Taxes, I can't wait until Hillary or Barak

[BYU71]

raise mine.

Usually I just throw my stuff together and send it off to my CPA.

This year I got some money out of my deferred comp plan and decided to see how it affected things.

I have found out a couple of things and it is such a bummer I am going to quit looking at the details.

For instance, my standard exemption like everyone else's is $3,400. I didn't realize that because of the amount of money I make, my exemption gets cut in half. Clever. It doesn't show up in the tax tables, it is in some little formula you have to go through on page 33.

Because there are deductions based on a percentage times your AGI, I have never been able to take medical deductions. It also reduces the business expense I can claim.

I know no one feels sorry for me and I am not asking for any pity. My point is to point to the tax tables and talk about the progressive tax rate as if that represents how added income will hurt is bull crap.

As far as Warren Buffet's claim that he pays less in taxes than his secretary, I wish someone would have looked into that. Buffet must take all his income as a dividend or capital gain. To act like that is how all so called rich people are paid is just bull crap and misleading. No wonder he is a democrat.

[Archaea]

For married couples, starting at 400k and ending at 1,000,000.00, all deductions are phased out. The Dems amongst us figure, hey he's rich why should he get a deduction. There is a general malaise that overcomes one as one pays so much in taxes. Is it all worth it? Would it be better to be a bikini waxer at Waikiki?

The purpose of working hard under a regime such as Hillary Obama seems for naught. Perhaps it will be time for you to relax during those years, and become less productive.

[BYU71]

Originally Posted by Archaea

For married couples, starting at 400k and ending at 1,000,000.00, all deductions are phased out. The Dems amongst us figure, hey he's rich why should he get a deduction. There is a general malaise that overcomes one as one pays so much in taxes. Is it all worth it? Would it be better to be a bikini waxer at Waikiki?

The purpose of working hard under a regime such as Hillary Obama seems for naught. Perhaps it will be time for you to relax during those years, and become less productive.

I know it has killed my incentive. I have probably said this before, but I estimate I spend 2 hours a day farting around on these boards. Let's say I could spend the time working.

Maybe, just maybe I could make an extra $40,000 a year. After taxes and tithing it would net me around $14,000. No thanks.

[Archaea]

Originally Posted by BYU71

I know it has killed my incentive. I have probably said this before, but I estimate I spend 2 hours a day farting around on these boards. Let's say I could spend the time working.

Maybe, just maybe I could make an extra $40,000 a year. After taxes and tithing it would net me around $14,000. No thanks.

I take so little home, why be productive? If I could take a lot more home, then I'd be gone and making the good life.

[jay santos]

I call bullshit on any board member who claims they don't work harder because they make more than 400K and their extra income would be taxed too high.

No one smart enough to make >400K is dumb enough not to be able to shelter their income better.

[FMCoug]

I say if you can't beat em join em. I choose to look forward to all the free stuff I'm gonna get! :-S

[BYU71]

Originally Posted by jay santos

I call bullshit on any board member who claims they don't work harder because they make more than 400K and their extra income would be taxed too high.

No one smart enough to make >400K is dumb enough not to be able to shelter their income better.

Maybe if you actually knew people who make that kind of money you might have a different opinion.

Plenty of people who make over $400 K a year also have plenty of net worth. There might be reasons they still work hard, it isn't for the money.

As far as shelters go, trust me, there aren't that many anymore.