Third of households making $250k or more living paycheck to paycheck (status, borrow)
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This is simply wrong. The wage cap for social security is $147,000. So, if you are going to talk about the marginal rate paid by a $220k earner, you need to subtract that from your figure, bringing a more accurate marginal tax rate of 42.75
Lets be fair though. The first $4803 you earned you only had to pay 6.65% in SS/Medicare, just like any other worker. After that, CA hit you for 1%, so you paid 7.65% for the next $7,000 or so, again, like any other worker.
Don't forget that earning that much money allows you to fully max out a number of tax shelters. Contributions to 401k will reduce your top marginal tax liability, as well itemized deductions if you qualify. Are you paying back student loans? That is deductible too. There are solar energy credits, etc. Then, CA is pretty friendly on property taxes if you have lived there for a while, so you can pay lower rates for those.
Student loan deductions are phased out loooooong before $250,000.
Give them math a whirl, it’s no where near 50%. It’s right around 35% depending on the details but could be less. Oh and why do we have to pay taxes? Because it helps support a modern society, you do know this isn’t an American concept right?
Can we cancel your handouts too or do we just have to address the ones you don’t like?
if your self employed its way over 40% and then add city taxes its get close to 50
and even 35 is a hell of alot when you add sales taxes, fees, utility taxes, etc
First, not close to 50% of income. At best, 35% in the examples above.
Second, this pays for the military, air traffic control, education, highways, social security payments for american workers who have put in decades of payments, unemployment insurance for when there is a recession so that people do not starve and crash our economy, medical care for americans who have put decades into the workforce, etc.
Lets remember illegal immigrants often pay taxes, but do not get tax refunds because they do not file. Hmmm, maybe they are subsidizing you?
These programs are generally good. Nobody is going to support every single government expenditure, but overall, these are necessary and beneficial things for all.
So, before you criticize, you may want to develop some understanding of the issues being discussed.
LOL wrong its close to 50% if your self employed like i was and living in Calif - i know what i paid in taxes for 40 years
next unemployment insurance is such a scam and the govt extends it every damn time from 12 weeks to 26 weeks to a year - another waste - Illegals dont pay near the taxes they should and what they take from us from housing, food stamps, health care and education -so stop with your nonsense and get a grip
govt both state and feds spend OUR money in wasteful causes and will continue as this is there only power they have.
Refunds? what the hell is that i pay a cat load every damn 90 days to both the feds and state and then if i dont pay enough get penalized.
but please feel free to pay more you owe so your money can be given to places like iraq, sudan, mexico, all of central america by the billions every year
First, not close to 50% of income. At best, 35% in the examples above.
Second, this pays for the military, air traffic control, education, highways, social security payments for american workers who have put in decades of payments, unemployment insurance for when there is a recession so that people do not starve and crash our economy, medical care for americans who have put decades into the workforce, etc.
Lets remember illegal immigrants often pay taxes, but do not get tax refunds because they do not file. Hmmm, maybe they are subsidizing you?
These programs are generally good. Nobody is going to support every single government expenditure, but overall, these are necessary and beneficial things for all.
So, before you criticize, you may want to develop some understanding of the issues being discussed.
Anyone calling social security a good program might also want to heed to their advice of some understanding… the return on investment of social security is often NEGATIVE.
And some fantasy where illegal aliens are paying taxes and subsidizing legal residents? Grief the denial is absolutely astounding.
I’m a LEGAL immigrant, paid the thousands of dollars to the US government for the process, plus the thousands of dollars for citizenship, and now I even pay taxes on income I earn overseas, which is a tax system unique to few countries, including USA. So my dumb ass did everything by the book, pays into a failed social security system, won’t even be entitled to full benefits once I retire, pay taxes every year, even on the capital gains of an overseas property I owned for YEARS prior to migration to USA, and I see morons with your “aww poor ‘undocumented citizens’, have some compassion” and I really wonder what your mental illness is.
Anyone calling social security a good program might also want to heed to their advice of some understanding… the return on investment of social security is often NEGATIVE.
It’s not an investment program so it would be helpful if you understand what the program is before talking about it
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And some fantasy where illegal aliens are paying taxes and subsidizing legal residents? Grief the denial is absolutely astounding.
They absolutely pay into things they never get a dollar out of, so that would mean they are subsidizing legal residence in certain programs. Further more a lot of illegals avoid getting benefits even if eligible to do so. Your denial might be something to behold
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I’m a LEGAL immigrant, paid the thousands of dollars to the US government for the process, plus the thousands of dollars for citizenship, and now I even pay taxes on income I earn overseas, which is a tax system unique to few countries, including USA. So my dumb ass did everything by the book, pays into a failed social security system, won’t even be entitled to full benefits once I retire, pay taxes every year, even on the capital gains of an overseas property I owned for YEARS prior to migration to USA, and I see morons with your “aww poor ‘undocumented citizens’, have some compassion” and I really wonder what your mental illness is.
SS isn’t a failed system again it may be helpful for you to understand what it is, isn’t before you go on about it anymore.
First off was a swag for CA, not DC. We used daycare in DC and CA, we had no issues finding daycare for a decent price in either place - normally only the first year or so is really costly so unlikely to have 2 at the higher cost.
I'm supposed to feel sorry for people making $250,000 a year.
Give me a break.
They can sell their Teslas and mansions and live cheap like the rest of us.
Not supposed to feel sorry, just show some understanding. What are you not understanding - it is not mansions and Teslas that someone that makes $250K can buy in many places. In many of these places it takes $250K salary to afford the mortgage on $1M, that would get you about 1200 sqft house where I live and more like a Toyota than a Tesla. Someone making $250K may be paying as much as $90K just in taxes.
LOL wrong its close to 50% if your self employed like i was and living in Calif - i know what i paid in taxes for 40 years
OP was discussing a W2 employment situation, not a self-employment situation. Two entirely different topics.
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next unemployment insurance is such a scam and the govt extends it every damn time from 12 weeks to 26 weeks to a year - another waste
Yes, when national unemployment skyrockets, and people cannot realistically be expected to obtain jobs in 12 weeks, UI is extended. Certainly not a scam, but a wise decision.
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- Illegals dont pay near the taxes they should and what they take from us from housing, food stamps, health care and education -so stop with your nonsense and get a grip
Undocumented immigrants are not eligible for food stamps.
Undocumented immigrants are not eligible for medicare, medicaid, or ACA subsidies.
Housing assistance is available to some extent, which is great. Anything to fight homelesness is a good thing.
Education-yes, available in the same way as others. K12 is generally available I believe, higher ed is somewhat more restrictive. Again, educating people is a good thing.
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govt both state and feds spend OUR money in wasteful causes and will continue as this is there only power they have.
This is just a non-specific, anti-government gripe.
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Refunds? what the hell is that i pay a cat load every damn 90 days to both the feds and state and then if i dont pay enough get penalized.
As do I. And if I overpay, because I overestimated my income, or had additional deductible expenses, then I get a refund. Just like everybody else, including you. Just because you do not understand how taxes work and why refunds happen, that does not mean you are right.
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but please feel free to pay more you owe so your money can be given to places like iraq, sudan, mexico, all of central america by the billions every year
Foreign aid is a very small portion of the federal government in a percentage basis. I am ok with it. Besides, if you dislike illegal immigration so much, doesn't it seem cost effective to help build the economies of central american nations so that there is less of a reason to enter the US?
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