Working so hard only to be taxed at almost 40% before my itemized deductions make a slight dent in that number.😭😭😭😭

likesmart
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Thank you Democrats

likefunnysmart

MD1 - if your itemized deductions totaled out at $70k, there shouldn’t be any reason not to keep itemizing, unless all of that was SALT taxes for you (what about mortgage interest)? I still itemize b/c the total is still higher than $12k or whatever the standard deduction is this year…

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Oh no, we make too much money

likefunnyuplifting

A wise man once said “mo money mo problems”. OP must have been too young for that.

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You are not paying 40% in taxes unless the vast majority of your income is over 500k, in which case I’m sure you’ll be okay

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MD1, you can’t expect facts to stop a Republican from making a bad post.

smart

How can OP make $400k but sounds like a college kid when it comes to common sense or facts? People are so misinformed somehow(Fox News?). Yes you do get taxed a at 40% possibly but Biden tax changes literally apply to people making over 400k. So if you are in that boat you please be grateful.

likesmartfunny

This is one of the reasons there are people that posit that a consumption tax would be fairer than an income tax - it impacts higher value purchases more, and is tougher to circumvent through tax shenanigans. Consumption tax on a yacht is a hell of a lot higher than on a Camry. This is then coupled either with credits for low income or exemptions for basic necessities (e.g., food, sanitation products). Not necessarily a VAT (as that seems to compound quickly and rapidly get complex- plus also stacks on top of other taxes vs replaces them)

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That's what happens when you vote Democrat

likefunny

Imagine having no critical thinking skills..

likefunny

You could ask for a lower salary. Will bring the % down.

likefunny

Taxation is theft and I will die on this hill

likefunny

How so?

AOC wants that rate to be at 70%. Vote accordingly in November!

likefunny

DA1, who do you think comes out ahead when a large public company “maximizes its profits?” You think that’s you or me or someone with a few hundred thousand bucks in a 401(k)?

Where does the tax money even go? I swear the government is a black hole. All the tax revenue in the world and they’ll still run a deficit + have shitty infrastructure and healthcare

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My project is funded with tax dollars...so...thanks everyone :)

If you make enough money to be taxed at 40% advising companies on how to run their business... I have no words for you if you can't have the foresight to plan for your eventual tax bill. It is literally your job.

likefunny

Planning for <> despising

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Make more 🤷

likefunny

Stop voting for liberals - all you thought you were so woke voting for a 90 year old dementia patient. You are living your liberal utopia - enjoy.

likefunny

Aka “how many cringey buzzwords can I fit into a single sentence while still being completely wrong because democrats haven’t had anything to do with federal tax policy in over ten years so I just repeat what Hannity tells me”?

It’s actually impressive.

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High income earners pay too much in taxes - more than their fair share. Low / middle income earners don’t pay enough for the services they consume. And the truly wealthy that don’t make money via income and make it via investment income & loans off of paper assets pay too little.

Stop blaming high income earners for this. The base that pay taxes is not broad enough and the non-income earning wealthy don’t pay enough. Stop conflating Jeff Bezos with someone that makes 400 k

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I’ll swap salaries with you so you can pay less in taxes mate

Same situation. Close to 45% with federal and state tax and Medicare surcharge etc. And the state already talking of adding more taxes. Ridiculous but many are in situation they can’t change their residences due to the network built over last many years.

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What's your HHI and city ?

How much do you make? I’m at $170k in NYC and my all-in tax rate is 32%.

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OP - are you in audit, tax, or federal services? Meaning is it government direct or a government mandate/rule the reason you make that massive salary?

It’s funny, this whole app is basically people flexing about how much they make or crying about how much they hate consulting. It’s pretty clear to see the divide in this thread. Interesting.

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As part of that whole, to which group do you belong? Ah yes, you're merely an outside observer. Indeed.

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What surprises me is the lack of awareness on how tax brackets or tiers work. Have heard/read people claiming that they don't want a higher pay since they will earn less since they will now fall into a higher tax bracket.

likesmart

It’s amusing that supposedly educated people in here still blame democrats for their taxes. I forgot that time Trump lowered taxes. Oh wait.. it had an expiration date for individuals, but no expiration date for corporations.

And I assume many think that they got here because of their hard work and that many people are living in poverty in this country because they are lazy. Muppets.

likesmart

A2 - how’s that Dan Price comment? He just got charged. Good try; better luck next time.

Taxation is theft

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DA1 - how do roads help you? How do airports help you? Literally everything we all need to do on a daily basis relies on some form of taxpayer-funded infrastructure.

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You’re not being taxed at 40%

If you’re really making the tens of millions that would create this situation, then talk to a CPA. I make $150k and my effective tax rate is 9%. In fact, you salary class paid for my business boat last year

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you have a business boat? guess your losses are covering for your low tax rate. good for you. that’s not how it works for most working class people.

if you have some advice you could share, great. otherwise i don’t really know how your response is adding value

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likesmarthelpful

I heard Accenture pays more than McKinsey

funnylikehelpful

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