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Old 10-15-2018, 10:09 AM
 
64,570 posts, read 66,100,109 times
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Quote:
Originally Posted by COJeff View Post
The bottom feeders don't pay their fair share.
i would certainly like to see a minimum income tax . make it 50 bucks for living in this country . people on the lowest level seem to have money for beer , lottery tickets and cell phones . i don't think it is unreasonable to see a minimum of 50 bucks in INCOME taxes . many on the lowest levels actually get more than they pay in via credits
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Old 10-15-2018, 10:11 AM
 
Location: Southern Colorado
2,928 posts, read 1,431,283 times
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Quote:
Originally Posted by GeoffD View Post
Let me guess. C's in High School? Didn't get a strong college education with a 'hard' degree at a good school with good grades? Not seeing 'top performer' in your performance reviews at work?


If you're mediocre, you get paid mediocre.
Worked my way through college and graduated at 22. Make over $100/hr when I work. Was always the top performer. Probably a millionaire.

Interesting assumptions Gomer. Can't logically argue with the statements so attack the messenger?
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Old 10-15-2018, 10:13 AM
 
Location: NNJ
8,450 posts, read 4,655,936 times
Reputation: 9097
Quote:
Originally Posted by GeoffD View Post
If you're mediocre, you get paid mediocre.
Sure.... but does that translate to mediocre taxation (all forms of it)? Not really.. or maybe depending o the situation. A mediocre person with mediocre pay is still paying at the same sales tax rate for example as a person with exceptional pay. As I said, income tax doesn't tell the whole story

Oh btw... since a person's background seems important to you. I am B-C student from a financially low income background. But I am a hard worker. 6 years graduated (no financial help worked and paid for by myself), home owner shortly after.. I'm now in the middle upper class income brackets... so I think I did ok.

Last edited by usayit; 10-15-2018 at 10:28 AM..
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Old 10-15-2018, 12:15 PM
 
1,298 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by Quietude View Post
It is to those who think the "middle class" is carrying the US on its back.

Whatever "middle class" the speaker happens to consider himself part of, that is.

OTOH, this breakdown is used to make us weep for the poor, poor rich who sometimes have to part with 18% of their earnings each year.
Very few rich people are paying 18%. That's not even possible anymore after the slew of Obamacare taxes. If you are assuming (which I am guessing you are) that 100% of income is long term capital gains, the minimum they can pay is 23.8%. But there aren't all that many people who make 100% of their income through capital gains. Many high earners make their income through salary, bonus and stock options which are all taxed at full fare. In a high state tax like California, the more you make, the higher your effective tax rate goes. People who make over $1m pay 13.3% in state taxes alone, on top of the top federal rate of 37%. The higher your income, the closer you will pay to the 50% total of those two numbers.
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Old 10-15-2018, 12:16 PM
 
1,298 posts, read 290,880 times
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Quote:
Originally Posted by usayit View Post
That's pretty obvious... Income taxation doesn't tell the whole story. At lower incomes an increasingly larger percentage of income goes to other taxes.
And there are 43% who pay ZERO FEDERAL INCOME TAXES. And it ain't at the top.
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Old 10-15-2018, 12:17 PM
 
1,298 posts, read 290,880 times
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Quote:
Originally Posted by Quietude View Post
You could define that, or just leave it all as a meaningless rant.
I defined it for him.
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Old 10-15-2018, 12:27 PM
 
Location: NNJ
8,450 posts, read 4,655,936 times
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Quote:
Originally Posted by Grlzrl View Post
And there are 43% who pay ZERO FEDERAL INCOME TAXES. And it ain't at the top.
As I said.... at lower income levels, there are other taxes that take an increasingly larger percentage of their pay. Income taxes are not the whole story. I would be ok with making everyone pay income taxes if and only if they got rid of sales tax.

I agree though.. .makes for useless ranting easy

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Old 10-15-2018, 12:28 PM
 
Location: Aurora Denveralis
2,991 posts, read 1,017,500 times
Reputation: 3808
Quote:
Originally Posted by Grlzrl View Post
And there are 43% who pay ZERO FEDERAL INCOME TAXES. And it ain't at the top.
Quote:
Originally Posted by Grlzrl View Post
I defined it for him.
Restating is not defining. But it's probably the best you can do.
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Old 10-15-2018, 12:40 PM
 
64,570 posts, read 66,100,109 times
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Quote:
Originally Posted by Grlzrl View Post
Very few rich people are paying 18%. That's not even possible anymore after the slew of Obamacare taxes. If you are assuming (which I am guessing you are) that 100% of income is long term capital gains, the minimum they can pay is 23.8%. But there aren't all that many people who make 100% of their income through capital gains. Many high earners make their income through salary, bonus and stock options which are all taxed at full fare. In a high state tax like California, the more you make, the higher your effective tax rate goes. People who make over $1m pay 13.3% in state taxes alone, on top of the top federal rate of 37%. The higher your income, the closer you will pay to the 50% total of those two numbers.
i had a very large capital gain in 2014 when the capital gains rate went to 20% plus the 2.80% medicare surcharge, as well as that level tripped the amt tax .

so that year looked like this .

i show total income including the gain on the lease rights i sold , of 461,136.00

bottom line federal taxes were 89,387 , new york state taxes 28,604 and nyc taxes 15,021.00

133,000 in taxes .

i think that is 29% plus more in amt the following year .

there was an additional amt penalty due again the following year , even though our incomes were nothing special ,because of the large state and local taxes, it tripped it again on deductions this time . so that is part of the taxes too and it was all coming from that capital gain .

Last edited by mathjak107; 10-15-2018 at 12:50 PM..
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Old 10-15-2018, 12:47 PM
 
Location: Washington state
4,680 posts, read 2,299,411 times
Reputation: 13662
Quote:
Originally Posted by COJeff View Post
The bottom feeders don't pay their fair share.
https://www.forbes.com/sites/moneywi.../#362d9c902395

"The average annual income of the top 1 percent of the population is $717,000, compared to the average income of the rest of the population, which is around $51,000. The real disparity between the classes isn't in income, however, but in net value: The 1 percent are worth about $8.4 million, or 70 times the worth of the lower classes."

The tax rate on $717,000 is $150,689.50 plus 37% of the amount over $500,000. So 717,000 minus 150,689 equals 566,311. Tax rate of 37% on $217,000 is 80,290. So if you bring home $717,000 and pay taxes of 230,979.50, you will end up with (only) 486,020.50 if my figures are correct.

https://www.nerdwallet.com/blog/taxe...-tax-brackets/

Of course, this doesn't account for things like IRAs, tax shelters, deductions, etc.

But I will tell anyone reading this, as someone who won't be filing taxes because what I get annually isn't even enough to warrant a tax return, I'd far, far rather get that $717,000 a year and pay those taxes. I think I could manage to live on what's left over.

What about the rest of you?

And think of this: if you only lived on half that amount and saved half, without investing it or anything, you could save a million dollars in just 4 years. How many people here have been able to save a million dollars for retirement in just 4 years?

Still think the 1% have it hard?

Last edited by rodentraiser; 10-15-2018 at 12:56 PM..
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