$53,000

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Apple Of Sodom

Golden Member
Oct 7, 2007
1,808
0
0
That is the magic number. That is what I owe the tax man. That is in addition to the $40,000 I already paid. That is after I've completely maxed out my deductions, fully funded my SEP-IRA and have done everything legal to lower my income liability.

I'm at the bottom of the top 1% of earners. I'm the 1% that everyone rallies against as controlling all the wealth. Funny thing is... I make a lot because I work hard, run the risk of owning a business, and sacrificed to get my masters degree. And for the other 99% let me tell you...it isn't THAT great being in the top 1%. I don't get any help. I don't get subsidies. I basically get to work. And while I don't have to worry about money and can afford generally nice things, I don't have the ability to go out and buy a Ferrari to color match a yacht. I don't vacation for 12 weeks in Fiji. I don't sleep on a mattress stuffed with hundred dollar bills.

So, this thread is dedicated to those who have earned their income the hard way - with blood, sweat and tears - and to say fuck you for anyone who says we don't deserve it. I am proud to say I am paying $100,000 into the system this year; I am proud to contribute to society, even though I disagree with the way government spends money; and I'm proud to be in that EVIL 1%.
 
Texashiker

Texashiker

Lifer
Dec 18, 2010
18,811
198
106
Apple Of Sodom said:
I am proud to contribute to society, even though I disagree with the way government spends money; and I'm proud to be in that EVIL 1%.
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What are you doing posting in this forum? Get back to work, millions of people on welfare are depending on you.

If you think your tax burden is high this year, just wait,,,,,,. New flat panel TVs for everyone in public housing, 1 TV for every room..
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
Apple Of Sodom said:
That is the magic number. That is what I owe the tax man. That is in addition to the $40,000 I already paid. That is after I've completely maxed out my deductions, fully funded my SEP-IRA and have done everything legal to lower my income liability.

I'm at the bottom of the top 1% of earners. I'm the 1% that everyone rallies against as controlling all the wealth. Funny thing is... I make a lot because I work hard, run the risk of owning a business, and sacrificed to get my masters degree. And for the other 99% let me tell you...it isn't THAT great being in the top 1%. I don't get any help. I don't get subsidies. I basically get to work. And while I don't have to worry about money and can afford generally nice things, I don't have the ability to go out and buy a Ferrari to color match a yacht. I don't vacation for 12 weeks in Fiji. I don't sleep on a mattress stuffed with hundred dollar bills.

So, this thread is dedicated to those who have earned their income the hard way - with blood, sweat and tears - and to say fuck you for anyone who says we don't deserve it. I am proud to say I am paying $100,000 into the system this year; I am proud to contribute to society, even though I disagree with the way government spends money; and I'm proud to be in that EVIL 1%.
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Thanks for paying :)
 
D

DaveSimmons

Elite Member
Aug 12, 2001
40,730
670
126
it might sting a little less to realize that for the first few years, you're paying back your heavily subsidized college years.

Even if you only received student loans and no grants, a lot of state and federal tax dollars from high earners before you helped make getting your bachelor's and master's degrees more affordable.
 
SandEagle

SandEagle

Lifer
Aug 4, 2007
16,809
13
0
sucks to be you, apple sodomizer. i am in the top .05 percent. my magic number is $54,000. :\
 
dud

dud

Diamond Member
Feb 18, 2001
7,635
73
91
Great rant OP.

9/10

Maxing out all your dedcutions, etc. and still paying $100K in taxes means you probably net between $400,000 and $600,000 a year. Good job!
 
dullard

dullard

Elite Member
May 21, 2001
25,993
4,605
126
I have a PhD in engineering, my wife has an MBA and engineering degree, and I sold a business last year. Needless to say, we paid about the same amount of tax as you do this year. Not exactly the same, but not too far off either.

I however, don't agree with all your points. You put $49,000 away, tax free (and with other tax benefits such as no taxes until you withdraw) and say you "didn't get any subsidies"? The tax savings you just in this year alone on that one deduction outpaces most subsidies. For example, one of the most detested welfare subsidies, the EIC is up to $5666 for a poor family with 3 children. Yet you probably got ~$16,000 in tax savings (and that $16,000 will grow as your IRA grows). That is three times the subsidy that a welfare family gets. And I didn't even include any mortgage deduction, charity, etc, that you probably get.

Now to helping you: try looking into an HSA. That is probably another legal way to reduce your liability. At least you can have another $6150 not taxed (in addition to your $49000), make that $3000 if you aren't married though.
 
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CurseTheSky

Diamond Member
Oct 21, 2006
5,401
2
0
Eh, I say congrats to you. If you generally have built up your current situation by hard work and not from handouts, then you deserve what you have, and don't let anyone tell you otherwise.

Always remember though, what you just paid out in taxes is more than some other honest and hardworking people in this country (let alone world) can even dream of making in a year. It's VERY easy to get caught up in the "need to work to live" -> "need more education to make more money" -> "can't afford more education / time off from work for education" situation.
 
A

Apple Of Sodom

Golden Member
Oct 7, 2007
1,808
0
0
DaveSimmons said:
it might sting a little less to realize that for the first few years, you're paying back your heavily subsidized college years.

Even if you only received student loans and no grants, a lot of state and federal tax dollars from high earners before you helped make getting your bachelor's and master's degrees more affordable.
Click to expand...

I worked full time through my college years and only once took out a $2,500 student loan when I was short on cash. I lived at home for a good part of the time before buying a place. I left school without any loans. We don't have state income tax. I'm unsure what the federal funding is for it...I did pay "in-state" tuition.
 
T

Train

Lifer
Jun 22, 2000
13,585
81
91
www.bing.com
DaveSimmons said:
it might sting a little less to realize that for the first few years, you're paying back your heavily subsidized college years.

Even if you only received student loans and no grants, a lot of state and federal tax dollars from high earners before you helped make getting your bachelor's and master's degrees more affordable.
Click to expand...

well even if he's a doctor, I doubt he went above $100k for this college education. If he's paying that much in a single year, he's basically paid back his college years in a single tax filing.
 
A

Apple Of Sodom

Golden Member
Oct 7, 2007
1,808
0
0
SandEagle said:
sucks to be you, apple sodomizer. i am in the top .05 percent. my magic number is $54,000. :\
Click to expand...

Let's talk. How do I go about changing my income liability? Right now I am a sole proprietor. I thought about incorporating...but any way you do it you're going to end up paying those taxes...
 
rivan

rivan

Diamond Member
Jul 8, 2003
9,677
3
81
Apple Of Sodom said:
I don't vacation for 12 weeks in Fiji. I don't sleep on a mattress stuffed with hundred dollar bills.
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You poor man. How can you live without those things?

I mean seriously, I'm glad that you live in a society that makes your earnings possible, and I'm glad that you pay your taxes just like (almost) every other fucking working mope out there.

You know what? Making what you make, you could vacation for 12 weeks a year in Fiji. You choose not to, for reasons that are perfectly reasonable to you. You could sleep on a mattress stuffed with hundreds. You choose not to. So go cry somewhere else, would you?
 
BoomerD

BoomerD

No Lifer
Feb 26, 2006
66,210
14,642
146
Thank you for your contributions. I didn't work enough last year to owe any taxes...and in fact, I got back FAR more than I paid in, thanks to a few refundable credits.
 
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