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As a former Bay Area resident, I understand perfectly, and it sucks for those of you stuck in high COL areas, but it doesn't exempt you from your tax burden. Taxes are a given in this country, and we all reap the benefits. It's up to you to make the most of your remaining financial resources.
I agree, which is why I am in favor of a tax system which taxes everyone evenely, whether it be flat tax or VAT.
As I've read through this thread, it strikes me that some of you might have an inflated idea of what a millionaire looks like. Here's a snapshot of life for a millionaire in the heartland:
* a 9-5 job in engineering/tech
* a small, paid-in-full house with no stainless in sight
* a veggie garden in the backyard
* coupons at the grocery store
* family meals around the dining table
* kids in public school
* one twelve-year-old car and a spouse with a light rail pass
* vacations spent with extended family, and
* saving/investing 30-35 percent of our family salary and rolling over additional investment income.
There are no Ferraris, showy jewels, haute couture purchases, or spring breaks in Hawaii.
Taxes are a part of life, and my best advice for those of you stuck in high COL areas is to invest whatever you can manage from what remains of your check after you've paid them and to take advantage of any tax reduction strategies available to you.
Last edited by formercalifornian; 11-24-2010 at 11:55 AM..
Agreed with those who make the point about COL. Try living in a place where home prices are exhorbiant. I work hard, and don't consider myself greedy. What I consider greedy is for people to pay a high tax rate for services they don't use. If I pay over 60K a yr in income taxes why should I pay more for someone elses services. If people are not willing to pay a little income then they should have little say in waht free services they recieve. Why should I care what others who aren't willing to pay a dime of income taxes, as to whether or not a I should pay more.
I should not have to pay a greater % of my income for the same services as someone else....
Agreed with those who make the point about COL. Try living in a place where home prices are exhorbiant. I work hard, and don't consider myself greedy. What I consider greedy is for people to pay a high tax rate for services they don't use. If I pay over 60K a yr in income taxes why should I pay more for someone elses services. If people are not willing to pay a little income then they should have little say in waht free services they recieve. Why should I care what others who aren't willing to pay a dime of income taxes, as to whether or not a I should pay more.
I should not have to pay a greater % of my income for the same services as someone else....
I do not object to paying taxes. But it offends me that 47% of the population are paying no federal income tax and that a lot of those people are actually getting money. Lets start by spreading the burden instead of always asking the same people to pay more.
They came up with this figure because it is most small business owners and they want total control over us. Gov supplied food, , Dr's,. What better way to beat down the people take away their means to earn a living.
I actually believe the number was chosen because 2% of Americans make >$200K/individual or $250/couple.
Quote:
Originally Posted by Miborn
Yes the taxes do change that Much! And yes living in high tax areas is a choice but most are not talking about living area taxes they are talking about IRS taxes.
You get to deduct state and local taxes, plus mortgage interest, from your income before paying your federal income tax, so it somewhat evens out.
You are aware that in places with higher COL, wages are also higher, yes?
Quote:
Originally Posted by Jaggy001
Not if you get caught in the AMT trap which is happening to a lot of people in the "HENRY" (High Earner Not Rich Yet) bracket.
Is that an official definition? You guys crack me up! Someone with a screen name of bmw, etc, starts a thread complaining about how poor he is! ROTFLMAO!
You are aware that in places with higher COL, wages are also higher, yes?
Is that an official definition? You guys crack me up! Someone with a screen name of bmw, etc, starts a thread complaining about how poor he is! ROTFLMAO!
Eh
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