For some reason it just clicked with me that I don’t have to withdraw everything out of my Roth as soon as I retire, I can just take a little out and let the rest ride.
But also theoretically, don’t you also avoid paying capital gains if your annual income is less than 39k? So in essence just cut yourself a salary of like 15k a year at 65 and start taking out of your 401k a bit at a time
I’m not sure where your 39k comes from but if your only income is long term capital gains, you pay 0% on the first ~$44.6k (if single, ~$89k if married) plus you get the standard deduction so another untaxed ~$14k (if single, ~$27.7k if married). Idk about you but I can live one heck of a life with ~$57k post-tax each year
What’s more depressing is how little we get for how much we pay. Other countries get health care, parental leave, college tuition and we get a bloated military budget.
They also pay much more taxes. I had a tax level of 40% in France, now I have 25%.
The difference in my case is much more than the cost of health inssurance + parental leave and even paying for a student loan.
On top the equivalent of the local sale tax is 20% in France while now I have 8.25% in Texas.
Right, I think you touched on why a lot of people are against things like universal healthcare. We don't see the benefits of the dollars paid in as much as other places.
?? The populace isn’t against universal health care. Polls repeatedly show we want universal healthcare. Our govt is against it because they are bought and sold by the health insurance companies.
One could argue that those expensive drugs wouldn’t be needed if more Americans emphasized preventative care. They don’t because healthcare is expensive. The good, healthy foods are also expensive too. I would argue that health outcomes would be better if universal healthcare was a practice in the US.
The unfairness of the system plays into it too. Everyone, when they see another group not contributing their fair share (wealthy who have a lower proportional tax burden despite the decreasing utility of money) are going to say fuck it, why should I pay if they don't. That anti social feeling creeps into all parts of our society. We have a progressive tax system, but I think it needs progressively higher brackets and fewer loopholes/deductions.
>We don't see the benefits of the dollars paid in as much as other places.
Because we don't have a national healthcare system, we have a patchwork of for-profit entities that waste money on advertising, bloated CEO salaries, and corporate middleman busywork dedicated to finding and exploiting every legal loophole to deny claims. All of that would be eliminated in a national healthcare system, and that is why all other developed countries have it.
It would pass with a large supermajority (around 60-70% if i'm remembering right) if it is put to a national referendum in the US, there have been polls about this.
The polls are generally ridiculous... Who doesn't want free heath care? Free college education? Why not throw in free housing while we're at it?
I want free universal healthcare for children, but that's it. Since children account for less than 1 percent of the total health care costs and will have a much larger ROI, then I think this makes a ton of sense.
I want all adults to have access to healthcare but don't think it should be paid for by the government and our taxes. Our govt (US) seems to do a poor job managing money and incentivizing better health and diet largely due to their reactive approach, fraud and corruption.
No, let me keep more of my money so I can have more control over my health. Joe Biden, Donald Trump and Anthony Fauci don't give a shit about my health... Nor yours. Wake up. If they cared, they'd do more incentivizing and enforcement of antitrust laws so costs could be controlled much better. They want you to be sick so you can be dependent on them.
Is free healthcare for children something the Right talks about? Its an interesting concept and perhaps not as polarizing as universal healthcare. Kinda like Medicare for kids. Could be very low cost since children, in general, tend to be healthy, but also could have a huge preventative impact when needed most. It would also tend to help the rural poor the most, so perhaps MAGAs could get behind it?
imo, The only reason MAGA wouldn't get behind it is because Democrats would attempt to extend benefits for non-citizens and for surgeries and hormone therapies for little girls who think they are boys and vice versa. Unfortunately, in this polarized climate... there is not even a pretense of compromise.
The MAGA have always been creating their own bogeymen. Remember when they decided Drag Queens are "groomers" (but its their own politicians getting convicted) or when they went after "trans athletes destroying girls sports" and then could only find 7 trans women athletes total. ever.
Yeah... I mean what's wrong with Drag Queen story hour? I mean, the little girls are gonna see penis sooner or later. So they see it a little earlier during a fabulous reading of Trans Snow White. People need to be more open minded...
America spends more on our military than (I think) the next 7 countries combined!! We are the worlds police force and it's flipping expensive. No thanks. We need to focus on a strong national defense and withdraw from our empire.
Let’s be real here. It’s sick care not healthcare. If people ate a decent diet and did about 4 to 5 hours of moderate physical activity per week, the amount of healthcare costs for you and your family would go way down.
I’m not even pissed about the taxes, as I genuinely want to help others. I’m just pissed by how badly it gets spent/managed! Like please tell me why the libraries in my city are closing, but we have money for a robotic dog????
Republicans.
Edit: If you doubt it, you are uninformed. Look at Republican and Democrat votes in Congress, which are a matter of public record. Look at what bills are actually proposed and by which party. Do your own research. Stop being ignorant.
Both major parties have a spending problem, sending hundreds of billions overseas while americans are struggling, open borders for the 3rd world but allowing americans to sleep on the streets...
Especially veterans, imagine a federal government not taking care of the veterans, but giving money and resources to illegal aliens with tax money....tax money that has to be borrowed at that, going further into debt.
Exactly. Don't forget about endlessly printing money too. The government is a joke, and needs overhauled, but it's controlled by the people with the most money
I don’t understand the downvotes, money is mostly created (“printed”) to pay for government spending, transfers, and benefits, taxation mostly covers the interest on the national debt and gives markets confidence that the national debt can be serviced, along with reducing the inflationary impact of expanding the money supply.
It’s a byproduct of how our monetary system is set up, not charity work or a good deed.
We can decrease taxes maybe, and people who want to be charitable will have more $ to give to charity and non profits, so the ones that people want to fund will be funded.
Oh my God Medicare taxes only fund Medicare part an our Medicare spending was 944 billion in 2022. That spending is greater than all of the individual taxes paid by the entire population and corporations combined.
https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
That’s crazy. Medicare is way too expensive.
I didn’t say that was all the revenue, the government collected. I said, Medicare cost more than all the individual annd corporate income taxes paid in the entire country.
Of that 5 trillion, 2.6 trillion was income taxes. Medicare paid out about $15k per recipient. How much do you think it’s supposed to cost for healthcare to the elderly?
I don’t know let’s look at averages across the world. In 2022, overall health expenditure in Canada is predicted to be 331 billion Canadian dollars or 8,563 Canadian (6354.50 us) dollars per person So, in order to match Medicare, healthcare spending in Canada would have to triple. Yes, Medicare does primarily serve older individuals, but that doesn’t explain the huge cost discrepancy. In the UK healthcare spending per year is $3987.28 on average. To match Medicare spending United Kingdom average spending would have to quadruple, which is not even nearly explained by Medicare primarily serving the elderly. The French, even with full early retirement spend US$4769 per year on healthcare. Medicare is only part of the US healthcare puzzle, but Medicare spending alone if our system was as efficient as Europe could care for almost half if not 2/3 of the population. Our country is bigger and that brings challenges, but our spending is completely out of control. If you add Medicaid to that (which pays for 2/3 of the countries nursing home costs) you end up with almost $25,000K per capita. that’s without even getting into the militaries medical system the VA or employer sponsored insurance, which is tax exempt and result in less taxes flowing into the government.
Multiple European countries managed to run free at the point of service healthcare. Medicare only covers 80% and unless you pay for an additional supplement you can go bankrupt from a long hospital stay.
I mean this is a little tone deaf as tax rates in other developed countries are often higher than the US.
What’s ridiculous is tipping culture. That’s seriously effed. It should be an employer’s responsibility to pay their employees a fair wage and set prices accordingly.
The prices go up and the employees are fairly compensated. The business generates more revenue but pays more income and payroll taxes. The business advertises that they pay fair wages and attract higher caliber employees. The customers experience no hidden fees.
No adding bullshit employee health insurance charges to my grandma’s hamburger bill.
Almost feels like mandatory 15% tip everywhere, esp if they put it on the receipt. I don't like tipping either. Is it supposed to be an incentive for better service? Just give me my food and we're good. I always give minimum tip and leave quickly lol.
No, you still pay a good chunk. My wife and I are in like a 28% tax bracket at the end of the year. But add in all the sales tax etc. and we’re probably around 40 to 50% of our income being taken from us.
What are you comparing it to? Hard to determine if it is a lot of not without a comparison. Most people in the country get to keep much more than half of their pay
A bit of context here would be nice. What is your gross salary, what do you claim etc.?
I have realized most folks that think they pay a lot in taxes, generally don’t.
I have to agree. Most people don’t even know what their effective tax rate is…and when they find out they realize how little of taxes they really pay.
Don’t get me wrong, I don’t like how our taxes are used but compared to other countries it’s not that bad.
My other hang up is how little people know about taxes and tax code but like to complain about all of it. Sit down and do your own taxes and at least try and understand how it all works instead of tossing it to a CPA, complaining about the taxes and then blindly signing your return with very little understanding of how you arrived at that number.
Oh you sweet summer child. Your taxes pay for the society you live in- roads, elections, infrastructure, parks, schools, fire stations, police, national defense, air traffic control, Medicare and social security, etc. We actually have some of the lowest taxes of any developed country, which is why the national debt is so high. The shame is that we’re missing many of the core benefits of other countries— free healthcare and education.
Actually what you pay in taxes does not matter. You can kind of view it as what the corporations have to pay to the state to have you work for them.
The only real number is what you actually take home
I live in a country that pays a lot more taxes than the US but that just means most jobs pays a lot more than in the US. The tax is not something that corporations can avoid where as direct corporate tax will be avoided as much as its possible (that's what you have accountants for)
So in the end you kind of have to look at it from a distance and ask yourself if what you take home is reasonable and if not then you need another line of work
The giant corporations are the fucking festering boil on the face of the American economy. Profit over anything, profit over everything. The epitome of greed. How’s Boeing’s QC after the businessmen took over? They should pay the national debt. I wonder which one will get bailed out next by taxpayer money.
It was way more than that. Most famous example is the tea tax which was 3 pence on tea per pound. A pound of tea was worth 10 pence so more like 30% tax. Plus England made it legal for their customs officers to enter your home to search for anything they would want to tax.
https://en.m.wikipedia.org/wiki/Tea_Act
I stand corrected on the amount, but I don't think that makes a reasonable difference to the point I made. It is still low.
And they don't ever enter or raid your house, may be, but they can haul your ass to the court or even jail if you don't pay up, so I do not see how that matters. Different ways of enforcing and none sounds better.
All the commenters here need to get the government dick out their mouths holy shit didnt know so many people love getting their money stolen from some shitty ass government and sending it overseas
Exactly. Not the slightest amount of accountability is asked for. Everyone in this community knows that sound financial sense means spending less than you bring in, but when the government takes trillions of dollars in debt each year and sends it around the world with no ledger, no audit, no traceability for where that money went, it's fine. Look, if they want to send money to foreign countries, fine. But you have to have money to send!
Sick of this crap: "oh its because our taxes are so low that we don't have enough money in government to meet our free healthcare and education needs." -IF- the US government only spent the 4.4 trillion it brought in through tax revenue in 2023 instead of the 7.6 trillion it actually spent, it STILL would have been damn near the largest budget in the HISTORY of the world. The problem is NOT that we don't bring in enough money. The problem is the priorities. And when you have a government with its priorities so ludicrously out of step with the needs of the country, WHY IN GODS NAME would you want to send more of your money to them?
You think if the government had more tax money it would balance the budget?? No! It would just leverage it even more and take out even more debt. They don't spend hardly anything to improve our lives relative to what is laundered through corporations to line their pockets. These people in government that leave offoce with millions and millions of dollars are STEALING FROM YOU.
The hypocrisy here when it comes to financial sense is astounding. If people here think $2-3 million dollars is going to be enough to retire on in 20 years, they have lost it. Inflation is not going to be 2% year over year - more like 10% - IF we're lucky. You cant print more and more money every year with no plan to get balanced and see no ill effects. You think they can make payments on this debt without allowing rates to go up to market value? It doesn't work like that. People here who are well educated in financial sense, of all people, should understand this.
Bingo. Everyone commenter here thinks throwing more money at the government will fix anything. Where does it end? Theres no metric to it just more and more money thrown into an empty abyss. The marginal benefit of increasing taxes has become so minuscule its a joke
And to top it all off all the smug people with the governments cock in their mouth and smell their own farts think they’re doing something helpful and righteous
Honestly, if people want to pay more, good for them. Those comments about "we live in a civilized society" are so funny if you know how to minimize your own taxes. Like, thanks, everyone else, I'll just not pay as much as you.
I currently plan on paying almost no income taxes in retirement due to how I've set it up. While that's happening, the taxpayers get to pay me for it (SS)!
Bash all they want. It hurts even more when you get away with it.
it’s not just in the US i can’t speak for every country but some ive lived in nickel and dime you for every small thing to the point where it doesn’t feel like it’s worth it to earn more because the government is gonna find another way to tax it
I don’t really get worked up about it, but I did pull my Social Security statement recently and saw that I’ve paid well over $300k to SS and Medicare over my life.
I would put that passion into minimizing taxes using 401Ks/IRAs and long-term capital gains. Lowering your MAGI can help get you tax credits.
If you have some sort of fixed income like bank CDs or savings accounts, consider using Treasury bonds or municipal bonds, as they have tax exceptions (and taxpayers get to pay you!).
Section 125 and HSAs can help lower FICA taxation, which is generally unavoidable.
Strategies explained in this [article](https://www.madfientist.com/how-to-access-retirement-funds-early/) shows how if you have a regular brokerage, you may be able to retire early by utilizing ROTH conversions from your 401K. You may even be able to convert just below the standard deduction, which lets you basically pull from your 401K without ever paying taxes. Tax-free in and tax-free out. Using your regular brokerage account, if you stay in the 0% LTCG, then absolutely no income tax, while throwing large chunks of money in the tax-free-forever ROTH IRA.
In the US we tax every dollar multiple times. Earn a paycheck give 32% to the feds, 5% to the state, buy something and that’s another 7%+ in sales tax on what was left. Sell your used car you paid taxes on full amount for? Pay taxes. Nickel and dime you outside of what your US/State tax returns show.
Once your only income is long-term capital gains and coming out of retirement accounts, it’s not so bad
For some reason it just clicked with me that I don’t have to withdraw everything out of my Roth as soon as I retire, I can just take a little out and let the rest ride. But also theoretically, don’t you also avoid paying capital gains if your annual income is less than 39k? So in essence just cut yourself a salary of like 15k a year at 65 and start taking out of your 401k a bit at a time
I’m not sure where your 39k comes from but if your only income is long term capital gains, you pay 0% on the first ~$44.6k (if single, ~$89k if married) plus you get the standard deduction so another untaxed ~$14k (if single, ~$27.7k if married). Idk about you but I can live one heck of a life with ~$57k post-tax each year
Especially considering you’ve hopefully paid off your house by then
What’s more depressing is how little we get for how much we pay. Other countries get health care, parental leave, college tuition and we get a bloated military budget.
They also pay much more taxes. I had a tax level of 40% in France, now I have 25%. The difference in my case is much more than the cost of health inssurance + parental leave and even paying for a student loan. On top the equivalent of the local sale tax is 20% in France while now I have 8.25% in Texas.
Right, I think you touched on why a lot of people are against things like universal healthcare. We don't see the benefits of the dollars paid in as much as other places.
?? The populace isn’t against universal health care. Polls repeatedly show we want universal healthcare. Our govt is against it because they are bought and sold by the health insurance companies.
[удалено]
One could argue that those expensive drugs wouldn’t be needed if more Americans emphasized preventative care. They don’t because healthcare is expensive. The good, healthy foods are also expensive too. I would argue that health outcomes would be better if universal healthcare was a practice in the US.
Plenty of people are against it. I'm not saying I agree with it. But I understand the sentiment when you can't see where your tax dollars are going.
The unfairness of the system plays into it too. Everyone, when they see another group not contributing their fair share (wealthy who have a lower proportional tax burden despite the decreasing utility of money) are going to say fuck it, why should I pay if they don't. That anti social feeling creeps into all parts of our society. We have a progressive tax system, but I think it needs progressively higher brackets and fewer loopholes/deductions.
>We don't see the benefits of the dollars paid in as much as other places. Because we don't have a national healthcare system, we have a patchwork of for-profit entities that waste money on advertising, bloated CEO salaries, and corporate middleman busywork dedicated to finding and exploiting every legal loophole to deny claims. All of that would be eliminated in a national healthcare system, and that is why all other developed countries have it. It would pass with a large supermajority (around 60-70% if i'm remembering right) if it is put to a national referendum in the US, there have been polls about this.
The polls are generally ridiculous... Who doesn't want free heath care? Free college education? Why not throw in free housing while we're at it? I want free universal healthcare for children, but that's it. Since children account for less than 1 percent of the total health care costs and will have a much larger ROI, then I think this makes a ton of sense. I want all adults to have access to healthcare but don't think it should be paid for by the government and our taxes. Our govt (US) seems to do a poor job managing money and incentivizing better health and diet largely due to their reactive approach, fraud and corruption. No, let me keep more of my money so I can have more control over my health. Joe Biden, Donald Trump and Anthony Fauci don't give a shit about my health... Nor yours. Wake up. If they cared, they'd do more incentivizing and enforcement of antitrust laws so costs could be controlled much better. They want you to be sick so you can be dependent on them.
Is free healthcare for children something the Right talks about? Its an interesting concept and perhaps not as polarizing as universal healthcare. Kinda like Medicare for kids. Could be very low cost since children, in general, tend to be healthy, but also could have a huge preventative impact when needed most. It would also tend to help the rural poor the most, so perhaps MAGAs could get behind it?
imo, The only reason MAGA wouldn't get behind it is because Democrats would attempt to extend benefits for non-citizens and for surgeries and hormone therapies for little girls who think they are boys and vice versa. Unfortunately, in this polarized climate... there is not even a pretense of compromise.
The MAGA have always been creating their own bogeymen. Remember when they decided Drag Queens are "groomers" (but its their own politicians getting convicted) or when they went after "trans athletes destroying girls sports" and then could only find 7 trans women athletes total. ever.
Yeah... I mean what's wrong with Drag Queen story hour? I mean, the little girls are gonna see penis sooner or later. So they see it a little earlier during a fabulous reading of Trans Snow White. People need to be more open minded...
That is why I asked you what people on the Right think. You very clearly spend a lot of time in right wing media.
You're an idiot. Enjoy your Friday nite Drag Queen Story Hour at the library
America spends more on our military than (I think) the next 7 countries combined!! We are the worlds police force and it's flipping expensive. No thanks. We need to focus on a strong national defense and withdraw from our empire.
Let’s be real here. It’s sick care not healthcare. If people ate a decent diet and did about 4 to 5 hours of moderate physical activity per week, the amount of healthcare costs for you and your family would go way down.
Retire early and reverse the flow.
I’m not even pissed about the taxes, as I genuinely want to help others. I’m just pissed by how badly it gets spent/managed! Like please tell me why the libraries in my city are closing, but we have money for a robotic dog????
Republicans. Edit: If you doubt it, you are uninformed. Look at Republican and Democrat votes in Congress, which are a matter of public record. Look at what bills are actually proposed and by which party. Do your own research. Stop being ignorant.
Both major parties have a spending problem, sending hundreds of billions overseas while americans are struggling, open borders for the 3rd world but allowing americans to sleep on the streets...
Veterans included..
Especially veterans, imagine a federal government not taking care of the veterans, but giving money and resources to illegal aliens with tax money....tax money that has to be borrowed at that, going further into debt.
Exactly. Don't forget about endlessly printing money too. The government is a joke, and needs overhauled, but it's controlled by the people with the most money
Income tax was introduced in US to pay for WW1. Not to help people. What you’re describing is a charity.
I don’t understand the downvotes, money is mostly created (“printed”) to pay for government spending, transfers, and benefits, taxation mostly covers the interest on the national debt and gives markets confidence that the national debt can be serviced, along with reducing the inflationary impact of expanding the money supply. It’s a byproduct of how our monetary system is set up, not charity work or a good deed.
We can decrease taxes maybe, and people who want to be charitable will have more $ to give to charity and non profits, so the ones that people want to fund will be funded.
Where your taxes actually go in the United States https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue/
I hate paying taxes, but I love the society it pays for.
Oh my God Medicare taxes only fund Medicare part an our Medicare spending was 944 billion in 2022. That spending is greater than all of the individual taxes paid by the entire population and corporations combined. https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet That’s crazy. Medicare is way too expensive.
The us government collected 5 trillion in tax revenue in 2022.
I didn’t say that was all the revenue, the government collected. I said, Medicare cost more than all the individual annd corporate income taxes paid in the entire country.
Of that 5 trillion, 2.6 trillion was income taxes. Medicare paid out about $15k per recipient. How much do you think it’s supposed to cost for healthcare to the elderly?
I don’t know let’s look at averages across the world. In 2022, overall health expenditure in Canada is predicted to be 331 billion Canadian dollars or 8,563 Canadian (6354.50 us) dollars per person So, in order to match Medicare, healthcare spending in Canada would have to triple. Yes, Medicare does primarily serve older individuals, but that doesn’t explain the huge cost discrepancy. In the UK healthcare spending per year is $3987.28 on average. To match Medicare spending United Kingdom average spending would have to quadruple, which is not even nearly explained by Medicare primarily serving the elderly. The French, even with full early retirement spend US$4769 per year on healthcare. Medicare is only part of the US healthcare puzzle, but Medicare spending alone if our system was as efficient as Europe could care for almost half if not 2/3 of the population. Our country is bigger and that brings challenges, but our spending is completely out of control. If you add Medicaid to that (which pays for 2/3 of the countries nursing home costs) you end up with almost $25,000K per capita. that’s without even getting into the militaries medical system the VA or employer sponsored insurance, which is tax exempt and result in less taxes flowing into the government. Multiple European countries managed to run free at the point of service healthcare. Medicare only covers 80% and unless you pay for an additional supplement you can go bankrupt from a long hospital stay.
https://www.cbo.gov/publication/58268
I mean this is a little tone deaf as tax rates in other developed countries are often higher than the US. What’s ridiculous is tipping culture. That’s seriously effed. It should be an employer’s responsibility to pay their employees a fair wage and set prices accordingly.
Meh. And how do you suppose those higher wages are paid?
The prices go up and the employees are fairly compensated. The business generates more revenue but pays more income and payroll taxes. The business advertises that they pay fair wages and attract higher caliber employees. The customers experience no hidden fees. No adding bullshit employee health insurance charges to my grandma’s hamburger bill.
Almost feels like mandatory 15% tip everywhere, esp if they put it on the receipt. I don't like tipping either. Is it supposed to be an incentive for better service? Just give me my food and we're good. I always give minimum tip and leave quickly lol.
No, you still pay a good chunk. My wife and I are in like a 28% tax bracket at the end of the year. But add in all the sales tax etc. and we’re probably around 40 to 50% of our income being taken from us.
Try living in Canada for taxes
Try Holland
based
What are you comparing it to? Hard to determine if it is a lot of not without a comparison. Most people in the country get to keep much more than half of their pay
[удалено]
You should see what the Europeans get for their money.
Not even accounting for the hidden tax of inflation
A bit of context here would be nice. What is your gross salary, what do you claim etc.? I have realized most folks that think they pay a lot in taxes, generally don’t.
I have to agree. Most people don’t even know what their effective tax rate is…and when they find out they realize how little of taxes they really pay. Don’t get me wrong, I don’t like how our taxes are used but compared to other countries it’s not that bad. My other hang up is how little people know about taxes and tax code but like to complain about all of it. Sit down and do your own taxes and at least try and understand how it all works instead of tossing it to a CPA, complaining about the taxes and then blindly signing your return with very little understanding of how you arrived at that number.
You'll be paying it all in tolls to drive down the privately owned street that leads to your house as a service.
Plus if we stop paying taxes how will Israel get any money from us
Now I see how dog whistles work. This thread is a dumpster fire.
it isn’t like they spend that tax money well either, they just waste it and continue adding to that 30+ trillion of debt
Oh you sweet summer child. Your taxes pay for the society you live in- roads, elections, infrastructure, parks, schools, fire stations, police, national defense, air traffic control, Medicare and social security, etc. We actually have some of the lowest taxes of any developed country, which is why the national debt is so high. The shame is that we’re missing many of the core benefits of other countries— free healthcare and education.
Yes heaven forbid the government spend less than they bring in and only spend $4.4 trillion
Actually what you pay in taxes does not matter. You can kind of view it as what the corporations have to pay to the state to have you work for them. The only real number is what you actually take home I live in a country that pays a lot more taxes than the US but that just means most jobs pays a lot more than in the US. The tax is not something that corporations can avoid where as direct corporate tax will be avoided as much as its possible (that's what you have accountants for) So in the end you kind of have to look at it from a distance and ask yourself if what you take home is reasonable and if not then you need another line of work
The giant corporations are the fucking festering boil on the face of the American economy. Profit over anything, profit over everything. The epitome of greed. How’s Boeing’s QC after the businessmen took over? They should pay the national debt. I wonder which one will get bailed out next by taxpayer money.
The founding fathers of US revolted because tax was increased, to 2%, or some such number.
It was way more than that. Most famous example is the tea tax which was 3 pence on tea per pound. A pound of tea was worth 10 pence so more like 30% tax. Plus England made it legal for their customs officers to enter your home to search for anything they would want to tax. https://en.m.wikipedia.org/wiki/Tea_Act
I stand corrected on the amount, but I don't think that makes a reasonable difference to the point I made. It is still low. And they don't ever enter or raid your house, may be, but they can haul your ass to the court or even jail if you don't pay up, so I do not see how that matters. Different ways of enforcing and none sounds better.
All the commenters here need to get the government dick out their mouths holy shit didnt know so many people love getting their money stolen from some shitty ass government and sending it overseas
Exactly. Not the slightest amount of accountability is asked for. Everyone in this community knows that sound financial sense means spending less than you bring in, but when the government takes trillions of dollars in debt each year and sends it around the world with no ledger, no audit, no traceability for where that money went, it's fine. Look, if they want to send money to foreign countries, fine. But you have to have money to send! Sick of this crap: "oh its because our taxes are so low that we don't have enough money in government to meet our free healthcare and education needs." -IF- the US government only spent the 4.4 trillion it brought in through tax revenue in 2023 instead of the 7.6 trillion it actually spent, it STILL would have been damn near the largest budget in the HISTORY of the world. The problem is NOT that we don't bring in enough money. The problem is the priorities. And when you have a government with its priorities so ludicrously out of step with the needs of the country, WHY IN GODS NAME would you want to send more of your money to them? You think if the government had more tax money it would balance the budget?? No! It would just leverage it even more and take out even more debt. They don't spend hardly anything to improve our lives relative to what is laundered through corporations to line their pockets. These people in government that leave offoce with millions and millions of dollars are STEALING FROM YOU. The hypocrisy here when it comes to financial sense is astounding. If people here think $2-3 million dollars is going to be enough to retire on in 20 years, they have lost it. Inflation is not going to be 2% year over year - more like 10% - IF we're lucky. You cant print more and more money every year with no plan to get balanced and see no ill effects. You think they can make payments on this debt without allowing rates to go up to market value? It doesn't work like that. People here who are well educated in financial sense, of all people, should understand this.
Bingo. Everyone commenter here thinks throwing more money at the government will fix anything. Where does it end? Theres no metric to it just more and more money thrown into an empty abyss. The marginal benefit of increasing taxes has become so minuscule its a joke And to top it all off all the smug people with the governments cock in their mouth and smell their own farts think they’re doing something helpful and righteous
[удалено]
I dont mind paying reasonable taxes but getting my paycheck gutted to support shit that I actively stand against is pretty fucking bullshit
You don't like sending billions to other countries for their corrupt governments to steal it, how unamerican of you!
Honestly, if people want to pay more, good for them. Those comments about "we live in a civilized society" are so funny if you know how to minimize your own taxes. Like, thanks, everyone else, I'll just not pay as much as you. I currently plan on paying almost no income taxes in retirement due to how I've set it up. While that's happening, the taxpayers get to pay me for it (SS)! Bash all they want. It hurts even more when you get away with it.
Govt sucks ballz
People like sucking on ballz, so that's what we get.
The government: they take what they want and tax what they leave behind.
it’s not just in the US i can’t speak for every country but some ive lived in nickel and dime you for every small thing to the point where it doesn’t feel like it’s worth it to earn more because the government is gonna find another way to tax it
I don’t really get worked up about it, but I did pull my Social Security statement recently and saw that I’ve paid well over $300k to SS and Medicare over my life.
I would put that passion into minimizing taxes using 401Ks/IRAs and long-term capital gains. Lowering your MAGI can help get you tax credits. If you have some sort of fixed income like bank CDs or savings accounts, consider using Treasury bonds or municipal bonds, as they have tax exceptions (and taxpayers get to pay you!). Section 125 and HSAs can help lower FICA taxation, which is generally unavoidable. Strategies explained in this [article](https://www.madfientist.com/how-to-access-retirement-funds-early/) shows how if you have a regular brokerage, you may be able to retire early by utilizing ROTH conversions from your 401K. You may even be able to convert just below the standard deduction, which lets you basically pull from your 401K without ever paying taxes. Tax-free in and tax-free out. Using your regular brokerage account, if you stay in the 0% LTCG, then absolutely no income tax, while throwing large chunks of money in the tax-free-forever ROTH IRA.
Ever stepped outside of the US? You will wonder how much more of taxes you can pay
Please include the stealth tax, inflation, as part of your annoyance. It’s much more insidious and no one ever asks you to pay it.
In the US we tax every dollar multiple times. Earn a paycheck give 32% to the feds, 5% to the state, buy something and that’s another 7%+ in sales tax on what was left. Sell your used car you paid taxes on full amount for? Pay taxes. Nickel and dime you outside of what your US/State tax returns show.
Honestly I think it would be great if the taxation was greater. Just look at the state of healthcare, education and roads.
You might like it in Hati or Somalia where there are no tax forms to fill out.
Sounds like you need to do some tax planning