Reply to For those with high HHI ($500K), tax saving strategies

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So let me get this straight. You asked a CPA. You didn't like the correct answer s/he gave you. And so you thought you'd crowd source this?

Maybe count your blessings to be doing so well that you can contribute that level of taxation and be glad you don't live in other places of the world where taxes are higher (because the USA is basically the world's tax haven).

The short answers is the same your CPA gave you. You're salaried employees. Short of increasing exclusions like 401K contributions, there really are no magic tricks here. And thank God for that. Pay your fair share, damnit. [/quote]

Why is reducing someone's tax burden a bad thing all of a sudden? [/quote]

It isn't!  Most of us in the making $178K and up are paying the majority of taxes in this country.  Someone making $500K is paying even more.  But yet we don't use the roads or services any more than the person not paying any taxes or paying barely anything.  SO yes, we are happy to contribute, but the solution to a budget problem is not to tax us more....it's to budget better.

Smart people work within the law to minimize their taxes.  And for W2 workers it is challenging.  And yes, when I have paid more in Federal taxes than most will earn in a lifetime, I think I've paid my fair share and would rather have my money to direct to charities that actually fully utilize the money (and to my own family and friends)[/quote]

Agreed. I’m tired of the assumption that government is the most efficient and benevolent spender of our money. Don’t get me started on state and local taxes. Always going up and so much grift. [/quote]

Interest on the debt, defense, social security, and Medicare makeup the overwhelming majority of spending. Unless you think that money is poorly spent, you don’t have much of a point. Income and food support for poor people is 6% of the budget. Medicaid is another 10%. Compare that 16% to the 50% of Americans who have no savings and live literally paycheck to paycheck and it’s clear that the poor are not draining the bank.

In the last 40 years, the overwhelming winners have been the upwardly mobile and wealthy, as they have been the great beneficiaries of repeated tax cuts and equity gains. The wealth divide is growing for a reason, and it isn’t because the well-off are paying too much in taxes. Instead of moaning each year about taxes paid, the wealthy should be shouting from the rooftops about how much money they made. [/quote]

I am aware of the spending pie. You do realize that interest on the debt didn’t just magically appear as a line item? That we have to have debt to have massive interest payments? And the debt was cause by overspending?

Yes the defense budget is extremely high.

And USG spending skyrocketed during COVID and we never course corrected on spending after that. [/quote]

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