For those with high HHI ($500K), tax saving strategies
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Anonymous
The "existing taxes" are zero. |
Anonymous
And the departure from WA state was already planned. But yes, this tax will drive many out of WA. Just like the Cap gains tax (essentially just on stock options) did. Also, it may be 10% on anything over a million now, but the WA legislature would not codify that the "1M" will never go lower. Their entire plan is to reduce it as a backdoor way into getting an income tax (just like the Fed income tax started as). When they don't get enough from the "over $1M" they will try to lower it (and with the current court likely succeed in WA state). |
Anonymous
Not to people making more than $1M. Also, there is no "double to $2M" for couples filing jointly. So it is incredibly unfair tax as well. Where else do we tax someone single starting at $1M and a couple starting at $1M as well? Nowhere because it's unethical and wrong. |
Anonymous
What a bizarre statement. It's unethical to tax someone at $1MM in income vs. most states that tax everyone at all income levels with like a $30k exclusion but you hit the maximum marginal tax rate at like $200k? In what universe is that unethical? Would you prefer that everyone making $100k+ pay income tax, and you still hit a 10% marginal rate at $1MM+ (but now the person earning $1MM is paying taxes on another $900k)? |
Anonymous
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I just love these complaints about taxes. People don't think clearly.
Live in a world where there are no taxes and you are not suddenly pocketing all this extra money. Employers would adjust their market rates and salaries DOWN to account for the fact that you are not being taxed. So really, think of your income as thenpist tax number and you'll be a lot happier. |
Anonymous
Wa state constitution forbids an income tax. So change the constitution if you want and then pursue an income tax. But don't tax families at $1m and a single person at $1m as well. Th e individual should start at $500k to be logical. We already pay taxes in other ways. Gas tax and vehicle registration are be try high because yes the money for roads and infrastructure must come from somewhere. |
Anonymous
Yes, we obviously understand the money for things must come from somewhere. But the solution isn't to just randomly tax more. Or claim tax the rich, unless you are referencing people making worth over $80-100M+. Those people who have W2 income/interest/dividend income that is high actually do pay tons in taxes. In fact they don't have any way to "hide" it. So yes, they pay the federal amount 37%+ on everything over 670K (or whatever the top number now is), SS on the max amount required, state income (0-10%) and ~2% medicare tax on everything. They loose deductions due to AMT even if nothing besides high W2 income and so much more. Those are the people actually paying taxes (unlike the ultra wealthy). At some point, they do not need to pay more. They are the ones actually already paying for most things. |
Anonymous
That federal income tax is paying $1 billion dollars a day to bomb Iran. Without federal income tax we wouldn’t be able to send $20 billion to Israel to bomb Gaza and Beirut. Also something like $75 billion to Ukraine for weapons for a war they have no way of winning. |
Anonymous
| I would buy gold with some money. |