OASDI is a Federally mandated life annuity with right of survivorship (a lousy one for higher income earners…) it doesn’t fund the real government and Medicare is just paying for your own old age health insurance (and it’s much more expensive for higher earners).Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more
Disingenuous. There's a 15% tax starting from their first dollar of income.
There's not even a 15% tax bracket in the US. 10% from $0-11,925 (single fileer), 12% $11,926 – $48,475
22%: $48,476 – $103,350. Where's this 15% you come up with?
Standard deduction is $15,750 for single filer.
You don't seem to understand the tax system. Hint: there are income taxes that don't go by the name "income tax".
Not really. I wouldn't consider payroll taxes an "income tax" just because they are deducted from one's paycheck.
Doesn’t matter what you “would consider” darling. Facts is facts.
Anonymous wrote:Agree OP. MAGA in particular doesn’t understand this. Money you WORK for is taxed the highest.
UMC people working 40-60 hour a week carry the biggest tax burden.
Tax the people who are buying their third home and upgrading their yacht more. I just want to help my kids through grad school and have one nice home and a couple small vacations a year please.
Anonymous wrote:I paid $8 M in federal estate taxes last year.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more
Disingenuous. There's a 15% tax starting from their first dollar of income.
There's not even a 15% tax bracket in the US. 10% from $0-11,925 (single fileer), 12% $11,926 – $48,475
22%: $48,476 – $103,350. Where's this 15% you come up with?
Standard deduction is $15,750 for single filer.
You don't seem to understand the tax system. Hint: there are income taxes that don't go by the name "income tax".
Not really. I wouldn't consider payroll taxes an "income tax" just because they are deducted from one's paycheck.
Anonymous wrote:I paid $8 M in federal estate taxes last year.
Anonymous wrote:I paid $8 M in federal estate taxes last year.
Anonymous wrote:I paid $8 M in federal estate taxes last year.
Anonymous wrote:Anonymous wrote:Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more
Disingenuous. There's a 15% tax starting from their first dollar of income.
But there are deductions and tax credits counterbalancing that so there is zero net owed.
Look it up yourself or looky here. You are disingenuous my friend.
https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/
Anonymous wrote:Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more
Disingenuous. There's a 15% tax starting from their first dollar of income.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).
45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.
So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.
Flatten the tax code.
The top 50% of earners do not need to pay 97% of the entire yearly income tax, while the bottom 50% pay the remaining 3%.
It creates a whole class of people who pay for nothing, and demand everything.
How much of the country’s wealth and income do the top 50% make and own?
Are you suggesting the least productive members of society should benefit from the productivity of others? That sounds like theft.
Are you a 12-year-old boy? That's usually the demographic that comes up with "zingers" like that.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).
45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.
So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.
Flatten the tax code.
The top 50% of earners do not need to pay 97% of the entire yearly income tax, while the bottom 50% pay the remaining 3%.
It creates a whole class of people who pay for nothing, and demand everything.
How much of the country’s wealth and income do the top 50% make and own?
Are you suggesting the least productive members of society should benefit from the productivity of others? That sounds like theft.
Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).
45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.
So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.