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Author Topic: Taxes, anyone?  (Read 612 times)

Alan Klein

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Re: Taxes, anyone?
« Reply #20 on: November 06, 2019, 05:30:52 pm »

Almost everyone under the age of 65 doesn't understand this.  You also need to figure in MediGap insurance policies so that you are not on the hook for the customary co-pays.  The drug benefit is also complicated as you can have some high out of pocket expenses for specialty drugs. 
Yes, that's true.  Fortunately my wife and I get these payments returned to us due to our "lucky" position of working for NYC government, she as a teacher and me in construction management for NYC schools in my last job.  OF course, if NYC and/or NYS goes broke, a distinct possibility, who knows what may happen?   

PeterAit

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Re: Taxes, anyone?
« Reply #21 on: November 06, 2019, 05:31:03 pm »

The overall tax burden on individuals in the US is near the bottom for all OECD countries. https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

And, as Justice Oliver Wendell Homes said, "taxes are the price we pay for a civilized society."
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Peter
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Alan Klein

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Re: Taxes, anyone?
« Reply #22 on: November 06, 2019, 05:35:00 pm »

the 25% bracket is a misnomer as that is not your actual tax rate.  You have to subtract all the deductions you are eligible for.  For example, I'm in one of the slightly higher brackets BUT my effective tax rate is only 15%.
That;s true.  I was basing that on every additional "marginal" dollar you earn after the deduction.  In other words, if you got a $10,000 raise, then it's almost 50% because you already applied your deductions which for me and you living in high income and property taxed states are not so hot anymore since we can't deduct them any longer dollar for dollar.  Trump screwed us. And he's my guy, the rat.   :) 

Alan Klein

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Re: Taxes, anyone?
« Reply #23 on: November 06, 2019, 05:38:43 pm »

The overall tax burden on individuals in the US is near the bottom for all OECD countries. https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

And, as Justice Oliver Wendell Homes said, "taxes are the price we pay for a civilized society."
It's a meaningless analysis.  Most people pay state's sales taxes and everyone pays Social security and Medicare withholding on their income.  If you don;t include those amounts, the comparison has no value.  The comparison is used by liberals and those socialists to try to fool people that their taxes are not high.  Anyone who looks at their pay stub and property tax bills knows what they're really paying.  But some people get fooled by statistics that lie. 

Two23

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Re: Taxes, anyone?
« Reply #24 on: November 06, 2019, 05:57:30 pm »

That and the winter weather! ;D

I love winter, it's my favorite time of year!  I could never move to a place that didn't have four seasons.  In summer wife & I often go to places that still have it so we can visit.


Kent in SD
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Alan Klein

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Re: Taxes, anyone?
« Reply #25 on: November 06, 2019, 06:25:11 pm »

I love winter, it's my favorite time of year!  I could never move to a place that didn't have four seasons.  In summer wife & I often go to places that still have it so we can visit.


Kent in SD

But I thought South Dakota's 4 seasons were winter, winter, winter, other.  :)

JoeKitchen

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Re: Taxes, anyone?
« Reply #26 on: November 06, 2019, 06:37:13 pm »

Last Week Tonight: You Saved the Best For Last

I know, I know it's about ND but I could not resist. 
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Two23

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Re: Taxes, anyone?
« Reply #27 on: November 06, 2019, 06:49:56 pm »

But I thought South Dakota's 4 seasons were winter, winter, winter, other.  :)


In can hit 40 below in winter but can also hit 105 in summer.  (Extreme in SD while I've lived here has been -54 F and +112 F).  So there is winter, there is summer and for about a week between the two there is a spring and fall too.


Kent in SD
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Alan Klein

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Re: Taxes, anyone?
« Reply #28 on: November 06, 2019, 11:46:45 pm »


In can hit 40 below in winter but can also hit 105 in summer.  (Extreme in SD while I've lived here has been -54 F and +112 F).  So there is winter, there is summer and for about a week between the two there is a spring and fall too.


Kent in SD
Well, if you have to put up with that kind of weather, they shouldn't charge taxes at all.  :)

Rob C

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Re: Taxes, anyone?
« Reply #29 on: November 07, 2019, 06:02:09 am »


And vice versa (inheritance tax) ;)

Numero uno reason I want to move. I love my kids.

Rob

Rob C

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Re: Taxes, anyone?
« Reply #30 on: November 07, 2019, 06:11:08 am »

Something that would make many taxpayers happy:

1.  the building of many more prisons;
2.  the removal of sentences that are not deterrent enough;
3.  no second chances;
4.  the obligation of criminals to make financial restitution to victims, not fines that go to finance who knows what.

Some hope.

Alan Klein

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Re: Taxes, anyone?
« Reply #31 on: November 07, 2019, 09:06:29 am »

Here are  the new tax rates.  This is only Federal government.  States tax rates are additional.
https://www.cnbc.com/2019/11/06/tax-rates-and-income-brackets-for-2020.html

Standard deductions.
https://www.cnbc.com/2019/11/06/the-2020-standard-deduction-amounts.html

What's interesting is that these amounts go up every year because of inflation.  The problem with that is you get pushed into higher tax brackets even though you income is not increasing.  The only thing increasing is the amount of inflated worthless currency you get but with the same purchasing power.  Meanwhile, you pay higher taxes with no increase in actual salary. Thank you Federal Reserve.

PeterAit

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Re: Taxes, anyone?
« Reply #32 on: November 07, 2019, 09:11:16 am »

It's a meaningless analysis.  Most people pay state's sales taxes and everyone pays Social security and Medicare withholding on their income.  If you don;t include those amounts, the comparison has no value.  The comparison is used by liberals and those socialists to try to fool people that their taxes are not high.  Anyone who looks at their pay stub and property tax bills knows what they're really paying.  But some people get fooled by statistics that lie.

Those amounts *were* included. It's the total tax burden, not just income tax.
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Slobodan Blagojevic

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Re: Taxes, anyone?
« Reply #33 on: November 07, 2019, 09:11:40 am »

... 2.  the removal of sentences that are not deterrent enough;...

I think California wanted to heed your advice, but something must have gotten lost in translation: they removed prosecution as the deterrent - if someone steels items worth less than $950 from you, don’t bother calling the police, prosecutors will automatically drop the charge. People are calmly walking into a store, picking a tv, microwave, etc., and equally calmly walking out without paying.

Alan Klein

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Re: Taxes, anyone?
« Reply #34 on: November 07, 2019, 09:31:58 am »

Those amounts *were* included. It's the total tax burden, not just income tax.
Yes you're right.  I missed they included all taxes.  But the total percentage is against GDP.  How does the 26% US average relate to personal tax percentages of each individual?  Since we are a progressive tax setup, averages don;t really mean anything.  One person could be paying little income taxes and someone else a whole lot.  Some states have no state income taxes like Florida.  Other states like California have taxes up to 13%.  Property taxes are a huge tax in some state like in New Jersey where I live.  But much cheaper in other states.  Is this similar in other countries?

Using averages reminds me of the joke of the guy who drowned in a lake that had an average depth of 2 feet.  He just happened to fall into the 15 foot spot. :)

Alan Goldhammer

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Re: Taxes, anyone?
« Reply #35 on: November 08, 2019, 01:19:58 pm »

What's interesting is that these amounts go up every year because of inflation.  The problem with that is you get pushed into higher tax brackets even though you income is not increasing.  The only thing increasing is the amount of inflated worthless currency you get but with the same purchasing power.  Meanwhile, you pay higher taxes with no increase in actual salary. Thank you Federal Reserve.
the Alternate Minimum Tax which was repealed was much worse.  I don't know why you are harping on inflation, it has not been going up much at all.  What do you want the Federal Reserve to do, cut interest rates, raise them????  they don't have much of an effect on consumer prices.
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Alan Klein

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Re: Taxes, anyone?
« Reply #36 on: November 08, 2019, 02:10:20 pm »

The Fed is again printing 60 billion dollars in greenbacks every month. That's inflation and will be reflected in higher prices and less purchasing power of the dollar.

Alan Goldhammer

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Re: Taxes, anyone?
« Reply #37 on: November 08, 2019, 03:08:18 pm »

The Fed is again printing 60 billion dollars in greenbacks every month. That's inflation and will be reflected in higher prices and less purchasing power of the dollar.
But your Social Security payout is adjusted for inflation and your investments should be outpacing inflation (at least they are doing this under President Trump!!!) so you will come out ahead of the game.
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Alan Klein

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Re: Taxes, anyone?
« Reply #38 on: November 08, 2019, 03:41:21 pm »

But your Social Security payout is adjusted for inflation and your investments should be outpacing inflation (at least they are doing this under President Trump!!!) so you will come out ahead of the game.
$100 in 1970 was worth $45 in 1982.  That's a 55% drop in value of the dollar in 12 years.  Let's hope that doesn;t happen  again.  But even smaller inflation amounts hurt.  SS won;t pick up all increase.  Pensions, if you fortunate to have one, may not pick up any increase.  You get shoved into higher income tax brackets with no benefit.  401K's better get a higher percentage of increase or you lose.  If the stock market tanks again, you could take another bath.  Who wants to be too exposed at our age when you';re a senior?  There may not be any time to recover like if you're still pretty young.  If you're still working, salary increases always lag inflation caused cost increases.  It's a hidden tax like a thief that robs you in the middle of the night.  Nothing good about it.  It's the main reason that people haven't had real incomes go up in decades.  That and taxes. 

Robert Roaldi

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Re: Taxes, anyone?
« Reply #39 on: November 08, 2019, 06:26:41 pm »

It's the main reason that people haven't had real incomes go up in decades.  That and taxes.

I think that's an exaggeration. They play a part but I don't believe they were the main reasons.
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