there are downsides to making too much money

[NsXMas]

JUST VENTING

Danm it, I don't qualify for the child tax credit since my annual income was above the limits. I was never able to deduct my higher education costs nor student loan interests since my income was above the threshhold.

There is a certain income breakpoint where you won't make more money even though you're getting paid more. I think I'm in that zone, unfortunately...

Maybe I'll try to get unemployed this year and get some welfare checks, to repay for all the taxes I've paid over my professional career and all the tax breaks I never got...

 

[Tom Larkins]

JUST VENTING

Maybe I'll try to get unemployed this year and get some welfare checks, to repay for all the taxes I've paid over my professional career and all the tax breaks I never got...

Given some folks have lost good paying jobs that have family to support and/or are just trying to make it in life have only welfare or unemployment available. I know you say your just venting..........sorry your statement sucks.

 

[NsXMas]

Re: Re: there are downsides to making too much money

Given some folks have lost good paying jobs that have family to support and/or are just trying to make it in life have only welfare or unemployment available. I know you say your just venting..........sorry your statement sucks.

I know it's not kosher. But they shouldn't penalize people for making more money. I have this frustration every tax season.

It really is demotivating sometimes to see a significant chunk of your income get taken away.

 

[O-Ace]

There is a certain income breakpoint where you won't make more money even though you're getting paid more. I think I'm in that zone, unfortunately...

I'm single and fall in the same zone...think how bad it must be for me! My taxes are crazy!

-Awais

 

[steveny]

Re: Re: Re: there are downsides to making too much money

I know it's not kosher. But they shouldn't penalize people for making more money. I have this frustration every tax season.

It really is demotivating sometimes to see a significant chunk of your income get taken away.

When I was working I became fustrated about this too. What I did was doubled my rates. I lost a few customers but still made the same money in about half the time. It does not eem so bad paying when you are not working all the time.

 

[LeftLane]

Re: Re: Re: there are downsides to making too much money

I But they shouldn't penalize people for making more money. I have this frustration every tax season.

It really is demotivating sometimes to see a significant chunk of your income get taken away.

Are you just now realizing that we have a progressive income tax? As much as I hate paying a shi$load in taxes also, I realize that if my taxes go up, that usually means I made more money, and I didn't lose my job. Not a bad combo, especially given the economy the last few years.

You probably won't get much sympathy here.

 

[nsxlover]

That is exactly why there should be a flat tax. Why should I pay a higher percentage because I worked hard and got a good job? I don't mind paying my fair share, but I want everyone else to pay the same fair share.

 

[NetViper]

Re: Re: there are downsides to making too much money

I'm single and fall in the same zone...think how bad it must be for me! My taxes are crazy!

-Awais

You are right... It must suck to own 3 great cars.... life sucks for you...



Give me a break guys. T

Try having a wife unemployed and going from a 6 figure income to under 50K ...... then see what you think.

 

[NsXMas]

Re: Re: Re: Re: there are downsides to making too much money

Are you just now realizing that we have a progressive income tax? As much as I hate paying a shi$load in taxes also, I realize that if my taxes go up, that usually means I made more money, and I didn't lose my job. Not a bad combo, especially given the economy the last few years.

You probably won't get much sympathy here.

I was working on a Master of Tax degree as a former CPA before I switched career paths, so I'm well aware of the progressive nature of our income tax.

It just stings a little more when you're the one who gets bit by it.

Sympathy or not, I appreciate your comments.

 

[NsXMas]

Re: Re: Re: there are downsides to making too much money

You are right... It must suck to own 3 great cars.... life sucks for you...



Give me a break guys. Try having a wife unemployed... then see what you think.

Let's not turn this thread nasty. We can all commiserate that sometimes taxes are unfair.

In fact, if I paid less taxes, I could maybe afford to have some "down years" of income.

I'm a stasher, as indicated by my other thread, so I try to save for a rainy day. I'd rather depend on my own savings to try to live through unemployment than depend on government hand-outs. But since government taketh away, I have no choice in the matter.

 

[O-Ace]

Re: Re: Re: there are downsides to making too much money

You are right... It must suck to own 3 great cars.... life sucks for you...

Whoa...take it easy man! I never said life sucked. But it does suck to give away around 40% of my income.

-Awais

 

[NetViper]

Re: Re: Re: Re: there are downsides to making too much money

Whoa...take it easy man! I never said life sucked. But it does suck to give away around 40% of my income.

-Awais

Of course it sucks to give away 40%. I am with you there. But in this country, the more you make, the more you pay. Such is life. You own your own business (racingflix). You should be able to write off a lot for that...

If you think taxes are bad in this country, try living in Canada.

I don't want to make this thread get nasty, but really... you guys are complaing about making TOO much money....

 

[O-Ace]

I'll be expensing the AKA Rally trip

 

[O-Ace]

Re: Re: Re: Re: Re: there are downsides to making too much money

I don't want to make this thread get nasty, but really... you guys are complaing about making TOO much money....

I'm not...I'm still working on making more

 

[NsXMas]

Re: Re: Re: Re: Re: there are downsides to making too much money

...I don't want to make this thread get nasty, but really... you guys are complaing about making TOO much money....

LOL true. I'm more complaining about paying too much in mandatory taxes.

I'd like to pay for my own retirement, my own unemployment, my own social welfare, so long as government keeps its hands off my income. But we have moved towards a more socialist structure, so I have to give up so that I can receive in the future...

 

[NsXMas]

too many RE's here

I'm not...I'm still working on making more

I'd like to make more...and keep more.

 

[matteni]

Taxation, in reality, is life. If you know the position a person takes on taxes, you can tell their whole philosophy. The tax code, once you get to know it, embodies all the essence of life: greed, politics, power, goodness, charity.


-- Sheldon S. Cohen
<hr>
A fine is a tax for doing something wrong. A tax is a fine for doing something right.


-- Anonymous
<hr>

The only thing that hurts more than paying an income tax is not having to pay an income tax.


-- Lord Thomas R. Dewar
<hr>
We cannot lose sight of the fact that complexity is the result of our struggle for fairness.


-- Margaret Milner Richardson
<hr>
The wisdom of man never yet contrived a system of taxation that operates with perfect equality.


-- Andrew Jackson
<hr>
and one of my favorites:

Bachelors should be heavily taxed. It is not fair that some men should be happier than others.


-- Oscar Wilde

 

[NetViper]

Re: Re: Re: Re: Re: Re: there are downsides to making too much money

I'm not...I'm still working on making more

Heh... Don't blame you. I didn't mean to come off harsh on you there... I apologize for that.

 

[O-Ace]

and one of my favorites:

Bachelors should be heavily taxed. It is not fair that some men should be happier than others.


-- Oscar Wilde

LOL

 

[O-Ace]

Re: Re: Re: Re: Re: Re: Re: there are downsides to making too much money

Heh... Don't blame you. I didn't mean to come off harsh on you there... I apologize for that.

Hey, no problem

-Awais

 

[NsXMas]

<hr>
A fine is a tax for doing something wrong. A tax is a fine for doing something right.


-- Anonymous
<hr>

Truer words have never been spoken!! Thanks! I needed that on this tax preparation day...

 

[DocL]

Re: too many RE's here

I'd like to make more...and keep more.

You can. If you own your business you can set up a retirement plan and contribute up to 40% of your income. This way, instead of paying Uncle Sam, you are paying yourself. I'm not an accountant, but that has been the advice that I have been given and I'll see how it works out when I retire in 25 years.

 

[NsXMas]

Re: Re: too many RE's here

You can. If you own your business you can set up a retirement plan and contribute up to 40% of your income. This way, instead of paying Uncle Sam, you are paying yourself. I'm not an accountant, but that has been the advice that I have been given and I'll see how it works out when I retire in 25 years.

Yes I think that's sound. I just need to stop travelling and start a profitable business. Hopefully that will happen within a year or two once I move.

 

[steveny]

Re: Re: Re: Re: Re: Re: there are downsides to making too much money

LOL true. I'm more complaining about paying too much in mandatory taxes.

I'd like to pay for my own retirement, my own unemployment, my own social welfare, so long as government keeps its hands off my income. But we have moved towards a more socialist structure, so I have to give up so that I can receive in the future...

I am not even sure if it is true or not but a few years ago I heard that senators do not have to pay social security. They have their own retirement fund they pay into that guarantees them to retire millionaires.

 

[steveny]

Re: Re: too many RE's here

You can. If you own your business you can set up a retirement plan and contribute up to 40% of your income. This way, instead of paying Uncle Sam, you are paying yourself. I'm not an accountant, but that has been the advice that I have been given and I'll see how it works out when I retire in 25 years.

SEP IRA: you can trade/handle the money yourself...and all the gains are tax free until you draw them out. So every year you are handling larger sums rather than paying tax on the gains and handling smaller amounts. Larger amounts=Larger risks=Larger payoffs.