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Taxes

J

James Williams

Well-known Member
I have never complained about taxes,but when I looked at my w2 and made 50,000 for the year and paid 10,000 in both federal and state and than have to pay a little more at the end of the year something is wrong with this picture,With taxes and personal property taxes and taxes for every thing else it adds up to more than this country boy can make

jimmy
 
Your making just enough to where it starts to get nasty. Now if you made a lot more, like a couple of hundred thousand on speaking tours you could figure ways around it.
 
I remember back when I was carrying a lot of debt and my banker told me to just wait til I didn't have any debt and was making money. Said that's when the trouble would really start,when I had to start finding places to hide it.

Of course then when you throw insurance in on top of taxes,health,life,wind and fire,liability,auto.........it's hard to find enough left over to live on.
 
I always have them take out extra every paycheck,that way i at least feel better when i dont have to write a check for more!Just think about those poor folks who wont/cant work you are supporting with your taxes.Who would support them if working folks didnt?LOL. property taxes are what really gets me riled up.work for the money and pay taxes,finally buy something and pay more taxes?
 
If you really want to head for the liquor cabinet just stop and figure up how much you pay in taxes per day. Add up your federal and state income tax, county income tax if you pay it, add in property tax and estimate yearly gasoline, fuel and sales tax then divide by 365. I did not even throw in tax on utilities, insurance, telephone and vehicle fees when I figured mine a couple of years ago and it was still more than I made a day for 2/3rds of my working life.
 
Just wait, your taxes will only increase. My first contract in 1973 is less than my property taxes today. My income taxes today twice my wages in 1973 and I've been retired for 8 years.

Try to look at it from the bright side, what you are paying will be less than what it will be in the future.

Go to a cpa and see how much you will get back if you open an IRA. I know a person who makes less than you and a $6000 IRA contribution will result in almost a $3000 tax refund.
George
 
$10k paid in $50K income? That's only 20%! You must be one of those 1%'ers that get all the tax breaks... :wink:
 
This is where I wish those "occupy" people would see the real source of our problems is congress and go occupy them !!!
 
so you had to earn 50,000 to keep 40,000.

in my tax bracket if I wanted to keep an extra 40,000 I would need to earn more than 61,000.

government figures someone like me doesn't mind.

look at it this way.

me: $1 earned = 66 cents
you: $1 earned = 80 cents

taxpayers gotta start workin harder. Over 1/2 the country is counting on us.
 
are you not comfortable paying your "fair share" so all the unfortunate can sit home and watch their HD tv's, I mean look for work
 
(quoted from post at 08:53:05 02/08/12) I have never complained about taxes,but when I looked at my w2 and made 50,000 for the year and paid 10,000 in both federal and state and than have to pay a little more at the end of the year something is wrong with this picture,With taxes and personal property taxes and taxes for every thing else it adds up to more than this country boy can make

jimmy
Click to expand...

You just need to be a farmer....we had that much income, but after expenses and depreciation on equipment we owed nothing. Now if I could find a way around $8000 a year in property tax we would have it made!
 
got to be careful though,the trick is to make just enough but not TOO much.LOL! neighbor messed up, got busy, and held his calves over till january one year.that cost him !
 
(quoted from post at 12:23:08 02/08/12) got to be careful though,the trick is to make just enough but not TOO much.LOL! neighbor messed up, got busy, and held his calves over till january one year.that cost him !
Click to expand...
Yes it helps to have a plan!
 
Well don't look at the rest of it. It will make you sick.

I track all my taxes (sales, gas, everything) and usally end up in the mid 40% range for all taxes in a given year. Last year I was at 51%. And I do not make over $100,000.

IMHO, the only way we are ever going to fix this is to have a single collection point and outlaw withholding. Once people "really" see what they pay it will happen over night.
 
Two things we can all count on in life. Death and Taxes.lol. I dont mind paying taxes when i know its going for new roads, fire,police,ems services, or the things they really need to go for but when I see how much wasting there is and the handouts people are getting it just eats me up. Its sad that some of the people in this country that actually try to work and support there family and need a little help cant get it cause they work and are trying to not be a burden on tax payers,while some worthless lazy person can just sit on there but,have a bunch of kids, not work and government pays them to sit around and do nothing but have more kids and not work.
 
If nobody paid taxes, the national debt would be bigger yet. Somebody has to keep the machine rolling. Maybe you need to see a good tax man. Just because they held that much out doesn't mean you can't find ways to get some of it back. IRA's etc.
 
We all have to chip in to pay for all those freebies to the non-workers, they are called welfare losers.
 
How about this? Mywife was doing the taxes formy daughter and her boyfriend, he works, she doesn't. He hadpaid about a grand in federal taxes. He got an extra grand because he had his first child (our second grandkid) in 2011. When my wife figured them, he made so little that his refund was a tad over two grand, what he paid in federal taxes plus the extra grand. After turbo tax did it's updates before filing, it increased his refund to a tad over five grand. I don't get it. But there you have it, work a little, get a lot. Work a lot and get little.
 
I guess it depends on how you look at it.
Look at all the "poor" people, they have food to eat, a cell phone, nicer tennis shoes than me, and likely better clothes.
I am an idiot for not being poor.
 
I think in Michigan, filing as a single, you would be out over 11K per year. So you are busting your butt, paying 20% or more, and Romney is paying about 14%. But remember, he works hard for his money. :)
 
read somewhere years ago that guvment figured best to take taxes from avg guys check each week/payday because if they waited until end of year and made you pay that much at once immediately the question would be asked what have u done to earn that much and then the revolt would start
 
Self employed here. So I get to write a check to the government quarterly instead of taking it out in little invisible bits.

So I agree wholeheartedly with others here - if people actually had to write one big check (or even four checks as I do) - there would be MASSIVE changes in our government's spending.

People would finally wise up and elect only those that promise less less and less, and eliminate those that promise more and more.
 
And for fun:

Watch the upper left corner of this link -

wouldn't it be nice if all that tax money you paid actuall made the debt go DOWN even just a little.

They're spending it faster than we can give it to them.
debt clock
 
What gets my goat is all that foreign aid the US pays out. Most of the countries we send money to,don't like us, and most of them vote against us at that crappot they call the UN.
 
Romney is paying the long term capital gains rate on investments, he is paying the current legal rate on his type of income, what body politic refuses to reform the tax code? the US congress made up of both parties. Romney is not as bad as big talkers like Warren Buffet who claim they are undertaxed but don't send in the extra voluntarily. Why don't they publish George Soros rate? probably because he eveades US income tax altogether.
 
" Tennis Shoes"!!! you're sure dating youself there. Ain't heard them called that since gym class in the '60,s. Yea , I,m an antique too. Just had ta rib ya a little.
 
When I go to work and get paid, the government confiscates a portion of my earnings as income tax. I use the word confiscate because there is no choice involved.

If I choose to spend some of the money I have left after income taxes, I must pay a percentage as sales tax on goods and services that are more expensive because the provider of those goods and services also has a portion of the money they earned providing the goods and services confiscated as taxes.

If I choose to save or invest some of the money I have left after income taxes, I must also pay taxes on the return on my investment. Never mind the fact that taxes were collected on that money when I earned it the first time.

Then, if I have anything left when I die, the government feels entitled to confiscate 50% of the stuff (home, land, money, etc.) I leave behind, even though income tax, property tax, sales tax and capitol gains tax were collected on all of those items as I acquired them.

Meanwhile, the federal government spends roughly 5 times as much as they collect in taxes each month and they haven't adopted a budget in 1106 days (nearly 3 years).

Conclusion: I don't pay my fair share and need to pay more taxes.
 
The US Money supply increased by 29% LAST YEAR, that tax is something that will be around for the rest of our and the future lives.

How can anyone keep up with this kind of assault from the federal reserve?

The people who have given up, and let the government take care of them are the smart ones, the rest, like me are delusional that i can get ahead......of what, the tax steam roller?
 
Hey! I like your voluntary tax idea! When can I start??!! Things will grind to a halt if they wait on me to volunteer to pay my taxes. . .
 
In some countries, people get shot while standing in line to vote. I believe in our last national election 38% of the eligible voters voted. Duh!! People in the USA pretty much have the Gubermint they deserve. I"m sure the same self serving,disfunctional "representatives" will be reelected next November. Isn"t it great??
 
It has to be new "earned income" to qualify. If you are retired you have to earn income to contribute, no rolling IRA withdrawal money over to qualify for the credit because you spent too much last year and want to decrease your tax burden for 2011. Any income is a 2 for 3 loss with your SS so you essentially pay 30% taxes on that income you earn after retiring......so why work?

Mark
 
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