Taxes...

[MultiThom]

I know most on this forum are liberal and honestly believe that it is OK to spend, spend, spend, get into debt and then tax to try to make ends meet. S'OK, there are all sorts of idiots.

But I just finished my taxes. Yah, I worked hard and invested and now have lots of money in my retirement account. Now that I'm old I take the money out (Government makes you do this). You know what I have to do with that money? ALL of it goes to state and federal taxes. I paid more in taxes last year than I earned in the first 5 years of working as a teacher. And Yah, I paid back my student loans. And Yah, I give 10% of my income to charity...

Just bitchin'. Love this country, country allowed me to work hard and become millionaire-Navy trained me in nuclear power, scholarships and loans got me through college. Smart investing and spending got me where I don't worry about money running out before dying...so I pay. BUT, 100% of everything I saved goes to taxes, seems excessive.

 

[Ishmael]

I know most on this forum are liberal and honestly believe that it is OK to spend, spend, spend, get into debt and then tax to try to make ends meet. S'OK, there are all sorts of idiots.

But I just finished my taxes. Yah, I worked hard and invested and now have lots of money in my retirement account. Now that I'm old I take the money out (Government makes you do this). You know what I have to do with that money? ALL of it goes to state and federal taxes. I paid more in taxes last year than I earned in the first 5 years of working as a teacher. And Yah, I paid back my student loans. And Yah, I give 10% of my income to charity...

Just bitchin'. Love this country, country allowed me to work hard and become millionaire-Navy trained me in nuclear power, scholarships and loans got me through college. Smart investing and spending got me where I don't worry about money running out before dying...so I pay. BUT, 100% of everything I saved goes to taxes, seems excessive.

Your taxes could easily be cut by over 50% if billionaires and corporations paid their fair share.

 

[giegs]

So you had a deferred tax liability?

 

[Voyageur]

I know most on this forum are liberal and honestly believe that it is OK to spend, spend, spend, get into debt and then tax to try to make ends meet. S'OK, there are all sorts of idiots.

But I just finished my taxes. Yah, I worked hard and invested and now have lots of money in my retirement account. Now that I'm old I take the money out (Government makes you do this). You know what I have to do with that money? ALL of it goes to state and federal taxes. I paid more in taxes last year than I earned in the first 5 years of working as a teacher. And Yah, I paid back my student loans. And Yah, I give 10% of my income to charity...

Just bitchin'. Love this country, country allowed me to work hard and become millionaire-Navy trained me in nuclear power, scholarships and loans got me through college. Smart investing and spending got me where I don't worry about money running out before dying...so I pay. BUT, 100% of everything I saved goes to taxes, seems excessive.

got started drinking early today? at least you don't have to pay 200% of everything you saved.

 

[Steam Flyer]

So you had a deferred tax liability?

That's what it sounds like. We have the same deal... mandatory minimum withdrawal from retirement savings/investment plan. I have a spreadsheet to key in how much we can donate to charity straight out of the investments, to drop the minimum required withdrawal down to the next increment.

I dunno why taxes have to be done by a table of steps. It just throws away money from each side. Why not use the math the table was based on? We are not all retards, are we?

 

[MultiThom]

Your taxes could easily be cut by over 50% if billionaires and corporations paid their fair share.

I hear that all the time when Bernie gets on the TV. If you count ALL the folks employed by corporations and how much those employees pay, I think the corporations pay enough. Besides, how many gallons of milk does a corporation drink? The point is, a corporation is not a person. Don't know how the government decided to make a corporation into a person, but since all of them are at least 65 years old, I think they ought to apply for social security and medicare.

 

[MR.CLEAN]

Smart investing and spending got me where I don't worry about money running out before dying...so I pay. BUT, 100% of everything I saved goes to taxes, seems excessive.

No offense Thom but 'smart investing' doesn't seem compatible with "100% of my savings is going to taxes"

Sounds like you or your financial planner fucked something up nicely.

 

[Ishmael]

I hear that all the time when Bernie gets on the TV. If you count ALL the folks employed by corporations and how much those employees pay, I think the corporations pay enough. Besides, how many gallons of milk does a corporation drink? The point is, a corporation is not a person. Don't know how the government decided to make a corporation into a person, but since all of them are at least 65 years old, I think they ought to apply for social security and medicare.

Taxing the employees is not the same as taxing corporate profits, but you knew that.

 

[veni vidi vici]

Why not let all savings go untaxed and let it recirculate back into the economy?

 

[d'ranger]

I like Bernie and he has good points, if you really want to understand how you are getting screwed just read up on Elizabeth Warren. Watch the Frontline doc "Age of Easy Money". Income inequality is a thing and something I have worried about for decades and it's getting worse. Those who are wealthy enough get all the breaks. I mean does anyone really think it is some kind of freak accident that fewer people continue to accumulate the wealth here?

Just keep voting Republican and enjoy the ride to the bottom. Experts say you should have a minimum of $500k to retire comfortably. Here are the numbers on that:
What percentage of Americans have $500000 in savings?

Few Americans have saved more than $200,000: 4% have between $200,000 and $350,000, 4% more have $350,001 to $500,000 and a little more than 5% have more than $500,000.

 

[MultiThom]

No offense Thom but 'smart investing' doesn't seem compatible with "100% of my savings is going to taxes"

Sounds like you or your financial planner fucked something up nicely.

Not sure I understand your point. Smart investing in my IRA built the money into a couple million from the 200K or so invested over 30 years (compounded)--for example, I bought MacDonalds at 90...I used the dogs of the dow approach. 100% of those savings going to taxes means when I take money out of my IRA (as required) all of it goes to paying taxes for the year (of course I have other income including miniscule social security which also goes to taxes). No fuckups, just exorbitant cost of government--but then, I can't afford to build an aircraft carrier so some of it does go to good purposes.

 

[justsomeguy!]

And here we are in a social media forum called "anarchy".

What'cha gonna do?

 

[MultiThom]

Income inequality is a thing and something I have worried about for decades and it's getting worse.

True, brain inequality is also a thing. Talent inequality is also a thing, Laziness inequality is also a thing. What's the problem...do you truly think everyone you meet is your equal in everything? Yah, though, I agree that most folks are not farsighted enough to plan for the future. Inflation doesn't help folks save money. Labor unions will fall behind since their contracts won't keep up with inflation. Lots of issues will force the average person to rely more and more on government instead of their own resources...right where the Ass party wants them.

 

[veni vidi vici]

And here we are in a social media forum called "anarchy".

What'cha gonna do?

The diabolical system is set up between two parties so that they benefit first second and third while the citizens that they have been elected to serve are always given the option at best of choosing the lesser of two evils. Unless you are a loinfomofo still believing that the government is there for the solution to your and society’s problems .
The government has never encountered a problem that it can not perpetuate.

 

[Bus Driver]

Your taxes could easily be cut by over 50% if billionaires and corporations paid their fair share.

While we are at it, can we tax the churches?

 

[giegs]

Pretty sure a tax on boomer whinging about taxes would cover things well enough.

 

[Voyageur]

we need to tax churches at the rate MT says he is paying. a balanced budget is within reach.

 

[veni vidi vici]

While we are at it, can we tax the churches?

History tells us that only a revolution can reset the course of our country , the rulers understand this and keep the masses if they do everything right just comfortable enough to want to go back to work the next day. It is all extremely corrupt and calculated.

 

[veni vidi vici]

Pretty sure a tax on boomer whinging about taxes would cover things well enough.

Pay attention dufuss! It will only get worse if you continue to vote for bigger government

 

[Bus Driver]

If only there was a party that truly believed in smaller government.