So you make over $250.000 per year

[halik]

From bob brinker. http://bobbrinkerfanclub.blogspot.com/2012/10/california-income-tax-rate-proposition.html?m=1


Hey if I'm wrong I'm wrong no axe to grind!!! At the end of the day I learn stuff and open my mind. No partisan crap here if I go there slap me!! 🙂

Err where is he getting the uncapped medicare from?

 

[Chris A]

First, like everyone said his numbers are BS. Licenses, workmans comp, etc are taken out of revenue, so his true 'profit' to which federal income and state taxes would be calculated
is closer to $125K (if his take home of $75K is true). So NEITHER the increase in federal or CA income taxes would apply to him as he doesn't fall in the top brackets.

Just for the sake of argument, if his true 'profit' is $270,000 without any other deductions (so give or take $160K take home), then his combined 2013 federal and CA income tax increase would be $2072 or $172/month.

With normal deductions, this number is going to be lower.

For sure this is not trivial, but he's full of shit.

So his tax increase will hit him pretty hard. His numbers are way off but he will still get hit hard?

 

[Vic Vega]

Do people know what things cost in certain parts of the county? San Francisco for example, unless you want to live in a complete hole in the wall in a bad area you're going to pay a minimum of $750K for an average single family home. A married couple both making say 125K (not unreasonable for the area or housing cost) are now at the limit simply by virtue of the local market prices for salary and housing. Let's see if we can't make their lives harder, they are obviously evil rich people.

 

[Wreckem]

Ok when Obama eliminates the bush tax cuts and goes after people that make over $250.000 and with the new proposition in California that taxes people that make over $250.000 a year most are at a effective rate of 72% for taxes...

I know a guy that owns a heating and air company. Has 15 people working for him but often puts in 16 hour days to keep costs down. His profits last year were about $270.000. Under the new tax laws his take home would be about $75.000 a year. He just told me. A whole bunch of stuff but honestly some well paid professionals are going to be out of work.

Give me a break. A 4% increase on the marginal tax rate of income over a certain amounts. Its not on all income. Its not going to hurt very many people. Its really not going to hurt anyone and certainly wont put anyone out of business. Give me a fucking break. In your example, the guy if it were to apply to him, would only pay $800 more in federal income taxes.

 

[mchammer187]

So his tax increase will hit him pretty hard. His numbers are way off but he will still get hit hard?

No it will not hit him hard. Because the fees you listed are counted toward revenue to derive profit.

If his profit was 270K it would be 270 after he would have 270K after he paid all those fees sans (Income Tax, Payroll Tax and State Tax).

and his take home would be in the neighborhood of 200K(After all taxes paid) his tax burden would increase at most 2K a year

 

[Wreckem]

Do people know what things cost in certain parts of the county? San Francisco for example, unless you want to live in a complete hole in the wall in a bad area you're going to pay a minimum of $750K for an average single family home. A married couple both making say 125K (not unreasonable for the area or housing cost) are now at the limit simply by virtue of the local market prices for salary and housing. Let's see if we can't make their lives harder, they are obviously evil rich people.

And I fail to see how a couple hundred to a few thousand extra makes their lives all that harder. A few thousand extra are those earning $1million or more.

 

[lotus503]

Do people know what things cost in certain parts of the county? San Francisco for example, unless you want to live in a complete hole in the wall in a bad area you're going to pay a minimum of $750K for an average single family home. A married couple both making say 125K (not unreasonable for the area or housing cost) are now at the limit simply by virtue of the local market prices for salary and housing. Let's see if we can't make their lives harder, they are obviously evil rich people.

250k pay 750k house with %20 down = 600k mortgage. Your interest deduction is fing massive meaning your taxable income is going to be lower than 250k

250k net is over 20k per month with a 600k mortgage of what? 6k?

Leaving a balance of 14k?

Yeah just getting by man lol.

 

[Pneumothorax]

Did people not work enough to earn $250k when Clinton was in office?

You do realize thanks to the stupid Fed, that $250K of Y2K dollars buys you about $336,000 today?

 

[LegendKiller]

This is how the Republicans are able to get away with this bullshit. One guy spews this crap on another guy who respews it again. However, nobody takes a step back to ask whether or not it is pure bullshit. Then all you get is "OMG THE LIBRULS ARE GOING TO DESTROY, AGGHGHHGHGHGHGHGHGHH!!!!!!!!!!!!!!!!!!!!!!!!!1111111111one"

This drives me fucking nuts that OP doesn't even understand "profit" from "revenue" and propagates these lies based upon sheer ignorance.

If his "guy" is also this stupid he deserves to go out of business. Fuck him.

 

[Incorruptible]

This is how the Republicans are able to get away with this bullshit. One guy spews this crap on another guy who respews it again. However, nobody takes a step back to ask whether or not it is pure bullshit. Then all you get is "OMG THE LIBRULS ARE GOING TO DESTROY, AGGHGHHGHGHGHGHGHGHH!!!!!!!!!!!!!!!!!!!!!!!!!1111111111one"

This drives me fucking nuts that OP doesn't even understand "profit" from "revenue" and propagates these lies based upon sheer ignorance.

If his "guy" is also this stupid he deserves to go out of business. Fuck him.

And what would happen to the workers, Why would you want people to lose jobs😕

 

[Wreckem]

And what would happen to the workers, Why would you want people to lose jobs😕

In the OPs scenario. How the fuck would a tiny tax increase cost anyone a job? The increase wouldn't even cover a month of salary at minimum wage...

Even if it was a small business making a $1million profit. The increase doesn't wipe out a single job in terms of wages. Doesn't even come close. The increase would barely cover 3 months of full time work at minimum wage.

Republicans and people like you are so fucking intellectually dishonest on this issue.

 

[MooseNSquirrel]

Huh? The increase in the CA state tax on >$250K incomes (but below $300K) amounts to 1% of total income, from 9.3% to 10.3%, as a result of Prop 30. Combined with what we all assume will happen at the federal level, i.e. an uptick from 35% to 39.6% federally for $250K earners, that's a total of 5.6% (depending on deductions and all that complicated crap). So for him to go from $250K to $75K defies simple arithmetic.

ANd keep in mind that those are marginal taxes.

THis thread's main point is inaccurate and silly.

 

[Incorruptible]

In the OPs scenario. How the fuck would a tiny tax increase cost anyone a job? The increase wouldn't even cover a month of salary at minimum wage...

Even if it was a small business making a $1million profit. The increase doesn't wipe out a single job in terms of wages. Doesn't even come close. The increase would barely cover 3 months of full time work at minimum wage.

Republicans and people like you are so fucking intellectually dishonest on this issue.

Business owners can shut there business if the taxes are raised, thats what will happen

 

[Wreckem]

Business owners can shut there business if the taxes are raised, thats what will happen

Your are a fucking moron to think that someone making $250k-$1million or more in profits is going to "shut down their business" if they have to pay a few hundred to a couple thousand more in taxes.

That statement defies all logic and rational thought. It also defies all economic thought.

That would be the same as cutting off your nose to spite your face.

 

[Incorruptible]

Your are a fucking moron to think that someone making $1million in profits is going to "shut down their business" if they have to pay a few hundred to a couple thousand more in taxes.

That statement defies all logic and rational thought. It also defies all economic thought.

If it happened to me then I would have to shut down, The taxes need to be lowered not raised

 

[ivwshane]

If it happened to me then I would have to shut down, The taxes need to be lowered not raised

That's because are an idiot.

 

[Incorruptible]

That's because are an idiot.

I think your talking about yourself, raising taxes wont make the situation better, it will be worse and hopefully people start leaving when the tax rates rise

 

[Wreckem]

If it happened to me then I would have to shut down, The taxes need to be lowered not raised

You are a fucking moron blinded by partisan rage. And are wholly inaccurate on facts and figures.

You have ZERO clue what you are talking about in this thread or most threads.

A business making a $250k profit isn't going to be hurt AT ALL by very tiny increase in taxes. Nor is a business making a $1million profit going to miss a few thousand in extra taxes.

You are being completely illogical, irational and just plain old stupid and/or dishonest.

You should seek mental help because it is patently obvious you have some sort of mental disturbance based on the entirety of all your posts in the P&N section of this forum.

Get help, you need it.

 

[DaveSimmons]

If it happened to me then I would have to shut down, The taxes need to be lowered not raised

You seriously expect us to believe that if you were making $200K profit on a business after taxes that you would "shut it down" if the next year you could only keep $198K after taxes?

That seems bizarre, stupid and a bit insane to me. But if you want to shut down your business, smear poop all over yourself and then run down the street screaming "NOBAMA!" don't let me stop you. I have no control over the nice men in their clean white coats though.

 

[RabidMongoose]

You seriously expect us to believe that if you were making $200K profit on a business after taxes that you would "shut it down" if the next year you could only keep $198K after taxes?

That seems bizarre, stupid and a bit insane to me. But if you want to shut down your business, smear poop all over yourself and then run down the street screaming "NOBAMA!" don't let me stop you. I have no control over the nice men in their clean white coats though.

Maybe it's a moral position. He is very principled. He will go GALT on us!

 

[mchammer187]

You are a fucking moron blinded by partisan rage. And are wholly inaccurate on facts and figures.

You have ZERO clue what you are talking about in this thread or most threads.

A business making a $250k profit isn't going to be hurt AT ALL by very tiny increase in taxes. Nor is a business making a $1million profit going to miss a few thousand in extra taxes.

You are being completely illogical, irational and just plain old stupid and/or dishonest.

You should seek mental help because it is patently obvious you have some sort of mental disturbance based on the entirety of all your posts in the P&N section of this forum.

Get help, you need it.

At the same time he is going to say every teacher and union worker making 50-60K should just eat much more than 2K a year in wage cuts because they are overpaid.

 

[redgtxdi]

At the same time he is going to say every teacher and union worker making 50-60K should just eat much more than 2K a year in wage cuts because they are overpaid.

No but he might say something about doing something as it pertains to the black hole that is teacher pensions. $50-$60k is just the icing on the cake. The real money kicks in once they retire and the taxpayer starts filling their mailbox with checks until they die. (aka, the unsustainable burden)

😉

And remember that when you're talking teachers, any time they talk "cuts" it's usually cuts to proposed increases and not real cuts. Real cuts happen in the private sector where fiscal responsibility falls on the shoulders of business and it's owners, not taxpayers.

 

[her209]

This is how the Republicans are able to get away with this bullshit. One guy spews this crap on another guy who respews it again. However, nobody takes a step back to ask whether or not it is pure bullshit. Then all you get is "OMG THE LIBRULS ARE GOING TO DESTROY, AGGHGHHGHGHGHGHGHGHH!!!!!!!!!!!!!!!!!!!!!!!!!1111111111one"

This drives me fucking nuts that OP doesn't even understand "profit" from "revenue" and propagates these lies based upon sheer ignorance.

If his "guy" is also this stupid he deserves to go out of business. Fuck him.

This.

Is the OP even from the US? Couldn't help but notice the OP used the period as the thousands separator.

 

[mchammer187]

No but he might say something about doing something as it pertains to the black hole that is teacher pensions. $50-$60k is just the icing on the cake. The real money kicks in once they retire and the taxpayer starts filling their mailbox with checks until they die. (aka, the unsustainable burden)

😉

And remember that when you're talking teachers, any time they talk "cuts" it's usually cuts to proposed increases and not real cuts. Real cuts happen in the private sector where fiscal responsibility falls on the shoulders of business and it's owners, not taxpayers.

I am not even against negotiating hard with unions and I'm sure many of them are overpaid.

My only point was that 2K a year to them is a lot more than 2K to a Business owner that takes in 270K in profit.

 

[highland145]

Would the AMT kick in to keep him from claiming deductions?

What's the property tax like in Cali? Wonder if he's trying to add that, sales tax, use tax, gas tax, fed/state tax, etc to come up with that #.