06-30-2014 01:17 AM
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  1. Serial Fordicator's Avatar
    If you are making over $500000 then you are rich. You can't take $100000-$150000 of that and pay taxes? That's pretty fair considering you are rich. Also grades and money are two different things. Money you can actually use and buy stuff with grades is just there to move you up through school and out into the world, which you have to pay for stuff with money for.

    Posted Via VZW Moto X on the Android Central App
    I got news for you, if you make 500000 you pay a lot more than 100000-150000. I work 84 hours a week. I get more tax held out than what I gross on 40 hours.

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    12-28-2013 10:22 PM
  2. Serial Fordicator's Avatar
    If you are making over $500000 then you are rich. You can't take $100000-$150000 of that and pay taxes? That's pretty fair considering you are rich. Also grades and money are two different things. Money you can actually use and buy stuff with grades is just there to move you up through school and out into the world, which you have to pay for stuff with money for.

    Posted Via VZW Moto X on the Android Central App
    The point with the grades thing is take someone elses, just not mine

    Sent from my SCH-I535 using AC Forums mobile app
    12-28-2013 10:28 PM
  3. A895's Avatar
    I got news for you, if you make 500000 you pay a lot more than 100000-150000. I work 84 hours a week. I get more tax held out than what I gross on 40 hours.

    Sent from my SCH-I535 using AC Forums mobile app
    I wouldn't mind paying it myself either way. Taxes keep this country running. Everyone pitches in to keep the economy running and to make sure we are stable. But no, everyone wants to pay little taxes to have more money that they can sit on.

    Posted Via VZW Moto X on the Android Central App
    12-28-2013 10:34 PM
  4. Serial Fordicator's Avatar
    I wouldn't mind paying it myself either way. Taxes keep this country running. Everyone pitches in to keep the economy running and to make sure we are stable. But no, everyone wants to pay little taxes to have more money that they can sit on.

    Posted Via VZW Moto X on the Android Central App
    If my taxes go up much more, I'm not working 84 hours a week anymore. Why should I? If anyone is too good to work at McDonald's, I'm too good to buy them a big screen tv

    Sent from my SCH-I535 using AC Forums mobile app
    12-28-2013 10:40 PM
  5. Aquila's Avatar
    You're right. Take this random picture I found on the internet of the most powerful people in United States history. I see no reason why anyone would think the inequities are slanted one way.... /sarcasm
    The guy in the center is the only person in the middle row without a mustache. Also, the only picture taken with a digital camera, only one in a color photograph, is by far the wealthiest of those 7, is younger than all of them and is the only one alive. He's got the fewest letters in his name, is the only one pictured next to a flag, is the only one wearing a straight tie, is the only one smiling. He comes first alphabetically by first name and last alphabetically by last name, has the shortest hair on his head, but not the most receded hairline. Obviously this picture shows favortism to Cleveland, apears twice ... must be to try to even the numbers up, because he's the only other democrat. The guy in the middle won by the largest % of the popular vote of everyone in that row in two elections that are the lowest voter turnouts in that row and has the record for the highest number of votes ever received. He's the only one that's been to Hawaii and the only one to have flown in a jet.
    12-28-2013 10:40 PM
  6. Aquila's Avatar
    I got news for you, if you make 500000 you pay a lot more than 100000-150000. I work 84 hours a week. I get more tax held out than what I gross on 40 hours.

    Sent from my SCH-I535 using AC Forums mobile app
    Taxes on overtime are witheld at a higher rate, but they are not taxed differently at the end of the year. At 500k without much more info, 150k is pretty close to right for a singler person with no deductions, etc. Married, with kids, etc would be lower.

    That's a 30% total rate off a marginal rate of 35%. It'd basically break down to 10% of the first 8,700 = $870 + 15% of the next 26,650 + 870 = $4,867.50 + 25% of the next 50,300 + 4,867 = $17,442.50 + 28% of the next 93,000 + 17,442.50 = $43,482.50 + 33% of the next 209,700 + 43,482.50 = $112,683 + 35% of any amount over 338,350 + 112,653.50 = $151,761.

    Diminishing returns and brackets work similarly, they're just set rather than scaled. Either way, adding another dollar to your income will never cause you to pay more than that dollar in additional taxes.
    12-28-2013 10:51 PM
  7. palandri's Avatar
    Taxes on overtime are witheld at a higher rate, but they are not taxed differently at the end of the year. At 500k without much more info, 150k is pretty close to right for a singler person with no deductions, etc. Married, with kids, etc would be lower.

    That's a 30% total rate off a marginal rate of 35%. It'd basically break down to 10% of the first 8,700 = $870 + 15% of the next 26,650 + 870 = $4,867.50 + 25% of the next 50,300 + 4,867 = $17,442.50 + 28% of the next 93,000 + 17,442.50 = $43,482.50 + 33% of the next 209,700 + 43,482.50 = $112,683 + 35% of any amount over 338,350 + 112,653.50 = $151,761.

    Diminishing returns and brackets work similarly, they're just set rather than scaled. Either way, adding another dollar to your income will never cause you to pay more than that dollar in additional taxes.
    ..and what percent does Mitt Romney pay?
    12-28-2013 11:01 PM
  8. cdmjlt369's Avatar
    You're right. Take this random picture I found on the internet of the most powerful people in United States history. I see no reason why anyone would think the inequities are slanted one way.... /sarcasm

    Attachment 98731
    People are nominated and voted in( so we are led to believe). No one is told they can't run for president. Money decides that. But you know I know many people who have lost out on jobs in the name of equality when they were more qualified for the position. By the way, all of the people in that portrait are decendents from king John (lackland) of England. (Other than Van Buren).

    Sent from my XT1060 using AC Forums mobile app
    12-28-2013 11:06 PM
  9. Aquila's Avatar
    ..and what percent does Mitt Romney pay?
    I have no idea, (my assumption would be 10-20%, but I don't recall if he ever said one way or another) but he's much higher than 500,000/yr and has investment income and a family, and presumably takes all of the deductions that he can and churns investments if his finance brokers aren't stupid. I should rephrase and say that if you make exactly 500,000 per year, are single, deduct nothing, etc then the most you would pay is around 30%. If the top tier is 35%, the most you could pay is 35%, but most people will pay far less than that and anyone who actually does pay 30-35% is just being silly.
    12-28-2013 11:10 PM
  10. cdmjlt369's Avatar
    Why not a 20% flat tax on everything, new or used? People who spend more pay more.

    Sent from my XT1060 using AC Forums mobile app
    12-28-2013 11:12 PM
  11. Serial Fordicator's Avatar
    ..and what percent does Mitt Romney pay?
    Prolly the same as Obama

    Sent from my SCH-I535 using AC Forums mobile app
    12-28-2013 11:13 PM
  12. Serial Fordicator's Avatar
    I have no idea, (my assumption would be 10-20%, but I don't recall if he ever said one way or another) but he's much higher than 500,000/yr and has investment income and a family, and presumably takes all of the deductions that he can and churns investments if his finance brokers aren't stupid. I should rephrase and say that if you make exactly 500,000 per year, are single, deduct nothing, etc then the most you would pay is around 30%. If the top tier is 35%, the most you could pay is 35%, but most people will pay far less than that and anyone who actually does pay 30-35% is just being silly.
    On the hours listed my fed and state tax is 40%

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    12-28-2013 11:15 PM
  13. Aquila's Avatar
    People are nominated and voted in( so we are led to believe). No one is told they can't run for president. Money decides that. But you know I know many people who have lost out on jobs in the name of equality when they were more qualified for the position. By the way, all of the people in that portrait are decendents from king John (lackland) of England. (Other than Van Buren).

    Sent from my XT1060 using AC Forums mobile app
    I am not allowed to run for president and I'm not a decendant of anyone English or French. I'm probably the most qualified person in this room to do the job. But, I can't afford to spend millions of dollars on starting a "grass roots" campaign.


    (I'm by myself in my office)
    12-28-2013 11:17 PM
  14. cdmjlt369's Avatar
    I am not allowed to run for president and I'm not a decendant of anyone English or French. I'm probably the most qualified person in this room to do the job. But, I can't afford to spend millions of dollars on starting a "grass roots" campaign.


    (I'm by myself in my office)
    Lol

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    12-28-2013 11:21 PM
  15. Aquila's Avatar
    On the hours listed my fed and state tax is 40%

    Sent from my SCH-I535 using AC Forums mobile app
    Right, there are 4 line items on most people's wage income that are witheld, but my numbers are only referring to the federal personal income taxes, and to the filing liability, not witholdings. Witholdings can exceed your "normal" bracket's marginal rate, because bonuses, overtime, etc are projected across a year assuming the same income as the period it's witheld. State taxes, etc would be additional.

    So if you make 60,000 or 5,000 per month, your monthly check would have roughly 710 in federal taxes, a weighted average of about 17%. If you suddenly got a 2500 bonus, it would appear for that period that you actually make 7,500 per month, or 90,000, which would make your forecasted annual income rise so that it maxed out the 25% bracket and put 4350 into the 28% bracket. The effect on the weighted average would be to raise it to about 20.7%, or 1555 in taxes, an increase of about 120% of tax on a 50% increase in income for that month. Essentially that 2500 bonus is being taxed at around 34% for that period of witholdings, but at the end of the year the liability would be the same as every other dollar.
    12-28-2013 11:36 PM
  16. Serial Fordicator's Avatar
    Right, there are 4 line items on most people's wage income that are witheld, but my numbers are only referring to the federal personal income taxes, and to the filing liability, not witholdings. Witholdings can exceed your "normal" bracket's marginal rate, because bonuses, overtime, etc are projected across a year assuming the same income as the period it's witheld. State taxes, etc would be additional.

    So if you make 60,000 or 5,000 per month, your monthly check would have roughly 710 in federal taxes, a weighted average of about 17%. If you suddenly got a 2500 bonus, it would appear for that period that you actually make 7,500 per month, or 90,000, which would make your forecasted annual income rise so that it maxed out the 25% bracket and put 4350 into the 28% bracket. The effect on the weighted average would be to raise it to about 20.7%, or 1555 in taxes, an increase of about 120% of tax on a 50% increase in income for that month. Essentially that 2500 bonus is being taxed at around 34% for that period of witholdings, but at the end of the year the liability would be the same as every other dollar.
    Yeah, I know. I was just adding to the conversation. I was paying around 41% while I was in Canada and I still have to pay state tax

    Bill Maher said at one point he pays around 50% and the Democratic party was about to lose him.

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    12-28-2013 11:44 PM
  17. Aquila's Avatar
    Prolly the same as Obama

    Sent from my SCH-I535 using AC Forums mobile app
    I think that Romney's income is approximately 10 times that of Obama, but he earns much of that from investments, while a huge chunk of the Obama's family income is his salary as President. IIRC Obama earns around 1.5-2.0 million a year. His expenses are also MUCH lower, because we pay for just about everything he needs in addition to the salary. I remember seeing something comparing Obama's tax bracket with Newt Gingrich (they have somewhat similar income levels) and Obama was paying like 20-25% in federal income tax, but Newt was almost 30%. See comments above about people actually paying 30%.
    12-28-2013 11:46 PM
  18. Aquila's Avatar
    Yeah, I know. I was just adding to the conversation. I was paying around 41% while I was in Canada and I still have to pay state tax

    Bill Maher said at one point he pays around 50% and the Democratic party was about to lose him.

    Sent from my SCH-I535 using AC Forums mobile app
    Bill Maher says a lot of things I don't necessarily believe He's funny, but he's paid to make jokes, not report the news. Really funny watching him talk to Ann Coulter.
    12-28-2013 11:48 PM
  19. anon8126715's Avatar
    People are nominated and voted in( so we are led to believe). No one is told they can't run for president. Money decides that. But you know I know many people who have lost out on jobs in the name of equality when they were more qualified for the position. By the way, all of the people in that portrait are decendents from king John (lackland) of England. (Other than Van Buren).

    Sent from my XT1060 using AC Forums mobile app
    There has to be some attempt at equality in the workplace because there is so much inequality in public schooling. To give you an idea, my parents lived in a nice upper middle class neighborhood when I was in high school. The neighborhood was teaming with lawyers, doctors, etc. My Jr year I remember taking a class that was furnished with a computer for each student. During my senior year, my parents moved out to the sticks. My first day I heard a very weird tick tick tick tick DING.....The school was still using typewriters for teaching.

    A lot of the people that want to put an end to affirmative action (I have mixed feelings on the subject) are perfectly ok with giving their children an advantage in school, which doesn't make sense to me. If your child is bright enough to rise to the top then why is everyone afraid to give all children an equal baseline education?
    12-28-2013 11:48 PM
  20. palandri's Avatar
    Prolly the same as Obama

    Sent from my SCH-I535 using AC Forums mobile app
    Prolly.
    12-29-2013 12:03 AM
  21. Mooncatt's Avatar
    Hmmm suspicious.

    Posted Via VZW Moto X on the Android Central App
    Care to elaborate?

    Why not a 20% flat tax on everything, new or used? People who spend more pay more.

    Sent from my XT1060 using AC Forums mobile app
    From the Fair Tax perspective on taxing consumption, the belief is the tax should be paid once, and only once. I could see taxing used goods as something akin to double (or triple, quadruple, etc.) taxation. Not to mention adding a little more complexity to the law. Unlike current trends in just about everything developed today, not just with tax laws but anything, they wanted a plan that was as simple as can be.

    And to tie in the earlier discussion about paying for education, tuition would not be taxed. While you are buying a service, the creators viewed education more as an investment in your ability to earn money. As such, it isn't taxed for the same reason financial investment income aren't taxed.
    12-29-2013 12:09 AM
  22. palandri's Avatar
    On the hours listed my fed and state tax is 40%

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    That's way too high, unless you're making $100K a week.
    12-29-2013 12:11 AM
  23. anon8126715's Avatar
    On the hours listed my fed and state tax is 40%

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    401(k) and health insurance deductions aren't considered a tax....duh!

    Sent from my SM-N900V using Tapatalk 2
    12-29-2013 07:01 AM
  24. A895's Avatar
    Care to elaborate?


    From the Fair Tax perspective on taxing consumption, the belief is the tax should be paid once, and only once. I could see taxing used goods as something akin to double (or triple, quadruple, etc.) taxation. Not to mention adding a little more complexity to the law. Unlike current trends in just about everything developed today, not just with tax laws but anything, they wanted a plan that was as simple as can be.

    And to tie in the earlier discussion about paying for education, tuition would not be taxed. While you are buying a service, the creators viewed education more as an investment in your ability to earn monUey. As such, it isn't taxed for the same reason financial investment income aren't taxed.
    This fair tax sounds like a cure all. Sounds too good to be true.

    Posted Via VZW Moto X on the Android Central App
    12-29-2013 07:07 AM
  25. Aquila's Avatar
    This fair tax sounds like a cure all. Sounds too good to be true.

    Posted Via VZW Moto X on the Android Central App
    There are a couple of threads where we've gone fairly in depth into it if you want to hunt for details, also FairTax.org Home Page - Americans For Fair Taxation has most of the specifics, videos, FAQ's, etc. A lot of the arguments against are not addressed in the FAQ (because no FAQ ever does), but it's a very interesting theory.
    12-29-2013 07:37 AM
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