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Old 06-27-2020, 09:31 AM   #21
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If you'd like to change it, you could ask one of the admins here to help with that.
I thought growing old would take longer.
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Old 06-27-2020, 09:34 AM   #22
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I fully agree with your (professional) assessment - taxes *WILL* go up. There's no other alternative.

What I am hoping for is that if my combined income, BEFORE any deductions, depreciation, etc if my income is $165,000 - $180,000 I question just how much my taxes will go up.

As of now - even the most "progressive" proposals wouldn't raise my taxes at that income level.

I do anticipate my state taxes going up for SURE, and I feel there will be a V.A.T in America too
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Old 06-27-2020, 11:45 AM   #23
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Originally Posted by SALTedOut View Post
Not confusing anything. Masters in tax, CPA and tax accountant for 30 years. I filed thousands of tax returns (individual, corporate, partnership, trusts) each year, tax planning for clients, handled audits and administrative hearings, even an expert witness in two different court cases. I'm pretty familiar with effective vs. marginal rates.

As I said above my conservative approach and I am planning for the worst case scenario. I'm convinced tax rates will go up past the 2026 rates. Will they go to the 70% marginal rates of the past, probably not and if so it will be for pretty high income amounts. But I could see income over $100,000 getting up to the 30-40% range and possibly preferred cap gain rates going up or going away. I hope not but I could see with with the free spending (on both sides of the isles) these days. One day they (both sides) are going to have to do something besides print more money. ...
Good to know. MBA, CPA, but not tax... Controller-type (finanacial reporting/SEC compliance) and Big 4 advisory Managing Director for 34 years.

While I agree that it is likely that tax rates increase I hope that you're wrong about effectinve tax rate's doubling.... but only time will tell.
If something cannot endure laughter.... it cannot endure.
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Old 06-27-2020, 12:03 PM   #24
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Originally Posted by MichealKnight View Post
Yes I realized it. Was a typ-o when I created the account and I didn't want to re-do an account.

Forgive me - I'm from the South Hudson Institute of Technology. (Famous acronym for my education)

<-- I was looking for a "thumbs-up" but we have very few positive emojis available!

Forgive my nit-picking, just messing around. But, if it interests you to do so, I am confident that a moderator could change your name if requested.
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Old 06-27-2020, 04:46 PM   #25
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Originally Posted by MichealKnight View Post
Yes I realized it. Was a typ-o when I created the account and I didn't want to re-do an account.

Forgive me - I'm from the South Hudson Institute of Technology. (Famous acronym for my education)
Thank you for sharing your formal training- I went to YouTube to find a relevant snippet from the South Harmon Institute of Technology, it was a movie a few years ago. Followed that down a rabbit hole of other humorous movies, and then a series of Saturday Night Live skits. Two hours later-- I forget where I was going with this.
Well it's all right, we're heading to the end of the line...
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