A great disappointment (Washington: calculation, salary, property tax)

[rmcewan]

Originally Posted by movingover

even with my $250k I struggle and can't afford anything but an apartment in the NYC suburban area

Must be a real struggle!!! ROFL! My family and I moved over from California. State income taxes there are worse than NY. Under Obama's plan, we'd have paid more taxes - on anything over $250K. It would hardly have crippled us. If you're making that sort of money, and assuming you don't have a half dozen ex-spouses to pay alimony to, you should not be struggling!!!

[movingover]

Originally Posted by rmcewan

Must be a real struggle!!! ROFL! My family and I moved over from California. State income taxes there are worse than NY. Under Obama's plan, we'd have paid more taxes - on anything over $250K. It would hardly have crippled us. If you're making that sort of money, and assuming you don't have a half dozen ex-spouses to pay alimony to, you should not be struggling!!!

Exactly, you're assuming, and so is any politician that creates artificial definitions of wealth. Perhaps I have eight kids, perhaps I have two sets of aging parents, perhaps I have invalid cousins, perhaps I own a retail business and someone slipped and broke their hip and is suing me for more than my insurance covers, perhaps I live in an area where the cost of real estate is at the highest level of just about anywhere in the country, with property taxes equally high. Perhaps, perhaps, perhaps.

It doesn't really matter what you believe, what matters is that I and many like myself will not sweat hard to earn all this money only so the government can redistribute it. You can talk about what I "should" be doing and what I "should" be happy about, but at the end of the day, me and tens of thousands of people like me will walk away from these big incomes and deprive the government of oodles of tax revenues.

All because of people who think they know what people should be doing with their money, and how happy I should be to just get my less than fifty cents on the dollar, after all taxes are added up (income, payroll, capital gains, sales, property, gas, luxury, etc.).

[nicolem]

[quote=movingover;6090915]Exactly, you're assuming, and so is any politician that creates artificial definitions of wealth. Perhaps I have eight kids, perhaps I have two sets of aging parents, perhaps I have invalid cousins, perhaps I own a retail business and someone slipped and broke their hip and is suing me for more than my insurance covers, perhaps I live in an area where the cost of real estate is at the highest level of just about anywhere in the country, with property taxes equally high. Perhaps, perhaps, perhaps.

It doesn't really matter what you believe, what matters is that I and many like myself will not sweat hard to earn all this money only so the government can redistribute it. You can talk about what I "should" be doing and what I "should" be happy about, but at the end of the day, me and tens of thousands of people like me will walk away from these big incomes and deprive the government of oodles of tax revenues.

All because of people who think they know what people should be doing with their money, and how happy I should be to just get my less than fifty cents on the dollar, after all taxes are added up (income, payroll, capital gains, sales, property, gas, luxury, etc.).[/QUOTE]




Great post. And also very sad that so many people think like that.

[rmcewan]

Originally Posted by movingover

Exactly, you're assuming, and so is any politician that creates artificial definitions of wealth. Perhaps I have eight kids, perhaps I have two sets of aging parents, perhaps I have invalid cousins, perhaps I own a retail business and someone slipped and broke their hip and is suing me for more than my insurance covers, perhaps I live in an area where the cost of real estate is at the highest level of just about anywhere in the country, with property taxes equally high. Perhaps, perhaps, perhaps.

It doesn't really matter what you believe, what matters is that I and many like myself will not sweat hard to earn all this money only so the government can redistribute it. You can talk about what I "should" be doing and what I "should" be happy about, but at the end of the day, me and tens of thousands of people like me will walk away from these big incomes and deprive the government of oodles of tax revenues.

All because of people who think they know what people should be doing with their money, and how happy I should be to just get my less than fifty cents on the dollar, after all taxes are added up (income, payroll, capital gains, sales, property, gas, luxury, etc.).

Well good luck with your move. Nobody said you should be happy about paying additional taxes (which you probably won't at under 250) - and if you indeed have all those tax-deductible dependents or expenses, then you probably should be complaining only about AMT - which multiple congresses and presidents have failed to fix over the years. Perhaps going back to paying a little more will help this country out recession and get us to a balanced budget (which, before the cons jump in - will have to be combined with spending curbs and program cancellations).

It seems rather backwards to think that you'll be sticking it to the government by taking a pay cut and moving to a income-tax-free state. The feds will still take your money. Proportionally probably more than you pay now as you'll be paying FICA on a greater portion of your income and will not have a state tax to deduct.

[sgthoskins]

Originally Posted by rmcewan

Must be a real struggle!!! ROFL! My family and I moved over from California. State income taxes there are worse than NY. Under Obama's plan, we'd have paid more taxes - on anything over $250K. It would hardly have crippled us. If you're making that sort of money, and assuming you don't have a half dozen ex-spouses to pay alimony to, you should not be struggling!!!

I love when people who make less say you shouldn't be struggling when you make more than them. Ignorance is bliss.

You do understand that when you make 250K the federal .gov takes 35% off the top right?

So 250K - 87.5 = 162.5K
Then there is social security - 5K = 157.5
Then property taxes - 6K = 151.5K
Then medicare - 3K = 148.5K

So we've effectively cut more than 100K dollars off this salary with taxes that don't include everyone. We are over 40% tax on that salary and Obama wants to add another 4.5% to that bracket. God forbid you sell stock or sell property. That capital gains tax is going to be moved to 28% under Obama's plan. Because hey the .gov deserves your hard earned money right?

Because that's FAIR right rmcewan???????? Justify how having almost 50% of your income taken via tax is fair.

[motoracer51]

Originally Posted by sgthoskins

I love when people who make less say you shouldn't be struggling when you make more than them. Ignorance is bliss.

You do understand that when you make 250K the federal .gov take 35% off the top right?

So 250K - 87.5 = 162.5K
Then there is social security - 5K = 157.5
Then property taxes - 6K = 151.5K
Then medicare - 3K = 148.5K

So we've effectively cut more than 100K dollars off this salary with taxes that don't include everyone. We are over 40% tax on that salary and Obama wants to add another 4.5% to that bracket. God forbid you sell stock or sell property. That capital gains tax is going to be moved to 28% under Obama's plan. Because hey the .gov deserves your hard earned money right?

Because that's FAIR right rmcewan???????? Justify how having almost 50% of your income taken via tax is fair.

Amen sgt.

They don't call them Californicators here in Colorado for nothing.

They abandon ship in the failed state of CA, only to ruin the state they flee to using the very same failed politics.

[sgthoskins]

Anything other than a flat federal tax bracket isn't fair. I love how the moonbats pick and choose what they consider fair and not fair. Since the completely unfair federal tax bracket benefits the huge .gov the moonbats keep quiet about it.

[motoracer51]

Originally Posted by sgthoskins

Anything other than a flat federal tax bracket isn't fair. I love how the moonbats pick and choose what they consider fair and not fair. Since the completely unfair federal tax bracket benefits the huge .gov the moonbats keep quiet about it.

Probably never float. We need to punish the hard working successful people and "spread the wealth".

[rmcewan]

Originally Posted by sgthoskins

You do understand that when you make 250K the federal .gov takes 35% off the top right?

So 250K - 87.5 = 162.5K
Then there is social security - 5K = 157.5
Then property taxes - 6K = 151.5K
Then medicare - 3K = 148.5K

No. I understand what they ACTUALLY do is to apply 35% only to taxable income above 357K.

For 250K, his marginal rate would be 33% of taxable income over $164,550 in 2008. He would pay $40,052 on the income below $164K. So that is a MAXIMUM of $68K in fed income taxes or 27%. However, fed taxes are on income adjusted for state and local taxes (inc property tax), less itemized deductions. He's going to take about $18K of NY taxes off is Federal taxable income. So now we're down to about 62K in fed taxes. Let's throw in that 6K of local property tax, and because he's paying that let's estimate a real low mortgage interest payment of $10,000. Deduct that, and we're down to $57K. Unfortunatley, now he's going to get hit with alternative minimum tax (AMT - which both parties have failed to fix) so we're probably back up to about $60K. But I just saved him $25K on your estimate.

Probably worth adding that nobody pays social security on earnings after $102K. That's about 6200K for salaried workers or for us self-employed pukes $12400!!!
Medicare on $250K will be $3600 (or 7200 for Self Emp) but will also reduce due to deductions mentioned above.

[sgthoskins]

There is no 18K deduction in fed when I was assuming it was a NH resident. You're still justifying the inflated federal percentage to higher incomes. The 35% is going to 39.5% once Obama gets his tax plan in place.

For someone who works hard and is self employed how can you defend the very highly inflated fed tax structure?