Got this in email. What do you think?
Comments
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What's even more amusing ?! is that besides paying a higher percentage of tax as one makes more the deductions dry up as well. Certainly sounds fair to me.
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The more money you make the more assets you own - therefore more taxes you pay - thus more deductions. Once again lower taxes at the end of the year. Poor people can't buy homes, estates and land thus have nothing to deduct on there taxes except those 8 kids. LOL
I have over 10g's in deductions myself but my debt to income ratio is shoot to hell - once again not a problem for a millionaire. -
Scott,
All I can tell you is ... you haven't made it there yet ... when you do, you'll understand it. -
Haven't made it WHERE??????????? Understand WHAT?????
I am stating simple facts my man....... I have friends that are VERY wealthy and learn alot from them as for as how the economic systems works for them.....
I have no clue what you are refering to............
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If you don't understand the concept that deductions get negated as taxable income goes up then you aren't there. These are simple 1040 line items.
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Like I said I have 10g's in deductions myself - but I know that people and friends of mine in a much higher take home have even more in deductions not to mention the ones that own bussinesses that are driveing around in 50,000 vechicles that are 100% tax deductable so you may want to explain exactly what you are talking about because I have not seen it at all in my personal experience.
But once again thier is no argument to the wealthy putting more money under their pillow every night than the average Joe - who cares about thier specific tax requirements. That was one of my points make much earlier ago. You must be crazy to think that modern day America is economicly designed to destroy rich folk through taxes. Which is the only point that a been spat out. I'm sorry I disagree - the rich get richer is factual. And I hope to catch that boat oneday just like everyone else.
"And that all I got's to say bout that"
Forrest Gump (nothing in the movie about his taxes) -
For a simple example see 1040 line 39. There are loads of other examples that are not so straight forward, but they're there.
To look at the facts or lack thereof in your post ...Originally posted by scottvamp The more money you make the more assets you own That's not necessarily true.Originally posted by scottvamp therefore more taxes you pay There is not much of relationship between assets owned and taxes paid.Originally posted by scottvamp thus more deductions. There is no direct relationship between taxes paid and amount of deductions.Originally posted by scottvamp Once again lower taxes at the end of the year. If you are implying that at the same income level that higher deductions mean lower taxes than if one had no deuctions that's certainly hard to dispute, however it doesn't really fit into the rest of your post.Originally posted by scottvamp Poor people can't buy homes, estates and land thus have nothing to deduct on there taxes except those 8 kids. LOL Which is usually not only enough to get their AGI down to the point where they pay no income taxes, but also makes at least some eligible for additional handouts.Originally posted by scottvamp I have over 10g's in deductions myself but my debt to income ratio is shot to hell - once again not a problem for a millionaire. High debt to income ratio is potentially a problem no matter how large your asset stack is unless one can reasonably expect that income will increase over time or the value of assets grows by itself such as real estate USUALLY does. -
Originally posted by scottvamp
Like I said I have 10g's in deductions myself - but I know that people and friends of mine in a much higher take home have even more in deductions not to mention the ones that own bussinesses that are driveing around in 50,000 vechicles that are 100% tax deductable so you may want to explain exactly what you are talking about because ********I have not seen it at all in my personal experience. *******
But once again thier is no argument to the wealthy putting more money under their pillow every night than the average Joe - who cares about thier specific tax requirements. That was one of my points make much earlier ago. You must be crazy to think that modern day America is economicly designed to destroy rich folk through taxes. Which is the only point that a been spat out. I'm sorry I disagree - the rich get richer is factual. And I hope to catch that boat oneday just like everyone else.
"And that all I got's to say bout that"
Forrest Gump (nothing in the movie about his taxes) -
I have no clue what yall are talking about....I just have a question......
What are deductables?- Not Tom ::::::: Any system can play Diana Krall. Only the best can play Limp Bizkit. -
YOU are a deductible ... or more correctly a personal exemption for one or both of your parents ... ASSUMING THEY DON'T MAKE TOO MUCH ...
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Sid the deductions I am referring to are like the taxes/interest you pay on your house, bussiness and tags on your vehical(s). For example the more expensive your home the more interest you will be paying on it therefor you have more to deduct on your yearly taxes and so on.
Because I have 10g's in deductions I can claim 3 on my federal taxes and less is taken out on each paycheck. Understand!!
Same with number of children in a household - getting huge tax cuts at the end of the year for each child...
Hope this helps....... -
As a better example ...
Most people when they buy a house borrow money to do so i.e. they get a mortgage. The interest you pay on that loan is deductible from federally taxable income.
Because that house probably sits on land in a town, the owner of that house also pays real estate taxes to the municipality and probably also to the county and state. Those real estate taxes are in turn used to pay for town administration i.e. police, fireman etc. and probably also to support public education. Those real estate taxes are also deductible from federally taxable income.
The thing to keep in mind about deductibles, however nice they seem at tax time, is that they don't reduce your taxes any where near as much as the expense itself. -
Originally posted by PolkWannabie
If you don't understand the concept that deductions get negated as taxable income goes up then you aren't there. These are simple 1040 line items.
I understand and agree which is the source of my confusion. I would much rather see my hard earned dollars taken in support of the elderly, homeless and less fortunate... these are my fellow Americans and we are all in the same boat. I got your back.
Off the podium and stepping to the right I think our hard earned dollars are blown on nonsense and the perfect example is methane expelled by cows... That was rediculous!
Unfortunatly, man and money are corrupted and all the good intentions are quickly lost to greed. This is a travesty IMO. How do we stop this? **** I'm just Henry...
I'm not sure about all the finance stuff but I would much prefer to buy used audio equipment rather than a thief taking my hard earned cash. Trust me when I tell you I work for every penny!
1/4twin***WAREMTAE*** -
Also not necessarily true. For someone who likes to speak in terms of "facts" you use extremely loose language.Originally posted by scottvamp the more expensive your home the more interest you will be paying on it -
That is only because rich people allow you too......;)Trust me when I tell you I work for every penny!
We are on the same page.
What does that mean!!!!!! Your the extremely lose one.Also not necessarily true.
People wear socks on thier feet - (a fact by scott)
Also not necessarily true. Alllll riiight then!!!!!!!!! I can say not necessarily true to every situation in the world..........
I need a BEER!!!!!!! -
If you wanted to say that up to a certain point that ...
The more expensive house you buy
The larger the mortgage you are likely to have
The more interest you are likely to pay
The higher the related deductible you therefore have
I'd agree ... However people with oodles of dollars that buy houses in upper 7 figures and beyond typically pay cash. Beyond that even at lower levels some people put 5% down some people put 80% down. Consequently there isn't a direct relationship. -
Henry,
Medicare of course is set up to at least partially cover the health care costs of the elderly. As far as the homeless goes, to the best of my knowledge there is not much government involvement outside of Medicaid programs i.e. the bulk of your tax dollars aren't going there.
As far as how do we stop this goes ... That's a question and a half which I certainly don't pretend to have an answer to. However if I were going to pick a place to start, it would be with TERM LIMITATION or as my grandfather would have said ... Every four years ( or whatever ) you throw the bumbs out. Our founding fathers set up government with the idea that they could entice the best from private businesses and the like for short periods of time to "help out" but that those folks wouldn't want to hang around long as they had better stuff to do. IMHO this has totally run amuck as the "bumbs" now of course view politics as a career. -
Scott out - way to many financial classes to conflict with one another as soon as I explain one another pops up. Millionaires - Billionaires - Trillionaires.
You mean to tell me Oprah pays cash for here homes - no freaking way - she also pays cash for entire islands.:eek: -
Originally posted by PolkWannabie
Henry,
However if I were going to pick a place to start, it would be with TERM LIMITATION or as my grandfather would have said ... Every four years ( or whatever ) you throw the bumbs out.
OH SHITE!!! We are aligned so now I'm very concerned for you Wannabie:D
I just got another beer so 1/2twin is here to stay.:rolleyes:***WAREMTAE*** -
You can't be serious? Huge? Compared to the cost of raising a child it's a miniscule amount!Originally posted by scottvamp
- getting huge tax cuts at the end of the year for each child... -
I said typically ... I didn't say ALL and that it was a FACT ... I don't hang with Oprah so I have no clue WTF she does.
I guess we're not at the beach, which if by the way is where we were, I still wouldn't state as a fact that ... People don't wear socks on their feet ...Originally posted by scottvamp
People wear socks on thier feet - (a fact by scott) -
You MORONS.
A Political debate, a clear victor? Pffft.
HOS, hear we GO!Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service. -
Frank Z,
You mean that $2.5k / year deduction from your taxable income which increases your income by what maybe $750 assuming that you can still take personal exemptions doesn't pay for a years worth of groceries and clothing let alone tuition at Harvard ?
I'm shocked ... -
Originally posted by RuSsMaN
You MORONS.
A Political debate, a clear victor? Pffft.
HOS, hear we GO!
My big brother RuSs... Thanks and again we must fail ourselves but you have to admit in this HoS'er there is real substance
1/2TWIN:D***WAREMTAE*** -
I am going to have to bail on this one - your right Russ.
People just like to argue for no reason - but sometimes - just sometimes - people learn from debates. Not today I guess - Polk forum after all. -
LOL ... There are none so blind as those who WILL NOT see ...
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Earned income is rather large for low income families or single parents and comparied to getting nothing back. Not contemplated getting enough money every year in taxes to raise a child . IT was never an issue - if you can't financially support a child - one should try to refrain. Another point a made much eariler on. But it all seems pointless now. Polkwanna - I am sure you are a great guy but you have contradicted yourself like three times already ---- anyway truss
Scott out
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I'm not following the first part of your post at all. Maybe I haven't had enough beers or whatever.
With regards to having children and being able to support them I totally agree.
As far as contradicting myself goes you'd have to point those out, if you're right I'll be happy to acknowledge the FACT. -
Originally posted by scottvamp
That is only because rich people allow you too......;)
B]
Somebody owns the business in which you work, that is correct. It is also likely that they are in the top 10% of income.
You got me thinking last night and I paid more in taxes this year than I did on home/car insurance, the value of my my family's two cars, value all of my audio/video equipment, and mortgage payments combined. Does that sound fair to you? :rolleyes:
Should I be punished because I paid attention in high school and got accepted to a good college and then paid my own way through six year of school working for my degrees with no help from the government or my parents and managed to land a high paying job when I was done?
Question is: Why should I have to pay more taxes because some guy with just as much potential started doing drugs and got a girl pregnent at 16? I don't mind paying my current share of taxes, I just hate it when people complain that it isn't enough and that it's unfair that I have a good job.
I think one thing we agree on though is that there shouldn't be handouts- Let's eliminate EIC and force the poor to stop having children and make them be productive members of society... :rolleyes:There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin -
HOS? There hasn't been any name calling, backstabbing or the like! (Well, except Russ calling everyone morons)
Dangit Russ, it's all your fault!!!
BTW, tax code has but one correct answer. Whether it is ethically correct is an entirely different beast...
Scott, after re-reading all your posts, this is the summary of the points I'm getting from you (Please correct as it doesn't make sense in my head):
1). Joe worker works his butt off and only gets to keep seventy cents on the dollar
2). Joe worker is paying for Mary, the homeless crack mama's eighteen kids
3). This is outragous so Joe shouldn't have to pay for it
4). Rich people should
5). Why? Because they are evil and keeping Joe down.
6). Another reason: the rich keeping fifty five cents out of every dollar is still too high.
That's how I'm reading your argument. BTW, I hope no one you know (mentioned) gets audited by the IRS.There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
