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12-28-2010, 03:54 PM
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#21
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
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You're right. I don't feel sorry for people who keep more money after tax every year than I have accumulated as yet, or probably ever will accumulate in my whole life, yet think of themselves as objects of pity, simply on account of the amount of taxes they pay. Frankly, I think their complaints make them look both silly and self-centered. Financially speaking, what have they really got to complain about? Even after taxes, they make more money than 99.999% of people in the world, but that's not enough for them; they want sympathy too. Tough luck for them, but they will have to do without mine. I'll save it for people who can't afford even bare necessities, let alone luxuries. Alan is right, having a high income is a reason for dancing, not for crying the blues.
P.S. I suspect travelover's granddad was on the right track when he suspected this complaining about huge taxes is really a backhanded way of bragging.
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12-28-2010, 04:05 PM
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#22
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Full time employment: Posting here.
Join Date: May 2010
Posts: 659
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When people (myself included) start complaining about how X is better off/taking advantage of Y, I always imagine swapping places to see if it is really a better place to be. Almost always it is not a better place.
Having said that tax pain is very real for each individual that has to pay them.
phil
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12-28-2010, 04:26 PM
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#23
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,124
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Quote:
Originally Posted by Fantasm
Not when you realize that all the hours you spend working, and close to 50% off the top of what you make is then paid out to someone else for doing nothing.
Its like protection money or the mafia shaking you down for being on their turf.
Here's a thought: Since I make more, and thus have to pay more, why don't I get preferential treatment or better benefits than someone who makes less and gets the exact same I do? Just because I make more, doesn't make me any more of a drain on the system than someone who makes less. In fact, chances are that I help the system since I spend more and maybe create more jobs.
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I never made any comment as to the fairness or otherwise of the system. The point I was making is that you seem to be so sad making so much money to have to pay $195K in taxes. So, more money does not necessarily buy more happiness, even in a low tax country with all the wonderful attributes of the USA.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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12-28-2010, 05:16 PM
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#24
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Moderator Emeritus
Join Date: Oct 2007
Location: Portland
Posts: 4,946
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I dunno. I've been in that odd situation a few times, and while there's a definite *OUCH* to writing that huge check, I also have to consider that I have an obligation as a resident and citizen of this particular country to chip in chip in for it's defense, maintenance, and operation, and I had one heck of a lot more in income than was in that check.
I might object to the amount, or the use to which it is put, but that is an issue for the ballot box, not the checkbook.
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12-28-2010, 06:41 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,237
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Way back when I used to do taxes for a living... and I would see where we would give someone estimated tax payment forms of $1 million PER QTR.... others would say 'it must be horrible to have to pay that much in taxes'....
I used to say "I would LOVE it if I had to pay that much in taxes".... because I would be making a LOT of money...
Sure, you want to pay as little as possible legally (at least I want to be legal).... but not any more...
Soooo, $195K in taxes... good for you... (PS... if you do have a girlfriend who you pay ALL expenses for 9 years... then why not get married? Seems like it is permanent to me... also, why not plug in the marriage etc. to see how much you save... might not be as much as you think. You would not use head of household)....
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12-28-2010, 06:50 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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Quote:
Originally Posted by Texas Proud
Way back when I used to do taxes for a living... and I would see where we would give someone estimated tax payment forms of $1 million PER QTR.... others would say 'it must be horrible to have to pay that much in taxes'....
I used to say "I would LOVE it if I had to pay that much in taxes".... because I would be making a LOT of money...
Sure, you want to pay as little as possible legally (at least I want to be legal).... but not any more...
Soooo, $195K in taxes... good for you.......
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Been trying to find the L'il Abner cartoon in which Abner is overjoyed at the privilege of paying some taxes. Almost think the $0.25 he had to pay was more than General Bullmoose and the taxes pained Bullmoose more...
Writing big checks makes me kinda giddy as long as there's money to cover them... 'course my big checks aren't THAT big...
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12-28-2010, 07:55 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
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My goal has always been to pay a million in income tax. I'll get there before most of you for two reasons:
1) I live in Canada where we know about progressive taxation.
2) Two reasons for what?
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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12-29-2010, 05:08 AM
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#28
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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I've had years when I paid considerable taxes and years when I paid nearly nothing. Oddly enough, the years I paid higher taxes were generally easier and less stressful
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12-29-2010, 06:50 AM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
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When I cashed out my company's ESOP 2 years ago, my federal income tax bill slightly exceeded $50k, 3x higher than its previous high while I was working. I can't imagine what it would be like to have that kind of income every year.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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12-29-2010, 07:09 AM
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#30
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by Fantasm
I fully support (all expenses) my long-time girlfriend of almost 9 years, and I still can't claim even "Head of Household" as far as I understand the tax rule. So I can't even claim that.
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If you don't want to get married, why not just adopt your GF? ...
(I understand that's what Hef just did )...
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12-29-2010, 09:35 AM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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As he is only 24 now according to his profile, it is impressive that he has been supporting her since 15.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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12-29-2010, 10:11 AM
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#32
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gone traveling
Join Date: May 2008
Posts: 3,864
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Jerry Lee Lewis is a E-R.org member?
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12-29-2010, 12:20 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by soupcxan
2010 is the first time that DW and I will both have a full year of income after finishing our graduate programs, and TaxCaster tells me that we will pay >$50k in federal taxes which is around the average household income. Probably old hat to many here but it seems odd to me...I don't feel "rich"...
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You may not feel rich but I would hope you feel lucky. Congratulations!
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12-29-2010, 12:23 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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I have paid multiples of this amount in taxes for many years. Feel very lucky about it. We have a wonderful life and given that I don't complain about taxes.
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12-29-2010, 01:30 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Posts: 1,719
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Those who pay a huge amount in taxes do have a point - they worked hard for their money and took risks, while others chose not to do so. This is why a flat tax or a tax system based on consumption may make more sense. Under a flat tax, the rich may pay "more" in terms of total dollars, but they pay the same "share" of their income as they guy earning less. Under a consumption tax system, savers are rewarded with lower taxes, while spenders are "punished" for consuming far more resources than they need.
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
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12-29-2010, 03:25 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
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Quote:
Originally Posted by Jay_Gatsby
Those who pay a huge amount in taxes do have a point - they worked hard for their money and took risks, while others chose not to do so. (snip)
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There are plenty of people who work a lot harder, take much bigger risks, or both, and get a lot less money in return for their efforts than the high earners who gripe about their big tax bill, but I don't see any of the latter volunteering to change places with, say, coal miners.
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12-29-2010, 03:37 PM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Quote:
Originally Posted by kyounge1956
There are plenty of people who work a lot harder, take much bigger risks, or both, and get a lot less money in return for their efforts than the high earners who gripe about their big tax bill, but I don't see any of the latter volunteering to change places with, say, coal miners.
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Nor have I seen welfare louts (the beneficiaries of those paying the five and six figures in taxes) picking up the axe, breathing apparatus and helmets and hopping down the coal mine. I mean, why work when you can get by ok without working?
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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12-29-2010, 04:25 PM
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#38
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,654
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Quote:
Originally Posted by Fantasm
Here's a thought: Since I make more, and thus have to pay more, why don't I get preferential treatment or better benefits than someone who makes less and gets the exact same I do? J.
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Hmm...what did you have in mind? A special title that everyone has to call you? Mandatory "movie-style" parking everywhere? (That's the kind where the hero always finds a space right in front of wherever he needs to be in a hurry).
My impression is that people with "your" kind of money get treated pretty special already! They get to live in the best locations, eat at the nicest restaurants, hire the smartest lawyers.
Nothing wrong with that, by the way.
Amethyst
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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12-29-2010, 04:31 PM
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#39
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Moderator Emeritus
Join Date: Oct 2007
Location: Portland
Posts: 4,946
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Quote:
Originally Posted by Amethyst
Hmm...what did you have in mind? A special title that everyone has to call you? Mandatory "movie-style" parking everywhere? (That's the kind where the hero always finds a space right in front of wherever he needs to be in a hurry)
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He gets to be audited first.
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12-29-2010, 04:49 PM
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#40
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gone traveling
Join Date: May 2008
Posts: 3,864
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Quote:
Originally Posted by kyounge1956
There are plenty of people who work a lot harder, take much bigger risks, or both, and get a lot less money in return for their efforts than the high earners who gripe about their big tax bill, but I don't see any of the latter volunteering to change places with, say, coal miners.
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Coal mining doesn't pay as well as many other professions that require higher education, which is why some of us worked our way through college at minimum wage while our friends headed off to the mines (or factories, or construction sites) at wages of 4-6 times that amount right out of high school. The same reason we later took career-path jobs that didn't allow us to punch a time clock and be home every evening with our families. And why we looked ahead and put money into our 401K's instead of a bass boat. And why many of are fed up with having higher tax crosshairs on our backs from folks who made different choices and now begrudge us the success we worked so hard to achieve and think we "owe" them.
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