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 Elite Fitness Bodybuilding, Anabolics, Diet, Life Extension, Wellness, Supplements, and Training Boards
 Chat & Conversation
 [TAX] [BRACKETS]
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| Author | Topic: [TAX] [BRACKETS] | ||
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Pro Bodybuilder 
Posts: 591 |
As far as I understand, the way tax %'s work is basically, the more you make, the higher % of your income gets taken away. Is this correct? If it is, how can this possibly be justified? I can understand say giving tax breaks to the poor, but why not establish a 33% (or whatever #) for people who make say $30,000-whatever? I know WHY most of you dislike this method, but I'm just curious as to how the Govt. justifies it. (or do they?)
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Pro Bodybuilder
Posts: 591 |
I'm not sure if I made my q. very clear, as I am tired, fresh from the chickenhouse, but it is this: What is the Govt.'s PR Reason For Increasing Tax Percentages Only Because You Earn More Money. | ||
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Amateur Bodybuilder 
Posts: 102 |
Frackal that question has no answer.....kinda like asking "why do women do the things they do?" I am impressed that you seek an answer though. | ||
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Elite Bodybuilder 
Posts: 1020 |
Frackal the tax system is very complex in it's current form. The TOP bracket is 28% on Adjusted Gross Income (AGI). This can be reduced by the various deductions from AGI that are allowed under the current code. I won't get into any of them here however the fundamental goal of the tax code deduction system is to promote the economic behavoir that best serves the country as a whole. Deductoins for dependents promotes family growth. | ||
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Pro Bodybuilder
Posts: 560 |
i thought the top tax bracket was 39% the graduated income tax is the best way to punish people for having the audacity to make more money
why should i invest in the stock market when the govt will just confiscate 40% of my profits via the capital gains tax, hence fucking me twice why the hell did i get married knowing that the govt was gonna make me pay even more taxes, hence fucking me once more why do we let this shit happen
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Amateur Bodybuilder
Posts: 102 |
See what I mean? | ||
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Elite Bodybuilder
Posts: 1020 |
Here dirk this will piss you off. I make a decent six figure income (low sixes, not all salary and wages, some other income activities) and I paid $2,842 in Federal Income tax last year. Go Figure that one out. Learn to play the game. I bet thats less than what you paid! | ||
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Pro Bodybuilder
Posts: 560 |
wodin all i gotta say is more power to ya bro anytime you can fuck the govt is a good time and yes i pay more taxes and make less money and no i aint pissed about it either | ||
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Elite Bodybuilder
Posts: 1020 |
Dirk. Technically it's not fucking the government. I just take full advantage of the rules that are presented. I suggest that you start researching the current tax code, hell it's on line now and start investing / using your money in ways that give you the best tax payment outcome. As long as you are working for a company with a paycheck you are going to bear the brunt of the tax burden. Start looking into ways to supplement your income with a small business. Something that won't eat up all your free time of course. Then a whole level of deductions you might not have right now will be available to you. Right of your car. part of your home, shit like that! Peace and good luck dirk. | ||
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Moderator 
Posts: 1658 |
Income tax came about in 1913. It was authorized in the 16th Amendment. Abe Lincoln tried to establish an income tax during the Civil War, but the Supreme Court found it unconstitutional. Interesting, huh? When income tax was first instituted, a very small percentage of people had to pay it. At that time, wealth was more concentrated in the hands of a few, so it was advertised as a "get the rich" scheme. It was embraced by the masses because they were not paying it. The governement became fiscally irresponsbile - easy to do when you're spending other people's money - and the taxes grew. The governement would raise taxes and then say, "We'll lower them once we get things straightened out". As time has shown us, this is bullshit. The top tax bracket is 39.6%. Deductions are a funny thing. If your income is five figures, you can really use deductions to your advantage. Owning real estate (a mortgage) is a big one, and college tuition, etc, those all exist. If your income is low six figures, you can still utilize them to your advantage somewhat. But from 100K to 200K they start vanishing. If your making mid six figures (500K or more) you can pretty much say goodbye to most of your deductions, and embrace paying close to 50% between stsate and federal taxes. Suddenly, your real estate deductions go away. If you own a few houses and rent them out, you can deduct some related expenses, such as deprecaition, but prepare to get killed when you sell the property. The only was to do anything about taxes at this pay rate is to have many employees (own your own business) - this can help. I'm going to try to get this going within 4 years, before things get out of hand. There is no justification for the graduated income tax. It was actually advocated by Karl Marx in the Communist Manifesto. I believe in a flat tax - 15% - and if you make under a certain amount, (like 30K for a family of 4) you pay nothing. This is the bane of my existence. I am currently looking into the tax codes of Puerto Rico (US territory) to get some shelter from this silliness. I'm also looking into the development of post Castro Cuba - billions to be made there, possibly tax free. Matt [This message has been edited by MattTheSkywalker (edited October 14, 2000).] | ||
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Pro Bodybuilder
Posts: 591 |
Hey Matt, tell me more about post-Castro Cuba. Rebuilding....what do you mean? And where would the money be? | ||
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Moderator
Posts: 1658 |
Frack, Email me. Matt | ||
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Moderator
Posts: 1658 |
Frack, Another look.... anyone with anything else to add...... Matt | ||
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Elite Bodybuilder
Posts: 673 |
Wodin , I get taxed up to almost 40% sometimes. I am nurse and I work Per Diem (in the float pool ) at my hospital. The only benefit I get is my 401k of which I contribute the maximum pre-tax amount( 16%). The reason I did this is for greatly increased pay. I went from making $19.00 per hr plus $3.00 night shift differential to making $27.00 per hour (plus the differential). The kicker is that after 4 days per pay period I get double time and now since we are busy I get double time after my first 4 shifts of the WHOLE SCHEDULE. SO a few pay checks have had the entire amount in double time and they took around 38-39% out of my ass. All I can say is O-U-C-H! ------------------ | ||
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Amateur Bodybuilder
Posts: 134 |
the current tax brackets are as follows: 15% 28% 31% 36% 39.6% The current system is based on marginal tax rates and a progressive system. | ||
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Elite Bodybuilder
Posts: 1020 |
Your moms knee pads; Is that total deductions or just federal? No way that should be just federal. Are you getting a huge refund each year ? Are you a contractor or staff employee? Sorry about my mistatement on the top bracket I haven't looked in a while, because I focus mainly on what deductions I can take and what activities I can get into that limit my total tax liability. I really don't care what the next guy is paying. | ||
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Elite Bodybuilder
Posts: 673 |
Wodin, My bad thats TOTAL. Last year I had around a $3,000 dollar refund. I need to change my withholding. The only good thing about here in CA is we dont have that fucking wage tax like in Western PA. Thats why nobody wants to live within the city limits of Pittsburgh. The goddamn tax at one time was 3%. I think its now about 2.5% if I remember correctly. You live in the W PA area along with DLADY right? Allegeny county's tax structure is screwed up. BTW I am an employee and not a contractor. I waived my health and dental (buy own) and get a 401k-which as I said I put in the maximum pretax amt of 16%. ------------------ | ||
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Elite Bodybuilder
Posts: 1020 |
YMKP, I live in south-eastern Pa. De/MD/Pa border area in Chester County. I work in the suburbs of De. so I don't have to deal with the city wage taxes. Any way that is 3K that you could put in a mutual fund, stock portfolio, off-shore investment account..etc. | ||
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Guru
Posts: 2003 |
Nope - I can pay out as much as 44%. I pay an extra self employment tax of 14% on top of the 33% that I already pay. Oh - uncle and me are not very friendly. | ||
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Pro Bodybuilder
Posts: 454 |
Want to solve the tax problem in this nation? To do so, we need a law that eliminates the deduction of taxes from everyones paycheck. Force everyone to make a yearly, quaterly, or monthly payment to federal, state, and local governments. Put the money in their hands first, then make them pay the government. See how people feel about their taxes then. ------------------ | ||
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Guru
Posts: 2003 |
Right on "Dude" when you actually write the check it sucks. Those f'in quarterly payments hurt. I believe to live in a free society you have to pay for it - just would like to see some more controls and even the balance out. |
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posted October 14, 2000 02:26 AM