there are downsides to making too much money
- Thread starter NsXMas
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Ryan, good thing you're trading futures so at least you get the 60/40 tax benefit 
Steve trades stocks/options and is probably paying up big time right now 
-Awais
Steve trades stocks/options and is probably paying up big time right now -Awais
Ya, the tax diff really saves me a good chunk of change. I hope they never change this rule The 01 was with Options and stocks, then I got pissed tax time and used the same deal on the futures. lol
The 01 was with Options and stocks, then I got pissed tax time and used the same deal on the futures. lolO-Ace said:Ryan, good thing you're trading futures so at least you get the 60/40 tax benefit
-Awais
Lets hope that squiggly line called RSI keeps workingPsycnosis said:Ya, the tax diff really saves me a good chunk of change. I hope they never change this rule
-Awais
It worked again today. I think it's just because of looking at over 9 years of charts 18 hours a day. I can look ONLY at price action and still get it RSI and the BB just give me a "Rich Hand" like black jack, don't put all your cash on the 16 but 20 or better go for it Friend at worked started trading today, using 15min old data and bought CVS market through e-trade $500 in the hole off the bat. Some people think this shit's easy and are crazy. Oh well not showing ANYONE this stuff from here on out, I have wasted too much time and all I get is grief in return.
RSI and the BB just give me a "Rich Hand" like black jack, don't put all your cash on the 16 but 20 or better go for it Friend at worked started trading today, using 15min old data and bought CVS market through e-trade $500 in the hole off the bat. Some people think this shit's easy and are crazy. Oh well not showing ANYONE this stuff from here on out, I have wasted too much time and all I get is grief in return. O-Ace said:Lets hope that squiggly line called RSI keeps working
-Awais
Re: Re: Re: there are downsides to making too much money
WOW!! That's some really high taxes!! You must be planting money trees in the backyard!!
Psycnosis said: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.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.
WOW!! That's some really high taxes!! You must be planting money trees in the backyard!!
I'm still waiting for some inside info on this squiggly line. Hook me up!Psycnosis said:
Re: Re: Re: Re: Re: Re: Re: Re: too many RE's here
I'll try my best. After all, I'm a Bee customr!
NetViper said:If you guys know someone with some pull at the "Bee" let me knowI would like to come out there!
I'll try my best. After all, I'm a Bee customr!
Re: Nevada Corp:
I have a client who setup his company as a Nevada corp. There are companies that will help you do this. I suppose the rule is that he is supposed to live there. Originally, he rented an apartment so he would have a Vegas address but eventually, he ended up moving there to avoid any complications. His income is in the 7 figures of course and "moving there" meant buying a 3 million dollar home.
-J
I have a client who setup his company as a Nevada corp. There are companies that will help you do this. I suppose the rule is that he is supposed to live there. Originally, he rented an apartment so he would have a Vegas address but eventually, he ended up moving there to avoid any complications. His income is in the 7 figures of course and "moving there" meant buying a 3 million dollar home.
-J
Wow , I thought taxes in the US were similar to here!
I pay about 19% here in Switzerland and I guarantee you that whatever you pay, when you have to pay, it will piss you off!
, I thought taxes in the US were similar to here!I pay about 19% here in Switzerland and I guarantee you that whatever you pay, when you have to pay, it will piss you off!
It's easy to counter your question by asking, Why is it fair for you to pay LESS in sales tax and LESS in property tax than two people making half your pay? As noted in one of the articles in the links I previously posted, "a progressive income tax overcomes the regressivity of the sales tax, which falls most heavily on the poor, and the property tax, which falls most heavily on the middle class. Some analysts say total taxes as a percentage of income are about the same for all income levels."LrdVader said:
It's actually even less than that, because almost all folks in the top tax bracket itemize deductions, and get a federal tax deduction for state income tax. So if you are in the top bracket, and you get an extra $100.00 in income, that will add $9.30 to your California tax bill, and $35.00 to your federal tax bill - but it will also give you another $9.30 in your itemized deductions, which will reduce your federal taxes by $3.26. So the net addition to your combined federal and state income tax for the $100.00 in income is $41.04, or 41 percent.JChoice said:
Of course, state income tax rates vary. Some states don't have any income tax, others are relatively low, and others are high. Some state tax rates are progressive (higher rates at higher income brackets) and others are not. State income tax in California - where the top tax rate is the third highest in the country, and is applied at a relatively low income level ($39K vs $76K and $319K for the two states with higher rates) - is one way in which living in California puts you at a decided disadvantage. You can see a table of the low and high income tax rates by state, and the income levels that define the lowest and highest brackets, here.
i know the s2k is a good car, but i seem to be the only person here who doesn't have 2 or 3 decent cars, and or a really decent job. Just out of curiosity, what do all if you do for a living? Give me some ideas, perhaps you can help guide me in my career choice.
well whoever owed that 147K in taxes at least he had an interest free loan for the year, vs. letting the govt "borrow" it for free for a year.... yeah i know still SUCKS writing that check, but at least th'ere's that comfort...*sniffle* and you do have to have some income of a sizeable amount to get hit for that.... ah well...
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Again???THE4TH said:
Come on, folks - do a search first. You'll turn up topics like these:
http://www.nsxprime.com/forums/showthread.php?s=&threadid=10186
http://www.nsxprime.com/forums/showthread.php?s=&threadid=9797
http://www.nsxprime.com/forums/showthread.php?s=&threadid=9378
http://www.nsxprime.com/forums/showthread.php?s=&threadid=9208
gheba_nsx said:Wow
I pay about 19% here in Switzerland and I guarantee you that whatever you pay, when you have to pay, it will piss you off!
Try paying 52%, like i do.
Next to that the goverment will charge you interest on the taxes.
Mich
DutchBlackNsx said:
Yes Michel,
They don't know what they are talking about. We in The Netherlands pay indeed 52% in the top tax bracket.
But I like to state that if you earn the money so high that you have to bring away 52%, you're one of those happy few people that have a job in which you must be happy to pay that amount of tax.
It is quite simple for me. The more I bring to the Government, the more I have for myself.
Please let me pay $ 520,000 in the top bracket
And let me keep the $ 480,000
I can not imagine that somebody who earns (gets) that amount of money has to work much harder than somebody who earns a tenth of it
Perhaps he is a bit smarter.
Gerard
DutchBlackNsx said:
Yes, I now that over there (and in Scandinavian countries) the % is crazy... here if you enter the top bracket (400k$) you reach 30%. But most in that range move to Lichtenstein or Monte Carlo anyway to get a almost tax free situation...
It is remarkable how fair people in your country are with those high % and on the other side how much people here try to skip paying the relatively low taxes that we already have (15-20%)...
I would like to know our real tax rate in the USA when you factor in that not only are we taxed when we make the money but also when we spend it (don't forget property taxes.) I wonder how much of our income is really eaten up by all the taxes we pay throughout the year? Fuel tax, tabacco, etc., how much is it all together? 60% 75%?
Would anyone like to join me in calling out a certain poster on this thread as being fulll of $hit? Not only does most of his info not jibe with reality, the sheer exaggeration makes me laugh.
Interesting how people ask for advice from someone based on their inflated posts....
Interesting how people ask for advice from someone based on their inflated posts....
