Taxes...

[veni vidi vici]

.

 

[veni vidi vici]

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

See post #14

 

[d'ranger]

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.

Try again and keep supporting those who enjoy your struggle. I can't help those who won't help themselves. If you actually have millions you should have an advisor to help shield from taxes, I know a lot of guys doing much better than you. You could also ask yourself why politicians get hundreds of millions in donations for a job that pays thousands.

edit: For bonus points I remember 30 years ago when my CPA said I needed to give myself a bonus and I paid more in taxes that year than I had ever made. Poor planning, back then it made sense to invest in the company to defer the higher tax rates. Thanks to a couple of former presidents large corporations have better methods, like stock buybacks and lower tax rates.
You're welcome.

 

[Olsonist]

Well, someone got a tax cut in 2017.

 

[Bugsy]

History tells us that only a revolution can reset the course of our country ,

Another falsehood. Why do you lie so much?

The depression of the 1930's significantly changed the role of government.

New Deal and Great Society Democrats embraced a growing labor movement and enacted such pillars of the welfare state as Social Security and Medicare, while moving to dismantle racism under law.

https://www.nytimes.com/2023/03/30/opinion/political-stalemate.html

 

[Bus Driver]

Another falsehood. Why do you lie so much?

Paraphrasing Ronnie Raygun -

The trouble with our friends like vvv is not that they're ignorant; it's just that they know so much that isn't so.

 

[MR.CLEAN]

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.

If you had used a Roth IRA, your withdrawals would be tax free. If you had invested in real estate instead of securities, you would have had 30 years of deductions to write off.

Tax strategy is all about those, and hundreds more trade-offs. The moment you put money into a traditional IRA, you should have known you'd have to pay those taxes later, potentially when you were in a higher bracket than when you deposited it. If you are surprised about it now, you weren't paying attention.

If you're just bitching about it now, I feel your pain. Carry on.

 

[Gouvernail]

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.

This is a political forum. If you wish to post here, please use the political words according to their definition.
Tge auto
The of the op use of liberal in the quoted post essentially accuses those who are willing to consider new political ideas as financially clueless.
It makes the author of the opening post appear to be a clueless asshole. As I try not to waste my time reading nonsense, there wasn’t any point reading whatever followed.

Liberal has ZERO to do with government size or spending.
A political Liberal is a person who is open to new political solutions.

Fuck!! The OP IS AN IDIOT!!!

 

[Raz'r]

You’re right that spending spiked during covid, but it’s quickly reverting to its longtime 19-20% of gdp range

Forum upgrade fucked up the screenshot cut/paste or I’d post it. Just search “fed as % of gdp”

The noise about one party spending more than another is just that, noise. Tax policy however does have differences. Thanks Trump for that mainsail. I expect that little bit of largesse to go away as congress can’t tie its own shoes, so (fortunately for the country) won’t be extending the trump cuts.

A minor change in what is “income” and tax rates could come down significantly. Unfortunately we only expect workers to pay taxes (now, or on 401k withdrawals) so we have to fuck them hard.

 

[Gouvernail]

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.

Corporations are a tool which allows investors to avoid certain liabilities.
Example: a bunch of guys think their new widget will help the world and they start building widgets.
We the People like having new widgets and recognize some aren’t as wonderful as originally hoped.
So… through corporate protection, we allow widget makers to say “Oops! That didn’t work” and walk away without losing their homes.

Considering the above, the fact is, We the People are invested in EVERY corporation.

My view is corporate profits should be very heavily taxed. “We the People will cover your ass but in exchange, and to generate a fund for bankruptcy, we will take most of the profits.”

If you want to keep your profits and only pay normal income tax, do not seek the financial backing of We the People.

Low corporate taxes mean, Personalized profits and socialized losses.

 

[Raz'r]

Of course, the OP could renounce US citizenship and move to a place like the UAE. Considering he chooses to live here, he must find the taxes worth it.

 

[veni vidi vici]

If you had used a Roth IRA, your withdrawals would be tax free. If you had invested in real estate instead of securities, you would have had 30 years of deductions to write off.

Tax strategy is all about those, and hundreds more trade-offs. The moment you put money into a traditional IRA, you should have known you'd have to pay those taxes later, potentially when you were in a higher bracket than when you deposited it. If you are surprised about it now, you weren't paying attention.

If you're just bitching about it now, I feel your pain. Carry on.

If possible you should have both Roth and traditional IRA or workplace 401K
Along with a source of underground economy cash for fun .
The ole pay yourself first each month model no matter how little you contribute.
Gotta have a plan too !

 

[Ishmael]

The OP seems to think the Republicans are the smart ones with money. 50 years says that's bullshit.

 

[Bugsy]

The fiscal year 2023 Department of Defense Appropriations Act provides $797.7 billion in discretionary spending.

The population of the USA is approximately 336 million.

Your share (assuming everything is equal, which it isn't) is $2,372.

 

[veni vidi vici]

The OP seems to think the Republicans are the smart ones with money. 50 years says that's bullshit.

50 years…. That’s as long as the gravy train, LBJ’s The Great Society as been sucking taxpayers money

 

[Voyageur]

MT, your huge tax bill does fund some amazing things.

 

[Voyageur]

can anyone explain what time it is, in this image?

 

[SloopJonB]

As my rich uncle once said "You've got to make a lot to have to pay a lot of taxes".

Paying 100% of your savings as tax means you or your FA fucked up big time.

 

[SloopJonB]

can anyone explain what time it is, in this image?

Sure - long, long ago.

 

[Ishmael]

can anyone explain what time it is, in this image?

What part of it? The closer stuff is a lot younger.