Looney Left wrote:
If you have 3 kids, college expenses, support your mother in law and are saving for retirement, you have plenty of exemptions, deductions and deferments to bring your taxable income way below 250.
Your taxes are not going up.
The OP needs a new accountant.
OP, the Kenyans on here are laughing at you.
k24 wrote:
Wow you guys are really confirming my views on the middle lower class. Most of you (whether you'll admit it or not) are a bunch of whiny bitches who are jealous of those you make more than you. You think they are spoiled and should have to shoulder the burden of the country's enormous debt and when you see them driving a Lexus, you think they aren't paying enough taxes.
How about this. Did you ever consider that the wealthy are much smarter and/or hard working than you so maybe they deserve a nicer life style? The $250,000 - $400,000 tax bracket are the most taken advantage of people in the country. Many of them are like the op with huge tuition bills and zero help.
Accept your lifestyle and don't be jealous of those with better jobs.
There are few people on this thread who make roughly the same, and they're all saying the opposite of what you're saying. So, how is this thread really confirming your view on middle class?
k24 wrote:
Wow you guys are really confirming my views on the middle lower class. Most of you (whether you'll admit it or not) are a bunch of whiny bitches who are jealous of those you make more than you. You think they are spoiled and should have to shoulder the burden of the country's enormous debt and when you see them driving a Lexus, you think they aren't paying enough taxes.
How about this. Did you ever consider that the wealthy are much smarter and/or hard working than you so maybe they deserve a nicer life style? The $250,000 - $400,000 tax bracket are the most taken advantage of people in the country. Many of them are like the op with huge tuition bills and zero help.
Accept your lifestyle and don't be jealous of those with better jobs.
And earn more than 98-99% of the population. If you think people on high six figure salaries are the real victims then you need to get out more.
Also, the guy earning 400k is never 10 times smarter or more hard working than the guy on 40k. a huge proportion of it comes down to opportunities, networks, and guess what, luck.
I was feeling pretty crappy today, and this thread has made me chuckle and feel better.
Up here in Canada with our higher living cost and taxes which are MUCH greater than in the US, you would be extremely well off.
Scratch that, making 250k/year with a single working parent is easily enough to place you in a good area with houses which cost upwards of 1.4m (not mansions, real estate prices are just through the roof right now). Everybody I know with that kind of COMBINED salary wipes their rumpus with $100 bills without thinking twice. They blow money all the time, so CLEARLY, your money is being mismanaged.
Say wha? wrote:
So you've met President Obama? Tell us about that, too.
Ok, I admit that I was too harsh on Obama the person.
But the idea I am talking about(taxing those who make 250K) is still just as ridiculous. I know Obama is not the sole person behind it, so it is unfair to completely blame him.
Another dupe for Obama wrote:
To the OP-Finanacially i am in the same boat as you. My wife and i between the 2 of us make more than 250000. Thats more than most of the people in the world. Like it or not, we're in the top 1-2% of wage earners in the world. Call me crazy, but i want to pay taxes. This is what makes roads, libraries, police, garbage collection work. GWB's administration showed that privatizing these services leads to a worsening of society.
Through accidents of birth (EG white parents) ive had advantages that people without my advantages havent gotten. I want society to be fair. Yes, some poor people abuse the benefits that taxes bestow upon them, rich people do the same to find tax loopholes etc. A just society is just for all, not just the top 1-2%
I agree with this dude that most of us on this website hit the genetic lottery where our parents were able to raise us well and gave us lots of free stuff and gave us opportunities.
k24 wrote:
Did you ever consider that the wealthy are much smarter and/or hard working than you so maybe they deserve a nicer life style?
There are smart, capable people who do a job that people are willing to pay good money to have done. And then there are complete idiots that make good money. Look at our celebrities.
But don't be shortsighted on this. If you want society to continue to turn out droves of people with the skills necessary to earn the more modest incomes needed to buy the products your benefactors sell, then you won't mind paying more for that necessary infrastructure, because you and all your rich brethren will benefit in the long run.
don't tax the rich wrote:
But the idea I am talking about(taxing those who make 250K) is still just as ridiculous.
How would your life change if your household income dropped by 50% tomorrow?
[quote]John n7 wrote:
That was called the stimulus and it didn't work. /quote]
Actually, it did work. Try to keep up.
umm drum wrote:
And earn more than 98-99% of the population. If you think people on high six figure salaries are the real victims then you need to get out more.
Also, the guy earning 400k is never 10 times smarter or more hard working than the guy on 40k. a huge proportion of it comes down to opportunities, networks, and guess what, luck.
Haha I feel bad for you if you think it comes down to luck. Is that how you justify making 30k a year?
Regarding taxation, yes people in the low to mid 6 figures are screwed in taxes while people making 80k a year scream for more handouts. (I'm guessing you're one of them).
Smooth Daddy wrote:
Higher taxes on the wealthy will affect everyone adversely...
These are inevitable consequences of taxation.
And what are the inevitable consequences of a soaring national debt or a lack of a functioning government.
Look, if higher taxes will affect everyone adversely then it must be known that the current level of taxation is either ideal or higher than ideal. How do you know this to be the case?
k24 wrote:
Haha I feel bad for you if you think it comes down to luck.
Luck is a huge factor. There are the odd stories of people beating the odds, but most of the people in the top 1% of US income are there because they had family that provided and environment and resources for those people, and through that environment they were able to acquire the skills and connections that have led to their positions in life today.
Do you have data that suggests otherwise?
my wife and I live in Chicago and make $210,000/year. We had about $160k in savings as of last month.
We're 29 years old with a baby on the way. Meaning she will stop working when the baby comes. I make approximately $150,000/year.
We just bought a $500k house. Our expenses:
Mortgage/Taxes = $2,500
Cars (2) = $600/mo
Insurance = $200
Health Clubs = $200
Student Loans = $300
Gas/Electric = $100
Cable = $100
So we're at $4,000 in expenses right off the bat. Then take into account food and basic living expenses. Thats another $1,000 at least.
So our $150,000 doesnt go nearly as far as most people think. We went from having a lot of money (saving about $6k-$7k per month) to basically being paycheck to paycheck.
k24 wrote:
Haha I feel bad for you if you think it comes down to luck. Is that how you justify making 30k a year?
Regarding taxation, yes people in the low to mid 6 figures are screwed in taxes while people making 80k a year scream for more handouts. (I'm guessing you're one of them).
I think the point he was making is that pretty much everyone works hard. A roofer works hard. A lot of dipsh!ts at McDonald's work hard. It doesn't guarantee success. Same with intelligence. There are a lot of smart people that aren't rich, and there are a lot of dipsh!ts that are. Luck does play a significant factor in success. For me, I work hard (just like everyone else), and I'm smart (like a lot of people), but I just happened to be born with a certain talent that I developed and that people are willing to pay me for. That part was just pure luck.
And me and most of my friends make incomes in the low-mid 6 figures, and I can tell you, life is great. I don't have to worry about taxes at all. I don't have to worry about bills. I don't have to worry about money, period.
Who are the people making 80k that ask for handouts? I happen to know a lot of people in that income range as well, and none of them are asking for handouts.
I agree with the OP wrote:
my wife and I live in Chicago and make $210,000/year. We had about $160k in savings as of last month.
We're 29 years old with a baby on the way. Meaning she will stop working when the baby comes. I make approximately $150,000/year.
We just bought a $500k house. Our expenses:
Mortgage/Taxes = $2,500
Cars (2) = $600/mo
Insurance = $200
Health Clubs = $200
Student Loans = $300
Gas/Electric = $100
Cable = $100
So we're at $4,000 in expenses right off the bat. Then take into account food and basic living expenses. Thats another $1,000 at least.
So our $150,000 doesnt go nearly as far as most people think. We went from having a lot of money (saving about $6k-$7k per month) to basically being paycheck to paycheck.
Maybe your wife should keep working if you're having trouble living on $150k. Considering that the vast majority of Americans get by on considerably less, I don't feel too sorry for you.
I agree with the OP wrote:
my wife and I live in Chicago and make $210,000/year. We had about $160k in savings as of last month.
We're 29 years old with a baby on the way. Meaning she will stop working when the baby comes. I make approximately $150,000/year.
We just bought a $500k house. Our expenses:
Mortgage/Taxes = $2,500
Cars (2) = $600/mo
Insurance = $200
Health Clubs = $200
Student Loans = $300
Gas/Electric = $100
Cable = $100
So we're at $4,000 in expenses right off the bat. Then take into account food and basic living expenses. Thats another $1,000 at least.
So our $150,000 doesnt go nearly as far as most people think. We went from having a lot of money (saving about $6k-$7k per month) to basically being paycheck to paycheck.
So, $60k in annual expenses. That leaves $150k now and $90k when the baby arrives (congrats). You'll be fine.
I agree with the OP wrote:
my wife and I live in Chicago and make $210,000/year. We had about $160k in savings as of last month.
We're 29 years old with a baby on the way. Meaning she will stop working when the baby comes. I make approximately $150,000/year.
We just bought a $500k house. Our expenses:
Mortgage/Taxes = $2,500
Cars (2) = $600/mo
Insurance = $200
Health Clubs = $200
Student Loans = $300
Gas/Electric = $100
Cable = $100
So we're at $4,000 in expenses right off the bat. Then take into account food and basic living expenses. Thats another $1,000 at least.
So our $150,000 doesnt go nearly as far as most people think. We went from having a lot of money (saving about $6k-$7k per month) to basically being paycheck to paycheck.
But even spending $1000 per month on "food and basic living expenses", doesn't that still leave you with about $4000 per month, even on just your pay (since you'll be filing as married, with a spouse with no income, and will have a child you can claim)? Will you be saving now that you'll have a mortgage by taking advantage of that deduction, compared to what you had been paying in rent?
I agree with the OP wrote:
my wife and I live in Chicago and make $210,000/year. We had about $160k in savings as of last month.
We're 29 years old with a baby on the way. Meaning she will stop working when the baby comes. I make approximately $150,000/year.
We just bought a $500k house. Our expenses:
Mortgage/Taxes = $2,500
Cars (2) = $600/mo
Insurance = $200
Health Clubs = $200
Student Loans = $300
Gas/Electric = $100
Cable = $100
So we're at $4,000 in expenses right off the bat. Then take into account food and basic living expenses. Thats another $1,000 at least.
So our $150,000 doesnt go nearly as far as most people think. We went from having a lot of money (saving about $6k-$7k per month) to basically being paycheck to paycheck.
So, you're in the same boat as the OP of not being able to manage your money. You over-extended your expenses to the point where both you and your wife has to work to keep up with your living standard. What the hell did you think would happen when you had kids?
I mean, your expenses are so silly that you're probably going to go in more debt. Health club that's $200/month? You only estimated $100/month of electricity for $500,000 home?
How do you make that much money and have to finance for 2 cars that you bought around $19,000 each?(if it's around 5 year loan)
k24 wrote:
You think they are spoiled and should have to shoulder the burden of the country's enormous debt and when you see them driving a Lexus, you think they aren't paying enough taxes.
Paying an extra 3% on their AGI over $250k is hardly "shoulder(ing) the burden of the country's enormous debt".