New tax rate

[YankeeBob]

Originally Posted by 09 XBones

No, what's amazing is that people like you think people who make 400K eat 2x as much as those who make 200k, or throw 2x as many parties, or buy 2x the house.

A hedge fund manager who makes 1M this week or 500K this week is not going to hire or fire 1/2 the staff.

What's even more amazing is how people think that trickle down economics still works, despite the downward spiral our economy has been in since Reagan sold you that bill of goods 3 decades ago.

You can lead a horse to water. But, you can't touch his dink.

[MadCity]

Originally posted by YankeeBob
You can lead a horse to water. But, you can't touch his dink.

His "dink"?

[Bronxhog]

Originally Posted by 09 XBones

People are living longer and more people are covered by SSDI than ever before. As it stands, Social Security is in good shape but will have to cut benefits by 50% in 2037 unless:

1- the cap is raised. (Why should both I and Derek Jeter pay the same annual Social Security tax?)

2- reduce benefits

3-raise the retirement age

4-increase payroll witholding.

Or some combination of the above.


RE taxes are not that high in the Bronx.



I think only the NYS Thruway is a toll road. Have I missed any?



How do we spend less and still have roads, schools, libraries, police, airports, sewage treatment, clean water piped down from flyover country and 3 brand new water tunnels, public housing, jails, garbage collection...

Nys thruway,nj trpke,gw bridge,throgs neck bridge,whitestone bridge,bk bat tunnel,midtown tunnel,verrazzno ,gil hodges bridge,triboro bridge,goethals bridge,outerbridge crossing,bayonne bridge,lincoln and holland tunnel...the tolls were to pay for these and were supposed to be abolished after the bridges were paid....oh lets not forget the tappan zee.-it will be 15 to cross in 5years..

[guydoc77]

Originally Posted by 09 XBones

No, what's amazing is that people like you think people who make 400K eat 2x as much as those who make 200k, or throw 2x as many parties, or buy 2x the house.

A hedge fund manager who makes 1M this week or 500K this week is not going to hire or fire 1/2 the staff.

What's even more amazing is how people think that trickle down economics still works, despite the downward spiral our economy has been in since Reagan sold you that bill of goods 3 decades ago.

I am not surprised that you find this amazing XBones. Not at all. I too am amazed at how you go through life with a worldview that is solely based on an extremely rigid set of assumptions. It is apparent, for example, that you assume that someone who makes $400K/yr has the same expenses as someone who makes a fraction of that. I am forced to conclude this based on the generalized nature of your statement.

And please support your assumption that we've had a period of economic decline since Reagan. Is that why the standard new home now has a triple garage, far more people drive more expensive 4WD vehicles, essentially everyone has cellphones, computers, and other electronic gadgets, big screen TVs even in the homes of the "poor", and why restaurants have waiting lines? Is that why there has been an explosion in the number of folks buying Harleys for hobby purposes? Is that why the Sturgis rally grew by leaps and bounds through most of those years? If you really can't see that the standard of living for every American has improved dramatically since 1980 then you truly are unreachable.

[DJW]

Originally Posted by 09 XBones

But the self employed are also paid on both sides of the ledger - they pay themselves as employees and pay themselves the profits their business produces.

Correct, after you pay your expenses, you pay yourself what you can, and if there is anything left at the end of the day you split your "profit" with the government.

Originally Posted by 09 XBones

And then, let's not forget that 60% bracket is BEFORE all those wonderful deductions you get when your self employed that employees do not get.

I don't get a single deduction that any of my employees don't get. Business expenses are not deductions. What I pay for widget dust to make widgets is not a deduction it's an expense.

If it weren't for my sense of responsibility to my employees I would give it today. It's not worth the trouble anymore.

[Hamilton]

Originally Posted by DJW

What I pay for widget dust to make widgets is not a deduction it's an expense.

Why is it so hard for people to learn this.

[DJW]

Originally Posted by Hamilton

Why is it so hard for people to learn this.

That's not to say there aren't all kinds of tax breaks for BIG business and Labor Unions: Bailouts, PILOTS, tax breaks, you-name-it, but for joe-shmo small biz? - Nada.

[guydoc77]

Originally Posted by Hamilton

Why is it so hard for people to learn this.

Based on a couple of posts from others in this thread I have learned a couple things:

1) Apparently folks with their own business shouldn't make any profit. They should just pay themselves the same amount that they pay their employees. Maybe less, since it is assumed to be a fact that the employees are doing all the work and the business owner is just raping them. And, apparently, in spite of taking the risk of starting and running a business, not making a profit won't deter others from starting/running businesses. They will, apparently just do this out of the goodness of their hearts.

2) Taking money out of the private sector has no effect on the economy. This implies that giving money to the government actually stimulates the economy. I'm left to conclude that those of us who aren't union employees should give all of our money to the government in the form of taxes.

3)Government expansion is a good thing because they hire more employees. Since the private sector business owners are evil and rape their employees, I'm left to conclude that we should all just go to work for the government. How do I sign up?

4) I had no idea that you could make assumptions about a person's balance sheet solely based on their income. This is truly a revelation to me. I honestly didn't know that we all had the exact same expenses and that, as a result, those who make more can actually afford to pay more in taxes.

5) It is also a revelation to me that, apparently, we should all have the exact same level of consumption and, therefore, the same exact monthly expenses. The example given is that someone making $400K/yr "eats twice as much" and "buy twice as big of a house". As I have driven around my city the past 13 years, I had assumed that the newer, larger houses were more expensive than the smaller, older houses. I didn't realize that everyone's grocery bill was identical either, or that we all eat at the exact same restaurants and eat exactly the same food. I also didn't know that even folks who haven't gone to college or haven't gone into debt to get through trade school or haven't incurred debt to start or expand a business had the same debt liabilities as the folks who have incurred such debt. Now I can understand why folks who make more as a result of their investment are being paid unfairly and that a certain amount of their income is just cream. So it makes sense to me that all that cream should just go to the government.

6) Lastly, the overtone in all of these revelations is that, somehow, folks that make more, since they don't apparently spend any more in the private sector economy than someone who makes less, actually can pay all of the rest of their income to the government since this won't have any effect on the economy at all as there's no such thing as trickle down.

7) Oh, and one more thing, apparently all "workers" (note the Marxist term there) should either be Union, or work for the government, or both. So let's all quit our non-Union jobs and get in line at the Union hall or wait for a government job.

Am I missing anything?

[Greg MacD]

Originally Posted by 09 XBones

Funny, tax rates for those earning under 400k remain unchanged. The 6% Social Security contribution returns back to 8%. How that translates to $200.00 a week for you is a mystery.

The SS tax went back to 6.2% from the reduced rate of 4.2%.....FYI.

[Hamilton]

Originally Posted by guydoc77

Am I missing anything?

At one time I tried to get a job with the Longshore union in Los Angeles Harbor, but was told I could never work there without being sponsored by another union grunt. I said how do I get sponsored? They said, well, you have to know somebody, and even that is no guaranty...

Monopoly? Discrimination?

The Longshore union down at the docks has no competition; they rule that whole industry. What a joke.

[Bronxhog]

so now we're back to bashing unions.

[Hamilton]

Originally Posted by Bronxhog

so now we're back to bashing unions.

If this was directed at me, I didn't bring them up. Never the less, why not?

[09 XBones]

Originally Posted by Bronxhog

Nys thruway,nj trpke,gw bridge,throgs neck bridge,whitestone bridge,bk bat tunnel,midtown tunnel,verrazzno ,gil hodges bridge,triboro bridge,goethals bridge,outerbridge crossing,bayonne bridge,lincoln and holland tunnel...the tolls were to pay for these and were supposed to be abolished after the bridges were paid....oh lets not forget the tappan zee.-it will be 15 to cross in 5years..

In what State are major river crossings and tunnels free? And who said tolls would be in place only to pay construction costs?

[Bronxhog]

Washington state....and they did when they built them

[RGRider]

Originally Posted by 09 XBones

In what State are major river crossings and tunnels free? And who said tolls would be in place only to pay construction costs?

No toll bridges or tunnels in Wi.

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