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i am about as politically non caring as anyone could be as for the 40 plus years of my working career all i did was put my pants on every morning and go off to work day in and day out.
nothing has ever changed my daily routine and i am responsible for everything good or bad in my life regardless of which morons are in power.
all i know is my income taxes are the lowest in my entire working history inflation adjusted.
having said that ,there is little of the above that effects most americans ,self included.
as far as obama care compared to what our company plan was costing us which was about 14k a year our new plans are off the obama small business exchange .
if we stay out of hospitals our insurance costs may have dropped about 5k potentially so at least that was a positive for us and we get no subsidy on it either,
estate taxes are still zero if under 5 million..
for most americans dividend and capital gain taxes remain unchanged and still range from zero to 15%. only the highest income earners were effected. you have to be in the 39% marginal bracket to hit even 20%. that is 228k for a married couple to see even 20%
income taxes for the masses actually went down since exemptions,standard deductions and tax brackets were raised allowing more income through at lower tax rates.
for a married couple the 25% bracket goes all the way up to 148,000 bucks with 73,800 going through at less than 15%. remember we are talking taxable income after all deductions,exemptions and credits so it is actually a whole lot more in pretax income.
in fact with the extra deduction given at age 65 a married retired couple can draw as much as 35k in retirement income and pay under 1500 bucks in taxes.
what you listed effects only a tiny part of america and the highest earners.
i am surprsied at you jay , posting that info with no qualifiers at all as to how few americans it really effects. for the masses income taxes have never been lower.
Last edited by mathjak107; 04-09-2014 at 03:46 AM..
if everyone who pays zero income tax and lives in this country paid 100 bucks a year min we would be in great shape.
they all have 10x that for an I-phone bill .
Whether you pay zero income tax or not, everyone will need to pay more in taxes to offset/reserve for the risk that will eventually come as a result of adverse selection.
Mathjak, you are unaffected because you are in the real estate business and don't earn a W2 and probably have mechanisms in place to offset any income. Now if you were to sell you central park apartment building, you would get hit with a huge capital gains tax unless of coarse you 1031 exchange it to something bigger. Depending on how you have your building structured, if you pass away tomorrow, your family will have a huge estate tax burden to pay especially if your basis is low which most likely it is since I remember you mentioning your inherited the building.
if anyone has any interest in estate tax planning for nyc/nys i had posted a thread about a month ago pertaining to the issues here.. we finally got ourselves to an estate attorney .
although nys is considering going beyond the 1 million dollar exemption we have i do not believe it was a done deal yet.
if you even own a home today that is paid off it is all to easy to pass the million dollar level. don't make the mistake of thinking because you have TOD accounts that they don't count ,they very much do count in the total.
if everyone who pays zero income tax and lives in this country paid 100 bucks a year min we would be in great shape.
they all have 10x that for an I-phone bill .
Uh nope that isn't even close to correct. I don't think you understand numbers, or how big the United States budget is, or phone contracts, where are you finding 1,000 dollar I-phone bills because you might want to shop around.
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