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Under the Trump plan, my taxes go up because I end up in a higher tax bracket. Although I'm compinsating by adding more to my 401k to keep me in the lower bracket.
At least you have a job that pays well! My gross income filing joint 2016 is $16,000. I've been looking for a decent paying job for 7 years. I have a bachelors degree and so does my wife. Lots of student loans too. We can't seem to be able to find jobs that pay more than high 20s/yr. The jobs we do get are complete ****. Imagine getting your bachelors and forced to take a job cleaning toilets and sweeping floors or changing dirty diapers. Yeah unemployment is under 5% my ass!!!! Fwiw I've never taken a government handout and have never been counted in the unemployment rate. I would be happy to pay 1/3 of my income in tax if we made 100k. I put in over 100 applications in november and december and not 1 sit down interview. Of course I'm sure I will be called an entitled millennial. How dare I ask for a decent paying job.
What are your degrees in? I have two adult children in their late 20s. Both have Bachelor of Science college degrees from Big Ten universities. The eldest has an MBA, as well. They're employed, salaries close to $100K. A huge alumni network matters, FWIW.
I'm not! It costs $66,000 to house a federal prisoner! To get a couple of grand back! Lotsa luck! Just the trial alone could cost $10K! Now if you bilk Medicare for $3,000,000, that's another story indeed!
lol, thanks for the laugh. I think I'm pretty much calmed down now.
Funny side note about an income tax on wages from labor - it's completely illegal and unconstitutional. If you look at the history of the income tax and the interpretation of the 16th amendment, it was never meant to tax wages. Many years ago the DC Circuit court wrote a great opinion on how taxing labor income was illegal, but later "retracted" the opinion. I think they just wanted to put it out there. Of course, regardless of any logical or legal scholarly reasoning, if you don't pay your taxes then the government still throws you in jail. So we all do it.
It is a slap in the face and a hard kick in the rump for most millennials. Life is much more difficult and expensive for them, compared to the baby boomers. The "American Century" is over and much of the world has caught up and surpassed us in many aspects of life! We're just "one of many" at this point. A lot of American Exceptionalism was due to plain good luck!
No shortage of Millenial children in my community of 400 households. I am aware of only one who was unable to find a decent job and that was because he chose to stay home and play video games all day. Parents eventually tired of it and gave him an ultimatum, enlist or get out.
He found a job at Amazon and got a promotion. He still lives at home and plays video games but his parents are glad he's working.
What are your degrees in? I have two adult children in their late 20s. Both have Bachelor of Science college degrees from Big Ten universities. The eldest has an MBA, as well. They're employed, salaries close to $100K. A huge alumni network matters, FWIW.
There are a lot of people that have a "zippo network". They didn't go to Haaaavard or their Daddy didn't play golf with the Bushes! They went to Hard Luck Community College and Cheap State College, where the better-off alumni send $25 a year instead of $25 million. Their boss at Starbuck's might be willing to write a note about their hard work and great attendance record tho'!
I know it is hard for many here to believe , but in fact we pay low taxes in the USA. well part from lower to average income folk, they get screwed as they tend not to have the cash to take advantage of all the tricks.
there are plenty of sources to back this up. Our low tax rate reflects the fact that the richer you are the less you pay.
Oh, good grief, no. That's just plain false when all the tax data is analyzed. Look at the average effective federal income tax rate by income group in Table 8, here. IRS data:
I'm in my 20s... at this rate, I'll probably never be able to retire.
And I can deal with that. It just feels like a slap in the face to have to pay for all these 'collective' benefits I'm never going to see.
You owe $15K in taxes and don't think you'll be able to retire... Something's not adding up...
No HSA account to use as a tax shelter and lower your taxable income? No access to regular IRAs to lower your taxable income? No 401k account at your company or even a simple IRA if you're self-employed?
How is it possible to earn enough to owe $15k on top of what you've already paid, yet not max out all the tax-deferred accounts you can?
No shortage of Millenial children in my community of 400 households. I am aware of only one who was unable to find a decent job and that was because he chose to stay home and play video games all day. Parents eventually tired of it and gave him an ultimatum, enlist or get out.
He found a job at Amazon and got a promotion. He still lives at home and plays video games but his parents are glad he's working.
I just hope that Amazon worker doesn't have a Master's in English or History and a mountain of debt to pay back! But I do know that some "Drones" don't get off the ground!!
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Something's not adding up...
