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25
HeadSet
2023 Jan 22, 11:26am
HeadSet
2023 Jan 22, 11:26am
mell says
Virginia has all liquor sold only in state owned stores, by we still have an income tax.
New Hampshire has a clever solution to no state income tax.
Instead of an income tax, all liquor (spirit alcohol) is sold in state owned liquor stores.
Virginia has all liquor sold only in state owned stores, by we still have an income tax.
26
WookieMan
2023 Jan 22, 6:27pm
WookieMan
2023 Jan 22, 6:27pm
clambo says
I think I've mentioned this before. It should be a weighted vote based on what you payed in for federal taxes (state too). If you paid $0 you just get your 1 vote. This hits the uber wealthy as well and the poor that get handouts. If you paid $1,000 in income taxes you vote is worth the digits in what is paid. $1,000 would be worth 4 votes. $10,000 paid would be worth 5 votes. $100,000 is 6 votes.
The middle class would win bigly doing this. They're the ones that consume the most and pay in the most and don't take. They should have the louder voice. If you don't have skin in the game or are playing the tax code excuse if you're rich paying nothing, well fuck off. You vote doesn't matter as much. Doesn't mean you can't be poor or one of the rich paying zero taxes, you just have less decision in how we make laws that governs the majority.
I think losers should not vote.
Voting in person and the database shows who's paying taxes and who's on food stamps, HUD sec 8, etc.
No vote for the food stamp people, Sec 8, and people who pay no income tax.
I think I've mentioned this before. It should be a weighted vote based on what you payed in for federal taxes (state too). If you paid $0 you just get your 1 vote. This hits the uber wealthy as well and the poor that get handouts. If you paid $1,000 in income taxes you vote is worth the digits in what is paid. $1,000 would be worth 4 votes. $10,000 paid would be worth 5 votes. $100,000 is 6 votes.
The middle class would win bigly doing this. They're the ones that consume the most and pay in the most and don't take. They should have the louder voice. If you don't have skin in the game or are playing the tax code excuse if you're rich paying nothing, well fuck off. You vote doesn't matter as much. Doesn't mean you can't be poor or one of the rich paying zero taxes, you just have less decision in how we make laws that governs the majority.
27
Reality
2023 Jan 22, 6:47pm
The only legitimate tax is tax on imports. Imports by definition takes job away from domestic workers who produce comparable goods/services. To the extent that a military is necessary for the safe transit of goods from overseas and for the protection of capital invested abroad, those with business interest in those foreign operations can pay for it. Otherwise, all taxation and foreign adventure comes down to taxing domestic population to subsidize businesses that use foreign labor and foreign resources to replace domestic labor and domestic production. For those enamored by big maps and empire, keep in mind that the Roman conquest of Egypt (thereby getting cheap grain and cheap labor from Egypt, which became the Emperor's personal posession due to the slavish population in Egypt) only served to bankrupt middle-class Roman farmers, including veterans, due to cheap imported food displaced Roman farm outputs. Somehow the cost of maintaining the Roman army, Roman fleet and Roman roads was not reflected in the price of imported food and goods; thereby the public (mostly middle class farmers) were taxed to support the army the fleet and the roads, while the big businesses and banks reaped the benefit of having the army, the navy and the roads, all of which drove Roman middle class (including the veterans) into bankruptcy.
That's why most of the shenanigans are done under the name of "Foreign Policy" / "Diplomacy." e.g. WEF, Trilateral Commission, etc.. There shouldn't be a foreign policy besides being friend to all while being in alliance to none, and taxing all imports (due to domestic socioeconomic effect of imports upsetting existing delicate balances between suppliers and consumers of goods and services). Free trade with slavish countries is literally importation of slavery.
That's why most of the shenanigans are done under the name of "Foreign Policy" / "Diplomacy." e.g. WEF, Trilateral Commission, etc.. There shouldn't be a foreign policy besides being friend to all while being in alliance to none, and taxing all imports (due to domestic socioeconomic effect of imports upsetting existing delicate balances between suppliers and consumers of goods and services). Free trade with slavish countries is literally importation of slavery.
29
FuckTheMainstreamMedia
2023 May 13, 11:59am
FuckTheMainstreamMedia
2023 May 13, 11:59am
Many adults are functional retards when it comes to what they pay in taxes. That’s why their focus is on refund/payment in March every year rather than “oh shit! Between Federal tax and state tax I paid $15k last year”
31
FuckTheMainstreamMedia
2023 May 13, 1:13pm
FuckTheMainstreamMedia
2023 May 13, 1:13pm
HeadSet says
Doh!
FuckTheMainstreamMedia says
Many adults are functional regards
Did you mean "functional retards?
Doh!
32
clambo
2023 May 13, 3:20pm
One advantage of preparing your taxes with software is you learn the tax code as you go along.
Few people know that taxes are rising automatically in 2025; the "Bush tax cuts" expire then. The estate tax exclusion is going down too.
I feel the same way towards liberals as towards the punk who tries to mug me for my wallet.
Few people know that taxes are rising automatically in 2025; the "Bush tax cuts" expire then. The estate tax exclusion is going down too.
I feel the same way towards liberals as towards the punk who tries to mug me for my wallet.
33
pudil
2023 May 13, 6:27pm
I paid 100K in income taxes this year. For a bunch of wars and social programs I never agreed to. I’m not rich. It’s criminal.
34
mell
2023 May 13, 6:42pm
pudil says
Totally agree
I paid 100K in income taxes this year. For a bunch of wars and social programs I never agreed to. I’m not rich. It’s criminal.
Totally agree
35
HeadSet
2023 May 13, 7:27pm
HeadSet
2023 May 13, 7:27pm
clambo says
+1,000. Even if you send it to an accountant later, doing your own give a handle on finances. Talking personal, not corporate.
One advantage of preparing your taxes with software is you learn the tax code as you go along.
+1,000. Even if you send it to an accountant later, doing your own give a handle on finances. Talking personal, not corporate.
36
clambo
2023 May 14, 7:51am
Sorry to post more stuff, but anyway.
If you have ever done the questionnaire for an accountant, you will maybe notice that the tax software does the same thing and the difference is it's preparing your return as you answer.
The software is great today; I have accounts at Vanguard, T.Rowe Price, Fidelity, and the software connects to their servers and downloads all of the data of the various 1099s which were sent to me, and puts it into the various boxes on the tax form for me.
The standard deduction for a single today is $12,000 so I don't save receipts from medical or dental shit; no way do I spend that much in a year not covered by insurance.
My father had an expensive accountant in Manhattan UHY. I saw that they were finding ways to charge my father money to do stuff he didn't need to do, and were not deducting some expenses he had, which I corrected.
He was being charged every few months and they sent him a voucher to pay quarterly taxes; I told them he can just get his annuity to deduct some money and he doesn't have to pay quarterly.
He had investments at Morgan Stanley in Boca Raton, FL. They charge you a "wrap fee" of 1% of your total. He wasn't aware of what he was paying and the accountant wasn't aware that these fees are actually deductible.
If you have a million bucks invested, that fee is $10,000 which is partially deductible.
The following year I prepared my father's taxes myself and printed the forms; he was impressed that you don't need an accountant to do this.
If you have ever done the questionnaire for an accountant, you will maybe notice that the tax software does the same thing and the difference is it's preparing your return as you answer.
The software is great today; I have accounts at Vanguard, T.Rowe Price, Fidelity, and the software connects to their servers and downloads all of the data of the various 1099s which were sent to me, and puts it into the various boxes on the tax form for me.
The standard deduction for a single today is $12,000 so I don't save receipts from medical or dental shit; no way do I spend that much in a year not covered by insurance.
My father had an expensive accountant in Manhattan UHY. I saw that they were finding ways to charge my father money to do stuff he didn't need to do, and were not deducting some expenses he had, which I corrected.
He was being charged every few months and they sent him a voucher to pay quarterly taxes; I told them he can just get his annuity to deduct some money and he doesn't have to pay quarterly.
He had investments at Morgan Stanley in Boca Raton, FL. They charge you a "wrap fee" of 1% of your total. He wasn't aware of what he was paying and the accountant wasn't aware that these fees are actually deductible.
If you have a million bucks invested, that fee is $10,000 which is partially deductible.
The following year I prepared my father's taxes myself and printed the forms; he was impressed that you don't need an accountant to do this.
37
WookieMan
2023 May 14, 10:08am
WookieMan
2023 May 14, 10:08am
mell says
Disagree completely. That's $800k+ of W-2 income minimum. Low tax long term capital gains or stock sales that's $1.5M easy.
I fucking hate taxes, but paying $100k in federal and crying poor is ridiculous. Or you're not doing your taxes right. I know my numbers. $100k is $800k of W-2 income roughly.
Where I agree is the use of said tax money. We don't need wars. The lefty in me kind of agrees with "some" social programs. There's a lot out there people don't know about. Our society would devolve without them. If you're not rich with that income you're doing something 1,000% completely wrong. Not trying to be a dick. 50% of people are paying nothing. I do and you do pudil. Most others here do as well.
My point is you are very rich if you're paying $100k in taxes federally. Or you're doing your taxes wrong.
pudil says
I paid 100K in income taxes this year. For a bunch of wars and social programs I never agreed to. I’m not rich. It’s criminal.
Totally agree
Disagree completely. That's $800k+ of W-2 income minimum. Low tax long term capital gains or stock sales that's $1.5M easy.
I fucking hate taxes, but paying $100k in federal and crying poor is ridiculous. Or you're not doing your taxes right. I know my numbers. $100k is $800k of W-2 income roughly.
Where I agree is the use of said tax money. We don't need wars. The lefty in me kind of agrees with "some" social programs. There's a lot out there people don't know about. Our society would devolve without them. If you're not rich with that income you're doing something 1,000% completely wrong. Not trying to be a dick. 50% of people are paying nothing. I do and you do pudil. Most others here do as well.
My point is you are very rich if you're paying $100k in taxes federally. Or you're doing your taxes wrong.
38
mell
2023 May 14, 10:16am
WookieMan says
It's probably state and federal taxes which go to the same corrupt bs. You are close to paying 100k in taxes (federal + state) in CA on 250K yearly salary. Sure other states have less income tax, but doesn't make you rich. It's upper middle class, maybe just entry level upper class. Not wealthy by any means, you will need to keep working, but def comfortable living. Also depends on if you have a family to feed or not. It's still theft.
Disagree completely. That's $800k+ of W-2 income minimum. Low tax long term capital gains or stock sales that's $1.5M easy.
I fucking hate taxes, but paying $100k in federal and crying poor is ridiculous. Or you're not doing your taxes right. I know my numbers. $100k is $800k of W-2 income roughly.
Where I agree is the use of said tax money. We don't need wars. The lefty in me kind of agrees with "some" social programs. There's a lot out there people don't know about. Our society would devolve without them. If you're not rich with that income you're doing something 1,000% completely wrong. Not trying to be a dick. 50% of people are paying nothing. I do and you do pudil. Most others here do as well.
My point is you are very rich if you're paying $100k in taxes federally. Or you're doing your taxes wrong.
It's probably state and federal taxes which go to the same corrupt bs. You are close to paying 100k in taxes (federal + state) in CA on 250K yearly salary. Sure other states have less income tax, but doesn't make you rich. It's upper middle class, maybe just entry level upper class. Not wealthy by any means, you will need to keep working, but def comfortable living. Also depends on if you have a family to feed or not. It's still theft.
39
WookieMan
2023 May 14, 9:38pm
WookieMan
2023 May 14, 9:38pm
mell says
Doing your taxes wrong if you're paying $100k on $250k of income. Like legit retard level. Just because the cap is 13% state income in CA doesn't mean that's the gross state income tax. It's progressive. $250k federal is around $25k in federal taxes, give or take if we're talking standard income. Again, it sucks.
As much as we all hate taxes, you're walking with $500-700K after tax money if you're paying $100k in taxes. That's the definition of rich. Not upper middle class. That's boats, $100k cars, large houses, etc.
Also that amount has to include property taxes or something. $100k federal income taxes is $8.3k/month. Including state and federal you marginal income tax is 20-25% outside of million dollar a year earners. Can't cry poor making that much.
I guess I'm calling bull shit or poor accounting and tax planning. The small slice of lefty in me says just fucking pay it. You're not in a bad spot. Control the money is all I'll say. Be a part of the government. Control what you're giving away. This is the biggest problem with Libertarians and Conservatives. They're passive as fuck and just bitch and whine and don't do anything about it. They get stomped by soy boys.
It's probably state and federal taxes which go to the same corrupt bs. You are close to paying 100k in taxes (federal + state) in CA on 250K yearly salary. Sure other states have less income tax, but doesn't make you rich. It's upper middle class, maybe just entry level upper class. Not wealthy by any means, you will need to keep working, but def comfortable living. Also depends on if you have a family to feed or not. It's still theft.
Doing your taxes wrong if you're paying $100k on $250k of income. Like legit retard level. Just because the cap is 13% state income in CA doesn't mean that's the gross state income tax. It's progressive. $250k federal is around $25k in federal taxes, give or take if we're talking standard income. Again, it sucks.
As much as we all hate taxes, you're walking with $500-700K after tax money if you're paying $100k in taxes. That's the definition of rich. Not upper middle class. That's boats, $100k cars, large houses, etc.
Also that amount has to include property taxes or something. $100k federal income taxes is $8.3k/month. Including state and federal you marginal income tax is 20-25% outside of million dollar a year earners. Can't cry poor making that much.
I guess I'm calling bull shit or poor accounting and tax planning. The small slice of lefty in me says just fucking pay it. You're not in a bad spot. Control the money is all I'll say. Be a part of the government. Control what you're giving away. This is the biggest problem with Libertarians and Conservatives. They're passive as fuck and just bitch and whine and don't do anything about it. They get stomped by soy boys.
40
Patrick
2023 May 14, 10:24pm
Patrick
2023 May 14, 10:24pm
I could not find any graph of income tax rates by dollar of income for CA and Fed combined, but did find this:
https://twitter.com/DLeonhardt/status/1181004566088814594?ref_src=patrick.net
https://twitter.com/DLeonhardt/status/1181004566088814594?ref_src=patrick.net
41
Patrick
2023 May 14, 10:27pm
Patrick
2023 May 14, 10:27pm
So say that our man @pudil is in the 90th percentile. Then if he paid $100K in taxes, at 30% that implies an income of $333K.
That's not marginal, that's total taxes paid, according to the video above. Play it to the end.
That's not marginal, that's total taxes paid, according to the video above. Play it to the end.
42
Patrick
2023 May 14, 10:31pm
Patrick
2023 May 14, 10:31pm
Ah, found a decent federal graph of brackets:
So yes, he could get hit with 30% tax on his whole income, even just from federal income tax. Then there's CA.
So yes, he could get hit with 30% tax on his whole income, even just from federal income tax. Then there's CA.
43
clambo
2023 May 15, 4:37am
I calculated my actual tax rate at a bit over 10%.
Most of my income is long term capital gains and qualified dividends.
I don't pay California state income tax, I left.
Income from a job would be taxed at a higher rate.
Edit: the curve in a graph as above would be flatter if it's income from qualified dividends and long term capital gains.
Most of my income is long term capital gains and qualified dividends.
I don't pay California state income tax, I left.
Income from a job would be taxed at a higher rate.
Edit: the curve in a graph as above would be flatter if it's income from qualified dividends and long term capital gains.
44
GreaterNYCDude
2023 May 15, 6:13am
My problem is all of my income is salary. So I get whacked hard both by the feds and by NY state. Not to mention the taxes and fees on whatever is left. I do have a small LLC, since I consult on the side, but it's only about 2% of my total HH income.
45
zzyzzx
2023 May 15, 6:28am
zzyzzx
2023 May 15, 6:28am
Patrick says
Needs to include "net investment tax of 3.8%, plus extra .9 Medicare tax that I assume most people here also pay.
https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax
Ah, found a decent federal graph of brackets:
So yes, he could get hit with 30% tax on his whole income, even just from federal income tax. Then there's CA.
Needs to include "net investment tax of 3.8%, plus extra .9 Medicare tax that I assume most people here also pay.
https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax
46
WookieMan
2023 May 15, 7:06am
WookieMan
2023 May 15, 7:06am
Patrick says
$350k x .28= $98k. There's a shit ton to factor in here. Standard deduction or itemized? Just standard deduction brings that down to $75k. Home owner? Generally you're 10 years or less on a loan if you own. So you're paying large amounts of interest on the front, which in CA (if that's where he's from) is likely itemized based on the likely income. Kids. Charity. All these things could bring it down to $50k easily.
I don't know the source of the graph and if deductions are accounted for. If you're paying $100k on $350k your net is still wealthy unless you decided to live in a high cost of living area and your expenses are $100k+. Again, I don't like taxes, but if you're bitching making $250k net, you're probably feeling poor because of other bad decisions. At 25% debt to income ratio based on the net income after tax that a $1M house.
I get CA is expensive, but if it's an industry that ONLY exists in CA then I guess stay and pay. You can get paid the same elsewhere and pay substantially less taxes and cost of living. We wanted to move out there about 12 or so years ago. Had job opportunities. The math made zero sense. Same with CO. When IL makes more sense to stay, that's saying something.
I'll also admit that I don't understand the AMT. So that could raise the taxes of course. For some reason that's never hit us even though we've been consistently over $200k for the last 5 years at least. I've done my own taxes since I could and have never had an audit or letter sent to me. But I think the max we've paid federally is $40k on just under $300k. Including state taxes. Standard deduction. I'd have to make $600k to pay $100k, but with that cash I'd probably end up itemizing and knocking that down.
Remember I'm not bashing anyone, but if you're paying $100k in taxes, as sick as it sounds, you have a pretty damn good life unless you made other bad financial decisions. That's $300-500k net income unless you had short term cap gains. Basically your in the 1% of the US and in the 0.0001% of the world. You're extremely fortunate.
If you're concerned about where the money goes I agree. You have to be willing to get involved. If not, you're just paying the taxes.
Ah, found a decent federal graph of brackets:
So yes, he could get hit with 30% tax on his whole income, even just from federal income tax. Then there's CA.
$350k x .28= $98k. There's a shit ton to factor in here. Standard deduction or itemized? Just standard deduction brings that down to $75k. Home owner? Generally you're 10 years or less on a loan if you own. So you're paying large amounts of interest on the front, which in CA (if that's where he's from) is likely itemized based on the likely income. Kids. Charity. All these things could bring it down to $50k easily.
I don't know the source of the graph and if deductions are accounted for. If you're paying $100k on $350k your net is still wealthy unless you decided to live in a high cost of living area and your expenses are $100k+. Again, I don't like taxes, but if you're bitching making $250k net, you're probably feeling poor because of other bad decisions. At 25% debt to income ratio based on the net income after tax that a $1M house.
I get CA is expensive, but if it's an industry that ONLY exists in CA then I guess stay and pay. You can get paid the same elsewhere and pay substantially less taxes and cost of living. We wanted to move out there about 12 or so years ago. Had job opportunities. The math made zero sense. Same with CO. When IL makes more sense to stay, that's saying something.
I'll also admit that I don't understand the AMT. So that could raise the taxes of course. For some reason that's never hit us even though we've been consistently over $200k for the last 5 years at least. I've done my own taxes since I could and have never had an audit or letter sent to me. But I think the max we've paid federally is $40k on just under $300k. Including state taxes. Standard deduction. I'd have to make $600k to pay $100k, but with that cash I'd probably end up itemizing and knocking that down.
Remember I'm not bashing anyone, but if you're paying $100k in taxes, as sick as it sounds, you have a pretty damn good life unless you made other bad financial decisions. That's $300-500k net income unless you had short term cap gains. Basically your in the 1% of the US and in the 0.0001% of the world. You're extremely fortunate.
If you're concerned about where the money goes I agree. You have to be willing to get involved. If not, you're just paying the taxes.
47
clambo
2023 May 15, 7:42am
I think it's criminal how much we are taxed.
I know too many people getting free money and none of them deserve it.
I believe unless you are 1. blind 2. crippled 3. mentally incapable you deserve nothing from other people.
I believe in sink or swim.
I know too many people getting free money and none of them deserve it.
I believe unless you are 1. blind 2. crippled 3. mentally incapable you deserve nothing from other people.
I believe in sink or swim.
48
fdhfoiehfeoi
2023 May 15, 8:17am
fdhfoiehfeoi
2023 May 15, 8:17am
It's not criminal, it's slavery.
Nothing is ever free. "Social services" are used to monitor people, keep them in fear of bettering their lives, and dependent on government for their survival. What about that sounds like freedom to you?
Nothing is ever free. "Social services" are used to monitor people, keep them in fear of bettering their lives, and dependent on government for their survival. What about that sounds like freedom to you?
49
HeadSet
2023 May 15, 8:39am
HeadSet
2023 May 15, 8:39am
clambo says
Even so, at the cab company I used to work for we had 3 blind call takers entering data (listened to callers in one ear and an advance Windows Narrator type program in the other ear) and a paralyzed from the waist down manager who used to drive a cab. Also, a deaf mechanic.
I believe unless you are 1. blind 2. crippled 3. mentally incapable you deserve nothing from other people.
Even so, at the cab company I used to work for we had 3 blind call takers entering data (listened to callers in one ear and an advance Windows Narrator type program in the other ear) and a paralyzed from the waist down manager who used to drive a cab. Also, a deaf mechanic.
51
clambo
2023 Jun 1, 2:06pm
To expand on Nuttboxer above.
Females are designed to depend on others, it's in their DNA.
Father, boyfriend, sugar daddy, simp friend, older brother. husband and Uncle Sam comprise the list of those who are asked to "help" a female throughout her life.
Females are designed to depend on others, it's in their DNA.
Father, boyfriend, sugar daddy, simp friend, older brother. husband and Uncle Sam comprise the list of those who are asked to "help" a female throughout her life.
52
HeadSet
2023 Jun 2, 7:56am
HeadSet
2023 Jun 2, 7:56am
clambo says
Yep, if you are the dad of a single 20 something daughter, you will be called on for car and house fixes and maybe even taxes. The son of a widowed mom will do those tasks as well. Even single female neighbors borrow next door husbands to assemble a grill or carry something heavy. I recently had a neighbor lady call my wife to borrow me to put a new battery in her car, as her battery had died suddenly and stranded her. Her own mom had brought her a new battery to her from AutoZone, but the AutoZone guy obviously would not travel to install it. Also, the guy next store and I fixed a single girl's mailbox lamp post (the mailboxes in this neighborhood are uniform 8 foot tall fluted metal poles with a large carriage lamp on top).
Father, boyfriend, sugar daddy, simp friend, older brother. husband and Uncle Sam comprise the list of those who are asked to "help" a female throughout her life.
Yep, if you are the dad of a single 20 something daughter, you will be called on for car and house fixes and maybe even taxes. The son of a widowed mom will do those tasks as well. Even single female neighbors borrow next door husbands to assemble a grill or carry something heavy. I recently had a neighbor lady call my wife to borrow me to put a new battery in her car, as her battery had died suddenly and stranded her. Her own mom had brought her a new battery to her from AutoZone, but the AutoZone guy obviously would not travel to install it. Also, the guy next store and I fixed a single girl's mailbox lamp post (the mailboxes in this neighborhood are uniform 8 foot tall fluted metal poles with a large carriage lamp on top).
55
SunnyvaleCA
2023 Jun 26, 11:49pm
WookieMan says
Huh?
The standard deduction, for a married couple, is about $23k. However, that $23k is not a tax credit, it merely reduces the income that you are taxed on. So your taxes went from $350k x 0.28 = $98k to instead being ($350k - $23k) x 0.28 = $91.6k
$350k x .28= $98k. There's a shit ton to factor in here. Standard deduction or itemized? Just standard deduction brings that down to $75k.
Huh?
The standard deduction, for a married couple, is about $23k. However, that $23k is not a tax credit, it merely reduces the income that you are taxed on. So your taxes went from $350k x 0.28 = $98k to instead being ($350k - $23k) x 0.28 = $91.6k
56
SunnyvaleCA
2023 Jun 27, 12:01am
WookieMan says
Here are the 2021 federal tax brackets. https://taxfoundation.org/2021-tax-brackets/
Let's assume the person is married filing jointly and the $250k is combined income. Standard deduction is $25k, so the person is taxed on $225k of income.
10% on the first $20k = $2k
12% on the next $61k = $7k
22% on the next $91k = $20k
24% on the last $53k = $13k
That's $42k for married filing jointly.
For single, the standard deduction is half and the brackets creep up twice as quickly...
10% on the first $10k = $1k
12% on the next $30k = $4k
22% on the next $46k = $10k
24% on the next $79k = $19k
32% on the next $45k = $14k
35% on the last $16k = $5k
Thats $51k for single.
Working out the math for a $100k tax bill, the married couple would need to make $432k and the single filer would need $357k.
$250k federal is around $25k in federal taxes
Here are the 2021 federal tax brackets. https://taxfoundation.org/2021-tax-brackets/
Let's assume the person is married filing jointly and the $250k is combined income. Standard deduction is $25k, so the person is taxed on $225k of income.
10% on the first $20k = $2k
12% on the next $61k = $7k
22% on the next $91k = $20k
24% on the last $53k = $13k
That's $42k for married filing jointly.
For single, the standard deduction is half and the brackets creep up twice as quickly...
10% on the first $10k = $1k
12% on the next $30k = $4k
22% on the next $46k = $10k
24% on the next $79k = $19k
32% on the next $45k = $14k
35% on the last $16k = $5k
Thats $51k for single.
Working out the math for a $100k tax bill, the married couple would need to make $432k and the single filer would need $357k.
57
SunnyvaleCA
2023 Jun 27, 12:13am
WookieMan says
AMT got a lot better with the "Trump tax cut." The personal deduction for AMT, a whopping $40k or something, now gets phased out more slowly. Net result is that before Trump I had $60k to $80k of itemized deductions (thanks California!), but would get to use exactly 0 of it. By about $400k income you pay 26% AMT with no deductions at all (I don't have a home mortgage). So, that's $100k right there.
Also, as others have noted, there's Medicare tax and Obamacare tax. Don't forget the nearly 15% social security tax.
I'll also admit that I don't understand the AMT
AMT got a lot better with the "Trump tax cut." The personal deduction for AMT, a whopping $40k or something, now gets phased out more slowly. Net result is that before Trump I had $60k to $80k of itemized deductions (thanks California!), but would get to use exactly 0 of it. By about $400k income you pay 26% AMT with no deductions at all (I don't have a home mortgage). So, that's $100k right there.
Also, as others have noted, there's Medicare tax and Obamacare tax. Don't forget the nearly 15% social security tax.
58
SunnyvaleCA
2023 Jun 27, 12:16am
WookieMan says
If you're using the standard deduction, then you aren't writing off a huge home mortgage (which is also limited, by the way). Assuming that $300k is wage income — not long term capital gains — That $40k seems a tad low not even counting state taxes.
max we've paid federally is $40k on just under $300k. Including state taxes. Standard deduction.
If you're using the standard deduction, then you aren't writing off a huge home mortgage (which is also limited, by the way). Assuming that $300k is wage income — not long term capital gains — That $40k seems a tad low not even counting state taxes.
59
ForcedTQ
2023 Jun 27, 4:11pm
SunnyvaleCA says
$300,000 less MFJ standard deduction
Less $7,300 HSA
Less 41,000 401k contributions $20,500 each
Less Cafeteria plan dependent child care $5,000
Brings total Taxable income to $220,800. Tax on that from the applicable brackets: $2,055 + $7,560 + $20,812 + $10,236 = $40,663.
WookieMan says
max we've paid federally is $40k on just under $300k. Including state taxes. Standard deduction.
If you're using the standard deduction, then you aren't writing off a huge home mortgage (which is also limited, by the way). Assuming that $300k is wage income — not long term capital gains — That $40k seems a tad low not even counting state taxes.
$300,000 less MFJ standard deduction
Less $7,300 HSA
Less 41,000 401k contributions $20,500 each
Less Cafeteria plan dependent child care $5,000
Brings total Taxable income to $220,800. Tax on that from the applicable brackets: $2,055 + $7,560 + $20,812 + $10,236 = $40,663.
62
AD
2024 Feb 3, 8:15pm
AD
2024 Feb 3, 8:15pm
The OASI (Social Security trust fund) is expected to run out of money by 2033 or 2034. When it does, the program will be solely funded by payroll taxes, which currently cover only 77% of benefits.
It proposes to repeal federal taxes on Social Security benefits and delay the looming insolvency of the program’s Old Age and Survivors Insurance (OASI) Trust Fund by two decades to 2054
The proposed legislation would keep the trust fund solvent by expanding Social Security payroll taxes to wages above $250,000. In 2024, taxes are imposed only on income up to $168,600. Under the Craig-Caraveo bill, the cap would continue to rise until it hits $250,000 and beyond.
https://finance.yahoo.com/news/social-security-win-win-bill-123006868.html
.
It proposes to repeal federal taxes on Social Security benefits and delay the looming insolvency of the program’s Old Age and Survivors Insurance (OASI) Trust Fund by two decades to 2054
The proposed legislation would keep the trust fund solvent by expanding Social Security payroll taxes to wages above $250,000. In 2024, taxes are imposed only on income up to $168,600. Under the Craig-Caraveo bill, the cap would continue to rise until it hits $250,000 and beyond.
https://finance.yahoo.com/news/social-security-win-win-bill-123006868.html
.
64
Eman
2024 Feb 3, 10:17pm
Eman
2024 Feb 3, 10:17pm
Talking about taxes, this pitcher either has a good CPA, tax attorney, or a savvy agent.
https://x.com/travis_in_flint/status/1753845076449480824?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q
https://x.com/travis_in_flint/status/1753845076449480824?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q
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Until the 16th ammendment was passed in the early 1900's, we got by without fedetal income taxes. Tariffs did the trick. Of course, we were not yet the superpower we became, huge millitary and all, and there were not nearly the federally funded social programs we have today.
Frankly, I don't think your average American realizes how heavily they are taxed. Federal. State (with some excaptions) Property. School. Gas. Sales. Etc.
For most in the middle and upper middle class, federal income tax is the biggest share of taxes paid on a percentage basis.
In a modern captalist economy, it makes more sense to me to tax consumption rather than income.
So why not abolish the federal income tax, and instead have a federal tax on goods and services rendered. Better yet, couple it with a balanced budget amment so that the government can't spend money they don't have.
Taxing goods should be straightforward to implement. Buy a bag of rice, clothes, a house, a car, stock, etc. tax it at a nominal rate to raise sufficent revenue to keep the government running. Tax should apply to individuals and corporations alike. I have no idea what the rate would need to be to replace the lost income income revenue, but there must be a way for the been counters to figure that out.
Same holds for services. From your lawyer to your plumber to your accountant.. services rendered should also be taxed... possibly at a different rate than physical goods, since we are a "service based economy".
Just thinking out loud here.. In the 21st century there MUST be a better way to raise revenue than income tax and the various loopholes used to reduce or even avoid ones tax burden.