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Post by holidayhusker on Mar 25, 2012 23:30:39 GMT -5
I agree with Wrigley!
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Post by cvvcdad on Mar 26, 2012 10:00:36 GMT -5
This is what popped into my head when i saw the thread! "let he who is without sin, cast the first stone". go ahead, wolf. cast, if you like...  |
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Post by cvvcdad on Mar 26, 2012 10:02:21 GMT -5
Wow truff! You obviously do not live in California and feel free to bring up that thread. The 50% tax bracket is a reality...My point was well understood by many... oh good, you're standing by it. here's what you wrote: After Federal income taxes and state taxes you are down to about $100K. Then add the cost of mortgage in california for an average home. now you are down to about$55k. Lets assume you have 2 kids and we all know the public education in California is below par so you send them to private schools, now you are down to 30K at best most likely about $15k. Now you pay insurance, gasoline, car payments, food, clothing, etc. and you now owe money on your credit cards. $250k salary in Cali buys you a middle income living at best. Now the same money in another state can put you in the upper middle class category. this was discussing a single earner making $250,000. you're already far off the rails with the first sentence. i went to the IRS website and used their withholding calculator (http://www.irs.gov/individuals/page/0,,id=14806,00.html) i made things as generous as possible to your case - single earner making $250,000 with no deductions, no dependants. this obviously isn't the case, because your scenario above had the person as a homeowner with children, but that would reduce the tax burden, not increase it. anyway, this single person would pay an effective federal tax rate of 27%, and $64,262 in federal taxes. then i went to the state of california tax calculator (https://webapp.ftb.ca.gov/taxcalc/calculator.aspx?Submit=2011+Tax+Calculator&Lang=english&redirectURL=OTC). again, single earner making $250,000. this person will pay $20,898 in state taxes. so you add those up, and the person is paying $85,160 in taxes, or about 34%, to the state and federal governments. your claim was that after you are assessed state and federal taxes, the person will be down to around $100,000, or a tax rate of 60%. considering that the top federal tax bracket is 33% and the top california tax rate is 9.30%, your statement is obviously false and absurd. umm -- state taxes go well beyond the income tax... |
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Post by cvvcdad on Mar 26, 2012 10:06:26 GMT -5
better be careful, i might make an "examples of xuscvbfan embarrassing himself" thread... "better be careful"?!? if you don't like "blackmail", how bout thuggery? or even better: extortion. so, truff: seen any gangster movies lately...? |
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Post by truffleshuffle on Mar 26, 2012 10:30:08 GMT -5
better be careful, i might make an "examples of xuscvbfan embarrassing himself" thread... "better be careful"?!? if you don't like "blackmail", how bout thuggery? or even better: extortion. so, truff: seen any gangster movies lately...? so apparently you don't know what any of these words mean either. |
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Post by truffleshuffle on Mar 26, 2012 10:32:21 GMT -5
umm -- state taxes go well beyond the income tax... what other taxes do you pay the state? |
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Post by elevationvb on Mar 26, 2012 10:36:51 GMT -5
"better be careful"?!? if you don't like "blackmail", how bout thuggery? or even better: extortion. so, truff: seen any gangster movies lately...? so apparently you don't know what any of these words mean either. You're going to need a bigger shovel. |
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Post by lonewolf on Mar 26, 2012 10:47:59 GMT -5
oh good, you're standing by it. here's what you wrote: this was discussing a single earner making $250,000. you're already far off the rails with the first sentence. i went to the IRS website and used their withholding calculator (http://www.irs.gov/individuals/page/0,,id=14806,00.html) i made things as generous as possible to your case - single earner making $250,000 with no deductions, no dependants. this obviously isn't the case, because your scenario above had the person as a homeowner with children, but that would reduce the tax burden, not increase it. anyway, this single person would pay an effective federal tax rate of 27%, and $64,262 in federal taxes. then i went to the state of california tax calculator (https://webapp.ftb.ca.gov/taxcalc/calculator.aspx?Submit=2011+Tax+Calculator&Lang=english&redirectURL=OTC). again, single earner making $250,000. this person will pay $20,898 in state taxes. so you add those up, and the person is paying $85,160 in taxes, or about 34%, to the state and federal governments. your claim was that after you are assessed state and federal taxes, the person will be down to around $100,000, or a tax rate of 60%. considering that the top federal tax bracket is 33% and the top california tax rate is 9.30%, your statement is obviously false and absurd. umm -- state taxes go well beyond the income tax... 26% more? |
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Post by cvvcdad on Mar 26, 2012 11:36:54 GMT -5
umm -- state taxes go well beyond the income tax... 26% more? would depend on how much they spend to buy things (sales tax) and how much they are taxed for their property (amount paid, not the rate). perhaps other taxes as well -- i have never lived in cali... |
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Post by cvvcdad on Mar 26, 2012 11:39:30 GMT -5
umm -- state taxes go well beyond the income tax... what other taxes do you pay the state? sales tax, property tax, and perhaps more (i have never lived in cali). oh - thought of another big one these days: gas tax. and one paid by a lot of people -- some more than others: alcohol and tobacco taxes. |
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Post by cvvcdad on Mar 26, 2012 11:40:50 GMT -5
"better be careful"?!? if you don't like "blackmail", how bout thuggery? or even better: extortion. so, truff: seen any gangster movies lately...? so apparently you don't know what any of these words mean either. wrong again, truff. look up extortion. read the words carefully this time... |
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Post by truffleshuffle on Mar 26, 2012 15:32:03 GMT -5
what other taxes do you pay the state? sales tax, property tax, and perhaps more (i have never lived in cali). oh - thought of another big one these days: gas tax. and one paid by a lot of people -- some more than others: alcohol and tobacco taxes. property taxes are local. gas taxes are federal. and if he's a homeowner with a family I'm going to have to knock down the amount of taxes he is currently paying, because he now has a couple of big deductions. |
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Post by cvvcdad on Mar 27, 2012 10:33:17 GMT -5
sales tax, property tax, and perhaps more (i have never lived in cali). oh - thought of another big one these days: gas tax. and one paid by a lot of people -- some more than others: alcohol and tobacco taxes. property taxes are local. is this true of cali specifically? because it's not true for every state. is this true of cali specifically? because it's not true for every state. and if he's a homeowner with a family I'm going to have to knock down the amount of taxes he is currently paying, because he now has a couple of big deductions. smh... |
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Post by truffleshuffle on Mar 27, 2012 12:42:32 GMT -5
shake your head all you want, the 60% figure is absurd and you know it. tell you what, since all you're doing is making me look stuff up, how about you give me a scenario where someone is paying even 50% of their income to state and federal taxes.
by the way, CA has no state property tax (except possibly when houses are sold, can't tell if that goes to the state, county or both), but does have a high gas tax, so you were right about that.
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Post by cvvcdad on Mar 27, 2012 14:24:10 GMT -5
shake your head all you want, the 60% figure is absurd and you know it. nope. don't know that. tell you what, since all you're doing is making me look stuff up, how about you give me a scenario where someone is paying even 50% of their income to state and federal taxes. ok. xusc's scenario. he seems to have practical knowledge that this is actually true. do you have practical knowledge that it is not? by the way, CA has no state property tax (except possibly when houses are sold, can't tell if that goes to the state, county or both), but does have a high gas tax, so you were right about that. cool. like i said, i've never lived in/been taxed by cali. they also have a high sales tax: 7.25%. and this can go up to 9.75% with local sales tax in some places. and, without looking it up, my impression is that alcohol and tobacco taxes are high everywhere -- and rightly so, imho. anyway, what you don't seem to be willing to consider is that taxation's bite is way more than income tax at various levels -- which btw, extends to the local level too, so limiting yourself to fed and state calculators is underestimating the burden for many people. if, e.g., I have a $100k income in cali, i'll pay my income taxes -- at fed, state, and possibly local levels -- of whatever. that same year, maybe i buy a $25k car -- certainly not an extravagant purchase. the sales tax on that baby could run to almost $2500 (in fact, it will with the dealer costs added on). etc., etc. I have no idea if this is a reputable site -- www.easy-tax-information.com/california-state-taxes.html -- but i just now found it quickly and it has lots of info re various taxes in cali. bottom line: xusc is not the first person i've heard describe effective overall taxation rates of 60%. and i've heard worse. and i have no doubt there are people out there -- honest , non-tax-cheating people -- who are experiencing such an overall burden. lastly -- although this is from 2006, there's lots of info here: images.forbes.com/media/2006/05/Married_100_000.pdfimages.forbes.com/media/2006/05/Single_100_000.pdfand from 2009: www.forbes.com/global/2009/0413/034-tax-misery-reform-index.htmlenjoy... |
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