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Just completed my income taxes -
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Feb 13, 2019 21:48:33   #
Bill_de Loc: US
 
- time to start browsing the B&H catalog. I was hoping to get the new Hasselblad, but I guess I'll settle for a drop in CPL for my very old 500mm.

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Feb 13, 2019 22:12:06   #
BebuLamar
 
I just completed my income tax too but it's the reason I can't have GAS. I owe the IRS money.

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Feb 13, 2019 22:26:45   #
10MPlayer Loc: California
 
Yes, I owe more this year than last. So much for the tax cut. I live in CA so our 13% state income tax isn't deductible anymore. Sucks. Tax cuts benefit the rich? I'm not rich, just comfortable, so I don't know what to think. Rich is driving a $150,000 car or owning a private jet. Not a 7 year old car, a 10 year old car, and a mortgage. Sure didn't benefit me and my wife.

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Feb 13, 2019 22:40:56   #
tdekany Loc: Oregon
 
10MPlayer wrote:
Yes, I owe more this year than last. So much for the tax cut. I live in CA so our 13% state income tax isn't deductible anymore. Sucks. Tax cuts benefit the rich? I'm not rich, just comfortable, so I don't know what to think. Rich is driving a $150,000 car or owning a private jet. Not a 7 year old car, a 10 year old car, and a mortgage. Sure didn't benefit me and my wife.


Hey, as long as the very wealthy don’t have to pay, all is good. As an FYI, Netflix made $845 million dollar profit and don’t have to pay a penny in taxes.

The issue isn’t that a politician promises tax cuts, the problem is that the people believe it.

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Feb 13, 2019 22:52:06   #
Bill_de Loc: US
 
tdekany wrote:
Hey, as long as the very wealthy don’t have to pay, all is good. As an FYI, Netflix made $845 million dollar profit and don’t have to pay a penny in taxes.

The issue isn’t that a politician promises tax cuts, the problem is that the people believe it.


From 2017 IRS figures:

"According to the latest IRS data, the payment of income taxes is as follows.

The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about 39 percent of federal income taxes. That means about 892,000 Americans are stuck with paying 39 percent of all federal taxes.

The top 10 percent of income earners, those having an adjusted gross income over $138,031, pay about 70.6 percent of federal income taxes.

About 1.7 million Americans, less than 1 percent of our population, pay 70.6 percent of federal income taxes.

https://nationalinterest.org/blog/the-buzz/here-who-really-pays-the-most-taxes-america-22779

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Seems like a lot of us really aren't paying our fair share.

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Feb 13, 2019 22:54:08   #
Joecosentino Loc: Whitesboro, New York
 
Looking at the CA tax tables to get to 13% you should be making enough to buy an overrated Hasselblad

Copied from IRS publication on CA tax rates


California has 7 different brackets for personal income tax rates:

1.25% on the first $7,168 of taxable income
2.25% on taxable income between $7,169 and $16,994
4.25% on taxable income between $16,995 and $26,821
6.25% on taxable income between $26,822 and $37,233
8.25% on taxable income between $37,234 and $47,055
9.55% on taxable income between $47,056 and $1,000,000
10.55% on taxable income $1,000,001 or more

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Feb 13, 2019 23:19:01   #
le boecere
 
Bill_de wrote:
From 2017 IRS figures:

"According to the latest IRS data, the payment of income taxes is as follows.

The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about 39 percent of federal income taxes. That means about 892,000 Americans are stuck with paying 39 percent of all federal taxes.

The top 10 percent of income earners, those having an adjusted gross income over $138,031, pay about 70.6 percent of federal income taxes.

About 1.7 million Americans, less than 1 percent of our population, pay 70.6 percent of federal income taxes.

https://nationalinterest.org/blog/the-buzz/here-who-really-pays-the-most-taxes-america-22779
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Seems like a lot of us really aren't paying our fair share.

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From 2017 IRS figures: br br "According to t... (show quote)


Bill, regardless of these facts, the myth that "...the very wealthy don’t have to pay..." must be fed and perpetuated. It's part of the socialist mindset.

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Feb 14, 2019 01:40:08   #
wrangler5 Loc: Missouri
 
When I began practicing law in the pension field in the early '70s, before ERISA was passed, the law prohibited pension plans from "discriminating" in favor of "highly compensated" employees but gave no definition of that term in the statute and only general guidance in the regulations. So in an IRS audit it was up to the examining agent to make the initial determination (you could always appeal it to higher authorities in the IRS and eventually to the courts if there was enough involved to be worth the cost). In most practitioners' experience it was common for an agent to make an initial determination of who was highly compensated based on "anybody making more than me."

There's still a lot of that going around.

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Feb 14, 2019 04:10:22   #
tjw47 Loc: Michigan
 
Sucks to live in California...
Live where the tax rates & housing are more reasonable...
Why should people in low tax rate states subsidise people who live in high tax states.

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Feb 14, 2019 06:31:36   #
Largobob
 
10MPlayer wrote:
Yes, I owe more this year than last. So much for the tax cut. I live in CA so our 13% state income tax isn't deductible anymore. Sucks. Tax cuts benefit the rich? I'm not rich, just comfortable, so I don't know what to think. Rich is driving a $150,000 car or owning a private jet. Not a 7 year old car, a 10 year old car, and a mortgage. Sure didn't benefit me and my wife.


Sounds to me like the California tax is your real problem. Florida has zero state income tax and generally nice weather.....

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Feb 14, 2019 06:48:31   #
exakta56 Loc: Orford,New Hampshire
 
New
Hampshire is a great haven for the rich. No income tax, no sales tax. But brother, watch out when it comes time to pay your property tax. as home owners get the shaft. Tax on a 140K house is $4000 per year.

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Feb 14, 2019 07:19:01   #
foathog Loc: Greensboro, NC
 
BebuLamar wrote:
I just completed my income tax too but it's the reason I can't have GAS. I owe the IRS money.


and the billionaires are making millions. LOL

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Feb 14, 2019 07:19:39   #
bedouin Loc: Big Bend area, Texas
 
I recently read that the number of people leaving California for other places is rising every year. Unfortunately, many are coming to Texas. Anyone contemplating this should realize that we still tar and feather troublemakers.

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Feb 14, 2019 07:22:48   #
foathog Loc: Greensboro, NC
 
Oh gee. Let's all cry for the guys with 5 mansions, 10 cars, a wife and 4 girlfriends. The poor poor 1%.
There's a point in which wealth becomes obscene.



Bill_de wrote:
From 2017 IRS figures:

"According to the latest IRS data, the payment of income taxes is as follows.

The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about 39 percent of federal income taxes. That means about 892,000 Americans are stuck with paying 39 percent of all federal taxes.

The top 10 percent of income earners, those having an adjusted gross income over $138,031, pay about 70.6 percent of federal income taxes.

About 1.7 million Americans, less than 1 percent of our population, pay 70.6 percent of federal income taxes.

https://nationalinterest.org/blog/the-buzz/here-who-really-pays-the-most-taxes-america-22779

--

Seems like a lot of us really aren't paying our fair share.

--
From 2017 IRS figures: br br "According to t... (show quote)

Reply
Feb 14, 2019 07:27:23   #
foathog Loc: Greensboro, NC
 
California contributes more the the federal treasury than ANY other state and gets back less than it puts in. And your so-called affordable states take in more than they pay out. How about that bud?

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