Taxcut

[!Trinick]

Speaking as the son of a guy making more than $400,000 a year, you'd be surprised. This year we're paying over 50% of our income in tax.

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[Count]

Speaking as the son of a guy making more than $400,000 a year, you'd be surprised. This year we're paying over 50% of our income in tax.

50%??

[!Trinick]

Something like 53%. I forgot the exact figure.

[Mordius]

Speaking as the son of a guy making more than $400,000 a year, you'd be surprised. This year we're paying over 50% of our income in tax.

Seriously?

[devildogelite]

Seriously?

Not saying 53% isn't a lot but 200k is also still a lot.

[!Trinick]

It's kinda the principle of it though, don't you think? My family is paying more money to the government than we are taking in for ourselves. I think that speaks for itself.

[Doomonkey]

The marginal tax rate for >= 400k/425k(married) is 39.6%.

And that is before deductions and assuming none of your income is from dividends and capital gains.

State tax in California in 2012 would put you at around 50. So you are right. That is crazy.

[!Trinick]

Federal, maybe. There's also state taxes.

[devildogelite]

It's kinda the principle of it though, don't you think? My family is paying more money to the government than we are taking in for ourselves. I think that speaks for itself.

You can afford to though, someone making 30k can't.

[Kalphiter]

You can afford to though, someone making 30k can't.

Correct.

Progressive tax system yes.

[!Trinick]

You can afford to though, someone making 30k can't.

You're right. I'm not suggesting a 53% tax rate for people with $30k a year income. But just because we can afford it doesn't make it right. My dad pretty much has the typical American dream story; worked hard through school, got good grades, worked his way through college waiting on tables at a restaurant while building up debt, was recommended to a job at Hardvard Medical School by his graduate adviser, he applied, got it. When his boss left to go work on the AIDS virus he asked my dad to come with him, so he did. Working hard the entire way, he built his portfolio and income the entire way up. He isn't a guy who was handed everything in life, he's a guy that tried his hardest to make the best possible life for his wife and children. It's not a tragedy that he's being taxed more than others, but that he worked his entire life to come to a point where more of the money he earns each day at work goes to taxes than it does to us. You may think I'm biased in saying it, but I'm incredibly proud of how my dad got to where he is now, and I think he deserves at least half of the money he earns every day. Really.

[Kalphiter]

You're right. I'm not suggesting a 53% tax rate for people with $30k a year income. But just because we can afford it doesn't make it right. My dad pretty much has the typical American dream story; worked hard through school, got good grades, worked his way through college waiting on tables at a restaurant while building up debt, was recommended to a job at Hardvard Medical School by his graduate adviser, he applied, got it. When his boss left to go work on the AIDS virus he asked my dad to come with him, so he did. Working hard the entire way, he built his portfolio and income the entire way up. He isn't a guy who was handed everything in life, he's a guy that tried his hardest to make the best possible life for his wife and children. It's not a tragedy that he's being taxed more than others, but that he worked his entire life to come to a point where more of the money he earns each day at work goes to taxes than it does to us. You may think I'm biased in saying it, but I'm incredibly proud of how my dad got to where he is now, and I think he deserves at least half of the money he earns every day. Really.

We're talking about 3%.

[!Trinick]

We're talking about 3%.

Not only is 3% of $400,000 $12,000, the point is that it's not right to tax such absurdly high rates. I was being a bit facetious when I said he deserves half, I think it should clear to pretty much everyone that when people go out to work they deserve to bring in more money than they pay in taxes. In my opinion, nobody should have a tax rate higher than 40%. Even 40% is ridiculous; think about that. Think about going to work each day, checking in at 9, working until 1:45, then knowing for the next 3 and a quarter hours you're not actually making any money. Obviously that's not how it actually works, but that's what it comes down to.

[TheKhoz]

Not only is 3% of $400,000 $12,000, the point is that it's not right to tax such absurdly high rates. I was being a bit facetious when I said he deserves half, I think it should clear to pretty much everyone that when people go out to work they deserve to bring in more money than they pay in taxes. In my opinion, nobody should have a tax rate higher than 40%. Even 40% is ridiculous; think about that. Think about going to work each day, checking in at 9, working until 1:45, then knowing for the next 3 and a quarter hours you're not actually making any money. Obviously that's not how it actually works, but that's what it comes down to.

Of course, but there are people all over the world that check in at 8 and then work till 6 and would give their left loving leg to make $200,000 a year.

[Oasis]

Not only is 3% of $400,000 $12,000, the point is that it's not right to tax such absurdly high rates. I was being a bit facetious when I said he deserves half, I think it should clear to pretty much everyone that when people go out to work they deserve to bring in more money than they pay in taxes. In my opinion, nobody should have a tax rate higher than 40%. Even 40% is ridiculous; think about that. Think about going to work each day, checking in at 9, working until 1:45, then knowing for the next 3 and a quarter hours you're not actually making any money. Obviously that's not how it actually works, but that's what it comes down to.

Calm down, anything over $100,000 a year is beyond livable.