$53,000

[CrazyAznDriver]

Here are some charts to give us an idea of what "top 1%" might be:
http://www.ntu.org/tax-basics/who-pays-income-taxes.html

Nice I, my wife :hmm:, just made the 1% too. Though we got about 25k back in taxes

 

[silverpig]

so median 1% is $1.1M?
and bottom 1% is $380k?

No. That chart says that the average income for a family in the top 1% is ~$1M. This includes the uber rich $100M+ earners.

 

[MrChad]

This is the problem with people like him. He may not be "wealthy" per se since he may not have millions saved. However, he is absolutely "rich". I'm not saying this because I'm jealous.

The benefits the the people in that tax bracket can recognize are immense. They (we) enjoy better healthcare, better retirement benefits, better housing, better food...etc. To say they aren't rich is really intellectually bankrupt.

I avoid discussing my own situation mainly because it's nobody's business. However, I'm not some arrogant asshole who thinks that it was purely hard work or everybody else was purely luck.

I guess there's a difference when you're grounded in reality. It's easy to get lost in the money. We live pretty modestly compared to how we could live.

What I will never understand is why so many people who make so much less than the top 1% so willing to give them more. It's like they are brainwashed by the money when they don't even have it.

Well said.

 

[Suspicious-Teach8788]

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?

I sense jealousy.

 

[Railgun]

Do you know how much I had to sacrifice in order to get where I am today?

Interesting topic you bring up. I haven't read the whole thing from several posts down from this one so maybe it's been mentioned already, but what DID you sacrafice? What would your live have been had those choices not been made? Happier? Family? Did you have a plan at the time which had an endgame of raking in the dough? I ask as I constantly think about weather I'm in a similar boat. I know I'm not pulling as much as you, but your points of choices...school, kids, etc, are somewhat stereotypical of those that don't make as much. I didn't complete school, but I also don't have kids. I'm also in IT, and as you touched on, it's attitude and drive that make people successful, not the rectangular paper framed on a wall somewhere...that probably has nothing to do with the field that person is currently in anyway. Maybe it's somewhat out of context, but it sounds like you're almost berating those that didn't make the same decisions as you.

And I'm curious....you mention what you owe the government, but deductions and whatnot aside, what did you come away with free and clear? Can't talk about one side and not the other. How large IS your house? On the assumption that it's, say, 4000 sq feet, given your comments of not living a lavish lifestyle, why such a large house? Again, only curious.

 

[CountZero]

What about those teachers you had growing up? You know, many of those who had the same level of education as you but who make far less money? As much as I agree with the basic premise behind your message, you need to come down off your high horse.

Exactly. AoS, like so many people myself likely included, think their 'sacrifices' and 'hard work' are some how more significant than others. He sacrificed and worked hard for a better financial world for himself and his kids. Many teachers sacrifice their financial world to help the wider world. Some folks sacrifice finances for family. Or have been dealt a bad hand. But I'd like to think that the vast majority of folks are hard working people. If they are holding down a full time job, paying their way through life then they are just as good as anyone else. We need folks to do lower paying jobs.

AoS's premise is that being in the 1% doesn't make him a unique and special snowflake but neither does his 'hard work' or 'sacrifice'. Welcome to the club, nearly everyone works hard and sacrifices.

 

[Red Dawn]

Exactly. AoS, like so many people myself likely included, think their 'sacrifices' and 'hard work' are some how more significant than others. He sacrificed and worked hard for a better financial world for himself and his kids. Many teachers sacrifice their financial world to help the wider world. Some folks sacrifice finances for family. Or have been dealt a bad hand. But I'd like to think that the vast majority of folks are hard working people. If they are holding down a full time job, paying their way through life then they are just as good as anyone else. We need folks to do lower paying jobs.

AoS's premise is that being in the 1% doesn't make him a unique and special snowflake but neither does his 'hard work' or 'sacrifice'. Welcome to the club, nearly everyone works hard and sacrifices.

He has kids? Does he even have a girlfriend. Hell has he even been out with a girl?

 

[AstroManLuca]

wait.. top 1% of individuals is $380k/yr.
but top 1% of families is $1.1M????

lets see... if husband and wife both makes $380k, then combined its 760k. so i dont understand the how it became $1M for top 1% families? where did the other 340k come from?


and Apple Of Sodom, is your family household income in the top 1%?

Think about it - top 1% of individuals covers all sorts of people who don't make any money at all - children, retired people, etc.

Let's say a family makes $100,000 per year. If that family consists of a working husband, a stay-at-home wife, and three children, then the household income is still $100,000 but the average income per individual is $20,000.

Anyway it sounds like Apple Of Sodom is unhappy that people often use the term "top 1%" as a pejorative term to refer to what is in reality a much smaller percentage of earners. But that's just because they're not thinking and the term "top 1%" has been kicked around a lot.

I guess that's why it seems like such a weak rant to me. And hey, I hate seeing people on government handouts spend their money stupidly as much as anyone, but that's definitely the exception rather than the rule. It troubles me that the government is looking to control spending by cutting out the people who need the most help while at the same time handing out billions of dollars to those who definitely don't need it at all.

 

[Mr. Lennon]

What I will never understand is why so many people who make so much less than the top 1% so willing to give them more. It's like they are brainwashed by the money when they don't even have it.

"Socialism never took root in America because the poor see themselves not as an exploited proletariat, but as temporality embarrassed millionaires."

-John Steinbeck

 

[djnsmith7]

There is a lot of jealousy in this thread...as well as arrogance...

 

[Kirby]

Do you know how much I had to sacrifice in order to get where I am today?

What have you sacrificed? Have you ever gone without a meal? Did you have to quit school to work on the farm so you didn't starve to death?

 

[TecHNooB]

OP, you should take some of your money and go see the world before you start blabbing about how hard you work. If you get 8 hours of sleep a night, you're not among the top 1% of hard working people.

 

[CRXican]

I could get a Masters degree, wouldn't mean much

I can PM you my paypal address though

 

[silverpig]

lol couldn't be more wrong.

SS, medicare/aid isn't welfare? lulz

My statement can be taken two ways. One way it is pretty much tautologically true. The other way it is still likely true, to within some reasonable approximation.

SS isn't welfare if everyone pays into it. It's like calling your RRSP welfare.

 

[PowerEngineer]

Okay Apple, I understand what you're saying and agree that the critics here have been awfully harsh.

On the other hand, I have to agree that no matter how hard you are working, there really are lots of people out there working just as hard for much less return. I suppose many of them have made poorer decisions than you have, but it seems harsh (and a bit arrogant -- maybe even Scrooge-like) to suggest that they should rightfully pay with the rest of their lives (and those of their kids?). I also guess that many others were not blessed with the natural gifts or opportunities that you have taken advantage of.

I commend you on your success. You should take pride in what you have accomplished. But I suggest that you should also feel fortunate.

One question to put your tax situation in proper perspective. I gather you are paying roughly $100k in federal taxes. Just what percentage of your actual income (i.e. before all the deductions) does this represent. If it's less than 25% (which is the incremental rate for $70k to $140k) then IMHO you're not paying all that much.

 

[manimal]

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%.

You know when I did my taxes this year it was just as eye opening as last year. The reality for me is I would rather pay the amount I payed vs 10 percent less if it means kids can get healthy food if they need it and women can get prenatal care if they cant afford it.

I am also happy to pay since over my life those terrible government handouts helped lift my family out of poverty.

 

[Tweak155]

I personally know people that are in the 7 figures and are leasing their only car and still paying a mortgage on a sub $300k house. Making a lot of money doesn't mean much, some people will save it til they have $25mil in the bank and others will waste it into oblivion and still have nothing to show for it.

 

[MagnusTheBrewer]

Okay Apple, I understand what you're saying and agree that the critics here have been awfully harsh.

On the other hand, I have to agree that no matter how hard you are working, there really are lots of people out there working just as hard for much less return. I suppose many of them have made poorer decisions than you have, but it seems harsh (and a bit arrogant -- maybe even Scrooge-like) to suggest that they should rightfully pay with the rest of their lives (and those of their kids?). I also guess that many others were not blessed with the natural gifts or opportunities that you have taken advantage of.

I commend you on your success. You should take pride in what you have accomplished. But I suggest that you should also feel fortunate.

One question to put your tax situation in proper perspective. I gather you are paying roughly $100k in federal taxes. Just what percentage of your actual income (i.e. before all the deductions) does this represent. If it's less than 25% (which is the incremental rate for $70k to $140k) then IMHO you're not paying all that much.

There ya go being all sensible and shit. This is ATOT. The beatings of the top 1% must continue! Especially, since most do not have the world experience to put it into perspective.

 

[zinfamous]

The OP wasn't bitching about it. I said I was proud to contribute, despite not agreeing with how the gvt spends it, and that the demonizing of the top 1% is silly because it includes a LOT of people who are business owners and risk takers that didn't inherit wealth through family or fraud. There seems to be a general attitude on here that if you make more than median wage you are a real opportunistic asshole.

I wouldn't say it's an assumption, so much as it is an observation based on actions and the words of some of those who fall in that bracket.

...words exactly like yours in this thread. Holy Hell, man.

 

[IHateMyJob2004]

My brother is divorced with 5 kids and renting a townhouse at the age of 45 and probably has $500 to his name while working in a warehouse.

So, what's your story Mr I should feel sorry for the rewards society has granted me?

to my stalker: Hi Joe Rossi!

 

[NoStateofMind]

to my stalker: Hi Joe Rossi!

 

[Illyusha]

That is true.

However, the bottom 50% or so do not pay any taxes at all. I firmly believe there should be a mandatory minimum tax rate. No one should ever get a refund of more than they paid in, and no one should live here for free. Even if it is $10/year minimum it would be better than it is today.

I'm in the bottom 50% and I even with all my deductions and payback I ended up giving the IRS $4200.

 

[Engineer]

I'm in the bottom 50% and I even with all my deductions and payback I ended up giving the IRS $4200.

and no telling how much in sales taxes, local taxes, property taxes, etc.etc.etc.

I know that there is a study that shows the percent of income that all brackets pay in taxes (all types). It wasn't a runaway winner for the top bracket as many thought it would be.

 

[alkemyst]

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!

QFT...and more than likely is still doing taxes himself and losing a ton in write offs.

I am not hating on you OP...I am about halfway to your income, but I have to count my wife in that mix.

Taxes really aren't my biggest worry, it's what's being done (and in reality not done) with them.

 

[SP33Demon]

Meh, I'd be happy with 200K/yr combined income as long as I get to telecommute a day or two. OP, sounds like you've already achieved this so grats... you can live the dream for us poorer folk. In the end I've realized that it's my time that's worth the most, working is just to pay the bills and mortgage. If you've finally realized this and have spent every waking moment of your life working, then sorry to hear. It only gets better from here since you're ahead of the game (financially). Retire early if you can, spend as much time as you can with the ones you care about. Life is short.