Obama's 2015 Budget May End Sequester

My car (or should I say a little truck) is a '98 ford ranger, suck on them apples

Wow, you're daft.

What's not fair to the rich, is having to play by the same rules as everyone else, so they lobby (successfully by throwing money at something) to change the rules to fit their wants.

And wow, referring to the middle/working class and poor as "bottom feeders"... you make the rest of Canada look bad.

Ideally, ALL taxes are supposed to 1. Pay for infrastructure, 2. Pay for Social Programs, 3. Pay for Educational Standards (State taxes pay for education, as do municipal taxes) 4. Pay for government laborers and events (which coincidentally is supposed to encourage foreign investors to spend money in the US, and not American Investors spending money overseas), 5. Pay for federal services such as Military, Defense, and other government employees, and encourage transparency (within a lawfully required degree that does not cause harm to the safety and security of the nation)

I've always been in a house of 4 and my family always struggled. But I never thought that the rich should of had a higher % of taxes.

I always thought that % was unfair because some people paid a lot more than other but got the same crappy government as everyone else.Though that was when I was young.

I think a flat % on the dollar is fair. And of course tax breaks for kids, and low income families.

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lol.

For one thing, the rich don't have money in a bank account easily accessible to be "swimming in" much less able to throw stuff at. Ever heard of "investing?"

For another thing, one rich person pays more in taxes than 1,000 people in the "bottom feeder" category does. And don't use "but the bottom feeders pay payroll taxes" line, because the rich pays that tax too, on top of all the other taxes the "bottom feeders" don't pay.

But it is much easier to buy into the whole liberal agenda of "poor Sancho can't get a job because he's Mexican and Republicans are all racist" than to think for yourself.

My car is a 2014, cost $800, and only came with two tires. Such a rip-off.

This was my first car:



so many memories. It was my brother's before so I guess it's somewhere from the '80s.

Remember 39.6% of $400,000 is $158,400.00

While 15% of $36,250 is only $5,437.50

But that $5,437.50 is probably far more vital to the person making $36,250 than the $158,400 is to the person making $400,000.

Except that nobody pays $158k for 400k of income.

You forget that the tax code is progressive, meaning that (assuming Single rates):

The first $8,925 of taxable income is taxed at 10%
The next $27,325 of taxable income is taxed at 15%
The next $51,600 of taxable income is taxed at 25%
The next $95,400 of taxable income is taxed at 28%
The next $215,100 of taxable income is taxed at 33%
The next $1,650 of taxable income is taxed at 35%
All taxable income afterwards is taxed at 39.6%

Meaning a single person making $400,000 has a tax bill of $116,163.75

A single person making $36,250 of taxable income has a tax bill of $4,991.25

A single person making $100k has a tax bill of $20,928.75 (892.50+4098.75+12900+3037.50)

To the government's eyes yes, to the taxpayer? No.

Especially with all of the waste that goes on in the government, they can blow that in less than 2 minutes and have nothing to show for it.

I actually did not know that. Thanks for sharing.

NP.

This is actually the basic of the basic of tax code. Want to be a tax accountant now?

Either you're not understanding me or I'm not understanding you.

What I'm saying is, if you're making less than $40,000 a year, you're missing your $5,000 far more than someone making $400,000 a year misses the tax bite out of their ***.

Largely because the person making $400,000 isn't in danger of not making their mortgage or car payment, or having their credit ruined by a missed student loan payment.

Unless, of course, they're horribly mismanaging things.

I'm pretty sure I've said multiple times that I wouldn't want to be. If nothing else, I'm dyscalculic. I'm fairly certain the IRS doesn't accept "I have trouble reading numbers" as an excuse for cheating them out of half a billion in taxes.

I think the person making $400k a year will be missing 29.04% of their income more than a person making $40k a year will miss 14.82% of their income.

That is more than double the percentage just in income taxes.

I know that you probably can't imagine how significant that can be, but that is pretty significant. It doesn't matter that the person making $400k is more able to pay for it than the person making $40k, but you forget that there are more taxes associated with that $400k than income taxes.

There's property taxes, state taxes, home taxes, utility taxes, etc. that the person with $400k of income pays into than the $40k ever sees.


If a person who earns $40k a year have a mortgage loan, then the lender deserves to go bankrupt. There are expenses that a $40k a year person should never incur in their lifetime. If a $40k a year person has student loans, then they need to rethink their life and ask "why did I get a degree that only pays me $40k a year in?"

Is that what you think I do for a living?

Heh, I didn't know that's how they do it. I guess that's why they have accountants.

I was trying to do the math to see how many low wages earners it would take to equal the pay of one person at the highest bracket.

No, I was posing a hypothetical of what would happen when my own personal inability to read numbers quickly and accurately would inevitably result in considerable mathematical error.

Am I the only other one who knew that? I guess it's what happens when you have a family member who does taxes.

Not everyone picks a degree based on the most money they can earn. Some choose professions out of passion.

It isn't all about reading numbers.

You have to not only understand the Code, but can defend your reasoning in Tax Court if needed.

Analytical is a major part of my job.

Which is good. But don't complain when it doesn't pay. Too many people with art degrees are demanding 6 figure jobs because they have an art degree.

At least that's what I keep hearing.

lolart

I think we're going a bit off-topic. You asked if I would want to be a tax accountant (facetiously, I'm sure) and I responded that I literally have problems reading numbers (in the same way a dyslexic has problems reading letters). I'm pretty sure it's a bad idea to go into a numbers-intensive field with that kind of disability.

I'm great at calculus, though. Keep me away from Arabic numerals and I do just fine.

Last I checked dyslexia affects more than just letters and can also include numbers.

I like to preface statements like this because I know they sound confrontational. Please let me be clear: I am not attempting confrontation here, general curiousity.

Where do you live that you can get a $40k/yr job WITHOUT a college degree? Entry level, obviously.

Kindof facetiously, but really trying to correct a misconception that accountants deal with only numbers. That's bookkeeping work.

Accountants analyze the numbers, and can convert it from data into reportable information. Basically we are a numbers translator.

I get your meaning though.