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MARINERMAGNUM

Taxes are going up......

170 posts in this topic

Yep,it's a fact. Taxes on the high marginal raters is gonna go from 36% to 39% when the tax cuts expire.

I was wondering if we could get some input from those of you making $250,000+ per year to find out how you intend to cope with it. What areas are you going to tighten the belt on? or will day to day life remain pretty much the same? Any changes at all? or won't it affect much in terms of your household budgeting?

Just curious.

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I cannot speak personally about the cuts that are being made due to that tax increase, but a relative of mine's first cut with the economy going south was his maid. Thats one less person employed.

If you think that a 3% tax increase isn't a big deal you are kidding yourself. Lets check some math, shall we:

Person making 250k, with a FEDERAL TAX ALONE of 36% reduces their income from the mentioned 250K down to 160,000. Still not a bad chunk of change, but surely not rich in my book. With a 39% tax rate that bring the income after FEDERAL TAX ALONE to 152,500. I don't know about you, but I can think of a few ways to spend the 7,500 each year. Of course tack on another 8% MN income tax, plus any other amounts of gas, cigarette, booze, SALES, and the rest of the seemingly endless list, and all of a sudden that 250K doesn't look so big anymore.

Off the point of this subject directly, but what is this hatred and class warfare all about? I sure as heck am not rich (closer to poor) and probably never will be, but I don't hate people because they are more successful than I. This is the part that really drives me up a wall and makes it impossible to have a logical thought-out conversation when it comes to economics and politics. Did a rich kid beat you up or something when you were a child? Hating Bill Gates isn't going to make anyone's life better. I'm pretty sure Bill Gates doesn't hate poor people (beside being the richest man in the world, he is FAR and away the largest charity donator) I'm glad he CHOOSES to give others his wealth, but who are we to force him to do so in such mass quantities.

The question I pose is this, exactly when is enough? Seriously? I cannot get a straight answer from those with class envy on how much is enough of Bill Gates money or anyone who makes more than they do?

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I believe that taxes of any sort have been going up for a long time. In the past 7 years, my property taxes have over doubled.

This tax rate increase is not something new to this administration. We have had tax increase for a long, long time in one form or another.

Its a way of life just like everything else.

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We could use a good dose of Ronald Reagan right about now. wink

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We could use a good dose of Ronald Reagan right about now. wink

What in the world for?

Clinton had a waaaaaay better economy.

Check the GDP numbers and jobs created under each. winkwinkwink

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I cannot speak personally about the cuts that are being made due to that tax increase, but a relative of mine's first cut with the economy going south was his maid. Thats one less person employed.

If you think that a 3% tax increase isn't a big deal you are kidding yourself. Lets check some math, shall we:

Person making 250k, with a FEDERAL TAX ALONE of 36% reduces their income from the mentioned 250K down to 160,000. Still not a bad chunk of change, but surely not rich in my book. With a 39% tax rate that bring the income after FEDERAL TAX ALONE to 152,500. I don't know about you, but I can think of a few ways to spend the 7,500 each year. Of course tack on another 8% MN income tax, plus any other amounts of gas, cigarette, booze, SALES, and the rest of the seemingly endless list, and all of a sudden that 250K doesn't look so big anymore.

Off the point of this subject directly, but what is this hatred and class warfare all about? I sure as heck am not rich (closer to poor) and probably never will be, but I don't hate people because they are more successful than I. This is the part that really drives me up a wall and makes it impossible to have a logical thought-out conversation when it comes to economics and politics. Did a rich kid beat you up or something when you were a child? Hating Bill Gates isn't going to make anyone's life better. I'm pretty sure Bill Gates doesn't hate poor people (beside being the richest man in the world, he is FAR and away the largest charity donator) I'm glad he CHOOSES to give others his wealth, but who are we to force him to do so in such mass quantities.

The question I pose is this, exactly when is enough? Seriously? I cannot get a straight answer from those with class envy on how much is enough of Bill Gates money or anyone who makes more than they do?

Uh,what?

I've already stated that I'd love to have to worry about my taxes going up if I were IN that bracket.

My boss is in that bracket-and I love him! grin I do my best to keep him in that bracket-so much for your "class envy" nonsense.

I asked a legit question-why did you answer if you're not in that bracket? grinwink

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If thats the case, than great! Please accept my appology. I figured your whole first post on this was sarcasm.

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My response to the question is that my relative let go his maid.

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My response to the questin is that my relative let go his maid.

Are you gonna hire her? What's she look like? grin

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Not sure, I might have to inquire though. I sure can't afford to hire her, date her..that could be another story.

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Might be cheaper to hire her. laugh.

Sure. the tax is going up from 36% to 39% and everyone wants you to beleive they are losing that full 39%. at the top of the paper it looks as they are. One thing you have to take in account is they have more and bigger deductions than someone in a lower tax bracket. If they own a buisness even more. So actually that 39% gets knocked down to a lower rate if they have a good accountant.

I would be happy to let them stay at 36% if they are not allowed these huge loop holes they can hide their money in.

I should get a 50 ft fishing boat then I can declair it as a second home then I can rent it out 2 or three times a year and wright of the mooring and service charges of the boat and watch that tax rate just wither away. How about that bigger tax deduction that the middle class are paying for when the uber rich buy a home over the medium price of homes. I'm not a CPA but one does not have to be to see the tax breaks the wealthy get. Like I say give them tax breaks up then I will listen to a better tax rate on their income.

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excellent point about the deductions. If the govt eliminated loopholes and actually collected all the money that is it is owed in taxes then I believe we would be sitting fairly good. The tax code is too complicated. Simplfy the darn thing so everyone pays the taxes they owe instead of deducting and hidding money or overpaying. Then we can see a fair tax system.

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Quote:
I would be happy to let them stay at 36% if they are not allowed these huge loop holes they can hide their money in.

What large loopholes does everyone always talk about? My guess is that those who keep claiming this have never been in the position to actually use them.

We all have loopholes to reduce our taxable incomes. Children, medical costs, dependent care, education, 401K, pre-tax medical/childcare expenses, pretax health insurance premiums, etc.

The wealthy make investments that maybe reduce their own taxable incomes but we don't benefit by them? We have jobs because of those investments. That's precisely the reason they are afforded the tax exemptions. Because it encourages them to take advantage of them for the benefit of society as a whole. We can all take those same advantages only on a smaller scale. I for one am glad they have the "loopholes." Otherwise, I may be a statistic on the unemployment line or worse, welfare recipient.

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So why the complaints over these bailouts ,and these so called band aid programs(a statement not a question). Pretty much a subsidy for business to operate a lot like these loop holes the only difference is, short term or not, the general public gets to see the bennies up front.

In my line of business it is not the taxes the spurs companies to invest because what I have seen is they past there investment onto the contractor. Example: a major player in landscape supplies in the twin cities area are expanding verry fast and they are increasing their prices to subsidies their investment. I just recently bought 1 ton on class 5 for $31 and the day before I got the same amount from the pit fo $12 and the pit is only 5 miles from the landscape supply. I called and complained there is no reason to charge contractors almost 3 times the cost.

Last year it was going for $22 why the jump in price the pit only went up $1. I cant beleive that 3% is the cause for such a dramatic increase.

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Person making 250k, with a FEDERAL TAX ALONE of 36% reduces their income from the mentioned 250K down to 160,000. Still not a bad chunk of change, but surely not rich in my book. With a 39% tax rate that bring the income after FEDERAL TAX ALONE to 152,500.

That's not how you calculate tax due. Also, people making $250K/year do not currently reach the top tax bracket. For example, people making $250K in 2009 only reach the 33% bracket. However, that rate does not apply to their entire income, only the the portion within the bracket because it's a sliding scale. So, for 2009, both you and Bill Gates will pay 10% income tax on your first $8K or so, or about $16K if you file a joint return.

That being said, you'd be surprised how low the tax liability is of many of the high earners. Remember, you're taxed on your liability, not your income; and most high earners don't take the standard deduction.

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My brother makes some very good money and if he needs to pay a few more taxes, I can guarantee you it will not hurt him.

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...

We all have loopholes to reduce our taxable incomes. Children, medical costs, dependent care, education, 401K, pre-tax medical/childcare expenses, pretax health insurance premiums, etc. ...

lol, some can't afford the loopholes you have mentioned. If a person can't afford it in the first place, how can they write it off later?

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We have had tax increase for a long, long time in one form or another.

Its a way of life just like everything else.

And that right there is the problem with this state and why it has one of the highest tax rates in the country. Once again, it's apparently OK to let the government run roughshod over the citizens? How about cutting back on some spending and reducing the size of government? Geez, what a concept that would be.

We are truly done as a society.

Sad, sad, sad.....

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We are far from done as a society. I'm very postive that it will all work out. I'm sure during the depression that many thought like you that it was all over and boy were they wrong.

Being that negative can really drag one down. The 50's were very good times and yes, we could be like that again.

You sound like Chicken Little-the sky is falling, the sky is falling.

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We are truly done as a society.

Now there's an embedded troll if I've ever heard one. gringringrin

We've come to expect something a little more insightful from the most interesting man in the world. smilesmile

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We've come to expect something a little more insightful from the most interesting man in the world. smilesmile

The most interesting man in the world has an opinion on the two-party system, which is that the "after party" is the one you want to attend.

Stay thirsty my friends.

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Quote:
How about cutting back on some spending

If we get out of the middle east and save a few billion a month-would that qualify as cutting back on spending?

Quote:
We are truly done as a society.

We? Don't include me in your defeatist scenario-I'm ramped up and ready to roll! laugh

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We? Don't include me in your defeatist scenario-I'm ramped up and ready to roll! laugh

And so the embedded troll gets a strong bite, as was intended. Look closely at lures before striking, my friends. winkwink

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Quote:
And so the embedded troll gets a strong bite, as was intended.

Never let it be said that I tried to deny any American the freedom to pursue life,Liberty,happiness,and being a Curmudgeon.

gringrin

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