I am at 11% on 150K. I am pretty sure I have as much if not more education than those of you making 500K. I work hard, often 60-80 hrs/week, but because I am a gov't contractor, I only get paid for 40.

The people with the really high effective rates are probably including the self-employment tax, which, for me, is the employer contributions to social security.

We're at 19% for 320K. We max out two 401Ks, so that moves us down 35K or so. Don't really have a huge mortgage either. This is just federal we're talking about right?

Anonymous wrote:Yep, and I'm one of them.

You make a fortune because you live in a society that gives you the opportunity to make a fortune. You should be expected to give back in accordance with the blessings you enjoy.

Our current tax code doesn't go anywhere near far enough, in my opinion. Consider yourself lucky you didn't hit it rich in the 1970s, when the top marginal rate was 70%.

Please stop complaining about how much money you make. It's just ugly.

It's good to know that President Obama reads this forum!

Those talking about marginal tax rates are missing the point. There have been a slew of tax increases during the Obama Administration on those making more than $250(married)/$300(single) that don't touch the marginal tax rate.

And, yes, the fact that, after the first $50,000, a spouse's income is effectively taxed at their partner's highest marginal rate does encourage people to leave the work force. When I figured out what I was taking home, after tax, childcare, clothing and commuting expenses, working just didn't make sense. However, I guess this is a feature for liberals -- remember when they were promoting the fact that Obamacare would allow people to quit their jobs?

Anonymous wrote:Yep, and I'm one of them.

You make a fortune because you live in a society that gives you the opportunity to make a fortune. You should be expected to give back in accordance with the blessings you enjoy.

Our current tax code doesn't go anywhere near far enough, in my opinion. Consider yourself lucky you didn't hit it rich in the 1970s, when the top marginal rate was 70%.

Please stop complaining about how much money you make. It's just ugly.

Giving back would be easier if people trusted how money was spent. Maybe make in mandatory for a smaller percent and another perfect would be required to go to the charity of your choosing.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:^^^That's the marginal tax rate, not the effective tax rate. It makes a difference, as this entire thread shows.

Tax owed at 200K income is 43K, or 22%, tax owed at 400K is 108K, or 27%. Difference of 5% in effective tax rate.

But still you'd rather be making 400k yes?

Do you assume that it takes the same amount of time, intelligence and effort to make $400K as it does to make $100K?

Call it intelligence, time, effort, luck, connections, entitlement, divine intervention, eminent domain, whatever you want. It won't make people feel sorry that you have to pay a slightly higher income tax rate (which, coincidentally is partially mitigated by not having to pay Social security on most of your income, which the 100k person has to pay on all of their income). Not understanding the difference between marginal and effective rate and exaggerating your numbers to the point they defy logic for effect does not advance your argument of being so much more intelligent, btw.

Social security. Why should people pay more when they have a cap on benefits? Here is something to ponder. Obama and Biden's returns are on-line. One has the residence in DC and another the home state. What should be on the return?

Anonymous wrote:We paid 15.1% at $285K but gave about $25K away in cash (my husband is really into charitable giving) plus about $5k in things plus have a $450K mortgage at 3.5%.

Did you have appraisals on the 5g of stuff?

Yep, and I'm one of them.

You make a fortune because you live in a society that gives you the opportunity to make a fortune. You should be expected to give back in accordance with the blessings you enjoy.

Our current tax code doesn't go anywhere near far enough, in my opinion. Consider yourself lucky you didn't hit it rich in the 1970s, when the top marginal rate was 70%.

Please stop complaining about how much money you make. It's just ugly.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:^^^That's the marginal tax rate, not the effective tax rate. It makes a difference, as this entire thread shows.

Tax owed at 200K income is 43K, or 22%, tax owed at 400K is 108K, or 27%. Difference of 5% in effective tax rate.

But still you'd rather be making 400k yes?

Do you assume that it takes the same amount of time, intelligence and effort to make $400K as it does to make $100K?

Call it intelligence, time, effort, luck, connections, entitlement, divine intervention, eminent domain, whatever you want. It won't make people feel sorry that you have to pay a slightly higher income tax rate (which, coincidentally is partially mitigated by not having to pay Social security on most of your income, which the 100k person has to pay on all of their income). Not understanding the difference between marginal and effective rate and exaggerating your numbers to the point they defy logic for effect does not advance your argument of being so much more intelligent, btw.

There is a difference between making people feel sorry and what is right.

pssst, I'll let you in on a little secret.

Many of us DO think it's right that people who make more money should pay a higher effective tax rate.