I don't get the whole "fake rich $250k" thing. We make just under 200k and are more than comfortable

[Anonymous]

Anonymous wrote:Well OP I like to buy nice things with the money I work hard for. Same goes for DH.

I prefer $150 jeans. So what, its my money.

We all make choices and just because I choose to enjoy my money and spend it on things that we can afford but are expensive, does not meanI should be taxed the hell out my earnings.

We are right under $250k and sure we are comfortable but not rich.

You're not in the top 1%, but I still think you're a perfect example of the people in this article:

http://gawker.com/5885705/the-top-1-must-stop-insisting-theyre-not-rich-right-this-instant

You can't complain that you're not doing well just because you don't have that much money left after you spend it on expensive jeans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well OP I like to buy nice things with the money I work hard for. Same goes for DH.

I prefer $150 jeans. So what, its my money.

We all make choices and just because I choose to enjoy my money and spend it on things that we can afford but are expensive, does not meanI should be taxed the hell out my earnings.

We are right under $250k and sure we are comfortable but not rich.

You're not in the top 1%, but I still think you're a perfect example of the people in this article:

http://gawker.com/5885705/the-top-1-must-stop-insisting-theyre-not-rich-right-this-instant

You can't complain that you're not doing well just because you don't have that much money left after you spend it on expensive jeans.

And just because you shop at the Dollar store does not mean that you can say that you have all the money you need. See its funny how it goes both ways huh?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The other issue is who is being taxed and how they earn their income. You might feel comfortable but there is a big difference between your lifestyle (which is similar to mine) and Mitt Romney's. he is paying 13% on his passive income while we will be asked to pay 39% on the income that we earn by going to work every day. I actually have no problem with the coming tax hike on my considerable income, but I am miffed that actual rich people (who live a very different lifestyle from me and you) are not expected to carry the same weight.

I agree with everything you've said here.

You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.

So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.

[Anonymous]

The issue is around here the money is a lot less than other areas of the country. You can have an amazing mansion in some parts of the country for $350-400,000 and here, we got a small fixer-upper that needed pretty much everything. We live very modestly, we drive our cars till they are at the end of their lives, we fund our child's college fund and IRA's, save, but we are not living at what most would consider us living at our income level. Like others say, we pay a huge amount in federal, state, local, real estate and other taxes.

By the way, the dollar store is often more expensive than a regular store with coupons or clearance sales. Some products are a good quality but most are not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well OP I like to buy nice things with the money I work hard for. Same goes for DH.

I prefer $150 jeans. So what, its my money.

We all make choices and just because I choose to enjoy my money and spend it on things that we can afford but are expensive, does not meanI should be taxed the hell out my earnings.

We are right under $250k and sure we are comfortable but not rich.

You're not in the top 1%, but I still think you're a perfect example of the people in this article:

http://gawker.com/5885705/the-top-1-must-stop-insisting-theyre-not-rich-right-this-instant

You can't complain that you're not doing well just because you don't have that much money left after you spend it on expensive jeans.

And just because you shop at the Dollar store does not mean that you can say that you have all the money you need. See its funny how it goes both ways huh?

Um, no it doesn't. Because if that person buys all she needs from cheaper outlets then she can easily say she has all the money she needs. You don't "need" $150 jeans. Push away the extra ice cream and you will look great in $30 jeans.
,
That article is completely right. I saw this all the time when I lived in DC -- people work all the time and are miserable with their jobs, so in an effort to make themselves feel better they buy expensive toys. One office I worked in was full of miserable people with very fancy wine cellars and sports cars, and partners constantly attempting to one-up each other. So childish!

[Anonymous]

Anonymous wrote:
You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.

So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.

and I forgot to add. Currently, you are paying 35% on that $22,900 which is $8015. So the difference that this change in tax rate will make is $1625 on those making $300K and taking nothing but the standard deduction and personal exemptions for a family of four.

[Anonymous]

You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.

So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.

Wow, although your tone was a little mean, I actually found this info very helpful. Thanks.

[Anonymous]

Thanks, PP. it never fails to me the idiots who think that "being in a higher tax bracket" is somehow a bad thing. Sigh.

[Anonymous]

Anonymous wrote:

You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.

So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.

Wow, although your tone was a little mean, I actually found this info very helpful. Thanks.

Me too! Thanks! (How come Democrats do not take the time to educate people?....there would be a lot less upset over the tax increases)

[Anonymous]

OP, you have to save for a rainy day that you can't envision right now. A child born with special needs, private school tuition for a DC for which you thought public was going to be fine, aging parents you have to visit all the time, broken teeth from an accident that insurance won't cover. I could go on and on... And are you insured for $1M each? at least?

You might be maxing out your 401ks, but is that really enough? What about a Roth as well?

I thought we were comfortable too on a cheaper mortgage and slightly less HHI. Now with dental care (exorbitant!), braces, private tuition for one kid, no raises but higher medical premiums and long term care insurance premiums, we are squeezed like we never were before. We saved a lot and now we need it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.

So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.

Wow, although your tone was a little mean, I actually found this info very helpful. Thanks.

Me too! Thanks! (How come Democrats do not take the time to educate people?....there would be a lot less upset over the tax increases)

For those who think that I'm being a little mean, I'm flabbergasted that with 100's of web-sites, several easy-to-follow ones that pop up in Google when you enter anything like "marginal tax rates" "new tax rate" "taxes for $250K" etc that those who are complaining the loudest haven't bothered to take 3-4 minutes to read a site and figure out that they will not be affected. And as the screams get louder, I wonder why people can spend 15 minutes reading and posting on forums complaining about the tax rate, but not 3-5 minutes reading how it will not affect them.

Please, please, please, everytime you hear people complain about the tax rate, please remind them that this is only on income over $250K AFTER DEDUCTIONS. I'm a Republican and I cringe when I hear the Republicans using scare-tactics to resist this part of the tax hike. The Republicans are the one obscuring how little it will affect people.

[Anonymous]

"Op here our mortgage is $2700 and place paid off our student loans in 2006 (we both went to state schools). Would we like a big nice house in Bethesda, sure! But we know we don't earn enough to afford it. Its just not feasible in this area... "

I make just under 200K and it is tight, but I pay $4200/mo for my mortgage because I want my kid to be in a good school . . . . I also save for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well OP I like to buy nice things with the money I work hard for. Same goes for DH.

I prefer $150 jeans. So what, its my money.

We all make choices and just because I choose to enjoy my money and spend it on things that we can afford but are expensive, does not meanI should be taxed the hell out my earnings.

We are right under $250k and sure we are comfortable but not rich.

You're not in the top 1%, but I still think you're a perfect example of the people in this article:

http://gawker.com/5885705/the-top-1-must-stop-insisting-theyre-not-rich-right-this-instant

You can't complain that you're not doing well just because you don't have that much money left after you spend it on expensive jeans.

And just because you shop at the Dollar store does not mean that you can say that you have all the money you need. See its funny how it goes both ways huh?

Um, no it doesn't. Because if that person buys all she needs from cheaper outlets then she can easily say she has all the money she needs. You don't "need" $150 jeans. Push away the extra ice cream and you will look great in $30 jeans.
,
That article is completely right. I saw this all the time when I lived in DC -- people work all the time and are miserable with their jobs, so in an effort to make themselves feel better they buy expensive toys. One office I worked in was full of miserable people with very fancy wine cellars and sports cars, and partners constantly attempting to one-up each other. So childish!

Excuse you?....You are the one saying things are childish? You just attempted to call me fat by stating the above and you think that is OK? You are a the miserable bitch.

[Anonymous]

Anonymous wrote:The other issue is who is being taxed and how they earn their income. You might feel comfortable but there is a big difference between your lifestyle (which is similar to mine) and Mitt Romney's. he is paying 13% on his passive income while we will be asked to pay 39% on the income that we earn by going to work every day. I actually have no problem with the coming tax hike on my considerable income, but I am miffed that actual rich people (who live a very different lifestyle from me and you) are not expected to carry the same weight.

+1

[Anonymous]

That was pretty rude, ice cream poster.