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Article for those who consider 250K+ rich...
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seaside
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Re: Article for those who consider 250K+ rich...
First--stickydust: 
Second--based on things that I have read and heard a HUGE problem with the economy is not so much who isn't being taxed enough or who's getting out of taxes with legal loopholes/shelters, but those who work on the side/off the books, or some amount in cash and simply don't pay taxes. The IRS is apparently woefully ill equipped to audit enough to get at most of the lost $$$, and it's immense. I have heard that there will be more audits.checks on people goping into the future because we simply can't afford to have people doing work, pocketing $$ and simply failing to declare, file, or pay. To that I say , and I ask why there isn't more empasis made on this point....
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Posted 10/27/08 3:32 PM  |
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Ophelia
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Re: Article for those who consider 250K+ rich...
Posted by MrsR
Ok I'll admit I didnt read this whole thread...so maybe my statement is coming out of left field - I'll give it a shot anyway.
I don't really understand what is going on here.
The idea of the american dream is to make $$, have a good life, save for college and retirement, send your kids to good schools, etc...
SO - when people have that...they have a portfolio, and send their kids to private school, and have extra money every month to save for retirement..they are getting flamed..."no sympathy from me...stop your moaning" etc....
When really isn't that what we are all aiming for in this life? Don't we all want the neccessities and maybe some luxeries in life? I mean isnt that our responsibility - To take care of OURSELVES. That is what these Henry's are doing!!
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up. We have talked about moving - I might be in a position that I can't move because of changes in the tax laws. Do I HAVE To move...no...can I make other cut backs to stay home, maybe...but I am resentful that anyone would tell me to "Stop my moaning"...when we worked long and hard to get what we have and now that might be taken away.
I have sympathy for the have nots, I came from have-nots...I know what it is like....so I cant help but find it disrespectful when someone tells me to "stop my moaning" when more of my hard earned money is going to be taken away from me and my husbands small business, and my family.
did you, per chance, see the chart that would tell you roughly how much higher your taxes are going to get?
I would do that before making any rash decisions.
if you don't trust internet calculators, your acct could perhaps shed some light. there are also non partisan charts you could look at to get an idea.
good luck.
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| Posted 10/27/08 3:33 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
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remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
Posted by seaside
First--stickydust:
Second--based on things that I have read and heard a HUGE problem with the economy is not so much who isn't being taxed enough or who's getting out of taxes with legal loopholes/shelters, but those who work on the side/off the books, or some amount in cash and simply don't pay taxes. The IRS is apparently woefully ill equipped to audit enough to get at most of the lost $$$, and it's immense. I have heard that there will be more audits.checks on people goping into the future because we simply can't afford to have people doing work, pocketing $$ and simply failing to declare, file, or pay. To that I say , and I ask why there isn't more empasis made on this point....
YEEESSSSSSSSSS
furthermore,
I think big businesses that have OUTSOURCED jobs and are experiencing tax breaks should be STRIPPED of those breaks.
big business will NEVER care about the little guy.
and they EAT small business for breakfast (hi, Walmart, I am looking at YOU)
so yeah, small business is the "backbone" of our country, but big business has the money and wherewithall to run roughshod all over them.
whatever.
wow...talk about digression  
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| Posted 10/27/08 3:36 PM |
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seaside
LIF Adult
Member since 6/08 3101 total posts
Name:
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
Posted by seaside
First--stickydust:
Second--based on things that I have read and heard a HUGE problem with the economy is not so much who isn't being taxed enough or who's getting out of taxes with legal loopholes/shelters, but those who work on the side/off the books, or some amount in cash and simply don't pay taxes. The IRS is apparently woefully ill equipped to audit enough to get at most of the lost $$$, and it's immense. I have heard that there will be more audits.checks on people goping into the future because we simply can't afford to have people doing work, pocketing $$ and simply failing to declare, file, or pay. To that I say , and I ask why there isn't more empasis made on this point....
YEEESSSSSSSSSS
furthermore,
I think big businesses that have OUTSOURCED jobs and are experiencing tax breaks should be STRIPPED of those breaks.
big business will NEVER care about the little guy.
and they EAT small business for breakfast (hi, Walmart, I am looking at YOU)
so yeah, small business is the "backbone" of our country, but big business has the money and wherewithall to run roughshod all over them.
You know what? We haven't digressed all that much. Among the HENRYS, and statistically among all of us on the board, there are likely those who feel crunched, frustrated, and entitled to cheat on their taxes (not using shelters,--actually cheating, by not declaring income)--and often rationalizing it using any number of sentiments that were in that article. THAT cheating is a HUGE, underestimated drain on the economy and a HUGE factor in the problems that have made cuts for anyone unlikely, as we said. It's part and parcel of the same problem. I'd imagine there are many in t his country who talk about spreading the wealth, and they're happy to do their part, and chastise others, but their DH's/families operate businesses or do jobs and then engage in such cheating. It's a big, unspoken of factor, and too many people just look the other way when they are so much of the probelm.
]
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| Posted 10/27/08 3:42 PM |
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MarisaK
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Marisa
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Re: Article for those who consider 250K+ rich...
Posted by MrsMadness
Posted by MarisaK
Posted by neenie
Posted by anonttcer
So where is the logic?
I really don't think there is any logic to the pay scale in this country. I could give examples of some jobs that get paid very well and do less than other jobs that get paid a fraction of that and do so much more, but i'm sure that would do more harm than good, given the audience on these boards lately 
There are also certain jobs, IMO, that could never be paid enough for what they do (such a cops!  )
See, I think many people have a misconception of what those who make that kind of money actuall DO - their daily routines, what their experience/education/knowledge brings to the table - what it brings to the organization, etc. -
My DH doesn't get paid what he does b/c he's good on the golf course !! -
And the teachers I know work JUST as hard as I do, for the same paycheck I do - but they have the entire summer off - plus holidays, plus school breaks.
I have many friends who are cops and firemen and joke w/ DH that they're able to go out drinking on Sat night when they have 6 AM shift on Sunday b/c they're just going to sleep in the squad car for 5 hours anyway .......and they DO this.
Now I'm not saying that cops and firemen and teachers don't work their a$$es off and earn every single penny they make - HOWEVER, why is it that THESE people should make more money than DH or myself who work 60 + hour weeks, have advanced graduate degrees and bring just as much to OUR jobs as the 'civil servants' - ?? B/c my job isn't perceived to be difficult or stressful ?? - Sit at my desk for an hour, go to ONE meeting of my DH's daily grind and then tell me we don't 'deserve' what we make -
(I'm not saying anyone said this - I'm just making a point about those working in the 'finance industry')
And I would argue that it's a common misconception of what people who don't make 250K DON'T do!
Maybe you hit a bit to close to home because I am a teacher, but while I do enjoy the benefits of summers and vacations off, I work through those times. My job is not seven hours a day in school and then off to sit on a couch and relax. There are countless hours of planning, meetings, grading and professional development that go unnoticed. And I'm fine with that, because that's what I signed on for.
I have friends who are lawyers, doctors, business people who see what my husband (who is also a teacher) and I do and comment on how hard we work compared to their own high profile, higher paying jobs.
I have advanced degrees from excellent universities and all of the student loans to show for them. I'm not crying poverty or complaining about my job, I chose it, I love it.
I just find it unwise to make these comparisons - you get into a p*ssing match and no one wins.
Oh, and because my DH and I work so hard (and work more than one job to have the kind of life we want) we will be in the over 250K bracket sooner rather than later. And I'll be fine with paying more in taxes.
This is my point - I don't think ANYONE would argue that teachers, policemen, firemen etc. do not work for and earn and deserve every single penny they make - I never ONCE said anything like that - My point is that while you're justified in pointing out everything you do as a teacher, no one questions it - (as no one should)
But I work in an industry where the earning potential is significantly more (although I'm not personally there yet) and people assume I 'sit behind a desk all day' and basically twiddle my thumbs .......so those in my industry don't 'deserve' the money we make, while a teacher/cop/fireman should make SO much more than they actually do ............. -
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| Posted 10/27/08 3:46 PM |
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MarisaK
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Member since 5/06 14562 total posts
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Marisa
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Re: Article for those who consider 250K+ rich...
Posted by Snickers
I don't understand this post. Did anyone say that people who work in finance were overpaid or that "civil servants" should make equal money as those in the private sector? I am not being snippy, I just don't recall that being said.
I am a NYC teacher. I get paid for 10 months work spread over 12 months. It is a misconception that teachers get paid for their summer "off." I know in many other districts in NJ, LI, Westchester etc. teachers do not get paychecks for the summer.
Teachers also must earn advanced degrees to maintain their employment and must seek even further education to ensure pay raises.
I felt it was insinuated that those in the private sector making $250k + aren't doing nearly as much 'sitting behind a desk' as those in the public sector -
And I'm not arguing that as a teacher you are not working your a$$ off -
And I don't know if it works differently in the city - but my friends in LI are paid about what I am and from June - the end of August they are 'free' - they are not working - they either choose to take the summer 'off' or they tutor, take a second job as a counselor, retail etc etc etc. - So, they're being paid their teacher's salary of say $80k - but they're not working Jan - Dec like I am for the same $80k - ........
ETA - which is a 'perk' of being a teacher. Something I will never know b/c like you said you couldn't sit behind a desk for 60 hours a week, I couldn't be 'on' stage and deal w/ someone else's kids all week 
Message edited 10/27/2008 3:54:32 PM.
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| Posted 10/27/08 3:53 PM |
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HoneyBadger
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Member since 10/06 15979 total posts
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Re: Article for those who consider 250K+ rich...
Posted by MarisaK
people assume I 'sit behind a desk all day' and basically twiddle my thumbs .......so those in my industry don't 'deserve' the money we make, while a teacher/cop/fireman should make SO much more than they actually do ............. -
At no point in THIS thread did anyone say that. I'm sorry you feel that way and if anyone has said something of the like to you, they were WAY out of line.
I don't think ANYONE is in the position to decide what someone should make.
What I did take exception to was that someone inadvertantly implied that those who do make $250K or more some how work harder for what they have and that those of us that don't make that much have "chosen" not to.
But that was cleared up, per se.
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| Posted 10/27/08 4:02 PM |
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mrsej
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Re: Article for those who consider 250K+ rich...
Posted by seaside
Posted by Ophelia
Posted by seaside
First--stickydust:
Second--based on things that I have read and heard a HUGE problem with the economy is not so much who isn't being taxed enough or who's getting out of taxes with legal loopholes/shelters, but those who work on the side/off the books, or some amount in cash and simply don't pay taxes. The IRS is apparently woefully ill equipped to audit enough to get at most of the lost $$$, and it's immense. I have heard that there will be more audits.checks on people goping into the future because we simply can't afford to have people doing work, pocketing $$ and simply failing to declare, file, or pay. To that I say , and I ask why there isn't more empasis made on this point....
YEEESSSSSSSSSS
furthermore,
I think big businesses that have OUTSOURCED jobs and are experiencing tax breaks should be STRIPPED of those breaks.
big business will NEVER care about the little guy.
and they EAT small business for breakfast (hi, Walmart, I am looking at YOU)
so yeah, small business is the "backbone" of our country, but big business has the money and wherewithall to run roughshod all over them.
You know what? We haven't digressed all that much. Among the HENRYS, and statistically among all of us on the board, there are likely those who feel crunched, frustrated, and entitled to cheat on their taxes (not using shelters,--actually cheating, by not declaring income)--and often rationalizing it using any number of sentiments that were in that article. THAT cheating is a HUGE, underestimated drain on the economy and a HUGE factor in the problems that have made cuts for anyone unlikely, as we said. It's part and parcel of the same problem. I'd imagine there are many in t his country who talk about spreading the wealth, and they're happy to do their part, and chastise others, but their DH's/families operate businesses or do jobs and then engage in such cheating. It's a big, unspoken of factor, and too many people just look the other way when they are so much of the probelm.
]
I just read an article that the extremely wealthy (not the 250K or 500k people) hide 100 billiion dollars a year from the IRS - big, big problem that needs to be addressed if that number is actually correct.
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| Posted 10/27/08 4:02 PM |
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CookiePuss
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Re: Article for those who consider 250K+ rich...
Posted by metagefken
Most of us on this board have the ability to make over 250K a year if we wanted to put in the time, effort, energy and make the sacrifices to do so.
t on each other.
i find it interesting that always after you make your initial post you need to clarify it. show me where you said anything about choosing different career paths. maybe you should say what you mean the first time around and avoid any misunderstanding in the future.
First off, I don't think I always do this.
Secondly, I did go back and clarify what I meant since posters were assuming what I meant and they were assuming wrong. I don't believe that by saying that some people work hard, sacrifice, put time and energy into reaching that level automatically means that everyone not earning 250K are not working hard. I think they are independent concepts and don't rely on each other to be true. I don't make 250k a year and I do believe I work hard.
Thirdly, I do believe that most of the posters on this board have an earning potential of making 250k plus. There are lots of career paths that lead to that number, not just one.
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| Posted 10/27/08 4:05 PM |
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HoneyBadger
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Re: Article for those who consider 250K+ rich...
Posted by MarisaK
I don't know if it works differently in the city - but my friends in LI are paid about what I am and from June - the end of August they are 'free' - they are not working - they either choose to take the summer 'off' or they tutor, take a second job as a counselor, retail etc etc etc. - So, they're being paid their teacher's salary of say $80k - but they're not working Jan - Dec like I am for the same $80k - ........
The only catch with this is that they're most likely closer to their "high watermark" of earning that you are.
You can go on and make a HELL of a LOT more than a school teacher will ever make yet you could conceivably have the same amount of education backing you - maybe even less that the teacher since they have to continue their education with professional development days and they must have at least their masters degree.
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| Posted 10/27/08 4:05 PM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Article for those who consider 250K+ rich...
Posted by Jennie0898
Posted by MarisaK
I don't know if it works differently in the city - but my friends in LI are paid about what I am and from June - the end of August they are 'free' - they are not working - they either choose to take the summer 'off' or they tutor, take a second job as a counselor, retail etc etc etc. - So, they're being paid their teacher's salary of say $80k - but they're not working Jan - Dec like I am for the same $80k - ........
The only catch with this is that they're most likely closer to their "high watermark" of earning that you are.
You can go on and make a HELL of a LOT more than a school teacher will ever make yet you could conceivably have the same amount of education backing you - maybe even less that the teacher since they have to continue their education with professional development days and they must have at least their masters degree.
That is true, and I realize I have a higher 'earning potential' in my field. - I would also NEVER argue that teachers do not earn every single penny they make -
My point was that how can anyone say 'who works harder' ?? -
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| Posted 10/27/08 4:07 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
Posted by mrsej
I just read an article that the extremely wealthy (not the 250K or 500k people) hide 100 billiion dollars a year from the IRS - big, big problem that needs to be addressed if that number is actually correct.
it's easier to hide something if you have a place to hide it.
if you don't own a home, have a retirement account...or any specialized tax need...you don't have any place to put the money.
someone with no kids, no house, no nothing, taking the standard deduction will have a harder time working the system.
and when they have friends in high places, giving them further breaks and loopholes, it's even easier.
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| Posted 10/27/08 4:08 PM |
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MrsR
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
Posted by MrsR
Ok I'll admit I didnt read this whole thread...so maybe my statement is coming out of left field - I'll give it a shot anyway.
I don't really understand what is going on here.
The idea of the american dream is to make $$, have a good life, save for college and retirement, send your kids to good schools, etc...
SO - when people have that...they have a portfolio, and send their kids to private school, and have extra money every month to save for retirement..they are getting flamed..."no sympathy from me...stop your moaning" etc....
When really isn't that what we are all aiming for in this life? Don't we all want the neccessities and maybe some luxeries in life? I mean isnt that our responsibility - To take care of OURSELVES. That is what these Henry's are doing!!
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up. We have talked about moving - I might be in a position that I can't move because of changes in the tax laws. Do I HAVE To move...no...can I make other cut backs to stay home, maybe...but I am resentful that anyone would tell me to "Stop my moaning"...when we worked long and hard to get what we have and now that might be taken away.
I have sympathy for the have nots, I came from have-nots...I know what it is like....so I cant help but find it disrespectful when someone tells me to "stop my moaning" when more of my hard earned money is going to be taken away from me and my husbands small business, and my family.
did you, per chance, see the chart that would tell you roughly how much higher your taxes are going to get?
I would do that before making any rash decisions.
if you don't trust internet calculators, your acct could perhaps shed some light. there are also non partisan charts you could look at to get an idea.
good luck.
I would never do anything without researching it to death first. I guess my point is not really about me...more about the Henrys in general. I dont understand then critisism of them from the people who are working hard to BE them.
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| Posted 10/27/08 4:10 PM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Article for those who consider 250K+ rich...
Posted by Jennie0898
Posted by MarisaK
people assume I 'sit behind a desk all day' and basically twiddle my thumbs .......so those in my industry don't 'deserve' the money we make, while a teacher/cop/fireman should make SO much more than they actually do ............. -
At no point in THIS thread did anyone say that. I'm sorry you feel that way and if anyone has said something of the like to you, they were WAY out of line.
I don't think ANYONE is in the position to decide what someone should make.
What I did take exception to was that someone inadvertantly implied that those who do make $250K or more some how work harder for what they have and that those of us that don't make that much have "chosen" not to.
But that was cleared up, per se.
Maybe I'm just being hypersensitive - 
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| Posted 10/27/08 4:11 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
Posted by MrsR
. I guess my point is not really about me...more about the Henrys in general. I dont understand then critisism of them from the people who are working hard to BE them.
ahhh..I see sorry.
oh, well to that point I say this...
I am not working to BE RICH in this life, I am working to HAVE a life that is RICH.
I don't need to be a "HENRY" for that at all.
so I'd have to say nay to that. not working hard to be anything but happy and fulfilled.
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| Posted 10/27/08 4:14 PM |
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cjik
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
I work FOR you all.
I am paid BY YOU ALL.
and since you dont' want to pay higher taxes, I will NEVER make $250k
MONEY is NOT the only incentive to working hard in life.
at least it shouldn't be.
we MAY make it to 250k b/c of my dh... but at my BEST in the gov I'll probably only make HALF that.
some people have to SACRIFICE pay to do the work they LOVE.
would you say a teacher doesn't work hard??? doctors that work in low income neighborhoods? firefighters, police officers.
I mean, it's just such an unfair and sad testament to our culture that we place value on how much MONEY YOU MAKE FOR OTHERS.
it's really sad. 
ITA as a former civil servant (hate that term). Many of us will never earn $250K doing the work we do, and that doesn't mean we work cushy hours. Sure I have a BA and a Masters, and I could do other things to earn that $250K, so could teachers, nurses, firefighters, etc. But then who would teach your children? Put out fires? Take care of you when you are sick? When I was working, I really loved my work, so I am not sorry I made the choice I did. But I am trying to make the point that not everyone working 60 hour weeks is earning $250K.
And I am sick of all the sympathy for those poor folks only earning $250K. Sorry, unless you have some unusual circumstances, you should be able to live very decently on that income, even on LI. If you cannot, you need to take a serious look at your expenses. My heart does not bleed.
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| Posted 10/27/08 4:15 PM |
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Luv2bAmom
LIF Adult
Member since 2/08 1255 total posts
Name:
J
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Re: Article for those who consider 250K+ rich...
Posted by MrsR
Posted by Ophelia
Posted by MrsR
Ok I'll admit I didnt read this whole thread...so maybe my statement is coming out of left field - I'll give it a shot anyway.
I don't really understand what is going on here.
The idea of the american dream is to make $$, have a good life, save for college and retirement, send your kids to good schools, etc...
SO - when people have that...they have a portfolio, and send their kids to private school, and have extra money every month to save for retirement..they are getting flamed..."no sympathy from me...stop your moaning" etc....
When really isn't that what we are all aiming for in this life? Don't we all want the neccessities and maybe some luxeries in life? I mean isnt that our responsibility - To take care of OURSELVES. That is what these Henry's are doing!!
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up. We have talked about moving - I might be in a position that I can't move because of changes in the tax laws. Do I HAVE To move...no...can I make other cut backs to stay home, maybe...but I am resentful that anyone would tell me to "Stop my moaning"...when we worked long and hard to get what we have and now that might be taken away.
I have sympathy for the have nots, I came from have-nots...I know what it is like....so I cant help but find it disrespectful when someone tells me to "stop my moaning" when more of my hard earned money is going to be taken away from me and my husbands small business, and my family.
did you, per chance, see the chart that would tell you roughly how much higher your taxes are going to get?
I would do that before making any rash decisions.
if you don't trust internet calculators, your acct could perhaps shed some light. there are also non partisan charts you could look at to get an idea.
good luck.
I would never do anything without researching it to death first. I guess my point is not really about me...more about the Henrys in general. I dont understand then critisism of them from the people who are working hard to BE them.
You say you have researched it, but you say that if Obam ais elected you will have to go back to work, how d you figure that your taxes will go up so dramaticly that you will need another income to supplement???
If you are itn he 250K-600K brakcket you will be paying $12 dollars more, hardly a need for a second inocme.
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| Posted 10/27/08 4:18 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Article for those who consider 250K+ rich...
Posted by MarisaK
Maybe I'm just being hypersensitive -
Hey, we ALL have our moments!!
Posted by MarisaK
That is true, and I realize I have a higher 'earning potential' in my field. - I would also NEVER argue that teachers do not earn every single penny they make -
My point was that how can anyone say 'who works harder' ?? -
I agree 1000000% and to your point no one deserves the right to decide who does work harder.
As I believe Snowflake said, it's all relative.
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| Posted 10/27/08 4:21 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
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Re: Article for those who consider 250K+ rich...
Posted by Luv2bAmom
You say you have researched it, but you say that if Obam ais elected you will have to go back to work, how d you figure that your taxes will go up so dramaticly that you will need another income to supplement???
If you are itn he 250K-600K brakcket you will be paying $12 dollars more, hardly a need for a second inocme.
Confusion - I didn't say I DID research it to death...I said I wont do anything without researching it. 
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| Posted 10/27/08 4:26 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
Posted by MrsR
. I guess my point is not really about me...more about the Henrys in general. I dont understand then critisism of them from the people who are working hard to BE them.
ahhh..I see sorry.
oh, well to that point I say this...
I am not working to BE RICH in this life, I am working to HAVE a life that is RICH.
I don't need to be a "HENRY" for that at all.
so I'd have to say nay to that. not working hard to be anything but happy and fulfilled.
Well then, regardless of our political association we are in agreement about something and are very much the same.
That being said - I would never look down on someone who has less than me...and I would hope for that same respect from someone who has more or less than I do. I say this all based on some earlier comments on this thread and plenty of others that have been posted lately (And are not directed at you at all Ophelia).
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| Posted 10/27/08 4:29 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Article for those who consider 250K+ rich...
Posted by MrsR
Confusion - I didn't say I DID research it to death...I said I wont do anything without researching it.
But you did say this:
Posted by MrsR
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up.
I think before making a statement like that you should research that table posted by Ophelia. I think you'll see why Luv2bAmom said what she did.
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| Posted 10/27/08 4:32 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Article for those who consider 250K+ rich...
Posted by Jennie0898
Posted by MrsR
Confusion - I didn't say I DID research it to death...I said I wont do anything without researching it.
But you did say this:
Posted by MrsR
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up.
I think before making a statement like that you should research that table posted by Ophelia. I think you'll see why Luv2bAmom said what she did.
I understand why Luv2bamom said what she said - that is why I cleared it up.
My husband is a small business owner so this is not just about personal income tax for me. I am sorry if I was not specific but I don't want to go into too much on a public board. I hope you understand.
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| Posted 10/27/08 4:35 PM |
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twiceasnice
LIF Adult
Member since 2/08 1126 total posts
Name:
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Re: Article for those who consider 250K+ rich...
Posted by Luv2bAmom
Posted by MrsR
Posted by Ophelia
Posted by MrsR
I have to be honest...I'm in that henry group - and if Obama is elected I am going to have to make some different choices in my life. I may have to go back to work since our taxes are going to go up. We have talked about moving - I might be in a position that I can't move because of changes in the tax laws. Do I HAVE To move...no...can I make other cut backs to stay home, maybe...but I am resentful that anyone would tell me to "Stop my moaning"...when we worked long and hard to get what we have and now that might be taken away.
did you, per chance, see the chart that would tell you roughly how much higher your taxes are going to get?
I would do that before making any rash decisions.
if you don't trust internet calculators, your acct could perhaps shed some light. there are also non partisan charts you could look at to get an idea.
good luck.
I would never do anything without researching it to death first. I guess my point is not really about me...more about the Henrys in general. I dont understand then critisism of them from the people who are working hard to BE them.
You say you have researched it, but you say that if Obam ais elected you will have to go back to work, how d you figure that your taxes will go up so dramaticly that you will need another income to supplement???
If you are itn he 250K-600K brakcket you will be paying $12 dollars more, hardly a need for a second inocme.
Maybe you could just give it to her to be, how Obama says "Neighborly"
Message edited 10/27/2008 4:37:45 PM.
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| Posted 10/27/08 4:35 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
taxes taxes mo maxes
banana fanna fo faxes
Federal Tax Brackets
Your tax bracket is the rate you pay on the "last dollar" you earn; but as a percentage of your income, your tax rate is generally less than that...
To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2003 and your status was Married filing separately; then your tax would be calculated like this:
( $ 7,000 - 0 ) x .10 : $ 700
( 28,400 - 7,000 ) x .15 : 3,210
( 57,325 - 28,400 ) x .25 : 7,231
( 87,350 - 57,325 ) x .28 : 8,407
( 100,000 - 87,350 ) x .33 : 4,175
Total: $ 23,723
This puts you in the 33% tax bracket; but as a percentage of your income, your tax is about 23.7%.
I posted this same example a week or two back.
The only fault I find with it is that it doesn't account for the effect that AMT has on taxes.
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| Posted 10/27/08 4:36 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
Posted by twiceasnice
Maybe you could just give it to her to be, how Obama says "Neighborly"
right!...such a laughable and disgusting concept.
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| Posted 10/27/08 4:37 PM |
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