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Aaronk a question
Tweet Topic Started: Sep 27 2008, 11:46 AM (308 Views)
brumdog44 Sep 28 2008, 05:15 PM Post #31
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The guy picked last in gym class
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aaronk2727
Sep 28 2008, 09:50 AM
chops1221
Sep 28 2008, 09:24 AM
brumdog44
Sep 27 2008, 10:45 PM
boilergrad01
Sep 27 2008, 11:46 AM
So with the increase in payroll taxes and the over 250,000 tax increase would i actually take home less money than if I made 235,000? I feel that would be the case. How in America where the dream is to become successful as one desires could someone be punished by making money?
People in this country have an incredibly naive view of the tax system. Not trying to take this out on bg, but this kind of comment I hear all the time and it is grounded somewhere besides reality.

The simple answer:

No, you would not take home less at if you earned $250,000 than if you made $235,000.

The tax rates are based on levels, but just because you would reach a certain tax bracket DOES NOT mean that all of your money is taxed at that rate....it is only the portion of your pay that is above that amount that gets taxed at the higher rate.

For a simplistic example, let's say that all money $249,000 and under was taxed at 20% and that the $249,001 and up tax bracket was 35%. That DOES NOT mean that if you make more than $249,000 that all of your money is taxed at 35%....the first $249,000 would be taxed at 20% and the extra $1,000 would be the only amount taxed at the 35% rate.
Always good to learn something, thanks Brum.

I'd always heard people say things like what you mentioned, but being a college student with no real income, I had never bothered to look up the truth.
chops...there is a problem with that. What brum is saying isn't true. when you move up into the next bracket, you are taxed at that new rate back to dollar 1. Brum, I'm not sure where you came up with that, but it is wrong.
AAAAAAARRRRRRRRRRRRRRGGGGGGGGGGHHHHHHHHHHHHHHHHH!!!!!!!!!

And this is why I get so pissed off about it. People like aaron complain about taxes but don't even understand the term tax bracket. I earlier had said you were out of your depth in things you were trying to talk about. Thanks for confirming it to everyone.

http://www.irs.gov/formspubs/article/0,,id=164272,00.html
Edited by brumdog44, Sep 28 2008, 05:16 PM.
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dçamden03 Sep 28 2008, 06:02 PM Post #32
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chops1221
Sep 28 2008, 09:24 AM
brumdog44
Sep 27 2008, 10:45 PM
boilergrad01
Sep 27 2008, 11:46 AM
So with the increase in payroll taxes and the over 250,000 tax increase would i actually take home less money than if I made 235,000? I feel that would be the case. How in America where the dream is to become successful as one desires could someone be punished by making money?
People in this country have an incredibly naive view of the tax system. Not trying to take this out on bg, but this kind of comment I hear all the time and it is grounded somewhere besides reality.

The simple answer:

No, you would not take home less at if you earned $250,000 than if you made $235,000.

The tax rates are based on levels, but just because you would reach a certain tax bracket DOES NOT mean that all of your money is taxed at that rate....it is only the portion of your pay that is above that amount that gets taxed at the higher rate.

For a simplistic example, let's say that all money $249,000 and under was taxed at 20% and that the $249,001 and up tax bracket was 35%. That DOES NOT mean that if you make more than $249,000 that all of your money is taxed at 35%....the first $249,000 would be taxed at 20% and the extra $1,000 would be the only amount taxed at the 35% rate.
Always good to learn something, thanks Brum.

I'd always heard people say things like what you mentioned, but being a college student with no real income, I had never bothered to look up the truth.
Take Federal Income Tax Law (AGEC 456). It will teach you that, and a whole lot more about Income Tax.
“He’s always been a guy — maybe to a fault — he would always try to do what I said. That seems like something simple in coaching, but those are the guys I hang my hat on. We’ve had some guys in our program, we had a couple guys that felt I had a bias towards E’Twaun Moore. And they were right — I do have a bias towards E’Twaun Moore. I like guys that go to class, that are academic All-Americans, that come early, that stay late, that love the game of basketball. I am biased towards those guys. And I’m biased towards Rob Hummel. But I’m also biased towards their habits, their work ethic, and how they carry themselves."

"I’d take him to the ends of the earth — I’d want him playing for me.” - Bo Ryan on Robbie Hummel

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dçamden03 Sep 28 2008, 06:04 PM Post #33
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aaronk2727
Sep 28 2008, 09:50 AM
chops1221
Sep 28 2008, 09:24 AM
brumdog44
Sep 27 2008, 10:45 PM
boilergrad01
Sep 27 2008, 11:46 AM
So with the increase in payroll taxes and the over 250,000 tax increase would i actually take home less money than if I made 235,000? I feel that would be the case. How in America where the dream is to become successful as one desires could someone be punished by making money?
People in this country have an incredibly naive view of the tax system. Not trying to take this out on bg, but this kind of comment I hear all the time and it is grounded somewhere besides reality.

The simple answer:

No, you would not take home less at if you earned $250,000 than if you made $235,000.

The tax rates are based on levels, but just because you would reach a certain tax bracket DOES NOT mean that all of your money is taxed at that rate....it is only the portion of your pay that is above that amount that gets taxed at the higher rate.

For a simplistic example, let's say that all money $249,000 and under was taxed at 20% and that the $249,001 and up tax bracket was 35%. That DOES NOT mean that if you make more than $249,000 that all of your money is taxed at 35%....the first $249,000 would be taxed at 20% and the extra $1,000 would be the only amount taxed at the 35% rate.
Always good to learn something, thanks Brum.

I'd always heard people say things like what you mentioned, but being a college student with no real income, I had never bothered to look up the truth.
chops...there is a problem with that. What brum is saying isn't true. when you move up into the next bracket, you are taxed at that new rate back to dollar 1. Brum, I'm not sure where you came up with that, but it is wrong.
Ummmmm..... that is wrong. I took Federal Income Tax Law two semesters ago, and what Brum said is exactly right.

College taught me something!!!!! WooHoo!
“He’s always been a guy — maybe to a fault — he would always try to do what I said. That seems like something simple in coaching, but those are the guys I hang my hat on. We’ve had some guys in our program, we had a couple guys that felt I had a bias towards E’Twaun Moore. And they were right — I do have a bias towards E’Twaun Moore. I like guys that go to class, that are academic All-Americans, that come early, that stay late, that love the game of basketball. I am biased towards those guys. And I’m biased towards Rob Hummel. But I’m also biased towards their habits, their work ethic, and how they carry themselves."

"I’d take him to the ends of the earth — I’d want him playing for me.” - Bo Ryan on Robbie Hummel

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Mr Gray Sep 29 2008, 01:16 AM Post #34
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brumdog44
Sep 28 2008, 05:15 PM
aaronk2727
Sep 28 2008, 09:50 AM
chops1221
Sep 28 2008, 09:24 AM
brumdog44
Sep 27 2008, 10:45 PM
boilergrad01
Sep 27 2008, 11:46 AM
So with the increase in payroll taxes and the over 250,000 tax increase would i actually take home less money than if I made 235,000? I feel that would be the case. How in America where the dream is to become successful as one desires could someone be punished by making money?
People in this country have an incredibly naive view of the tax system. Not trying to take this out on bg, but this kind of comment I hear all the time and it is grounded somewhere besides reality.

The simple answer:

No, you would not take home less at if you earned $250,000 than if you made $235,000.

The tax rates are based on levels, but just because you would reach a certain tax bracket DOES NOT mean that all of your money is taxed at that rate....it is only the portion of your pay that is above that amount that gets taxed at the higher rate.

For a simplistic example, let's say that all money $249,000 and under was taxed at 20% and that the $249,001 and up tax bracket was 35%. That DOES NOT mean that if you make more than $249,000 that all of your money is taxed at 35%....the first $249,000 would be taxed at 20% and the extra $1,000 would be the only amount taxed at the 35% rate.
Always good to learn something, thanks Brum.

I'd always heard people say things like what you mentioned, but being a college student with no real income, I had never bothered to look up the truth.
chops...there is a problem with that. What brum is saying isn't true. when you move up into the next bracket, you are taxed at that new rate back to dollar 1. Brum, I'm not sure where you came up with that, but it is wrong.
AAAAAAARRRRRRRRRRRRRRGGGGGGGGGGHHHHHHHHHHHHHHHHH!!!!!!!!!

And this is why I get so pissed off about it. People like aaron complain about taxes but don't even understand the term tax bracket. I earlier had said you were out of your depth in things you were trying to talk about. Thanks for confirming it to everyone.

http://www.irs.gov/formspubs/article/0,,id=164272,00.html
Brum, what you are saying is correct come tax season. I was referring to the way that payroll tax is calculated throughout the year. If your income is prorated at $50k/year, 100% of your paycheck is taxed at the $50k tax rate. Yes, I know that it is refigured on your income tax return to make up for the income that you earned at the lower brackets, so you are correct, but I thought you were referring to the way that payroll tax is calculated, because that is where I was going with the fairtax solution. My bad.
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The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism.
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Maker13 Sep 29 2008, 05:46 AM Post #35
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brumdog44
Sep 27 2008, 11:55 PM
troubleatiu
Sep 27 2008, 11:36 PM
brumdog44
Sep 27 2008, 10:45 PM
boilergrad01
Sep 27 2008, 11:46 AM
So with the increase in payroll taxes and the over 250,000 tax increase would i actually take home less money than if I made 235,000? I feel that would be the case. How in America where the dream is to become successful as one desires could someone be punished by making money?
People in this country have an incredibly naive view of the tax system. Not trying to take this out on bg, but this kind of comment I hear all the time and it is grounded somewhere besides reality.

The simple answer:

No, you would not take home less at if you earned $250,000 than if you made $235,000.

The tax rates are based on levels, but just because you would reach a certain tax bracket DOES NOT mean that all of your money is taxed at that rate....it is only the portion of your pay that is above that amount that gets taxed at the higher rate.

For a simplistic example, let's say that all money $249,000 and under was taxed at 20% and that the $249,001 and up tax bracket was 35%. That DOES NOT mean that if you make more than $249,000 that all of your money is taxed at 35%....the first $249,000 would be taxed at 20% and the extra $1,000 would be the only amount taxed at the 35% rate.
my heart bleeds for him, you know that right? my wife and i TOGETHER make less than $70,000/year and i have never once lamented that fact on here. i have stated it, only to prove money aint shit to me, :rofl: (nor is it to the US government.) im really, really, sorry for his luck.
so, if you're so "poor" how do you understand the economy? its all where your values lie. money dont mean shit to me. im not going under, no matter what happens because IM NOT IN FUCKING DEBT. i owe 8 more years on my house at 6.8% (fixed) and thats all i owe. see ya on the other side.
I understand the tax code because I've had to teach in to business math students. It sure as heck isn't because of the money we earn...we make a little bit less than you and your wife.

You are certainly right about the importance of money. Four years ago our neighbor (37 year old guy, turned out he was a heavy drug addict and liked to get high and set things on fire) burnt our house down....basically watched us leave the house then threw a molotov cocktail through our window and called the fire department after it started. Later discovered the SOB even cut the outside hose before he did it. He was arrested that night (admitted he liked to start fires and 'watch the fire trucks come'). House was totalled and forced our family to live four months with our in-laws in very tight spaces. We ended up just selling the property and buying elsewhere, but the whole event put some serious psychological scars on our son who was only four at the time.

Certainly put things into perspective.
Brum, that's an awful story! I'm real sorry to hear about that. At least the guy waited till everyone was gone and no one was injured. This might be a fairly odd connection, but I have a quick question on it. My father's a battalion chief on the Fire Department in Fort Wayne and was telling me a story about a psycho who did exactly what you described. He would get loaded at night and go around his area burning down houses to watch them burn. They caught the guy this summer and I was wondering if it was you.

EDIT: After re-reading your post, it seems unlikely since this guy was doing this crap this summer and it sounds like your ordeal was a while ago. It's kind of frightening how many truly crazy and possibly dangerous people are out there. Like you said though, it does put things into perspective. I am sorry to hear your story though.
Edited by Maker13, Sep 29 2008, 05:50 AM.
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Mr Gray Sep 29 2008, 09:14 PM Post #36
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aaronk2727
Sep 28 2008, 11:57 AM
enemydeservesnomercy
Sep 28 2008, 09:20 AM
...i agree with the fact that it has to do with morals to tax the rich more so the lower and middle class get more of a break...but in turn what about the moral question of the rich just making themselves richer and richer and more and more powerful...all while the poor and middle class just continue to spin their wheels, barely keeping their heads above water and in alot of cases drowning...now, are there cases where people are irresponsible with their money...OF COURSE...but you have that in all tax brackets...but that will remain no matter what the tax code is...people will be people but with a tax code similar to obama's at least the government can say they atleast gave the lower classes a chance...

...you call them 'handouts' but i disagree with this...i call it giving them a chance....in the structure that we currently have (and mccain's proposal) the lower and middle class have no chance...and this code WOULD CREATE OPPORTUNITY for them...if they screw it up then that's on them...

...we all call this the land of opportunity...where everybody gets a chance...well my question is how rich do the rich want to get and how poor can the poor get because that is where we currently are...
enemy, we could go two different directions with this discussion. 1) welfare and entitlements 2) taxation/fairtax. They are actually seperate issues. We could argue all day whether welfare entitlements are a handout as I call them or a handup as you and Obama would describe them. I would prefer that we save that for another day, and discuss the tax issue if you don't mind.

The FairTax doesn't create additional taxation for the poor, nor does it remove any of their entitlements, welfare, medicare, medicaid, WIC, social security...etc etc. The FairTax creates a better economic environment for every citizen to prosper, rich and poor. Our current progessive (Obama-like) tax system encourages the rich to move resources oversees and utlizes loopholes in the tax code. For example, the wealthy rarely earn "wages" as they typically have their finances set up to receive income from capital gains and dividents, which are only taxed at 15%. They also move money directly to offshore accounts, as well as indirectly move money oversees by setting up factories and offices in offshore tax havens. This doesn't benefit the American economic system in any way.

Under the FairTax, the rich will have to pay because it is based on their domestic expenditures, including no cap on their social security funding. Currently you only get SS tax on $97,500 of your income, which is proportinately low for those earning high 6 or 7 figures. If the rich choose to hoard their money in savings accounts instead fo spending in and paying tax, that also helps out the economy, because it give the banks additional capital to loan. The banks are forced to bring in as much as they loan out, so if they end up with a surplus of savings, they will have to lower interest rates to loan money to businesses, which will in turn use that capital to invest in infrastructure = create jobs. Win-win.

In a survey last year, 500 large overseas companies were asked what they would do if America eliminated corporate income tax and instead earned tax revenue based on consumption. 80% of those companies (400 of them) said that they would build plants/factories in the United states within months. The other 20% said that they would actually relocate their entire business here. Job creation = domestic wealth opportunities for ALL blue collar, white collar and everyone in between.

Please remember also, that this FairTax system has a built in tax prebate based on the size of a family to cover all taxes paid on necessities. This will ensure that those families who are struggling and are currently not paying income taxes at all (at least directly.....Harvard concluded that we all pay an additional 22% of products and services as an offset to corporate taxes), will still not be paying any taxes so long as they are struggling and just purchasing necessities (no different than their current state). The difference is though, that they will have a little more money in their paycheck every week and additional job opportunities and upward mobility (see above).

I could go on and on, but I would like for you to digest this a little bit and let me know what objections or questions you may have to this tax structure.
bump to enemy
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The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism.
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