Is "the system" designed to keep us poors in our place"

[Anonymous]

Anonymous wrote:

Anonymous wrote:the toughest bracket to be in is 200-350, once you go up to 4-500 the taxes that are taken from you are felt less.

you so funny

True.

It still hurts, a lot in fact. People who have ordinary income in the 500k-1M range looks at people like the OP complaining about reaching the 33% bracket and think "That's cute".

I'm okay with the fact that our demographic group carries the bulk of the burden of paying for the budget of the US government. I really am. I am also okay with the fact that my property tax is higher than the mortgage of the average Fairfax county home. I really am.

What I am not okay with is being called wealthy and told that I am not paying my fair share.

[Anonymous]

The answer to OP's original question is "Yes."

[Anonymous]

Don't forget the AMT tax. It killed us because now some of the deductions can't be used now. We ended up paying additional $2k for AMT.

[Anonymous]

Our HHI is between 225-230k from our day jobs. I made $200k last year on the house flip - that was a really good one. The time before it was about 70k. I made about 25 k in the consulting business this past year.

(I thought we were "the poors" here on DCUM bc we don't have millions of dollars...)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:the toughest bracket to be in is 200-350, once you go up to 4-500 the taxes that are taken from you are felt less.

you so funny

True.

It still hurts, a lot in fact. People who have ordinary income in the 500k-1M range looks at people like the OP complaining about reaching the 33% bracket and think "That's cute".

I'm okay with the fact that our demographic group carries the bulk of the burden of paying for the budget of the US government. I really am. I am also okay with the fact that my property tax is higher than the mortgage of the average Fairfax county home. I really am.

What I am not okay with is being called wealthy and told that I am not paying my fair share.

You are wealthy, and you are probably not paying your fair share. I called you out, whatcha gonna do about it?

[Anonymous]

Anonymous wrote:Our HHI is between 225-230k from our day jobs. I made $200k last year on the house flip - that was a really good one. The time before it was about 70k. I made about 25 k in the consulting business this past year.

(I thought we were "the poors" here on DCUM bc we don't have millions of dollars...)

So around 1/2 million in income but one of the "poors" You REALLY consider yourself one of the poors?!? Sounds more like a humble brag

[Anonymous]

It is not consistently that much in income. It depends how the flips go, and it is very dependant on the strength of the market, and also very very high risk. I leverage our entire life savings to do them. And I work ALL the time to generate the income - days/evenings/weekends.

[Anonymous]

You are not one of the "poors" even with just your day jobs. Give me a break. Idiot, yes. Braggart, yes. Poor, no.

[Anonymous]

Anonymous wrote:Our HHI is between 225-230k from our day jobs. I made $200k last year on the house flip - that was a really good one. The time before it was about 70k. I made about 25 k in the consulting business this past year.

(I thought we were "the poors" here on DCUM bc we don't have millions of dollars...)

No, it just sounds like you are not investing properly. How much do you have in securities? You are making income, but not growing your assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:the toughest bracket to be in is 200-350, once you go up to 4-500 the taxes that are taken from you are felt less.

you so funny

True.

It still hurts, a lot in fact. People who have ordinary income in the 500k-1M range looks at people like the OP complaining about reaching the 33% bracket and think "That's cute".

I'm okay with the fact that our demographic group carries the bulk of the burden of paying for the budget of the US government. I really am. I am also okay with the fact that my property tax is higher than the mortgage of the average Fairfax county home. I really am.

What I am not okay with is being called wealthy and told that I am not paying my fair share.

You are wealthy, and you are probably not paying your fair share. I called you out, whatcha gonna do about it?

I am going to go sponsor a politician and lobby for lower taxes. Muahahahahaha... weep.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is between 225-230k from our day jobs. I made $200k last year on the house flip - that was a really good one. The time before it was about 70k. I made about 25 k in the consulting business this past year.

(I thought we were "the poors" here on DCUM bc we don't have millions of dollars...)

No, it just sounds like you are not investing properly. How much do you have in securities? You are making income, but not growing your assets.

I have 145 in retirement accounts. After we sell this flip (God willing) maybe 500k in cash. 3 rental properties but all mortgaged with maybe 20 percent equity and 20 more years to go before the notes are paid.

[Anonymous]

OP is a braggart, pointless thread.

[Anonymous]

If you really want to talk about how the system keeps the poors in their place (which you are not);

The poors make less, which means they save less, which means they can't afford hiccups in bills, which means they have worse credit, which means everything they do costs more - auto loans, credit cards, home loans, etc. Because they work lower paying jobs, they don't have insurance or they are often paid hourly, so if they take time off when sick they have to pay more out of pocket and lose income. Because they make less they have to work more hours which leaves less free time for other things like pursuing an education, which if they could do, would cost more because of their credit. And because they make less, they live further out which means they have to commute more, which means their car costs are higher and their time strained further. Their cell phone needs a deposit. Hell, even their cable tv sometimes needs a deposit. Money locked up not producing for them.

Compare that to the non poor. First you get a job with a salary and benefits. Then you get vacation. Then you get a free cell phone, or a company car, or an expense account. Your credit card rates go down. Your home loan rates are lower. Hell, your life insurance rates are lower. Your brokerage firm will lend you money at 2% on margin if you need it. Cash flow frees up - you can invest, take advantage of an hsa or FSA or employee stock plan. This throws off more cash, which you can use to build more income generating assets. The relative tax burden goes way down as your income comes more and more from long term capital gains. Your neighborhood is better so your home insurance costs less on the margin.

The list goes on and on and on.

Yes, the deck is stacked.

[Anonymous]

Its not how much you make, its how you spend and save. I know folks who make $75k p/y but manage to max out 401k and save 12-20k per year while a $300k family is living check to check due to high mortgage, daycare and private school. Make your financial choices wisely.

[Anonymous]

Anonymous wrote:the toughest bracket to be in is 200-350, once you go up to 4-500 the taxes that are taken from you are felt less.

I am sorry, but I have been in the < 10K bracket through my 20's. I am now in the close to 200K numbers....10K was tougher...sure, I did not pay income tax, but I had to struggle to pay rent and eat.