April 15th - Tax day

SFGbob

Look around and realize, that 44% of your fellow country men pay no income taxes. And that the top 50% of income earners pay 97% of all the income taxes.

Dirt bags like Hondo's "friend" who pays no income taxes and is pissed because he isn't receiving his "free" money from the government anymore have absolutely zero incentive to cut spending or to keep income taxes low, because they don't pay any income taxes.

HHusky

You're welcome.

SFGbob

HHusky said:

You're welcome.

Yeah, where is my thanks? But instead of gratitude all we get is a demand that we pay even more.

YellowSnow

I'm fine with low income workers with families to support not paying income tax and even getting some wage subsidy (i.e., earned income tax credit). This is lot better way to ensure that pours have enough income for food and housing than trying to raise standard of living through counter-productive means like artificially high minimum wages. And again, everyone still pays payroll taxes, sales taxes and property taxes (though rents or ownership).

SFGbob

YellowSnow said:

I'm fine with low income workers with families to support not paying income tax and even getting some wage subsidy (i.e., earned income tax credit). This is lot better way to ensure that pours have enough income for food and housing than trying to raise standard of living through counter-productive means like artificially high minimum wages. And again, everyone still pays payroll taxes, sales taxes and property taxes (though rents or ownership).

Everyone should have some skin in the game. It doesn't have to be a lot but if you work you should face some level of income tax. Otherwise you have the situation that we have now where nearly half the population has no incentive to keep income taxes low. I'd also do away withholding and make everyone write a check to the government every quarter.

YellowSnow

SFGbob said:

YellowSnow said:

I'm fine with low income workers with families to support not paying income tax and even getting some wage subsidy (i.e., earned income tax credit). This is lot better way to ensure that pours have enough income for food and housing than trying to raise standard of living through counter-productive means like artificially high minimum wages. And again, everyone still pays payroll taxes, sales taxes and property taxes (though rents or ownership).

Everyone should have some skin in the game. It doesn't have to be a lot but if you work you should face some level of income tax. Otherwise you have the situation that we have now where nearly half the population has no incentive to keep income taxes low. I'd also do away withholding and make everyone write a check to the government every quarter.

I fully appreciate the skin in the game logic. But I also think we need to take away disincentives towards work. Lot of pours these days who can't get anything better than a low wage jerb are choosing idle poverty (e.g., collecting disability) over working poverty (e.g., greeting people at Walmart) because at the end of the day there's not much difference in their standard of living at the end of day. Even if someone has made poor life choices (e.g., got pregnant w/o a dad around) we still should reward them for showing up and working a job and if part of the way in helping them get by is an effective negative income tax (EITC) then so be it. They have skin in the game with FICA and sales tax.

SFGbob

YellowSnow said:

SFGbob said:

YellowSnow said:

I'm fine with low income workers with families to support not paying income tax and even getting some wage subsidy (i.e., earned income tax credit). This is lot better way to ensure that pours have enough income for food and housing than trying to raise standard of living through counter-productive means like artificially high minimum wages. And again, everyone still pays payroll taxes, sales taxes and property taxes (though rents or ownership).

Everyone should have some skin in the game. It doesn't have to be a lot but if you work you should face some level of income tax. Otherwise you have the situation that we have now where nearly half the population has no incentive to keep income taxes low. I'd also do away withholding and make everyone write a check to the government every quarter.

I fully appreciate the skin in the game logic. But I also think we need to take away disincentives towards work. Lot of pours these days who can't get anything better than a low wage jerb are choosing idle poverty (e.g., collecting disability) over working poverty (e.g., greeting people at Walmart) because at the end of the day there's not much difference in their standard of living at the end of day. Even if someone has made poor life choices (e.g., got pregnant w/o a dad around) we still should reward them for showing up and working a job and if part of the way in helping them get by is an effective negative income tax (EITC) then so be it. They have skin in the game with FICA and sales tax.

One way to make work more rewarding would be to halt the importation of millions of low skilled, low education foreigners who depress the wages of low American income workers.

jecornel

HHusky said:

You're welcome.

Are you getting by on your million a year? About 40k a month after taxes.

I'm concerned for your well being.

Maybe if you cut cut back on life of luxury you could figure out to turn 200k a year into a passive income stream then you could be rich! Or even better, wealthy.

YellowSnow

SFGbob said:

YellowSnow said:

SFGbob said:

YellowSnow said:

I'm fine with low income workers with families to support not paying income tax and even getting some wage subsidy (i.e., earned income tax credit). This is lot better way to ensure that pours have enough income for food and housing than trying to raise standard of living through counter-productive means like artificially high minimum wages. And again, everyone still pays payroll taxes, sales taxes and property taxes (though rents or ownership).

Everyone should have some skin in the game. It doesn't have to be a lot but if you work you should face some level of income tax. Otherwise you have the situation that we have now where nearly half the population has no incentive to keep income taxes low. I'd also do away withholding and make everyone write a check to the government every quarter.

I fully appreciate the skin in the game logic. But I also think we need to take away disincentives towards work. Lot of pours these days who can't get anything better than a low wage jerb are choosing idle poverty (e.g., collecting disability) over working poverty (e.g., greeting people at Walmart) because at the end of the day there's not much difference in their standard of living at the end of day. Even if someone has made poor life choices (e.g., got pregnant w/o a dad around) we still should reward them for showing up and working a job and if part of the way in helping them get by is an effective negative income tax (EITC) then so be it. They have skin in the game with FICA and sales tax.

One way to make work more rewarding would be to halt the importation of millions of low skilled, low education foreigners who depress the wages of low American income workers.

And I'm record in this space saying we probably need to take a break on high levels of low skill immigration until we get labor force participation rates back up. But in conjunction with that you've got to change policy to get people off the dole and back into the work force.

HHusky

jecornel said:

HHusky said:

You're welcome.

Are you getting by on your million a year? About 40k a month after taxes.

I'm concerned for your well being.

Maybe if you cut cut back on life of luxury you could figure out to turn 200k a year into a passive income stream then you could be rich! Or even better, wealthy.

A million/year isn’t $480,000 after taxes. I think your bookkeeper may be stealing from you.

jecornel

HHusky said:

jecornel said:

HHusky said:

You're welcome.

Are you getting by on your million a year? About 40k a month after taxes.

I'm concerned for your well being.

Maybe if you cut cut back on life of luxury you could figure out to turn 200k a year into a passive income stream then you could be rich! Or even better, wealthy.

A million/year isn’t $480,000 after taxes. I think your bookkeeper may be stealing from you.

I said "about" 40k. What is 40x12?

HHusky

“About” 480. Like I said.

Blu82

I would like to take this opportunity to thank President Trump for lowering the amount of taxes that are extorted from me annually.

jecornel

HHusky said:

“About” 480. Like I said.

So what was the problem?

jecornel

Blu82 said:

I would like to take this opportunity to thank President Trump for lowering the amount of taxes that are extorted from me annually.

I'm not complaining this year......at all.

HHusky

Blu82 said:

I would like to take this opportunity to thank President Trump for lowering the amount of taxes that are extorted from me annually.

The Sheriff of Nottingham just left here with a big bag of loot.

Blu82

My savings this year equate to about 2 additional weeks laying on a beach in Costa Rica, which I just returned from.
Count me in the happy column.

HHusky

jecornel said:

HHusky said:

“About” 480. Like I said.

So what was the problem?

No problem. Just trying to figure out how you’re paying more than half a million in taxes on a million dollars. That’s a talent no one else has.

HHusky

Blu82 said:

My savings this year equate to about 2 additional weeks laying on a beach in Costa Rica, which I just returned from.
Count me in the happy column.

Thanks for not spending the money in America.

Blu82

HHusky said:

Blu82 said:

My savings this year equate to about 2 additional weeks laying on a beach in Costa Rica, which I just returned from.
Count me in the happy column.

Thanks for not spending the money in America.

Sorry to hear that you can't afford my lifestyle.
Try harder. You'll get there some day, big guy.

CirrhosisDawg

HHusky said:

jecornel said:

HHusky said:

“About” 480. Like I said.

So what was the problem?

No problem. Just trying to figure out how you’re paying more than half a million in taxes on a million dollars. That’s a talent no one else has.

In the financial services industry, post recession and financial services law reform, bonus payment income has mandatory withholding requirements of about 50%. Thus, if your salary is $200k and your bonus is $800k, net monthly income will be about $40k to 45k. You settle up every April 15, but $40k or slightly more net monthly income in the financial services industry is about right.