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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]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 [b]while we will be asked to pay 39% on the income that we earn by going to work every day[/b]. 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. [/quote]

I agree with everything you've said here. [/quote]

You both don't really understand [i]marginal[/i] tax rates, do you?  You are being asked to pay 39.6% on anything [u]over $250K, after deductions[/u] 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.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics