Nobody supports a government wanting to cut spending, so don’t expect this to change
That includes republicans who are happy to cut taxes, but never spending.
What spending that would be meaningful would you like to cut? Keep in mind DOD, SS, Medicare, medicaid, and debt service, are the bulk of spending. So, they would need to be the bulk of cuts. Symbolic cuts to things like school lunch programs won't help at all but they will cause kids to not eat.
But please, do tell us.
Don't forget C.I.A.'s off the books budget which is spread around to several U.S. departments.
Something is incorrect. You received a yearly raise of $8000 paid out over the next year? The top tax bracket is 37% and state may be 7%. Your insurance won't change. Your 401k contributions won't change. Your SS and medicare contributions won't change unless you are under the max which in that case, you aren't in the 37% tax bracket.
I did the math and even looked at my pay history pre/post raise. I'll take a closer look but $3900 was the exact real-world money increase that I take home.
No. It is how big your check was. Your take home includes changes to tax refunds/amount due.
There is no reason that taxes (in total - federal, state, local, payroll, sales, property tax, etc) should take up more than 20% of anyone's paycheck.
It's theft. Laws need to be changed.
Even though I disagree with republicans on every other issue, I vote republican solely because of taxes. A small minority of republicans also oppose forever wars (100% of democrats support these wars) and I also oppose those wars because that's where a huge some of my taxpayer dollars go.
There is no reason that taxes (in total - federal, state, local, payroll, sales, property tax, etc) should take up more than 20% of anyone's paycheck.
It's theft. Laws need to be changed.
Even though I disagree with republicans on every other issue, I vote republican solely because of taxes. A small minority of republicans also oppose forever wars (100% of democrats support these wars) and I also oppose those wars because that's where a huge some of my taxpayer dollars go.
Seems fair. Single, no children and in perfect health.
You have to pay the share of taxes not paid by people like Elon Musk, Jeff Bezo and Donald Trump. The Republican party thinks the top percent should not be burdened paying taxes so we all pick up the slack for them.
You're giving nearly 40% ($1600 of $4200) of your increased tax/deductions to yourself ("employee deductions"). Maybe you should cut those; your net pay increase would be 43% higher.
Yeah I'll just cut out my 401k, dental, vision and healthcare. What's the point
The point is that you're in control of ~$1500 more of that $8000 raise than your original post in this thread implied. You can change deductions such that more or less of it ends up in your pocket.
What spending that would be meaningful would you like to cut? Keep in mind DOD, SS, Medicare, medicaid, and debt service, are the bulk of spending. So, they would need to be the bulk of cuts. Symbolic cuts to things like school lunch programs won't help at all but they will cause kids to not eat.
But please, do tell us.
I would like to cut it all.
Start from scratch. The amount of bloat in the government is ridiculous.
Yes, I support reducing debt servicing, hence why I criticize the hypocrisy of republicans in supporting lower taxes, but not the requisite lower spending.
Yes, I support cutting social security. It is a regressive tax.
Yes, I support cutting defence budget, we can start with billions sent to corrupt Ukraine to prolong a war Ukraine can’t win with cash.
Yes, I support cutting Medicare and Medicaid. The health system is full of an unconscionable amount of administrative bloat, which these programs contribute to.
OK at least you are honest. To make any progress though, we'd need to cut spending and RAISE taxes. To get anywhere debt wise, ours and several generations forward would need to live like utter paupers. No HC/elder care/other social spending, weakened military, allow rivals to do whatever, wherever, lousy schools, environment abused, Good luck with that.
I didn't cause this situation, its not on me to suffer the fix. Sorry.
One person didn't do anything to get a good job, pays $1,789.50 in income taxes during the year, the other person worked hard to get to a point where they have to pay $18,382 of income taxes. And yet they both have an equal political vote on how that tax money is spent.
You neglected the fact that one person is probably able to live comfortably whereas the other can't afford to live and would need to get a second job. Nor do you mention that most really wealthy people pay an effective tax rate lower than either of these two. 100k a year might seem like a lot in some parts of this country, but there's no way you're raising a family or buying a house on that. The rich have you fighting over scraps.
Not sure if they automatically increased my 401k contribution by the % my salary increased. Might be part of the equation.
If you set your contribution as a percentage of income versus a fixed amount that would account for some.
I checked later in the day, my 401k contribution is a %, so it did go up about $1400 in total for the year or whatever. So lump some of that into the $3900 I referenced. Though if I wanted that % back on my paycheck it would be taxed so nowhere near $1400.
One person didn't do anything to get a good job, pays $1,789.50 in income taxes during the year, the other person worked hard to get to a point where they have to pay $18,382 of income taxes. And yet they both have an equal political vote on how that tax money is spent.
You neglected the fact that one person is probably able to live comfortably whereas the other can't afford to live and would need to get a second job. Nor do you mention that most really wealthy people pay an effective tax rate lower than either of these two. 100k a year might seem like a lot in some parts of this country, but there's no way you're raising a family or buying a house on that. The rich have you fighting over scraps.
In most rural places, 100k is enough to buy a house and raise a family, even as a single parent.
One person didn't do anything to get a good job, pays $1,789.50 in income taxes during the year, the other person worked hard to get to a point where they have to pay $18,382 of income taxes. And yet they both have an equal political vote on how that tax money is spent.
Property qualifications were abolished a while ago now. Time for you to move on.
What you're saying is a plutocracy is preferable to a democracy.
There is no reason that taxes (in total - federal, state, local, payroll, sales, property tax, etc) should take up more than 20% of anyone's paycheck.
It's theft. Laws need to be changed.
Even though I disagree with republicans on every other issue, I vote republican solely because of taxes. A small minority of republicans also oppose forever wars (100% of democrats support these wars) and I also oppose those wars because that's where a huge some of my taxpayer dollars go.
If you cut taxes on the wealthy, they'll use that money to buy your house and rent it back to you. It's as simple as that.
If you can't buy a house with the refund you'd get from a 20% flat tax, then you're voting to get poorer.
I'm right around 100k. I'm not financially very literate. I just compared my paychecks pre-raise to my post-raise paychecks.
My per-pay period (2weeks) taxes went from $700 to $800. My "employee deductions" went from $735 to $800 per pay period. So all told my tax/deductions increased by $165 per pay period ($4200) due to the raise of $7900 per year.
My net pay increased by $150 per pay period ($3900/yr).
Seems right on to me. Looks like you are paying about 30% taxes, saving 20% to max out your 401k, and taking home about 50%. Your pre-raise distribution should be similar, except the effective total tax rate will be slightly higher as your income grows.
If you were previously maxing out your 401k, you will reach the max earlier in the year and get a bit more towards the end of the year. Or you can adjust the % now based on your new salary and you'll see a bit more in your paycheck right away.
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