Edwards nails it: Tax Fairness

Watermark said:
If there were two individual income makers who pushed it above 200K it wouldn't push them into that bracket, Tiana. Only individual income is counted towards what bracket you're in.
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That's wrong. It would if you file jointly which, as a married couple, you would.
 
Troglodyte27 said:
Mine already has it in works. I fully fund a Roth, and drop additional money beyond that into a 401(k) I am not the subject of the idea here, I can take care of myself quite well.

Am I wrong to think that a lot of lower income folks don't have access to a Roth or any type of deferred account? Let's do something simple and open an avenue. The $2000 limit was not a per year number but rather an absolute size - that was years ago, and the Japanese may have raised the limit or allowed multiple accts. As a bank acct rather than "locked' investment, the owner has access at will. My thought is that maybe we just try something different. Different does not have to mean complex.
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I don't think there are outrageous minimums but SF would know better than me on this.
 
LadyT said:
Class warfare.
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T, in Mississippi, we're pretty fucking high class ;). Our family income is like 100K a year. And we can't afford a vacation. I'm not going to worry about the 200K people having to fill up that hummer and do landscaping whenever there are people out there struggling to pay for groceries, honestly.
 
I can vouch for the fact that $200K in the tri-state (NY, NJ, CT) area is NOT rich, by any stretch of the imagination. I'd accept "comfortable", but not rich, unless we want to redefine the popular notion of that word.
 
Watermark said:
T, in Mississippi, we're pretty fvcking high class ;). Our family income is like 100K a year. And we can't afford a vacation. I'm not going to worry about the 200K people having to fill up that hummer and do landscaping whenever there are people out there struggling to pay for groceries, honestly.
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Yes. And you probably pay under $500 a year for car insurance, under $2000 a year for property taxes, and your homes are probably a third of what similarly sized homes cost in CT, CA, NYC region, and the DC area. How many people are in your family?
 
LadyT said:
Yes. And you probably pay under $500 a year for car insurance, under $2000 a year for property taxes, and your homes are probably a third of what similarly sized homes cost in CT, CA, NYC region, and the DC area. How many people are in your family?
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We pay MUCH more than 500 a year for car insurance. LOL. I don't know what our property taxes are or what our houses cost, but that's mostly a one time expense anyway, and shouldn't effect the 50-year olds who mostly make up the 200K a year bracket.
 
Onceler said:
I can vouch for the fact that $200K in the tri-state (NY, NJ, CT) area is NOT rich, by any stretch of the imagination. I'd accept "comfortable", but not rich, unless we want to redefine the popular notion of that word.
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Thank you. I'm not crazy.

I still think there should be a factor applied for cost of living.
 
Watermark said:
T, in Mississippi, we're pretty fucking high class ;). Our family income is like 100K a year. And we can't afford a vacation. I'm not going to worry about the 200K people having to fill up that hummer and do landscaping whenever there are people out there struggling to pay for groceries, honestly.
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Well even in Alabama, 200k isn't an incredible amount of money. My dad makes over that and he has his wife and two kids living with him. I doubt they're starving, but the extra tax would still suck.
 
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LadyT said:
No. The article specifically stated "per family". Married couple filing jointly are considered a family. If each of them makes over $125K then they are going to be subjected to it.

Unless I read it wrong. SF what are you thoughts? Am I reading that incorrectly?
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No... you are correct.

Water... you are also incorrect... taxable income is ALL income taxed at ordinary rates... which includes short term cap gains and most dividends.
 
"We pay MUCH more than 500 a year for car insurance. LOL. I don't know what our property taxes are or what our houses cost, but that's mostly a one time expense anyway, and shouldn't effect the 50-year olds who mostly make up the 200K a year bracket."

BUZZZZZZZZZZZZZZz...... WRONG.... property taxes on homes are paid EVERY year.... and in most years the states find ways to increase the amount of property tax you owe.
 
Superfreak said:
No... you are correct.

Water... you are also incorrect... taxable income is ALL income taxed at ordinary rates... which includes short term cap gains and most dividends.
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Whenever you file jointly the brackets are much higher than whenever you file single. A family in New Jersey won't be paying the 200K rate until they make 400K a year.
 
Watermark said:
T, in Mississippi, we're pretty fucking high class ;). Our family income is like 100K a year. And we can't afford a vacation.
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You're just plain shitty at controlling your spending. Have you ever thought of running for Congress? You'd fit right in.
 
Superfreak said:
"We pay MUCH more than 500 a year for car insurance. LOL. I don't know what our property taxes are or what our houses cost, but that's mostly a one time expense anyway, and shouldn't effect the 50-year olds who mostly make up the 200K a year bracket."

BUZZZZZZZZZZZZZZz...... WRONG.... property taxes on homes are paid EVERY year.... and in most years the states find ways to increase the amount of property tax you owe.
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In Alabama our noble Governor Bob Riley recently decided to reappraise the property taxes quarterly instead of once every two years.

It's generated some money for the state without creating a "new tax" but pissed everyone off in the process.
 
Superfreak said:
"We pay MUCH more than 500 a year for car insurance. LOL. I don't know what our property taxes are or what our houses cost, but that's mostly a one time expense anyway, and shouldn't effect the 50-year olds who mostly make up the 200K a year bracket."

BUZZZZZZZZZZZZZZz...... WRONG.... property taxes on homes are paid EVERY year.... and in most years the states find ways to increase the amount of property tax you owe.
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SF, I should've been clearer. The house is a one time expense (or a 10 year expense, I wouldn't recommend getting a 30 year loan on something). But mostly people already own a house by the time they're getting 200K a year.

Of course property taxes are taxed yearly. Don't insult my intelligence, SF. It was pretty obvious that I used incorrect language there.
 
Troglodyte27 said:
Mine already has it in works. I fully fund a Roth, and drop additional money beyond that into a 401(k) I am not the subject of the idea here, I can take care of myself quite well.

Am I wrong to think that a lot of lower income folks don't have access to a Roth or any type of deferred account? Let's do something simple and open an avenue. The $2000 limit was not a per year number but rather an absolute size - that was years ago, and the Japanese may have raised the limit or allowed multiple accts. As a bank acct rather than "locked' investment, the owner has access at will. My thought is that maybe we just try something different. Different does not have to mean complex.
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Trog... everyone that has earned income can contribute to a Roth.... as long as they do not make too MUCH money. The wealthy tend to be excluded and forced into a standard IRA contribution rather than getting the bene's of a Roth.

Students who make $500 can put the entire $500 into a Roth if they choose to do so. Contribution limits on the Roth IRA are increasing every year. Right now I think the limit is $4k... $5k if you are over 50.
 
Troglodyte27 said:
You're just plain shitty at controlling your spending. Have you ever thought of running for Congress? You'd fit right in.
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What spending? We don't have ANY loans to pay off and practically no credit card bills. In the modern world, I guess that's how it is if you don't live beyond your means.
 
You're just plain $hitty at controlling your spending. Have you ever thought of running for Congress? You'd fit right in.
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that was the funniest quote of the day.
 
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