i'm still a student at usf. maybe you all could write off some by donating to me, the poor student foundation. o i'm also graduation with a business degree in may. does anyone know of any jobs i could do.
there are downsides to making too much money
- Thread starter NsXMas
- Start date
Here are some questions (click for answers) that can put this issue into perspective:
1. Do the rich pay very little tax? Wouldn't a flat tax be fairer?
2. Percentagewise, were taxes greater in the old days or now?
3. Are U.S. taxes low compared to the rest of the industrialized world?
P.S. If you seriously feel that you are making too much money, I would suggest that you consider giving some of your good fortune to others - organizations helping individuals who can use the help. There are many worthy causes out there, and you can choose those whose mission matches your own feelings about how the world can be a better place. What you earn can make a world of difference in helping the lives of others. Oh, and the tax deductions will reduce your taxes, too!
1. Do the rich pay very little tax? Wouldn't a flat tax be fairer?
2. Percentagewise, were taxes greater in the old days or now?
3. Are U.S. taxes low compared to the rest of the industrialized world?
P.S. If you seriously feel that you are making too much money, I would suggest that you consider giving some of your good fortune to others - organizations helping individuals who can use the help. There are many worthy causes out there, and you can choose those whose mission matches your own feelings about how the world can be a better place. What you earn can make a world of difference in helping the lives of others. Oh, and the tax deductions will reduce your taxes, too!
NSXkid11 said:
I would like to start a business where I pay tuition and living expenses for people who can not afford to go to college. In return they would have to donate 10% of their income for life back to the program.
So many intelligent people never get a chance at life because they lack the degree.
Troy is a great example of someone who will not get the same opportunity as someone who has an education.
Try moving to Sweden, whiner.
You'll love their taxes.
You'll love their taxes.
Re: Re: too many RE's here
That is fine until you pay all of your employees retirement funds also. Most of the bigger "savings" plans have built in gotchas for those who make more than their employees. Tread cautiously. Anyway, the way the tax code works today (no guarantee of future of course), you are better off just investing outside of the tax shelters and taking long term capital gains when you retire, plus those gains do not have to be withdrawn according to any table put out by the IRS.
Netviper - first, you will be in an almost no tax bracket by being married and having less income. Second, if you are complaining about the lack of her income, then why did you get married
DocL said:
That is fine until you pay all of your employees retirement funds also. Most of the bigger "savings" plans have built in gotchas for those who make more than their employees. Tread cautiously. Anyway, the way the tax code works today (no guarantee of future of course), you are better off just investing outside of the tax shelters and taking long term capital gains when you retire, plus those gains do not have to be withdrawn according to any table put out by the IRS.
Netviper - first, you will be in an almost no tax bracket by being married and having less income. Second, if you are complaining about the lack of her income, then why did you get married
Re: Re: Re: there are downsides to making too much money
In that case he probably wouldn't think his tax rate was so high since that is an extremely low tax bracket --- many in that group had their rate cut from 27% to just 15% for last year --- and it's not over the threshold for the deductions he was complaining about not qualifying for.
NetViper said:
In that case he probably wouldn't think his tax rate was so high since that is an extremely low tax bracket --- many in that group had their rate cut from 27% to just 15% for last year --- and it's not over the threshold for the deductions he was complaining about not qualifying for.
I agree - why is it fair for me to pay more than 2 people making half my pay?
If 2 people's salaries add up to my salary, their taxes should add up to my taxes, but it doesn't - their taxes add up to less than mine.
I won't even get into the friend of mine who made $50 grand last year and paid ZERO taxes because of child tax credits...
Steve
If 2 people's salaries add up to my salary, their taxes should add up to my taxes, but it doesn't - their taxes add up to less than mine.
I won't even get into the friend of mine who made $50 grand last year and paid ZERO taxes because of child tax credits...
Steve
nsxlover said:
Re: Re: Re: too many RE's here
You are right... I should have married only for money
ncdogdoc said:if you are complaining about the lack of her income, then why did you get married
You are right... I should have married only for money
hlweyl said:Just received my tax bill today and ouch!
I look at it this way, I have a comfortable life, healthy children, great car, and live in the greatest country in the world. Small price to pay.
Amen, brother. We all complain, and sometimes rightfully so, but in the end, it's still the best system on this planet.
Maybe I'll move to Switzerland...
Source:
http://www.usatoday.com/money/industries/technology/2004-04-05-billg-not-richest_x.htm
Source:
http://www.usatoday.com/money/industries/technology/2004-04-05-billg-not-richest_x.htm
saxonsaxon
Guest
taxes
Perhaps instead of complaining you should see where your money is going and who is not paying taxes. April 15 is near and I am sure we all are in the middle of paying or receiving $$$$$$ from the government unless you are illegal immigrant, we all have to pay something.
I alwyas find the liitle pie bar at the end of 1040 educating. The corporations keep paying less and less (some very little), the government is giving the rich more and more thanx to Bush II's and the federal governmet owes 6 trillion. We spend around 400 billion on military and everybody thinks it is our welfare program that is killing this country. You guys want fair taxation, go after the 1 % of this country that owns 40% of the US and things will get better, much better.
That's my venting!!!!!!!!!!!!!!!
Perhaps instead of complaining you should see where your money is going and who is not paying taxes. April 15 is near and I am sure we all are in the middle of paying or receiving $$$$$$ from the government unless you are illegal immigrant, we all have to pay something.
I alwyas find the liitle pie bar at the end of 1040 educating. The corporations keep paying less and less (some very little), the government is giving the rich more and more thanx to Bush II's and the federal governmet owes 6 trillion. We spend around 400 billion on military and everybody thinks it is our welfare program that is killing this country. You guys want fair taxation, go after the 1 % of this country that owns 40% of the US and things will get better, much better.
That's my venting!!!!!!!!!!!!!!!
Yeah Taxes stink. I am a tad over 40%, but its better than giving away your first born or wife. It is after all only money.
NsXMas said:JUST VENTING
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...
Most people don't seem to realize that this can NEVER happen. When you move up to a higher tax bracket you only pay that percentage for the amount over that limit and up to the next level.
For example if the tax rate goes up to 38% over 60K then you only pay the 38% on whatever money you make over 60K. Some people think that if they make 59K they will be better off so they don't move up into the higher bracket.
Note these numbers are fictitional and I didn't look up the correct numbers.
Re: taxes
But you do realize that even if that 1% pays a lesser percentage of their income, due to the size of their income they are still paying a majority of the income taxes collected in this country.
saxonsaxon said:
But you do realize that even if that 1% pays a lesser percentage of their income, due to the size of their income they are still paying a majority of the income taxes collected in this country.
Re: Re: Re: Re: too many RE's here
Well, yes
What I was trying to get across, was why not wait until things were better financially before you tied the knot. Money woes are the number one reason why young marriages hit the rocks. Give it the best chance you can, is all I am saying.
NetViper said:You are right... I should have married only for money
Well, yes
What I was trying to get across, was why not wait until things were better financially before you tied the knot. Money woes are the number one reason why young marriages hit the rocks. Give it the best chance you can, is all I am saying.
Re: Re: taxes
Based on a quote from one of the articles pointed to by NSXTASY:
The top 7 percent of those filing returns, those reporting adjusted gross income of $75,000 or more, paid 51 percent of total U.S. income taxes.
People making $75,001, a group that includes many households in which both spouses work, may object that they don't feel particularly rich. They should talk to a single mom who's mopping floors. But let's work our way up the income scale:
The top 3 percent of filers, those making $100,000-plus, paid 40 percent of the taxes.
The top four-fifths of 1 percent of filers, who make $200,000 or more, paid 26 percent of the taxes.
The top one-twentieth of 1 percent of filers, those making $1 million or more--and Tom Wolfe's little demonstration in Bonfire of the Vanities notwithstanding, nobody's going to tell me those guys aren't rich--paid 10 percent of the taxes. That's a mere 67,000 households, who on average paid income tax of $707,000 apiece
But no matter what it seems that politicians will alway try to point to the rich and say they should pay more because they can afford it. What they don't realize is a lot of those "Rich" people can also afford to not work and retire. If they taxes get too high I believe a lot of them will do just that.
ncdogdoc said:
Based on a quote from one of the articles pointed to by NSXTASY:
The top 7 percent of those filing returns, those reporting adjusted gross income of $75,000 or more, paid 51 percent of total U.S. income taxes.
People making $75,001, a group that includes many households in which both spouses work, may object that they don't feel particularly rich. They should talk to a single mom who's mopping floors. But let's work our way up the income scale:
The top 3 percent of filers, those making $100,000-plus, paid 40 percent of the taxes.
The top four-fifths of 1 percent of filers, who make $200,000 or more, paid 26 percent of the taxes.
The top one-twentieth of 1 percent of filers, those making $1 million or more--and Tom Wolfe's little demonstration in Bonfire of the Vanities notwithstanding, nobody's going to tell me those guys aren't rich--paid 10 percent of the taxes. That's a mere 67,000 households, who on average paid income tax of $707,000 apiece
But no matter what it seems that politicians will alway try to point to the rich and say they should pay more because they can afford it. What they don't realize is a lot of those "Rich" people can also afford to not work and retire. If they taxes get too high I believe a lot of them will do just that.
Re: taxes
Well you certainly seem to have a strong opinion. But I am very confused as to the basis for your venting. Please help me understand. Would you please explain:
--- Exactly how much "the rich" are being "given" by the government, and how that amount has been disproportionately increased by recent tax changes. Please also define what you mean by "rich" and "given".
--- What you mean with your call to "go after the 1%" --- keeing in mind that those 1% already pay about 33% of the individual income taxes in the country, and the top 5% pay over 50%.
--- Where you get the idea that higher income people pay less taxes, either in dollars per person or as a percentage. According to all the informaiton I have seen the wealthiest pay both the most per person and the highest % of AGI by far. Please post data if you contend otherwise --- my data is linked below.
Finally, please compare the social services line items in the federal budget to national defense and explain how the defense budget is unreasonable in that context. You can even move the veterans affairs and benefits line item from social services up to natinal defense if it makes you feel better. Extra credit: The government's responsibility to provide for the common defense of the nation is a constituational mandate, in fact it is generally considered to be the most fundamental obligation of any government. Which social services are constitutional mandates?
Some helpful resources:
http://www.taxfoundation.org/prtopincometable.html
http://www.gpoaccess.gov/usbudget/fy05/hist.html
saxonsaxon said:
Well you certainly seem to have a strong opinion. But I am very confused as to the basis for your venting. Please help me understand. Would you please explain:
--- Exactly how much "the rich" are being "given" by the government, and how that amount has been disproportionately increased by recent tax changes. Please also define what you mean by "rich" and "given".
--- What you mean with your call to "go after the 1%" --- keeing in mind that those 1% already pay about 33% of the individual income taxes in the country, and the top 5% pay over 50%.
--- Where you get the idea that higher income people pay less taxes, either in dollars per person or as a percentage. According to all the informaiton I have seen the wealthiest pay both the most per person and the highest % of AGI by far. Please post data if you contend otherwise --- my data is linked below.
Finally, please compare the social services line items in the federal budget to national defense and explain how the defense budget is unreasonable in that context. You can even move the veterans affairs and benefits line item from social services up to natinal defense if it makes you feel better. Extra credit: The government's responsibility to provide for the common defense of the nation is a constituational mandate, in fact it is generally considered to be the most fundamental obligation of any government. Which social services are constitutional mandates?
Some helpful resources:
http://www.taxfoundation.org/prtopincometable.html
http://www.gpoaccess.gov/usbudget/fy05/hist.html
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You think you have it bad..........try moving to Canada.
One of the most over taxed countries on the world.
I have to pay taxes in the US as well as Canada.
When I moved to Canada ( don't ask me why)I was in a 51 percent tax bracket, and had to pay in the US as well.
If my wife would quit her job, I could move back to the US and we would make more money then we are making now.
Isn't love great!
One of the most over taxed countries on the world.
I have to pay taxes in the US as well as Canada.
When I moved to Canada ( don't ask me why)I was in a 51 percent tax bracket, and had to pay in the US as well.
If my wife would quit her job, I could move back to the US and we would make more money then we are making now.
Isn't love great!
Re: Re: Re: Re: Re: too many RE's here
We will be back on top soon again. I am not worried about the money just yet. She has very good earning potential and is a wonderful wife. I could not ask for anything more...
ncdogdoc said:Well, yes
What I was trying to get across, was why not wait until things were better financially before you tied the knot. Money woes are the number one reason why young marriages hit the rocks. Give it the best chance you can, is all I am saying.
We will be back on top soon again. I am not worried about the money just yet. She has very good earning potential and is a wonderful wife. I could not ask for anything more...
Re: Re: Re: Re: Re: Re: too many RE's here
I bet she will make a wonderful finance director at the Fresno Bee
Come live in Fresno, you'll like it!
I bet she will make a wonderful finance director at the Fresno Bee
Come live in Fresno, you'll like it!
NetViper said:
Re: Re: Re: Re: Re: Re: Re: too many RE's here
If you guys know someone with some pull at the "Bee" let me know
I would like to come out there!
NsXMas said:I bet she will make a wonderful finance director at the Fresno Bee
Come live in Fresno, you'll like it!
If you guys know someone with some pull at the "Bee" let me know
I would like to come out there!Re: Re: there are downsides to making too much money
lol I know how you feel, I just finished paying my 01 taxes, wrote a $147,000 check to the IRS and that was not all of it, IRS said they were going to put a lean on my house hehe. 03 will be around 500k in taxes But I can not bitch at least I made some money ya know? I have nice roads to drive on, it's helping take care of my grandmother, it's paying the school and cops. Maybe I will ask for my road I take to work to get re-paved, that will make me feel better lolrof. Yes taxes do suck but it would be worse to make nothing and not bitch about taxes but what are you going to do for your next meal or where you are going to sleep.
lol I know how you feel, I just finished paying my 01 taxes, wrote a $147,000 check to the IRS and that was not all of it, IRS said they were going to put a lean on my house hehe.
03 will be around 500k in taxes But I can not bitch at least I made some money ya know? I have nice roads to drive on, it's helping take care of my grandmother, it's paying the school and cops. Maybe I will ask for my road I take to work to get re-paved, that will make me feel better lolrof. Yes taxes do suck but it would be worse to make nothing and not bitch about taxes but what are you going to do for your next meal or where you are going to sleep.O-Ace said:
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