07:22 PM

Seriously... this is totally bogus... yeah we are minors, but having to pay federal taxes without being able to vote is technically taxation without representation.

Of course they tax non-registered voters too, but whatever.

**Fox** · 05-22-2006, 04:46 AM

Yeah, but at least they have a choice as to whether or not they vote.

I guess it doesn't matter to me now, since I turned 18 a while ago, but it's still really unfair. Most teenagers don't even make that much to begin with. To take any of it away in the form of taxes is shameful.

yustr · 05-22-2006, 07:21 AM

I'm actually amazed it happened. The Republicans must have been asleep at the wheel. To actually raise taxes on rich kids - oh the shame of it.

How many middle class kids have interest income above the taxable level? How many middle class kids have capital gains above a taxable level? The only way this comes into play is if Biff or Buffy has a sizable endowment from Daddy or Grandma.

And I agree that if you can't vote = no taxes. But felons can't vote. Should they too pay no taxes?

And regarding taxation without representation: I live in Connecticut but I work in New York. I get the privilege of paying New York income tax but can’t vote to throw Pataki out.

bry623 · 05-22-2006, 07:55 AM

Quote:

Originally Posted by Fox

Well of course, teenagers aged 14-17 can't vote.

My philosophy is this: if you can't vote, you shouldn't have to pay taxes. Period.

I totally agree with this one. If someone else can claim you, your taxes should be thier responsibility.

05-21-2006, 01:12 PM	#1 (permalink)
Jason Faugh a ballagh Join Date: Dec 2001 Location: Pasco, FL Posts: 8,483 OS: Windows Vista My System Blog Entries: 2	Despite Pledge, Taxes Increase for Teenagers The $69 billion tax cut bill that President Bush signed this week tripled tax rates for teenagers with college savings funds, despite Mr. Bush's 1999 pledge to veto any tax increase. Under the new law, teenagers age 14 to 17 with investment income will now be taxed at the same rate as their parents, not at their own rates. Long-term capital gains and dividends that had been taxed at 5 percent will now be taxed at 15 percent. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent. Full Story __________________ Posting Tips \| Advice for New People \| Common Fixes \| Agus na damnaithe fágtha gan focal Glaoigh ormsa i measc na naomh

05-21-2006, 07:14 PM	#2 (permalink)
Fox TSF Enthusiast Join Date: Sep 2002 Location: NJ Posts: 7,752 OS: XP Pro, CentOS My System	Well of course, teenagers aged 14-17 can't vote. My philosophy is this: if you can't vote, you shouldn't have to pay taxes. Period. __________________ Antec Neo Power 500W, ABIT IP35-E, Intel E2180@2.66Ghz, Corsair XMS2 2x1GB DDR2-800, PNY 8800GT, 320GB Seagate * lazy college student alert *- If I've inadvertently ignored a thread, please Let me know about it Have I helped you solve your problem? Donate to Techsupportforums Klart Skepp!

05-21-2006, 07:22 PM	#3 (permalink)
DumberDrummer Cymru am byth Join Date: Oct 2003 Location: Oregon Posts: 5,385 OS: Windows XP Pro SP2 My System	Seriously... this is totally bogus... yeah we are minors, but having to pay federal taxes without being able to vote is technically taxation without representation. Of course they tax non-registered voters too, but whatever. __________________ Living with Louie dog's the only way to stay sane _____________________________________________ ... and with those words so begins my lifetime of longing for the devil's warm embrace

05-22-2006, 04:46 AM	#4 (permalink)
Fox TSF Enthusiast Join Date: Sep 2002 Location: NJ Posts: 7,752 OS: XP Pro, CentOS My System	Yeah, but at least they have a choice as to whether or not they vote. I guess it doesn't matter to me now, since I turned 18 a while ago, but it's still really unfair. Most teenagers don't even make that much to begin with. To take any of it away in the form of taxes is shameful. __________________ Antec Neo Power 500W, ABIT IP35-E, Intel E2180@2.66Ghz, Corsair XMS2 2x1GB DDR2-800, PNY 8800GT, 320GB Seagate * lazy college student alert *- If I've inadvertently ignored a thread, please Let me know about it Have I helped you solve your problem? Donate to Techsupportforums Klart Skepp!

05-22-2006, 07:21 AM	#5 (permalink)
yustr Asst. Manager, The Conversation Pit Join Date: Sep 2004 Location: Connecticut shore Posts: 6,059 OS: XP Pro My System	I'm actually amazed it happened. The Republicans must have been asleep at the wheel. To actually raise taxes on rich kids - oh the shame of it. How many middle class kids have interest income above the taxable level? How many middle class kids have capital gains above a taxable level? The only way this comes into play is if Biff or Buffy has a sizable endowment from Daddy or Grandma. And I agree that if you can't vote = no taxes. But felons can't vote. Should they too pay no taxes? And regarding taxation without representation: I live in Connecticut but I work in New York. I get the privilege of paying New York income tax but can’t vote to throw Pataki out. __________________ If there are lawyers or politicians involved, logic may be a very poor tool for reaching a conclusion.