You guys worry too much ... I say let the good times roll.
Who's this Helmet that kind of looks like Adam Carolla??
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LAST TANGO: The DEBATE -- Round 3
- Thread starter HercDriver
- Start date
You broke the code. Those are the numbers they do not want you to see, and if you do not know them, well I am not sure what to say about that.
A key, very key, is something called the "Bush tax cut" that the Dems will not extend, again, read the plan, carefully. Lot of rhetoric, but you need to look at all the numbers, esp the underlying numbers.
m0tbaillie
Former SWO
Chief,
I'm not entirely sure your numbers are spot-on. But, I could be wrong.
http://www.epi.org/content.cfm/webfeatures_snapshots_20060517
The distribution of wealth in our country is far, far different than the percentile-income correlations you threw out there, I think.
Falacy of composition, think my friend that study logic would say.
I was talking about income (and income taxes) and you were talking about wealth. Two entirely different things.
If you do have numbers relating to income and income taxes, that are significantly different, would love to see them.
Please show something to back you up.
And I don't know who your accountant is, but you might need to fire him. In total I pay between 30-40% of my gross in taxes as a civil servant, depending on how much I make.
"Research for Broadly Shared Prosperity"
Well, at least they don't even pretend to be unbiased.
The Chief lives in Maryland......
That's a big reason he's getting boned....
you really think you're not going to have a tax hike under Prez Obama, Flash?
m0tbaillie
Former SWO
Yea, those partisan numbers!
Thanks for offer to help.:icon_smil
Here are numbers:
1. Income
A. Retired Fed ES-4 with 42 years service and couple thou unused sick leave, about 83% of salary.
B. Social Security of which they already take over half. And tax me on the remainder.
C. Deceased spouse API retirement.
D. Delayed comp (retirement plan) from consulting firm.
E. Rental income/real estate transaction etc.
F. Mandatory withdrawal of TSP and 401-K.
2. Outgo:
A. Marginal Fed rate 33%
B. Maryland Income Tax plus Montgomery county 7.2 (think)
C. Florida Intangible assets Tax
Total for all at marginal rate is 42-43%
3. Was working as independent consultant. Social security (FICA)for self-employed is about 16%, right off the top, no deductions, not relief at all. Then I paid income tax not only on the remainder but on the 16% that the took from me as I walked out the door..
Any advice appreciated, sir!
It was more a comment on your choice of sources. And besides, those numbers, as noted by the Chief, are irrelevant, unless you'd like to start a discussion on whether or not the wealthy should be taxed more for having more money.
But you cheat, You have a bigger one.
m0tbaillie
Former SWO
My numbers had a source, his did not. Which were pulled out of what ass, precisely?
Well, when you are getting retirement income, Social Security and still consult it all adds up I guess. But one thing to note, the 16% FICA does not affect all of your income, am I right? So your total tax burden would have been less than 61%, the total depends on how good of a consultant you were.
My advice is to move to Florida, you already pay taxes there. Why by the way?
I know what state he lives in, and their tax rates are very similar to what you and I pay.
I don't make that much, neither do you judging from hood you live in.
