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.

Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE

Posted by Salason

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.

ITA with this.

And not to get off topic but as for PP's comments that very few people are affected by the AMT, that's NOT true, especially in an area like LI. And every year, the number of people subject to it increases by the millions and will continue to as long as it's not indexed by inflation.

Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE

I think we could all keep going around in circles about this but the bottom line of it is that everyone has a different view as to what's rich and what is not. To someone only making $50,000 a $100,000 seems rich. To someone making $100,000 then $150,000 seems rich. I think you get my point. Personally I don't think that someone making $200,000 is rich, I don't even think $300,000 is rich. I analyze financial statements and tax returns for a living. I see people that are worth millions, and I mean millions, everyday. They are rich. People making $200,000 around here are living comfortable. They might not have to stress about going out to an expensive meal like someone making $100,000 might. But they are not living these incredible lifestyles like someone in Hollywood.

So for someone who makes $100,000 and who will be accepting a check in a couple of months they don't want to hear from someone who makes $150,000 that they are upset that they are not getting a check. Because to someone making $100,000, 150 seems rich. But the person not getting the check feels like they are missing out because they really aren't rich. They could use the money. Like I said yesterday, who couldn't use an extra couple of bucks. Especially here on LI.

Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE

wrong post

Message edited 1/31/2008 10:14:37 AM.

Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE

Posted by medic6809



I'll be honest until I started coming on here Coach, Prada, Fendi, and elaborate vacations to Europe were things only celebrities had. Imagine my suprise when I saw the Fashion and Travel boards I'm not knocking it it's just that "MOST" (not all) people do not have enough to go across the states let alone the country and places like Walmart and Target are where we shop becasue we have to. I

Re: HOUSE PASSES ECONOMY STIMULUS PACKAGE

nm

Message edited 1/31/2008 11:11:20 AM.