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Old 08-24-2016, 08:51 PM
 
24,541 posts, read 18,124,000 times
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Quote:
Originally Posted by bxlover View Post
I max out my 401k and we save over 20 percent of our income. But its no longer liquid cash as its tied up in long term investment. So our net income is budgeted. We have low expenses compared to most. Very finachially resposible. But owing a few thousand to be repaid is not what I find pleasent. You know its sounds like lot of money, but after taxes, 401k, mortgage, health insurance, yes we are living carefully.
How does that math work? Are you over 50? If not, maxing out your 401(k) is $18,500 and you claim to make $185K. That's 10%, not 20%.
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Old 08-24-2016, 09:38 PM
 
10,600 posts, read 12,064,847 times
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^^ think the OP said he AND his wife make 185 (together). So the 185 is not all his.

As for a progressive tax code and people perhaps never thinking or expecting they'll be in the highest bracket……
It's true, the government thinks if you make more, it can take more. And there IS a certain rationale to that. The more you have, the more it CAN take -- and you'll still have much more than most.

So if I, as a SINK, made 200K ( don't but if I did), I'd expect, given our taxation, to pay a higher percentage than a sink making 50. And even with that higher taxation -- I'd still be doing a lot better than that SINK making 50, and many two income families. So, I guess I'd have to suck up that first world problem of making so much they could take, 30, 35, 40 percent -- which depending on which state you live -- total tax at ion gets to over 50%…..and STILL being able to live damn well.

Could our tax system be improved? Sure. but it's the one we have.

Back to working OT…sure if a person get's to keep 75% of what they make….that's better and "more of an incentive" to work that OT, than if they only get to keep 60%. The less a person gets to keep, the more than may start to ask -- is it worth doing. especially if they can live OK, without that extra money, and have other pleasurable things they could do with that time.
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Old 08-25-2016, 10:28 AM
 
13,389 posts, read 6,412,740 times
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Quote:
Originally Posted by bxlover View Post
No. Im speaking to folks who might be on a threshhold where a few thousand can change their status at tax time. Not definitely the example you gave. But may apply between grossing 200k vs 193 k.
But the changed tax status or higher tax rate would only apply to the extra $7,000, not the $193,000 previously earned.

You still end up with more money.
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Old 08-26-2016, 08:02 AM
 
1,782 posts, read 2,375,806 times
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Quote:
Originally Posted by petch751 View Post
Sure you would.... just like those kids who said they want socialism but think about it... Obamacare was based on the young buying something they most likely wouldn't need and their money would pay for the older people. They were all for it until the money came out of their pocket so they opted to pay "the fine" instead of expensive healthcare premiums.

In other words, people are all talk until it's them.

By the way, it's called "progressive tax code". Obviously anyone who supports it never expects to make high income.
How is the ACA socialism when it requires people to buy a product from private corporations? Anyone who calls that socialism doesn't know what that word means. The ACA (Obamacare) seems more like a perverse form of capitalism, and it's the healthcare plan the conservative Heritage Foundation developed in the early 1990's. An true example of socialized medicine would be the VA system.
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