Bush tax cuts for top earners should expire - says someone smarter than all of us!

[LegendKiller]

Exactly, it really speaks to the insane greed of rightwingers here when they lament not being able to buy a 2 million dollar house a 250K salary.

I'll have to talk to you about your process on buying a house around here...I am looking.

I just cannot believe somebody making 250k can't save anything, especially after you hit the withholding tax thresholds. At the very least somebody should be plowing back 3k/mo at that level, outside of 401k.

This is why I am amazed at how much people who make 250k would bitch about some extra tax at the next 50k. At that level you're only paying 166/mo in extra taxed for 300k.

Seriously, at that level, you're probably taking home at least 5k/mo and you are bitching about being taxed an extra 166? You take home in *EXTRA* cash, above all costs, 5k/mo, that's 60k a year.

You are netting, after everything, more than the average family makes in this country GROSS.

As somebody who actually makes over that amount, I don't really feel for anybody bitching like JS80. I grew up with 2 union working parents who worked tons of overtime and taught me hard work. We didn't always have a lot of money. When I got my first big bonus it was gross more than my parents made, combined, in a year.

 

[fskimospy]

No it's not.

I found something that may be of help to you:

http://www.home-budget-help.com/personal-budgeting.html

You obviously need it.

 

[manimal]

If you are making $250k in LA and you aren't accumulating wealth, your financial planning is pathetic. Go to your local community college, go see one of those guys on daytime TV who will help you get your bills in order, something.

I lived in San Diego for 10 years and I never made close to $250,000. San Diego is not quite as expensive as LA (about 20% cheaper), but I was able to accumulate plenty of wealth. I have lots of friends in LA who take home considerably less than $250k and own property. You are doing something wrong.

I was single in my 20s in LA and managed to make about half that and still partied like a idiot, traveled like crazy, payed a mortgage and ended up owning three more houses and flipped like crazy...

maybe you should spend less time on ATPN and more time watching suzy orman....


oops meant to quote JS80

 

[Phokus]

I'll have to talk to you about your process on buying a house around here...I am looking.
.

Well, if you're looking for a deal, you'll have a much easier time than i did, i got extremely lucky. At your salary, you could easily afford more expensive houses and those short sales/foreclosures have much less competition and better discounts than the houses in my price range. Just call the selling agents directly.

 

[WHAMPOM]

Huh?

The real problem is the 48% who don't make enough money to pay taxes.

Secondly, you should be paying far greater local taxes and significantly less federal taxes.

If your city wants a new school, it should get an earmark from a some bureaucrat in D.C., it should raise taxes or issue bonds.

At the heart of the issue is the destruction of community by the "progressive" in favor of a central planning body in Washington.

Fixed!! They are staying poor to avoid taxes? Yeah right!

 

[manimal]

I'll have to talk to you about your process on buying a house around here...I am looking.

I just cannot believe somebody making 250k can't save anything, especially after you hit the withholding tax thresholds. At the very least somebody should be plowing back 3k/mo at that level, outside of 401k.

This is why I am amazed at how much people who make 250k would bitch about some extra tax at the next 50k. At that level you're only paying 166/mo in extra taxed for 300k.

Seriously, at that level, you're probably taking home at least 5k/mo and you are bitching about being taxed an extra 166? You take home in *EXTRA* cash, above all costs, 5k/mo, that's 60k a year.

You are netting, after everything, more than the average family makes in this country GROSS.

As somebody who actually makes over that amount, I don't really feel for anybody bitching like JS80. I grew up with 2 union working parents who worked tons of overtime and taught me hard work. We didn't always have a lot of money. When I got my first big bonus it was gross more than my parents made, combined, in a year.

I grew up in south america-brazil-during the worst inflation imaginable. There used to be people at the grocery stores with price guns changing the prices non stop because by the time the price changed it would change again..

I learned from my parents then the importance of living below your means. We had a large family-7 kids-and everything was reused, handed down, fixed, mended, or re purposed before it was ever thrown away. Even when we moved to the states and became middle class successful my parents thought three times before spending a nickle...

First thing I did after school was buy a condo. I lived at home for 6 months saving for a down payment. I never once rented and built equity from the get go. I also follow their example of saving 20 percent rain or shine...and give 10 percent to charity rain or shine..

I may go a little overboard now with toys for my kids-and for me-but they all come from my second and third professions...

When my wife and I got married she called me the cheapest man alive....she shut right up when I bought her her first diamond...of course I got a hell of a deal....


anecdotally I always wonder how many actually know that the tax rates apply for income ABOVE 250 in that bracket...its not like the rich dont get to enjoy the rates up to that point..

 

[Patranus]

Buffet has a salary of something like $100,000 per year so these tax cuts really don't impact him.

Buffet makes his money through capital gains.

The small business owner who incorporated as a s corp or LLC filing on their personal income taxes are very much impacted by this.

If Buffet wants to pay more taxes, nothing is preventing him from doing so.

 

[BoberFett]

If you think the US should have invaded Iraq you should have gone, grabbed a rifle, and invaded the country yourself. Don't wait for the rest of the country to act with you.

It's called leading by example, or putting your money where your mouth is.

Isn't that what the Republicans around here were advised to do? I seem to remember lot of you loony lefties telling the Republican warhawks to go down the recruiters office and sign up.

Pot.

Kettle.

 

[senseamp]

Buffet has a salary of something like $100,000 per year so these tax cuts really don't impact him.

Buffet makes his money through capital gains.

The small business owner who incorporated as a s corp or LLC filing on their personal income taxes are very much impacted by this.

If Buffet wants to pay more taxes, nothing is preventing him from doing so.

By very much impacted, you mean taxed extra 3% on income over $250K? Yeah, I am sure it's devastating impact

 

[fskimospy]

Isn't that what the Republicans around here were advised to do? I seem to remember lot of you loony lefties telling the Republican warhawks to go down the recruiters office and sign up.

Pot.

Kettle.

Are you sure you are unemployed by choice? You aren't the brightest bulb. The post you quoted was about collective action problems and how a single person going over to Iraq would be every bit as stupid as a single person raising their own taxes. It had absolutely nothing to do with a warhawk joining the collective US effort to invade Iraq. (in fact it would be the exact opposite)

This isn't the first time you've done this. You seem so excited to think you've found some hypocrisy or double standard that you run into thread after thread like a kid with a shiny new toy. Maybe in the future you should think before you post.

 

[Zebo]

I'd go to back when USA worked. Like Eisenhower days when we were largest creditor instead of largest debtor. When taxes were low on huge middle. Little high on those making over 4.7 Million in todays dollars...about 50% after deductions and it included capital gains..

250K and can't save?? LOL..I only made about 60K a year from 25-31 and with a young family, wife was going to nursing school perpetually, and still saved 12K a year. READ - Millionaire next door.

 

[Zebo]

Buffet has a salary of something like $100,000 per year so these tax cuts really don't impact him.

Buffet makes his money through capital gains.

The small business owner who incorporated as a s corp or LLC filing on their personal income taxes are very much impacted by this.

If Buffet wants to pay more taxes, nothing is preventing him from doing so.

Yeah pass throughs are bad here.(there actually bad everywhere compared to C due to expense accounts and fringe you can't deduct but that's another thread) Money like CEO's who pay themselves a paltry salary and get their real money through gains are unaffected. Buffet basically wants to stick it to the upper middle instead of his kind.

 

[spidey07]

Also, it's progressive, so only income in excess $250K would be taxed at a higher bracket rate.

That's not entirely true. If you're only talking about the federal income tax rate, then sure. But there is a WHOLE LOT more to the bush tax cuts than just the rate. The marriage penalty, AMT, phase out rules would go away significantly raising your overall tax burden.

And not to mention Obama wants to eliminate the HCE cap.

 

[MooseNSquirrel]

Were there any benefits to these temporary Republican tax cuts?

Anything I have read seems to indicate no.

 

[BoberFett]

Are you sure you are unemployed by choice? You aren't the brightest bulb. The post you quoted was about collective action problems and how a single person going over to Iraq would be every bit as stupid as a single person raising their own taxes. It had absolutely nothing to do with a warhawk joining the collective US effort to invade Iraq. (in fact it would be the exact opposite)

This isn't the first time you've done this. You seem so excited to think you've found some hypocrisy or double standard that you run into thread after thread like a kid with a shiny new toy. Maybe in the future you should think before you post.

If everyone who thinks taxes should be higher paid in more money, that would be a collective action.

For someone who tells others they aren't very bright, you're pretty dim.

Edit: In addition, in this particular scenario the existing collective of the US military which Republicans were told to join is analogous to the US taxpayers. If adding a single soldier to the already existing army makes sense, then a single person paying higher taxes makes sense as well. In fact in Buffett's case, him paying more as a single person would be like recruiting a soldier that can benchpress 300 tons, has 1,000 hands for holding rifles in every possible direction, and is bulletproof. I'm sure the army would love to have that guy join.

The number of ways you're wrong is growing. Stop posting before it gets worse.

 

[spidey07]

Were there any benefits to these temporary Republican tax cuts?

Anything I have read seems to indicate no.

Eliminated marriage penalty
Let people keep more of THIER MONEY
Restructuring of death tax
Biggest tax rate cuts were for poor and middle class
Dividends classified as LTG encourage more reinvestment instead of cashing them out

That's a whole lot of benefit there and that only touched on the bigger pieces.

 

[fskimospy]

If everyone who thinks taxes should be higher paid in more money, that would be a collective action.

For someone who tells others they aren't very bright, you're pretty dim.

Actually if a group takes action together it is a collective action, their preferences are completely irrelevant, only their actions matter. Tax law creates collective action, individuals acting on their preferences alone does not. Hence my reference to collective US action in war in relation to collective US action on taxation.

You said something really stupid, deal with it.

 

[BoberFett]

Actually if a group takes action together it is a collective action, their preferences are completely irrelevant, only their actions matter. Tax law creates collective action, individuals acting on their preferences alone does not. Hence my reference to collective US action in war in relation to collective US action on taxation.

You said something really stupid, deal with it.

Fail.

 

[fskimospy]

Fail.

It's not my fault that you don't know what collective action is. Time to take responsibility for your own failures.

 

[BoberFett]

It's not my fault that you don't know what collective action is. Time to take responsibility for your own failures.

How do you fail? Let me count the ways...

Anyone with a shred of intelligence can see the perfect parallels of telling Republicans that want to go to war that they should voluntarily join the already existing military and telling the wealthy who want tax increases that they should voluntarily pay more to the already existing tax base.

I can't fix your stupidity, only expose it so others can laugh at you.

 

[piasabird]

Most people dont make over $250K! What is that like 4%. The more money you make the better the lawyers and accountants you can afford to hire to keep from paying as much tax as possible. Maybe we also need to exclude all charitable donation deductions if you make over $250K also.

 

[fskimospy]

How do you fail? Let me count the ways...

Anyone with a shred of intelligence can see the perfect parallels of telling Republicans that want to go to war that they should voluntarily join the already existing military and telling the wealthy who want tax increases that they should voluntarily pay more to the already existing tax base.

I can't fix your stupidity, only expose it so others can laugh at you.

Right, and anyone with a shred of intelligence can realize that what you just wrote had nothing to do with the point I was making. (which was on collective action vs. individual action) Congratulations on refuting a nonexistent argument! You definitely earned your unemployment today.

As for fixing stupidity, there's an awfully large beam in your eye.

 

[spidey07]

Most people dont make over $250K! What is that like 4%. The more money you make the better the lawyers and accountants you can afford to hire to keep from paying as much tax as possible. Maybe we also need to exclude all charitable donation deductions if you make over $250K also.

Which would eliminate the lions share of donations to charity, which in turn would lead to much more people relying on the governement dole, which in turn would force taxes to be raised on all.

Obama, is that you? This was one of his dumb ass tax suggestions as well to really stick it to those evil rich fatcats.

 

[BoberFett]

Right, and anyone with a shred of intelligence can realize that what you just wrote had nothing to do with the point I was making. (which was on collective action vs. individual action) Congratulations on refuting a nonexistent argument! You definitely earned your unemployment today.

As for fixing stupidity, there's an awfully large beam in your eye.

My god you're dumb. Are you able to eat on your own or does someone have to spoon it in for you?

But hey, keep trying to make me feel bad about an extended paid vacation. The deflection just makes you look worse.

 

[fskimospy]

My god you're dumb. Are you able to eat on your own or does someone have to spoon it in for you?

But hey, keep trying to make me feel bad about an extended paid vacation. The deflection just makes you look worse.

Great comeback.