Choose your color scheme:
The Vette Barn  
 
Go Back   The Vette Barn > Off Topic/Babes/Other > Off Topic

Off Topic Off Topic - General non-Corvette related discussion.

User Tag List

Reply
 
Share Thread Tools
Old 08-21-2020, 4:51pm   #1
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default What is your answer to this tax question?

What rate is justified for government to take?

For earners over 250K of net income we pay an effective Income Tax rate of around 20% to Federal.

If you take the payroll tax of about 8% and then all the local and state taxes I am around 40% paid to the government.

Part 1
You must answer with a rate.

20%, 40%, 60%, 80%?

When you answer that question continue to part 2.

Part 2
At what percentage does the American population not accept it?
At what percentage does the American Millionaire population just leave?





I just heard a U.S. Senator say that we need to raise taxes.
z06psi is offline   Reply With Quote
Old 08-21-2020, 4:57pm   #2
thecornerman
Vette Barn Crew
Points: 4,773, Level: 47
Activity: 13.5%
 
thecornerman's Avatar
 
Join Date: Jul 2016
Posts: 609
Thanks: 107
Thanked 430 Times in 233 Posts
Gameroom Barn Bucks: $3015
Default

20% across the board....
Taking almost half of one's income is crazy regardless of what the total income is
I'd be willing to bet that if the tax rate was reasonable you and others would be able to build up and grow creating more job opportunities for us
__________________
2002 Roadster
K&N Air Filter
Borla Exhaust
thecornerman is offline   Reply With Quote
Old 08-21-2020, 4:59pm   #3
Thomas
Goldilocks
Barn Stall Owner #905

Bantayan Kids '13,'15
Points: 76,546, Level: 100
Activity: 44.6%
 
Thomas's Avatar
 
Join Date: Jan 2011
Location: Bukkake ruined my carpet
Posts: 25,714
Thanks: 3,764
Thanked 10,368 Times in 4,770 Posts
Gameroom Barn Bucks: $1008706
Default

Quote:
Originally Posted by z06psi View Post
For earners over 250K of net income we pay an effective Income Tax rate of around 20% to Federal.

If you take the payroll tax of about 8% and then all the local and state taxes I am around 40% paid to the government.
Part 3; Holy hell you make a lot of money.
Thomas is online now   Reply With Quote
Old 08-21-2020, 5:00pm   #4
BADRACR1
Barn Stall Owner #5150
Bantayan Kids '17
Points: 31,032, Level: 100
Activity: 7.7%
 
BADRACR1's Avatar
 
Join Date: Jan 2011
Location: East Ridge TN
Posts: 15,890
Thanks: 10,223
Thanked 3,017 Times in 1,221 Posts
Gameroom Barn Bucks: $2000032165
Default

I'd be good with 20%. I pay more than that now. You know. Part of the 52% carrying the rest of the country.
BADRACR1 is offline   Reply With Quote
Old 08-21-2020, 5:02pm   #5
The_Dude
Bantayan Kids '14
Points: 25,480, Level: 100
Activity: 65.2%
 
The_Dude's Avatar
 
Join Date: Apr 2010
Location: Oregon
Posts: 34,641
Thanks: 28,405
Thanked 6,635 Times in 2,754 Posts
Gameroom Barn Bucks: $505023
Default

They're relatively low now

The_Dude is offline   Reply With Quote
The Following User Says Thank You to The_Dude For This Useful Post:
Old 08-21-2020, 5:02pm   #6
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Quote:
Originally Posted by Thomas View Post
Part 3; Holy hell you make a lot of money.
Yup. The wife and I do well because we worked our asses off.

I am 100% investing all of it in the 66 acres we own. It will be a million dollar property when I am done in 5 years.
z06psi is offline   Reply With Quote
The Following 2 Users Say Thank You to z06psi For This Useful Post:
Old 08-21-2020, 5:04pm   #7
markids77
A Real Barner
Points: 15,626, Level: 86
Activity: 19.7%
 
markids77's Avatar
 
Join Date: Aug 2013
Location: sweatin' on the oldies
Posts: 9,938
Thanks: 5,640
Thanked 2,432 Times in 1,490 Posts
Gameroom Barn Bucks: $2300125
Default

Quote:
Originally Posted by The_Dude View Post
They're relatively low now

I think the OP was talking about total State, Federal and local as a sum total?
markids77 is offline   Reply With Quote
The Following User Says Thank You to markids77 For This Useful Post:
Old 08-21-2020, 5:05pm   #8
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Quote:
Originally Posted by The_Dude View Post
They're relatively low now

No because it has been made up with all the other taxation.


Property tax
School tax
Sales tax
Gas tax
Vehicle registration tax
Locality tax
z06psi is offline   Reply With Quote
Old 08-21-2020, 5:06pm   #9
DAB
Sparkles Flambeaux
Barn Stall Owner #4
Barn Raising I,II
NCM Supporter '13,'14,'15,'16,'17
Bantayan Kids '13,'14,'15,'17
Points: 136,424, Level: 100
Activity: 30.9%
 
DAB's Avatar
 
Join Date: Jan 2011
Location: Santa Fe, NM
Posts: 57,226
Thanks: 10,501
Thanked 22,979 Times in 11,580 Posts
Gameroom Barn Bucks: $18001877
Default

not all income is taxed the same way. some income has a zero rate. and money taken out of savings, that has already had taxes paid on it long ago, generates no tax bill either.

in retirement, it's hard to generate more income, but it's easier to control your spending.
DAB is offline   Reply With Quote
The Following User Says Thank You to DAB For This Useful Post:
Old 08-21-2020, 5:07pm   #10
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Quote:
Originally Posted by BADRACR1 View Post
I'd be good with 20%. I pay more than that now. You know. Part of the 52% carrying the rest of the country.
There is a tipping point. As that balance continues to shift there will come a time where the top 5% will just leave.

When that happens you will see a collapse of the economy instantly.
z06psi is offline   Reply With Quote
Old 08-21-2020, 5:13pm   #11
datawiz
VB Dad of the Year
Barn Stall Owner #9

Barn Raising I,II
NCM Supporter '11,'12,'13,'14,'15,'16,'17,'19,'20
Bantayan Kids '13,'14,'15,'17
GTMS 18
Points: 87,762, Level: 100
Activity: 27.9%
 
datawiz's Avatar
 
Join Date: Jan 2011
Location: Fort Myers
Posts: 30,469
Thanks: 7,003
Thanked 13,922 Times in 5,999 Posts
Gameroom Barn Bucks: $35998712
Default

Forget the rate, I'm already at my breaking point. My next 8-12 weeks will be working on 3 40-hour-per-week jobs. My pay won't move a penny. My Federal taxes, as a middle class worker, are already in excess of what a large chunk of US people earn in a year.

I vote for 25% tax, with no limit, and no deductions. In fact, it should be flat over a certain minimum amount (call that your basic living wage). You have to earn it, and it won't be taxed, after that, you contribute. You make an extra 10k per year over that basic wage, you pay a 2500 tax. I make another 300k over that minimum bar, I pay 75k. You and I both work the same number of hours (not really, I work more), but I'd gladly pay a flat tax of 25% on all of my wages over that level. You pay 2,500, I pay 75,000. You and all of your cronies get the benefit of my extra effort, but you don't dip any more deeply into my pockets. You too my friend need to have skin in the game.
datawiz is offline   Reply With Quote
The Following 2 Users Say Thank You to datawiz For This Useful Post:
Old 08-21-2020, 5:17pm   #12
DAB
Sparkles Flambeaux
Barn Stall Owner #4
Barn Raising I,II
NCM Supporter '13,'14,'15,'16,'17
Bantayan Kids '13,'14,'15,'17
Points: 136,424, Level: 100
Activity: 30.9%
 
DAB's Avatar
 
Join Date: Jan 2011
Location: Santa Fe, NM
Posts: 57,226
Thanks: 10,501
Thanked 22,979 Times in 11,580 Posts
Gameroom Barn Bucks: $18001877
Default

historically, the Jews in the OT paid an effective tax rate of about 23 to 25 percent.

and in ancient Egypt, Joseph imposed a tax rate of 20% before the famine came.

so our average burden of about 20% is not out of line with history.

or you can do what Reagan did long ago: figure out how much you need to earn for the year, and then stop working, as he saw no point in working all day just to hand it over to .gov.
DAB is offline   Reply With Quote
The Following User Says Thank You to DAB For This Useful Post:
Old 08-21-2020, 5:20pm   #13
Mick
A Real Barner
Points: 6,856, Level: 57
Activity: 19.3%
 
Mick's Avatar
 
Join Date: Jun 2018
Posts: 2,680
Thanks: 300
Thanked 3,059 Times in 1,345 Posts
Gameroom Barn Bucks: $12031
Default

Quote:
Originally Posted by The_Dude View Post
They're relatively low now

Both sides use the top tax rate as a political football. The top rate under Carter was 70%, Reagan reduced it to 50% in 1981, then to 28% in 1986. The super-rich guy who owned the company I worked for in the late '80s railed almost non-stop about how Reagan "ruined the USA", because he had to pay a gigantic amount more tax. In fact, the entire top quintile of earners saw their share of the Federal income tax skyrocket during the Reagan years.

Why? I'll give you one example: Under Carter, Country Club dues was tax deductible. Reagan got rid of that deduction, along with untold numbers of "tax shelters".
Mick is offline   Reply With Quote
Old 08-21-2020, 5:24pm   #14
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

20-25% flat tax for everyone above 35-40k

Personal Property tax eliminated. Violation of personal property rights.

School tax eliminated if you have no children in school.

Flat sales tax at 5%. No exemptions.

No Federal gas tax. State is fine.
z06psi is offline   Reply With Quote
Old 08-21-2020, 5:26pm   #15
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Quote:
Originally Posted by Mick View Post
Both sides use the top tax rate as a political football. The top rate under Carter was 70%, Reagan reduced it to 50% in 1981, then to 28% in 1986. The super-rich guy who owned the company I worked for in the late '80s railed almost non-stop about how Reagan "ruined the USA", because he had to pay a gigantic amount more tax. In fact, the entire top quintile of earners saw their share of the Federal income tax skyrocket during the Reagan years.

Why? I'll give you one example: Under Carter, Country Club dues was tax deductible. Reagan got rid of that deduction, along with untold numbers of "tax shelters".
You didn't answer.

z06psi is offline   Reply With Quote
Old 08-21-2020, 5:32pm   #16
Mick
A Real Barner
Points: 6,856, Level: 57
Activity: 19.3%
 
Mick's Avatar
 
Join Date: Jun 2018
Posts: 2,680
Thanks: 300
Thanked 3,059 Times in 1,345 Posts
Gameroom Barn Bucks: $12031
Default

Quote:
Originally Posted by z06psi View Post
You didn't answer.



Having been self-employed for years, paying double SS and Medicare, the years I made a lot of consulting bucks, got into a high Fed bracket, and paying the highest NJ rate, my total effective payroll tax rate was over 50%. IMO, there is no way you can justify paying more than half of your earnings in payroll taxes, only to pay more tax when you buy something. It creates a dis-incentive to finding and completing more work, that is clearly bad for our country. Or worse, finding ways to get paid "under the table".
Mick is offline   Reply With Quote
The Following User Says Thank You to Mick For This Useful Post:
Old 08-21-2020, 5:34pm   #17
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Are you avoiding the question for a reason?
z06psi is offline   Reply With Quote
The Following User Says Thank You to z06psi For This Useful Post:
Old 08-21-2020, 5:36pm   #18
Mick
A Real Barner
Points: 6,856, Level: 57
Activity: 19.3%
 
Mick's Avatar
 
Join Date: Jun 2018
Posts: 2,680
Thanks: 300
Thanked 3,059 Times in 1,345 Posts
Gameroom Barn Bucks: $12031
Default

Quote:
Originally Posted by z06psi View Post
Are you avoiding the question for a reason?
Are you talking to me?
Mick is offline   Reply With Quote
The Following User Says Thank You to Mick For This Useful Post:
Old 08-21-2020, 5:44pm   #19
z06psi
Barn Stall Owner #∞
Points: 14,637, Level: 83
Activity: 99.3%
 
z06psi's Avatar
 
Join Date: Oct 2018
Location: GFY and STFU'ville
Posts: 6,575
Thanks: 921
Thanked 8,772 Times in 3,532 Posts
Gameroom Barn Bucks: $30171
Default

Quote:
Originally Posted by Mick View Post
Are you talking to me?
Would you like a STFU?
z06psi is offline   Reply With Quote
Old 08-21-2020, 5:48pm   #20
kvozel
Barn Raising III
Points: 6,995, Level: 58
Activity: 0.5%
 
kvozel's Avatar
 
Join Date: Apr 2012
Location: Centerville, OH
Posts: 328
Thanks: 111
Thanked 210 Times in 92 Posts
Gameroom Barn Bucks: $1695
Default

It's my money. Why do I need to pay any x% to the government?
kvozel is offline   Reply With Quote
Reply

The Vette Barn > Off Topic/Babes/Other > Off Topic


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 6:20am.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
Copyright 2009 - 2020 The Vette Barn


Support the Barn:
 
Download the Mobile App;
 
Follow us on Facebook:

Become a Stall Owner

 

Apple iOS App        Google Android App

 

Visit our Facebook page