Hands off my $$ wrote:
Anytime you only get to keep less than 50% of your income, taxes are WAY too high. I don't care how much you make or what any govt says they need, it is criminal to have to pay more than half of your income in taxes EVER.
Living in Cali
2012 Income -Approx $2 million
35.0% - 2012 Federal Marginal Tax Rate
13.3% - 2012 Calif Marginal Tax Rate ( thanks Prop 30)
48.3% - 2012 Combined Marginal Tax Rate
39.6% - 2013 Federal Marginal Tax Rate (under current law)
13.3% - 2013 Calif Marginal Tax Rate (thanks again Prop 30)
52.9% - 2013 Combined Marginal Tax Rate
56.7% - 2013 tax rate on investment income (+3.8% ObamaCare Tax)
If Obama does nothing and simply let's the current rates expire, the top marginal rate will be 39.6%. I guarantee you, Obama wants it even higher that that.
Anytime you pay more in tax than you get to keep, the system is screwed up.
Once you have had to write a single check for $1+ million to the US Treasury, then you know the pain of govt flat out raping you.
I have been blessed. Made about $8+ million in last 5 years. Have made a lot of $$, 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.