VENTING

[CUDA]

[rant]
I got a promotion at work 6 months ago and my salary is all commission based. I've worked hard correcting all the accounting issues, I starting a new department that's turning out to be very profitable, I replacing worn equipment, and I put in procedures that are making us more efficient. and I get it to a place where my shop has it's best month in almost 3 years 3rd best month ever. and I'm expecting a GREAT paycheck.
so I check my account this morning to find out that the GUBMINT took 35%35% in taxes rat bastard Fn politicians. America used to be a place where you work hard you can get ahead.now it's a place where the government holds you down so you can be dependent on it!!!!! and where 51% of the people pay no federal income tax. that's just wrong.

whats the point in working hard??? 35 years in the work place.

finally think I've made it.

and they take a 1/3 rd of what I earned.
[/rant]

Mumble I think I might join the Tea-Party Mumble

[woodchip]

How does it feel to be one of the 1% ?

[CUDA]

How does it feel to be one of the 1% ?

if making 100K + a year put's me in the 1% then the people in this country are screwed. We are a single income family. many families are 2 income and make more than that combined.

[flip]

Back before I gave a ★■◆● about the government , that's why I claimed 6 dependants and never worked overtime. Any overtime went to the government so I said the same thing, why bother?

[Foil]

Cuda, is the 35% the percentage withheld from your paycheck?

Before you continue ranting, there are a couple of things to consider:

A. It's withholding, and from my experience, when my salary has increased, the withholding percentage (based on what I put on my W-4) has gotten way off from the tax rates I actually pay. If it's too far off, go to HR, they can adjust the withholding rate.

B. In my experience, most corporations put the withholding rate for bonuses/incentives at something like 50% (I have no idea why, it makes no sense). If a chunk of the increase you were expecting was in the form of a bonus/incentive, that's probably what's going on.

[Foil]

Note: I know it's backwards, but I actually personally prefer a high withholding rate (and I adjust my W-4 to achieve this), because it's a mechanism for holding myself to a budget. For some reason, when I get the extra back as a tax refund rather than in my paycheck, I'm much less inclined to blow it on stupid purchases. But that's just me.

[CUDA]

OK, I've calmed down. (with the help of my wife) (I hate her ) she pointed out to me that even after they taxed my income I still made more net then I used to make gross.

but I'm still not happy about it

[Grendel]

Welcome to the middleclass. I would suggest to start looking for a CPA you can trust and having him/her do your taxes. Usually pays for itself and then some.

[Foil]

By the way, congrats on the work. Sounds like you've earned it.

[Tunnelcat]

OK CUDA, first congrats on the pay raise! But my question is why did Romney, who made approximately 21 million last year, only get taxed at 13.9%? He didn't even physically work hard for his money! I'd think you'd be more pissed off at that little detail, instead of griping about all those poor people that paid no income taxes at all, probably because they didn't make enough to pay taxes any in the first place, like those that make less than $16,000 a year!

http://economix.blogs.nytimes.com/2011/ ... s-legally/

And talk to a tax specialist before you go non-linear. I'll bet you're talking about your withholding tax rate, which is different from your total income tax rates. The different rate has to do with incremental tax rates or something like that.

[CUDA]

first off Thanks


second, maybe because Romney didn't make a wage. he made his income off investments. and maybe you forgot that Obama only paid taxes at 20%,

Why So partisan Panda Bear.

I'm pissed at all of them.

[Zuruck]

What sucks is that people that play by the rules and can't afford an army of tax accountants and lawyers get screwed.

Our income tax rates are relatively low, but what sucks is that we pay out of pocket for so much else which is why the rate hurts so bad. For instance, someone in France might pay a bit higher rate, but they don't have to pay out of pocket for medical--something that adds up quite a bit throughout the year. So in a way, Americans end up paying more for no where close to the same thing.

Sucks Cuda, I've been in that boat before and it blows.

[Tunnelcat]

first off Thanks


second, maybe because Romney didn't make a wage. he made his income off investments. and maybe you forgot that Obama only paid taxes at 20%,

Why So partisan Panda Bear.

I'm pissed at all of them.

So why should someone who makes money with just investments pay less taxes than someone who actually works for a living? Doesn't seem fair does it? Why do those who sit on their asses and let their money work for them get to pay less in taxes than someone who gets off his butt and does a job that actually creates something that people can use?

Oh, I hear the old saw from conservatives that this method is how the job creators create WORKING JOBS for the masses, but I only see it creating a class system and resentment right now, because all these guys do is find ways to make even more money than they can possibly spend and pay less taxes than everyone else so that the major tax burden falls on everyone else INSTEAD of creating and paying living wages to everyone else not so fortunate to be born with a silver spoon in their mouths and wads of money in the bank.

[CUDA]

first off Thanks


second, maybe because Romney didn't make a wage. he made his income off investments. and maybe you forgot that Obama only paid taxes at 20%,

Why So partisan Panda Bear.

I'm pissed at all of them.

So why should someone who makes money with just investments pay less taxes than someone who actually works for a living? Doesn't seem fair does it? Why do those who sit on their asses and let their money work for them get to pay less in taxes than someone who gets off his butt and does a job that actually creates something that people can use?

Oh, I hear the old saw from conservatives that this method is how the job creators create WORKING JOBS for the masses, but I only see it creating a class system and resentment right now, because all these guys do is find ways to make even more money than they can possibly spend and pay less taxes than everyone else so that the major tax burden falls on everyone else INSTEAD of creating and paying living wages to everyone else not so fortunate to be born with a silver spoon in their mouths and wads of money in the bank.

until you learn that not everything in the world is a conservatives fault and understand that BOTH side are to blame, than my conversation with you on this topic is over. quit being a partisan hack.

[woodchip]

So why should someone who makes money with just investments pay less taxes than someone who actually works for a living? Doesn't seem fair does it?

Because he was taxed once for the money he did earn that he then turned around and invested. Or would you prefer everyone who earns investment income to pay a higher tax rate ?

[woodchip]

Cuda, you ever think about setting yourself up as a corporation and be paid in full by the company you work for? Lots of bennies to handling the taxes yourself.

[woodchip]

Note: I know it's backwards, but I actually personally prefer a high withholding rate (and I adjust my W-4 to achieve this), because it's a mechanism for holding myself to a budget. For some reason, when I get the extra back as a tax refund rather than in my paycheck, I'm much less inclined to blow it on stupid purchases. But that's just me.

And that is foolish. You are allowing the govt to use your money interest free. Better to discipline yourself and put the difference in a savings account and earn something off of it.

[Foil]

Note: I know it's backwards, but I actually personally prefer a high withholding rate (and I adjust my W-4 to achieve this), because it's a mechanism for holding myself to a budget. For some reason, when I get the extra back as a tax refund rather than in my paycheck, I'm much less inclined to blow it on stupid purchases. But that's just me.

And that is foolish. You are allowing the govt to use your money interest free. Better to discipline yourself and put the difference in a savings account and earn something off of it.

From a logical standpoint, I know. I'm well-aware how an ideal investment would perform over this method.

However, from a behavioral standpoint, I also know how utterly easy it is for me to slowly increase my spending (and lower my investments/savings) for every raise.

Trust me, if I were more disciplined (and didn't tend to dip into savings/investments for things I later regret), I wouldn't be using this method.

[flip]

I say have a sound retirement plan and then live for the day. Can't take it with you and when your old you will not feel like going. It also depends on what you want out of life. We are perfectly happy traveling and slowly improving our house. For the next 20 years, I am going to blow all my extra money on vacations, birthday parties, and ribeye steaks. I'll have plenty of money when all I'm doing is sitting around watching Wheel of Fortune

[Sergeant Thorne]

OK, I've calmed down. (with the help of my wife) (I hate her ) she pointed out to me that even after they taxed my income I still made more net then I used to make gross.

but I'm still not happy about it

If you want to get back at her for throwing a mathematical look-on-the-bright-side wrench in your tirade, just tell her that it may be more, but if not for the bureaucrats scooping the cream off the top it would have been new-car-for-the-wife more. ;P (we might get her on here ranting right along with you )

[CUDA]

OK, I've calmed down. (with the help of my wife) (I hate her ) she pointed out to me that even after they taxed my income I still made more net then I used to make gross.

but I'm still not happy about it

If you want to get back at her for throwing a mathematical look-on-the-bright-side wrench in your tirade, just tell her that it may be more, but if not for the bureaucrats scooping the cream off the top it would have been new-car-for-the-wife more. ;P

I would have used that tact if it weren't for the fact that I bought her a new (used 2009) car just last Friday

2009 Ford Flex Limited, with all the bells and whistles. and since I work at a dealership I got it 8K back of book.
it even has a built-in refrigerator / freezer

[Isaac]

lol. I made a ford flex in 3d, before they were cool
http://lh6.googleusercontent.com/-rqnIL ... x_full.png

[Zuruck]

Wow....a car with a built in refrigerator. I guess nothing else needs to be said about the direction of our country.

[Sergeant Thorne]

How you can draw a line between the need to get the likes of Obama out of office, and CUDA's wife's new car's refrigerator is beyond me.

[flip]

erp.

[CUDA]

Wow....a car with a built in refrigerator. I guess nothing else needs to be said about the direction of our country.

ya the same thing was said by the uneducated back 20's when they put electric starters in cars and in the 30's before they put A/M radio's a $130 to $550 option and in the 50's when they put air-conditioning a $350 option in cars


a fridge comes in handy on trips.

I don't care if you think it's ostentatious. I agree with you. but first off, you didn't purchase it. second, whats that got to do with the original rant???

[Top Gun]

I'd totally go for a fridge in a car. Keeps the brewskies--er, um, soda--nice and cold.

[Tunnelcat]

until you learn that not everything in the world is a conservatives fault and understand that BOTH side are to blame, than my conversation with you on this topic is over. quit being a partisan hack.

Oh, I realize that liberals share in a lot of the blame too, that's why I'm not a Democrat, nor do I always vote straight down a liberal, let-the-government-do-everything, let's-all-be-kumbaya-to-each-other line either. I just tend to lean liberal at the present because I see ALL present conservative politicians as either greedy Plutocrats and/or self-serving Theocrats right now.

And as a sign of our social sickness, I see those who are making the most as taking the most from ALL the rest of society, while so many more are suffering, and it's NOT because of high taxation, but unequal taxation rates, most of it being shouldered by income earners making less than $250,000 a year. By the way, federal tax rates are at a HISTORICAL LOW right now so things could be worse.

By the way, that's a really nice car you gave your wife.

[CUDA]

By the way, that's a really nice car you gave your wife.

Thanks TC. we needed something to carry the 3 grand kids and the two foster kids. this one fits the bill, and best off. it's not a soccer-mom mini van. I think the wife would have killed me if I bought one of those

[Canuck]

I like camping and having even a small fridge built in to the vehicle is going to be beyond handy, unless you course have a glacier river running by your site then you just tie up your stuff and toss it into one of Nature's fridges.

Personal taxes went up again in Canada $100,000.00 ~ = $55,000.00 - $65,000.00 on average after taxes and depends on province.

[Canuck]

Wow....a car with a built in refrigerator. I guess nothing else needs to be said about the direction of our country.

I bet your head blows up if you walk into a custom mod garage...

[Top Gun]

yo dawg i herd you like cars, so we put a car in your car so you can drive while you drive

[Tunnelcat]

Thanks TC. we needed something to carry the 3 grand kids and the two foster kids. this one fits the bill, and best off. it's not a soccer-mom mini van. I think the wife would have killed me if I bought one of those

Yeah, mini vans are so boring and crossovers are a dime a dozen nowadays. I think Ford did good with something that looks kind of like a Range Rover, but less of the Britishy Savanna-look and more of an American Iron Ford-look.

[callmeslick]

]if making 100K + a year put's me in the 1% .

it doesn't. If it makes you feel any better, I filed my final tax form for the season before I left for my fishing trip, and ended up paying
roughly 12% of my gross income in Federal Taxes.

[callmeslick]

Note: I know it's backwards, but I actually personally prefer a high withholding rate (and I adjust my W-4 to achieve this), because it's a mechanism for holding myself to a budget. For some reason, when I get the extra back as a tax refund rather than in my paycheck, I'm much less inclined to blow it on stupid purchases. But that's just me.

it's bad economics, but if that is the only thing to keep you in check. Otherwise, you are foolish to allow the Feds to play with your money for free all year when it can be making you money. That withholding form is your friend. I have to send the bums quarterly checks, so I have a bit of control over the situation.

[Foil]

... ended up paying
roughly 12% of my gross income in Federal Taxes.

I'm not surprised. Over the years, while my wife and I have had a slow increase in our gross income (despite times when I've taken a pay cut for a better job), our net tax percentage has actually dropped due to all the things we're now in a position to take as deductions.

I believe it's also one of the reasons the withholding percentage seems to be so different from what we actually pay.

[callmeslick]

to be honest, Foil, I am of the opinion that I am on the receiving end of a few very unncecessary tax breaks(agricultural, environmental, etc) that really shouldn't be given to someone in my bracket, and I do write off a good bit of charity. Still seems to me that I should be paying a wee bit higher share to the common good, which, in essence, is what a National Tax is about......

[flip]

http://www.moneychimp.com/features/tax_brackets.htm