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Old 07-24-2017, 03:03 PM
 
Location: Silicon Valley
2,747 posts, read 1,207,954 times
Reputation: 5047

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Quote:
Originally Posted by SaucyAussie View Post
And pretty soon we may be paying taxes on state taxes too.
Hey Op, reduce the number of exemptions on your W-4. Withholding is set by the government based on that form. The form isn't necessarily designed for all tax situations. I routinely drop mine to 1 exemption and that's it.

For taxes, in California, you have to include sales tax in the basis of property for unsecured property tax calculations. A true tax on the tax. I lost that fight with the BOE. It's statutory.

Otherwise it's not double dipping but continuous coverage. You have income tax, payroll (FICA) tax, sales tax, excise tax, property tax, gift tax and estate tax.

Basically, taxed when it's earned, taxed when it's paid, tax if you spend it, tax on what you own, tax if you give it and a tax if you didn't spend it when you die.

Exclusions...there's some good ones if you're rich enough to utilize them. Push income to a tax haven, real estate or mining depreciable properties, certain life insurance products, ESOPs, round robin contributions to you and your buddies charitable organizations....sorry, nothing great for most. Remember to keep documentation for you mileage and get receipts from your church.
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Old 07-26-2017, 08:14 PM
 
2,360 posts, read 1,026,502 times
Reputation: 2071
Just Bs on what they do take out.. taking out SS That i will never get, Medicaid? really? All i am saying is, we are allow XX base on our family size. So standard tax deduction is 9k.. 2k per kid, so it brings me down to 7k i have to pay in at min, than another 1k for house hold..and other things it brings me down to 5k min i have to pay in.. But still 5k in taxes, fed taxes.. so where the hell does the other 2k in ss/FICA goes that i will never see?
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Old 07-27-2017, 05:01 AM
 
Location: Silicon Valley
2,747 posts, read 1,207,954 times
Reputation: 5047
Quote:
Originally Posted by hitpausebutton2 View Post
Just Bs on what they do take out.. taking out SS That i will never get, Medicaid? really? All i am saying is, we are allow XX base on our family size. So standard tax deduction is 9k.. 2k per kid, so it brings me down to 7k i have to pay in at min, than another 1k for house hold..and other things it brings me down to 5k min i have to pay in.. But still 5k in taxes, fed taxes.. so where the hell does the other 2k in ss/FICA goes that i will never see?
I'd cry a bit more for you, except I'm self employed....meaning that social security and medicare you see is half of what I pay, because I pick up the employer match too. Same for my wife. Combined, we'll have $1M paid into these programs before we retire to then be told it's not right for us to want a share of the pie due to means testing. $1M to be told sorry, there's none left and you don't need it. Someone paying in $2K FICA a year is definitely going to pull more money out than they put in, unless they die an early death.

At the end of the day, as you begin to earn more, you're going to see much larger tax bills. If you're like my wife and I, you make $2, and you keep $1 and the other gets split up amongst various governmental agencies.
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Old 07-27-2017, 06:32 AM
 
4,229 posts, read 1,904,197 times
Reputation: 3782
Keep in mind that most of our taxes are regressive. It's LOW-income people who pay them disproportionately.

Meanwhile, Social Security is sitting on an invested surplus of some $2.8 trillion. The system is not about to run out of money. If you will be needing your SS pension any time prior to 2050, you have nothing to worry about here. Well, except for political risk.
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Old 07-28-2017, 01:49 AM
Status: "Living the good retired life." (set 27 days ago)
 
Location: Wasilla, AK
5,861 posts, read 3,139,843 times
Reputation: 11824
Quote:
Originally Posted by Pub-911 View Post
Keep in mind that most of our taxes are regressive. It's LOW-income people who pay them disproportionately. [/i]
As well they should. Low income people use a disproportionate amount of our resources. Most ER visits, most health care, most police, fire and EMS responses. And they are the ones most likely to populate our prisons. And don't even get me started on crime, welfare, Section 8, etc, etc ad nauseam.
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Old 07-28-2017, 02:42 AM
 
Location: Silicon Valley
2,747 posts, read 1,207,954 times
Reputation: 5047
Quote:
Originally Posted by Pub-911 View Post
Keep in mind that most of our taxes are regressive. It's LOW-income people who pay them disproportionately.

Meanwhile, Social Security is sitting on an invested surplus of some $2.8 trillion. The system is not about to run out of money. If you will be needing your SS pension any time prior to 2050, you have nothing to worry about here. Well, except for political risk.
Yeah, I'm pretty sure the middle class, especially those paying AMT or self employment taxes, are the ones taking it in the shorts the hardest.

I've been poor before. Taxes weren't that big of a deal. I used to think of it as a savings account. Pay money in, get money back at the end of the year. Rent and tuition sucked, but that wasn't really the government's fault.

Social Security...well, it's invested...in Federal debt...that there's no funds to repay. Pretty sure if a company did that, the offsetting asset and liability would be eliminated in consolidation. Medicare is the scarier part anyway.
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Old 07-28-2017, 07:47 AM
 
Location: Gainesville, FL
190 posts, read 195,578 times
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Quote:
Originally Posted by AlaskaErik View Post
As well they should. Low income people use a disproportionate amount of our resources.
I've never heard this argument. Assuming you agree with the public funding of those functions I will play devil's advocate and say I disagree with your assessment. The concept of a "safety net" is that it's held by any and all, not simply the ones falling.
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Old 07-28-2017, 08:03 AM
 
7,351 posts, read 4,424,475 times
Reputation: 8301
Quote:
Originally Posted by AlaskaErik View Post
As well they should. Low income people use a disproportionate amount of our resources. Most ER visits, most health care, most police, fire and EMS responses. And they are the ones most likely to populate our prisons. And don't even get me started on crime, welfare, Section 8, etc, etc ad nauseam.
And they breathe air too, as if they had paid for it!
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Old 07-28-2017, 08:13 AM
 
7,351 posts, read 4,424,475 times
Reputation: 8301
Quote:
Originally Posted by hitpausebutton2 View Post
Just Bs on what they do take out.. taking out SS That i will never get, Medicaid? really? All i am saying is, we are allow XX base on our family size. So standard tax deduction is 9k.. 2k per kid, so it brings me down to 7k i have to pay in at min, than another 1k for house hold..and other things it brings me down to 5k min i have to pay in.. But still 5k in taxes, fed taxes.. so where the hell does the other 2k in ss/FICA goes that i will never see?
Why do you think you will never collect any SS benefits or enroll in Medicare? Do you believe we will stop collecting those payroll taxes? I believe that is highly unlikely.

The standard deduction is not 9k, and there is no standard deduction per kid. And if there were, you would not subtract it from your standard deduction to arrive at your tax liability.

Pull out your 1040 from 2016 and look at line 63. (Line 39 if you filed a 1040A). The number on that line is your federal tax liability.
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Old 07-28-2017, 08:22 AM
 
4,229 posts, read 1,904,197 times
Reputation: 3782
Quote:
Originally Posted by AlaskaErik View Post
As well they should. Low income people use a disproportionate amount of our resources. Most ER visits, most health care, most police, fire and EMS responses. And they are the ones most likely to populate our prisons. And don't even get me started on crime, welfare, Section 8, etc, etc ad nauseam.
LOL! You've been horn-swoggled by the disinformation media. What we have here is government of, by, and for wealthy people. As the result, the wealthy are the ones who by far benefit most from public services. Start with something as simple and huge as defense expenditures. Are those really to "protect our freedoms?" Don't make me laugh. They are to protect our property, which the wealthy have lots of and the rest don't. And how much of our local police budgets are there to protect the homeless guy with all his worldly possessions packed into a grocery cart? None. That's how much. Police protect the property and privileges of the wealthy. That's their job.
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