| Posted By |
Message |
| Pages: << 4 5 6 [7] 8 |
SPECIALNEEDSMOMMY
A Healing for Gregory
Member since 1/07 1217 total posts
Name:
Barbara
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
We make no where near $150,000. The $1,800 we will receive if this passes is A LOT of money to us and most of our friends are in the same position as us.
Message edited 1/30/2008 5:06:46 PM.
|
Posted 1/30/08 5:04 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
What if you needed life saving medical treatment last year? Even with insurance, the medical bills and the bills due to time off of work from medical situations (Credit cards) are HUGE. Unless you have been there you have no idea.
Sometimes the money posts on NFR get me upset. Most everyone who complains PUT THEMSELVES IN that position (credit cards, overpriced mortgage, buying cars they cannot afford, etc.).
I HAD NO CHOICE. It was get my surgery or wait around for congestive heart failure to kill me. We were OUT OF DEBT before I had my DD (and my c-section and my heart surgey). I had a baby in 2006 and a year later open heart surgery. I took maternity leave and since I was on a 1099, I did not get FMLA or disability. I had to take 3 months off of work with my heart surgery and since I had a P/T job in order to spend more time with my DD...YEP, NO FMLA, NO disability.
Before all of this, we were close to 150K gross (about 120K) a year combined, out of debt , bought a house, we had the world by the tail.
Just know that things are NOT ALWAYS what they seem to be. If any of you meet me in person and did not know my story, if I wore a turtleneck (to cover my scar) Trust and believe you would be thinking "she does not need the money" .
My experience has thought me NOT to judge people. People can look good, dress nicely, smell good, and be neck deep in a world of shite financially and you would never know it unless they told you. I feel that this plan is great. The gov has to cap it somewhere. We do qualify for it, but even if we did not I would think it was a great thing. WHO AM I to say who "needs" it and who "does not" . Just my two cents...
I will take the rebate and we can use it for dipers, food, heat, bills, etc.
Message edited 1/30/2008 5:25:19 PM.
|
| Posted 1/30/08 5:21 PM |
| |
|
dgtlsunshine
LIF Infant
Member since 12/05 217 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by melbalalala
I don't understand why this is a debate about the haves vs. the have-nots.
The point of the check is for people to spend money in the economy to give it a "jump-start". (obviously, I have been pessimistic that this will work).
Is the rationale of the politicians that those who make over $150K as a couple can use their own $1200 to spend on goods and services for an economic injection? That they are already pumping enough money into the economy because they make more?
We won't be getting a check, but we aren't going to be throwing around $100s of dollars either to stimulate the economy, so I don't see why there is an income limit at all.
This whole thing isn't about "we have it so rough because we make so much less than that limit". It's about selecting a certain percentage of the population to receive and spend $1200 per couple to help us all in the long run (again, won't work). They probably could have said "ok everyone that is a redhead will get the money" and it would be the same thing. But it just looks good to say "we're helping the poor and middle class out here".
Totally agree with this. It is not about have or have not. The government is allocating the funds to the percent of the population that is most likely to SPEND the money and put it back in the economy.
Most folks over the 150k mark are not going to spend the money. For instance, we are over the 150k mark and my husband mentioned if he got the money he was putting it in stocks.
|
| Posted 1/30/08 6:16 PM |
| |
|
monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by shamrock124
Posted by dm24angel
Posted by MrsFlatbread
No matter how much we make, whether we need it or not, or whether somebody else thinks we need it or not, $1200 dollars is a big chunk of change. I reiterate, it means the same to me as it does to you...JMHO
I dont agree that you 100% feel that way.
As a big chunk of change would it mean something meaningful could happen for you that you couldnt do otherwise.
It could mean something meaningful to those that make $150,000 too. It's unfair to assume that those in that income bracket are rolling in money and have no struggles. No one knows what liabilities a family might have to even get to that income level...student loans, long and expensive commutes, childcare expenses...etc.
Thank You! 
I'm so tired of people acting like everyone who makes over 100K is rich. You have no idea how we got here. I had NOTHING and I mean NOTHING handed to me on a silver platter nor did my DH. We worked our butts off to get where we are today. $1200 means as much to us as it does to you.
Why am I an less deserving because I'm not "broke"?
|
| Posted 1/30/08 6:20 PM |
| |
|
monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by MrsFlatbread
Posted by dm24angel
Example...someone with 150K income is going to go plan a trip or something, meanwhile us lower income peeps are gonna use it , in theory , in a more lifealtering way...Im gonna use it for my childs 1st birthday party.
Even I know that $1200 would be nice for me, and do good things for our family, but there's others that need it more.
So you thinking spending the money on a 1 year old's Birthday party is a need? I would say it's a luxury. Doesn't sound needy to me at all.
I would spend the $1200 on my student loans that gave me the job, that put me in a higher tax bracket.
I agree. I am really sick of people bitching and moaning about not making enough money. I'm sorry but very few of us woke up and got the jobs that make us our salary overnight. Most of us went to college, paid for college, still pay for college how many years later. Why should we be penalized. Those who make less incomes made their choices as far as careers, staying home, etc. It was your choice. Don't expect people to feel sorry for you or feel that you are more deserving of money.
Sure people fall on hard times that's different but if you chose to not go to college or chose a career that you knew paid less then that was your choice. It's not the same as having your house burn down or getting laid of or a situation catastrophic like that.
150K a year is hardly rich. In this day and age is middle class. I don't even say upper middle. I'm so tired of the assumptions of how rich we all must be.
|
| Posted 1/30/08 6:25 PM |
| |
|
Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by shamrock124
Posted by Whamtastic
Posted by MrsFlatbread
great still doesn't help my husband and I b/c apparently the gov't thinks we don't need the money
If you're making (jointly) over $150,000 you DON'T need the money. You might WANT the money, you might LIKE the money, but you don't need it the way a family making $15,000 does.
That is an unfair assumption. You can't assume based on income what a family needs or wants. True, there is a vast difference between a family making $15,000 to one making $150,000 but there are also things you aren't including.
Once you reach a certain income level, you pay an incredible amount in additional taxes which can eat up up to 50% of a gross salary.
Those that fall into this category who live within their means can start to argue about those who purchased homes way beyond their income means and acculumated a tremendous amount of debt because of living beyond their means because they are what has been a major contributing factor to the economy of today.
That is an untrue statement about the taxes and as I previously posted just because I qualify for the check does not mean that I am not in the same tax bracket as someone who makes over $150,000. I have a child so my cut off is $174,000. As a married couple filing jointly the highest tax bracket is 35% and that is if you are making more than $350,000. Plus with each level that you go over you only pay the additional tax on the difference between your income and the lower bracket. So if you are making $350,000 you would only pay that 35% on the difference on $300 which is what the next bracket caps at.
If anyone is losing 50% of their salary to taxes they are being ripped off.
Here's the link again to explain how tax brackets work.
Tax bracket
|
| Posted 1/30/08 6:43 PM |
| |
|
browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
i can't believe people are telling other people that if they make a certain amount of money they don't need the stimulus because they make too much.
none of us are in the place to judge other people's financial situations. we don't know their student loans, family history, etc. if you bought a house in the last few years you spent $400,000 for a house that 7 years ago would have been $150,000. same freaking house but with triple the mortgage. i'd rather be in that $150 house making 40K a year than in the $400 house making $150K.
$150 for a couple with 6 kids could be the same for a couple with 1 kid making a WHOLE lot less.
it's pretty presumptuous (sp?) to tell people they don't NEED money based on income. totally not necessary. $150K on LI is not the same as $150K in other parts of the country.
|
| Posted 1/30/08 6:51 PM |
| |
|
Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by browneyedgirl
i can't believe people are telling other people that if they make a certain amount of money they don't need the stimulus because they make too much.
none of us are in the place to judge other people's financial situations. we don't know their student loans, family history, etc. if you bought a house in the last few years you spent $400,000 for a house that 7 years ago would have been $150,000. same freaking house but with triple the mortgage. i'd rather be in that $150 house making 40K a year than in the $400 house making $150K.
$150 for a couple with 6 kids could be the same for a couple with 1 kid making a WHOLE lot less.
it's pretty presumptuous (sp?) to tell people they don't NEED money based on income. totally not necessary. $150K on LI is not the same as $150K in other parts of the country.
Well said
|
| Posted 1/30/08 7:00 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by dgtlsunshine
Totally agree with this. It is not about have or have not. The government is allocating the funds to the percent of the population that is most likely to SPEND the money and put it back in the economy.
Most folks over the 150k mark are not going to spend the money. For instance, we are over the 150k mark and my husband mentioned if he got the money he was putting it in stocks.
But since those who are making over $150,000 have more than enough already, aren't they the ones likely to spend it more than save it??? Just a thought...
|
| Posted 1/30/08 7:05 PM |
| |
|
|
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
I think the funniest part of the entire thing is that ultimately the money not being saved, or used to pay of debt will be used to stimulate foreign economies...purchase a TV made in Japan, purchase toys made in China, purchase a car made in Germany, travel abroad, and the list goes on.
So the US goverment will give out billions of dollars so they can be spent to stimulate not OUR economy, but foreign economy. Just a thought. 
|
| Posted 1/30/08 7:06 PM |
| |
|
monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by MrsFlatbread
Posted by dgtlsunshine
Totally agree with this. It is not about have or have not. The government is allocating the funds to the percent of the population that is most likely to SPEND the money and put it back in the economy.
Most folks over the 150k mark are not going to spend the money. For instance, we are over the 150k mark and my husband mentioned if he got the money he was putting it in stocks.
But since those who are making over $150,000 have more than enough already, aren't they the ones likely to spend it more than save it??? Just a thought...
Unless they think the under 150K will be spending it on basic needs? Food, clothing, etc?  I don't know. Now much our government does makes sense to me.
|
| Posted 1/30/08 7:09 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by monkeybride
Posted by MrsFlatbread
Posted by dgtlsunshine
Totally agree with this. It is not about have or have not. The government is allocating the funds to the percent of the population that is most likely to SPEND the money and put it back in the economy.
Most folks over the 150k mark are not going to spend the money. For instance, we are over the 150k mark and my husband mentioned if he got the money he was putting it in stocks.
But since those who are making over $150,000 have more than enough already, aren't they the ones likely to spend it more than save it??? Just a thought...
Unless they think the under 150K will be spending it on basic needs? Food, clothing, etc? I don't know. Now much our government does makes sense to me.
From this thread it sounds like many will save it rather then spend it.
|
| Posted 1/30/08 7:11 PM |
| |
|
Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by browneyedgirl
if you bought a house in the last few years you spent $400,000 for a house that 7 years ago would have been $150,000. same freaking house but with triple the mortgage. i'd rather be in that $150 house making 40K a year than in the $400 house making $150K.
One could argue that if someone is struggling to get by due to their mortgage payments on a $400K house, they shouldn't be living in a $400K house.
|
| Posted 1/30/08 7:14 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by Whamtastic
Posted by browneyedgirl
if you bought a house in the last few years you spent $400,000 for a house that 7 years ago would have been $150,000. same freaking house but with triple the mortgage. i'd rather be in that $150 house making 40K a year than in the $400 house making $150K.
One could argue that if someone is struggling to get by due to their mortgage payments on a $400K house, they shouldn't be living in a $400K house.
she didn't say struggling she said paying. The reality is $400,000 mortage with taxes is close to $3000 per month, scary numbers to anyone, even those people that can afford it.
But also as someone said before, someone could argue that we are in this economy mess in the first place because of those same individuals in the tax bracket who will be "entitled" to the stimulus package refund, making bad decisions about mortgages they clearly could not afford. Why are we then rewarding these people for poor decisions now? Food for thought...
|
| Posted 1/30/08 7:21 PM |
| |
|
Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by MrsFlatbread
But also as someone said before, someone could argue that we are in this economy mess in the first place because of those same individuals in the tax bracket who will be "entitled" to the stimulus package refund, making bad decisions about mortgages they clearly could not afford. Why are we then rewarding these people for poor decisions now? Food for thought...
I totally agree. I think this whole stimulus package is bogus and will not at all achieve its intended goal. People who are in debt, who have spent beyond their means, should not be rewarded with extra money. Besides the fact that most of the money will likely go to foreign economies through the purchase of foreign-made goods, travel and that sort of thing.
|
| Posted 1/30/08 7:29 PM |
| |
|
nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by MrsFlatbread
From this thread it sounds like many will save it rather then spend it.
Right. That is until the money is in hand & they venture on to the Fashion Board.
|
| Posted 1/30/08 7:31 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by nrthshgrl
Posted by MrsFlatbread
From this thread it sounds like many will save it rather then spend it.
Right. That is until the money is in hand & they venture on to the Fashion Board.
Pffttt...exactly another reason why the government should have taken into account locality when deciding who and how much Long Islanders should receive....
That darn fashion board will get you all the time!!!
|
| Posted 1/30/08 7:35 PM |
| |
|
Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by MrsFlatbread
Posted by Whamtastic
Posted by browneyedgirl
if you bought a house in the last few years you spent $400,000 for a house that 7 years ago would have been $150,000. same freaking house but with triple the mortgage. i'd rather be in that $150 house making 40K a year than in the $400 house making $150K.
One could argue that if someone is struggling to get by due to their mortgage payments on a $400K house, they shouldn't be living in a $400K house.
she didn't say struggling she said paying. The reality is $400,000 mortage with taxes is close to $3000 per month, scary numbers to anyone, even those people that can afford it.
But also as someone said before, someone could argue that we are in this economy mess in the first place because of those same individuals in the tax bracket who will be "entitled" to the stimulus package refund, making bad decisions about mortgages they clearly could not afford. Why are we then rewarding these people for poor decisions now? Food for thought...
I agree with you. Part of the problem with the economy right now is because people who really couldn't afford homes got sucked into thinking that they could afford homes at prices that in reality were out of their range. The other problem is that we are such a spending country that most people are living well beyond their means. I for one should probably be saving more than we are but we also don't go crazy with our spending. But I know a lot of people who do live beyond the lifestyle that they should be living.
We do well financially, not great but well enough. I don't "need" the money that we are getting. Meaning it is not going to make me able to buy something that I normally would not buy. But I am planning on taking that, my tax refund and my company dividend to either put towards a down payment for my new car in August, toward our home improvements that we are trying to finish before our next baby comes or put it to the side so that we have extra money for the first couple of months after the baby is born which is when they are the most expensive. Either way we will be putting it back into the economy within 2-3 months of getting it. But I'm not taking it to go buy a tv or to go buy that Coach bag that I've wanted for a year. If I wanted these things I would go out and buy them with my annual salary. But that's my financial situation. Some may say then why do I need it? And I would respond I don't, but if they are giving it away, I'll take it.
|
| Posted 1/30/08 7:50 PM |
| |
|
Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by FireIslandLove
I think the funniest part of the entire thing is that ultimately the money not being saved, or used to pay of debt will be used to stimulate foreign economies...purchase a TV made in Japan, purchase toys made in China, purchase a car made in Germany, travel abroad, and the list goes on.
So the US goverment will give out billions of dollars so they can be spent to stimulate not OUR economy, but foreign economy. Just a thought.
You are so right. DH said the same thing when he heard about it. He was like alright, we're borrowing money to give to people to support foreign countries. How many more days till Bush is out of office?
|
| Posted 1/30/08 7:52 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by Kierasmom
I agree with you. Part of the problem with the economy right now is because people who really couldn't afford homes got sucked into thinking that they could afford homes at prices that in reality were out of their range.
The people who got "sucked" in should have some responsiblilty for their actions. When I was looking at houses, the banks approved us for much more than we could have afforded. The numbers do not lie. If you are making $50,000 a year, you cannot afford a $500,000 house. Bottom line.
|
| Posted 1/30/08 8:04 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by Kierasmom
Posted by shamrock124
Posted by Whamtastic
Posted by MrsFlatbread
great still doesn't help my husband and I b/c apparently the gov't thinks we don't need the money
If you're making (jointly) over $150,000 you DON'T need the money. You might WANT the money, you might LIKE the money, but you don't need it the way a family making $15,000 does.
That is an unfair assumption. You can't assume based on income what a family needs or wants. True, there is a vast difference between a family making $15,000 to one making $150,000 but there are also things you aren't including.
Once you reach a certain income level, you pay an incredible amount in additional taxes which can eat up up to 50% of a gross salary.
Those that fall into this category who live within their means can start to argue about those who purchased homes way beyond their income means and acculumated a tremendous amount of debt because of living beyond their means because they are what has been a major contributing factor to the economy of today.
That is an untrue statement about the taxes and as I previously posted just because I qualify for the check does not mean that I am not in the same tax bracket as someone who makes over $150,000. I have a child so my cut off is $174,000. As a married couple filing jointly the highest tax bracket is 35% and that is if you are making more than $350,000. Plus with each level that you go over you only pay the additional tax on the difference between your income and the lower bracket. So if you are making $350,000 you would only pay that 35% on the difference on $300 which is what the next bracket caps at.
If anyone is losing 50% of their salary to taxes they are being ripped off.
Here's the link again to explain how tax brackets work.
Tax bracket
I'm very aware of how tax brackets work. One thing that is not mentioned or calculated in your link is AMT. That makes a huge difference in tax liabilities. Plus, Federal income tax is progressive and % aren't applied as flat %. You have also forgotten to calculate state and city tax as well as social security and FICA which can easily bring someone's tax liability to close to 40-50% of their income without coming close to have a gross income of $350,000.
Message edited 1/30/2008 8:33:32 PM.
|
| Posted 1/30/08 8:21 PM |
| |
|
quasi3
LIF Adult
Member since 7/07 1764 total posts
Name:
Stacey
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
I would spend the $1200 on my student loans that gave me the job, that put me in a higher tax bracket.
I agree. I am really sick of people bitching and moaning about not making enough money. I'm sorry but very few of us woke up and got the jobs that make us our salary overnight. Most of us went to college, paid for college, still pay for college how many years later. Why should we be penalized. Those who make less incomes made their choices as far as careers, staying home, etc. It was your choice. Don't expect people to feel sorry for you or feel that you are more deserving of money.
Sure people fall on hard times that's different but if you chose to not go to college or chose a career that you knew paid less then that was your choice. It's not the same as having your house burn down or getting laid of or a situation catastrophic like that.
150K a year is hardly rich. In this day and age is middle class. I don't even say upper middle. I'm so tired of the assumptions of how rich we all must be.
I have never had anything handed to me on a silver platter. I have numerous student loans, currently have a great job with awesome benefits and currently putting myself through college again. I can tell you once I graduate, if I come anywhere near making $150,000 I would be so greatfull that all my hard work paid off.
I would not concern some who makes over $150,000 a year rich, but I would consider them well off.
I don't live outside my means now, but there are just something that I wish I could do if I had more money, donate more, have children.
It has nothing to do with us bitching we dont make as much as others, so much as people who make double and triple what the lower and middle class families make bitching that they should get a refund the same as someone, who would not normally be able to make a bigger purchase at a store. The higher you income, the more money you have each month to do with what you choose.
|
| Posted 1/30/08 9:01 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
some of the people who make more than the cut-off simply have high expenses. For example, some have to pay for their own health insurance..that could be a months premium for two. Some take care of elderly parents, some have health bills that insurance didn't cover, some have disabled children that they are caring for and since you have to be broke to get on medicaid, they don't qualify and have to pay thousands a month for their care.
There are tons of scenarios. There is no right answer.
I just want to throw some things out there for thought.
It's not always what it seems..people who make "a lot" of money don't always have " a lot" of money. And "a lot" is subjective. You would be shocked to know just how many people who seem to earn a lot, don't have a lot because of circumstances beyond their control. Not everyone, but many people that won't qualify could really use the money. What they do with it is the whole reason this thread was started.
Message edited 1/30/2008 9:19:43 PM.
|
| Posted 1/30/08 9:19 PM |
| |
|
Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by shamrock124
Posted by Kierasmom
Posted by shamrock124
Posted by Whamtastic
Posted by MrsFlatbread
great still doesn't help my husband and I b/c apparently the gov't thinks we don't need the money
If you're making (jointly) over $150,000 you DON'T need the money. You might WANT the money, you might LIKE the money, but you don't need it the way a family making $15,000 does.
That is an unfair assumption. You can't assume based on income what a family needs or wants. True, there is a vast difference between a family making $15,000 to one making $150,000 but there are also things you aren't including.
Once you reach a certain income level, you pay an incredible amount in additional taxes which can eat up up to 50% of a gross salary.
Those that fall into this category who live within their means can start to argue about those who purchased homes way beyond their income means and acculumated a tremendous amount of debt because of living beyond their means because they are what has been a major contributing factor to the economy of today.
That is an untrue statement about the taxes and as I previously posted just because I qualify for the check does not mean that I am not in the same tax bracket as someone who makes over $150,000. I have a child so my cut off is $174,000. As a married couple filing jointly the highest tax bracket is 35% and that is if you are making more than $350,000. Plus with each level that you go over you only pay the additional tax on the difference between your income and the lower bracket. So if you are making $350,000 you would only pay that 35% on the difference on $300 which is what the next bracket caps at.
If anyone is losing 50% of their salary to taxes they are being ripped off.
Here's the link again to explain how tax brackets work.
Tax bracket
I'm very aware of how tax brackets work. One thing that is not mentioned or calculated in your link is AMT. That makes a huge difference in tax liabilities. Plus, Federal income tax is progressive and % aren't applied as flat %. You have also forgotten to calculate state and city tax as well as social security and FICA which can easily bring someone's tax liability to close to 40-50% of their income without coming close to have a gross income of $350,000.
Very few people are subject to AMT. If they are they are making a very good amount of money. You're right I didn't include state taxes but the difference there is very small (4% minimum to about 7% depending on your income). We're not talking about how much people are netting. We're talking about gross income here. My whole point is for someone to assume that just because someone qualifies for the check must mean that they are in the lower tax bracket is an incorrect assumption. We could go on and on about how many different taxes and levels there are.
My point is honestly I don't want to hear from people well I make more money so I'm taxed a higher rate. The difference is not substantial when you are talking about someone making $150,000 compared to $200,000. The rich should be taxed a higher rate.
|
| Posted 1/30/08 9:19 PM |
| |
|
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE
Posted by Blu-ize
It's not always what it seems..people who make "a lot" of money don't always have " a lot" of money. And "a lot" is subjective. You would be shocked to know just how many people who seem to earn a lot, don't have a lot because of circumstances beyond their control. Not everyone, but many people that won't qualify could really use the money. What they do with it is the whole reason this thread was started.
THANK YOU!!!! WELL SAID!!! I was trying to state the same thing in my post. 
I hope to God that NONE of you EVER are in a situation (like a health issue, house fire, etc.) that is beyond your control. It really SU CKS to be out of debt, doing well AFTER you worked your A$$ off and see it all slip away due to a medical situation or another situation beyond your control. Things are not always what they seem, PLEASE remember that.
|
| Posted 1/30/08 9:25 PM |
| |
|
| Pages: << 4 5 6 [7] 8 |
