We make 250,000/year. I'm not a f***ing billionaire

your accountant is doing it wrong.

Let's get back to the original point of this thread.

The OP was complaining that as someone that makes $250K/year, his taxes are being positioned to go back to a previous rate that is higher than the current rate.

First of all, his taxes won't go up because the higher rate would be on taxable dollars ABOVE $250K, not gross income at $250K.

So his entire premise is wrong.

Now, what if his taxable income was $300K?

The rate on the $50,000 above $250,000 would be taxed an additional 3%.

So someone grossing well over $300K a year would pay a whopping $1,500 extra in a year in income tax.

Obviously causing a hardship.

At the same time the payroll tax cut also is due to expire.

Those making $75K/year will have to go back to paying an additional, get this, $1,500 in a year.

Those earning $106K will pay an additional $2100 a year.

Those earning $300K will pay an additional the same extra $2100.

Those earning a million dollars will still pay only an additional $2100.

But I don't hear noise about the payroll tax which affects all workers and proportionally hits those making under $106K more.

You just hear noise about the small percent making over $250K that will only get a marginal tax increase on the amount ABOVE $250K.

Hey, it's cool to be a total dildo but don't post about it on letsrun

Forget everything else: why is he paying $30,000 per year for college for each of his kids? Two years of community college + two years at Urbana–Champaign and the final bill will be $30,000 total. If the kids don't like it, they can pay their own way.

And why is the youngest one going to a $12,000 per year private school when there are perfectly good public schools in the area?

Have the kids go to public, in-state universities (or foot the bill themselves) and have the high school kid go to a public school, and the guy just saved $42,000 per year without changing anything else.

But if he doesn't want to do that, that's fine. It's the choice he and his spouse make. But just don't claim that it's hard to get by on a quarter of a million dollars a year because you're spending most of your money on non-necessities.

Remember the public reaction when Latrell Sprewell refused a $21 million, three year deal because "he had kids to feed"? He thought it would be tough getting by on $7 million per year (half of what he had been making).

Best post of the thread - worth repeating

Everyone here is missing the point. You don't define wealth by income, you define wealth by wealth. A guy who has $10 million saved up, but only makes $50,000 a year is wealthy. A guy who makes $300,000 but spends it all each year is not.

There is way too much envy floating around. The Democrats have done a good job of brainwashing their supporters into believing that being wealthy is somehow bad. The chance to get rich is why so many people try to get into this country each year. Working hard and attaining wealth is one of the most virtuous things there is, and should not be punished, especially over jealousy.

That is ridiculous.The op IS rich. Where you live does not affect whether or not you are rich. He CHOSE to live in an expensive neighborhood. That's an expense just like an NBA player choosing to buy multiple Ferraris. Both decisions are fine. But don't say that you're not rich. Just because you can find a way to spend all of your money doesn't mean that you're not rich. He's providing things for his family that have nothing to do with quality of life or advantages. There's no reason why he has to pay for private school or college or multiple insurances or whatever. In many ways, these expenses are unnecessary for even his intentions. In other words, they aren't accomplishing anything better than the cheaper alternatives. So I'd say that you are definitely rich if you can waste $50,000 per year and still have all of the bills paid just fine.Again, I'm not complaining about people being rich (I'm one of them) and spending or wasting lots of money. You earned it so do what you want with it. But I'm not gonna let you claim that you're not rich.

Troll. Salary $250k. Less taxes, probably $225k based on my experience, and I don't have 3 children to claim for deductions. Then you add in $2k per month of additional taxes? A $3k per month mortgage is $500k. Assuming 20% down, that is a $600k property. That's a luxurious house in almost any neighborhood, and certainly within reasonable commuting distance of ANY job ANY where. Here is how my budget breaks down:$200k salary$190k post-taxes$170k post-benefits/insurance/etc/including retirement$146k post-mortgage$141k post-utilities/cell phones/internet/cable etc$0k post-hookers and blow

The level of economic education here is appalling.

Bravo - well done, the universities have mastered the art of indoctrination the last few decades.

Hmmm, let's see, does anyone think an increase in marginal tax rates (while keeping the tax base the same) is exogenous to productivity and the creation of income? Well, it is not.

I can't wait for the snarky answers, all mindlessly declaring me a right wing conservative.

I learned my lessons well from Justice Ginsberg's husband, a liberal at that.

The idea is to maximize productivity and income to fisc to perform inherently government functions. The more convoluted the base, and the higher the marginal rate, decisions are made not for productivity or efficiency in allocation but rather for manipulation of tax exposure. Nice system for cronies, not so much for others.

Yeah, yeah - the snarkers will think I am an ideologue. But the middle class gets hurt, big time. Big corporate America doesn't really give a damn about marginal rates because they ship people, assets and cash all over the globe in a flash (they pay far less than the top marginal rate as a result). In fact, the high marginal rates act as a nice barrier to entry to markets for regional, domestic competitors, of course, the ones that do most all of the hiring. Just as with Fannie and Freddie and their excesses, resulting in grievous harm to the lower middle and middle class, only those bowing to the shibboleth of Big Government (by the way, it crosses both parties) could support this system.

Indulge in your fantasies and shallow class based thinking, though. It makes you feel better.

Hey, OP here.

Ok, I'm not denying that my income is higher than most. I know 250K isn't average.

But what is frustrating is that the left talks about taxes, billionaires, and those like me in the same breath...like my lifestyle is anywhere close to that of a billionaire!! By the sound of it, you'd think people like me flew out to the beach every weekend and hung out on a yacht all the time. It's ridiculous.

We live a very modest and middle class lifestyle--few vacations, no fancy cars, etc.

Putting billionaires and I in the same financial category is just flat out disgusting and ridiculous---I think (and hope) even the liberals here can see that.

Quality of Life! Jeez I'm screaming this. This is definitely a BIG factor that most of you are missing. Can he move somewhere else and have his depends fend for themselves, of course. But the OP sounds like a good person that's trying to take care of his family. And he wants to put his family 1st. That's why he's complaining.

I'd been a democrat my whole life (still am socially), but until this election I always thought about 'everyone else'. And getting everyone their fair share. Now, I don't agree with that as much. Because I live in Chicago and see how people cheat the system and all the handouts people get. I'd rather have my money go towards my family. So I understand the OP.

Does he make a lot of money, Yes. Is he rich, far from it.

I guess we just grew up in different environments. My parents took care of college expenses, car insurance, etc. I understand both sides, but that's what I will do as well.

They never said go to U of I because it's $15k a year cheaper, instead make your own choice. Call it stupid, but I call that normal.

Anytime you only get to keep

I'm in the same situation and our family makes close to 250k annually.

When I was young, and working mowing lawns, there was a time I had to buy new alternator and brakes for my car. Even after working all summer I didn't have enough money, so I asked my dad if he could help me out. He told me "Well figure it out or get a second job." Never could find a second job, but I biked every where for a couple months till I saved up enough.

To this day, I consider my father to be the greatest role model. Sometimes its more than the monetary things you provide your family that makes you a "good father" as the original poster stated.

So My advise, get a second job, or figure it out. Just like this country needs to cut spending, maybe you do too?

Anytime you only get to keep less than 50% of your income, taxes are WAY too high. I don't care how much you make or what any govt says they need, it is criminal to have to pay more than half of your income in taxes EVER.

Living in Cali

2012 Income -Approx $2 million

35.0% - 2012 Federal Marginal Tax Rate

13.3% - 2012 Calif Marginal Tax Rate ( thanks Prop 30)

48.3% - 2012 Combined Marginal Tax Rate

39.6% - 2013 Federal Marginal Tax Rate (under current law)

13.3% - 2013 Calif Marginal Tax Rate (thanks again Prop 30)

52.9% - 2013 Combined Marginal Tax Rate

56.7% - 2013 tax rate on investment income (+3.8% ObamaCare Tax)

If Obama does nothing and simply let's the current rates expire, the top marginal rate will be 39.6%. I guarantee you, Obama wants it even higher that that.

Anytime you pay more in tax than you get to keep, the system is screwed up.

Once you have had to write a single check for $1+ million to the US Treasury, then you know the pain of govt flat out raping you.

I have been blessed. Made about $8+ million in last 5 years. Have made a lot of $$, but each year my guaranteed income in zero. Could go from $2 million one year to zero the next. Barely over 40 yrs old, but I have had enough. I refuse to let them steal my money any more. Prop 30 passed in CA raising taxes on the rich. That single prop passing cost me $50k in one moment since the tax increase is retroactive for 2012.

I refuse to continue to risk ALL my capital/ net worth running a business, so that IF I can make a profit, I give the govt MORE than half and I get to keep LESS than half. It is just not worth the risk. The worst thing possible is for you to wish your boss be subject to a tax hike. You want your boss to be filthy rich and have to pay fair and reasonable taxes. As it gets too excessive, you may find yourself out of a job (unless you work for the govt). People will lose their jobs when I check out.

TOO many takers in this country. Everybody should pay taxes. Too many people pay no taxes. If somebody doesn't pay for something, then they won't value that thing they didn't pay for. 50% of our country pays nothing for the right to live in the (once) best nation in the world. Those who actually pay for what we have actually value what we have much more.

When the majority votes to take from the minority, true democracy is lost. Our country is lost. A majority of Americans feel they are owed something from the govt and as long as that continues, we will never recover.

I am checking out. I will check back in 4 years from now. If things look more promising, I may rejoin, but if not, I am outta here for good. It is just not worth it.

Obama wouldn't know fair share if it came up and bit him in the ass. Obama can suck it.

I am outta here.

don't tax the rich wrote:

Hey, OP here.

Ok, I'm not denying that my income is higher than most. I know 250K isn't average.

But what is frustrating is that the left talks about taxes, billionaires, and those like me in the same breath...like my lifestyle is anywhere close to that of a billionaire!! By the sound of it, you'd think people like me flew out to the beach every weekend and hung out on a yacht all the time. It's ridiculous.

We live a very modest and middle class lifestyle--few vacations, no fancy cars, etc.

Putting billionaires and I in the same financial category is just flat out disgusting and ridiculous---I think (and hope) even the liberals here can see that.

If you make $250k you COULD go to the beach every weekend. You just choose not to. Just like plenty of other billionaires choose not to. You COULD have fancy cars and more vacations, but you choose not to.

How are you not understanding that? What is a billionaire who is only worth $1 billion not rich because he can't afford the same things as Bill Gates? No, they are both rich and so are you.

Hands off my $$ wrote:

50% of our country pays nothing

100% false.

don't tax the rich wrote:

Hey, OP here.

Ok, I'm not denying that my income is higher than most. I know 250K isn't average.

But what is frustrating is that the left talks about taxes, billionaires, and those like me in the same breath...like my lifestyle is anywhere close to that of a billionaire!! By the sound of it, you'd think people like me flew out to the beach every weekend and hung out on a yacht all the time. It's ridiculous.

We live a very modest and middle class lifestyle--few vacations, no fancy cars, etc.

Putting billionaires and I in the same financial category is just flat out disgusting and ridiculous---I think (and hope) even the liberals here can see that.

Obviously there's a difference. At your present rate of pay, you know how much more your annual tax liability will be if the Bush tax cuts expire and you know it's a small amount relative to your income.

@ the OP: According to

, you are in the top .1% of the world in terms of income. You are rich. Count your blessings, and accept where you have overspent. Each of your children did not need you to buy them a car and pay their insurance. Living in America does not mean that we are entitled to everything we want. Be thankful that you live in a country where one of your biggest worries is a 3% tax increase.

I can't believe this thread is still going on. Great job.

I think he gets 10/10.

"I agree with the OP" and the OP is the same guy or they're friends.

Or, "I agree with the OP" is just a straight up moron.