Taxed Out

[Veritas]

This is probably more than I should disclose in this forum, but I've got to vent somewhere.

I'm not rich, at least I don't fit the stereotype of "rich" that I see presented on this board, in the media, and elsewhere. I don't own a yacht. I don't have box seats to anything. We rent an apartment. I drive a five year old car that cost me less than a new Corolla and a nine year old Explorer with 147,000 miles on it. I shop at TJ Maxx and Old Navy. I wear a $40 Kenneth Cole watch; no Rolex, Omega or Patek for me. My wife and I Priceline all hotels and flights.

But according to the our government, suddenly, I'm rich, and 33% of what I have is theirs. Consequently my tiny company of less than five people has had to empty our savings and hand it to the IRS. We're so small that there is no difference between what my company has and what I have. My company is me; I am my company.

Imagine about having to sit down with your check book and look at your balance, take what you had, and give it to a nameless, faceless entity from which you will receive no return. Remember the sleepless nights, the skipped family outings, the unbelievable stress of trying to cover the gambles you had to make to shoot the moon, the fear of failure, the crushing weight of the responsibility of providing for your family and for the families of those who've chosen to trust you as an employer, and ask yourself this one question:

Will this be used wisely?

[Chuck Bao]

I empathize completely, Veritas. I am grumbling about taxes as well. I was fired two months ago. This year, I got a huge bonus from my performance in the last six months of 2009. I got a huge severance payout. Since I left the company, I will have to take my sizeable provident fund out of the tax shelter at just the worst time. All of it is being recorded as 2010 income. I am probably much luckier than most people being laid off, but I am not happy that more of one-third of my retirement fund has been wiped away in taxes. That is by Thai taxes. I am going to have to pay US taxes on top of that because of the abnormally large one-year income. Bye bye retirement.

[MR2-Sooner86]

I'm not rich, at least I don't fit the stereotype of "rich" that I see presented on this board, in the media, and elsewhere. I don't own a yacht. I don't have box seats to anything. We rent an apartment. I drive a five year old car that cost me less than a new Corolla and a nine year old Explorer with 147,000 miles on it. I shop at TJ Maxx and Old Navy. I wear a $40 Kenneth Cole watch; no Rolex, Omega or Patek for me. My wife and I Priceline all hotels and flights.

Sounds like something from The Millionaire Next Door. It's called hard work and being smart with your money. This line of thought helped you get where you are today.


But according to the our government, suddenly, I'm rich, and 33% of what I have is theirs. Consequently my tiny company of less than five people has had to empty our savings and hand it to the IRS. We're so small that there is no difference between what my company has and what I have. My company is me; I am my company.

Imagine about having to sit down with your check book and look at your balance, take what you had, and give it to a nameless, faceless entity from which you will receive no return. Remember the sleepless nights, the skipped family outings, the unbelievable stress of trying to cover the gambles you had to make to shoot the moon, the fear of failure, the crushing weight of the responsibility of providing for your family and for the families of those who've chosen to trust you as an employer, and ask yourself this one question:

Will this be used wisely?

pz2p4EQtEXs

[Flagstaffsooner]

Ha ha liberals.

[Okla-homey]

This is probably more than I should disclose in this forum, but I've got to vent somewhere.

I'm not rich, at least I don't fit the stereotype of "rich" that I see presented on this board, in the media, and elsewhere. I don't own a yacht. I don't have box seats to anything. We rent an apartment. I drive a five year old car that cost me less than a new Corolla and a nine year old Explorer with 147,000 miles on it. I shop at TJ Maxx and Old Navy. I wear a $40 Kenneth Cole watch; no Rolex, Omega or Patek for me. My wife and I Priceline all hotels and flights.

But according to the our government, suddenly, I'm rich, and 33% of what I have is theirs. Consequently my tiny company of less than five people has had to empty our savings and hand it to the IRS. We're so small that there is no difference between what my company has and what I have. My company is me; I am my company.

Imagine about having to sit down with your check book and look at your balance, take what you had, and give it to a nameless, faceless entity from which you will receive no return. Remember the sleepless nights, the skipped family outings, the unbelievable stress of trying to cover the gambles you had to make to shoot the moon, the fear of failure, the crushing weight of the responsibility of providing for your family and for the families of those who've chosen to trust you as an employer, and ask yourself this one question:

Will this be used wisely?

Uggh.

Welcome to the club. It blows.

But you know what? At least we have the wherewithall and intellect to earn a living. And therefore are not reliant on gubmint benefits for our roof, daily bread and medical care. Unlike the untermenschen who are, who tend to live short, painful, unrewarding, and too often incarcerated, lives. So we got that going for us. Which is nice. I guess.

[Mjcpr]

If the internet search I did is correct, that puts your income between $171,850 and $373,650. Isn't that rate applied only to the certain levels of income? Your first $10k is taxed at 10%, your next $x is taxed at something slightly higher, etc, etc. So your overall tax rate would be much less than 33%, right? I'm sure there is a tax Accountant somewhere on here that knows.

Is this high tax rate a result of an Obama change in the tax structure for the 2009 tax year or is this what it has been for some time now? If so, what was it before?

[yermom]

perhaps it's semantics, but as far as i know you aren't taxed for "what you have" but what you made last year

am i crazy in thinking that if your business is making that much money it should be a separate entity that pays you a salary?

if you don't have withholdings shouldn't you be paying taxes like 4x a year?

[1890MilesToNorman]

perhaps it's semantics, but as far as i know you aren't taxed for "what you have" but what you made last year

If you have anything you are taxed for it. I semi retired in 05 and still pay tax and I'm not drawing retirement or SS yet. Mainly because I sold about $350 in stock last year. I had something and I sold it and they want their ****ing share.

[bluedogok]

If the internet search I did is correct, that puts your income between $171,850 and $373,650. Isn't that rate applied only to the certain levels of income? Your first $10k is taxed at 10%, your next $x is taxed at something slightly higher, etc, etc. So your overall tax rate would be much less than 33%, right? I'm sure there is a tax Accountant somewhere on here that knows.

Is this high tax rate a result of an Obama change in the tax structure for the 2009 tax year or is this what it has been for some time now? If so, what was it before?
Are you looking at personal or business tax rates? Business tax rates are different, even as a business owners you are setup under some sort of corporate structure many still make up shortfalls of business expenses from personal funds...it's called keeping the business going.

The people in gov't (either party) want to keep the population beholden to either the corporation or the gov't. They don't like people of freewill who strike out on their own even though "small business" employs more people than corporations.

[SanJoaquinSooner]

If you have anything you are taxed for it. I semi retired in 05 and still pay tax and I'm not drawing retirement or SS yet. Mainly because I sold about $350 in stock last year. I had something and I sold it and they want their ****ing share.

$350? Did you forget some zeros? The capital gains on a $350 sale can't be much.

[tommieharris91]

$350? Did you forget some zeros? The capital gains on a $350 sale can't be much.

Depending on when he bought the stock, it's either 15% or tacked onto whatever else he made.

[tommieharris91]

perhaps it's semantics, but as far as i know you aren't taxed for "what you have" but what you made last year

am i crazy in thinking that if your business is making that much money it should be a separate entity that pays you a salary?

if you don't have withholdings shouldn't you be paying taxes like 4x a year?

You're right. You are taxed on what you made in the last year. This does include sale of stock, assuming that you sold the stock at a gain. You aren't taxed on holding stock, unless it's paying out a dividend (then the dividend it taxable).

[delhalew]

Were are the socialist ****tards on this site telling you to shut up and do your patriotic duty. After all, folks out there can't afford health insurance because they have to buy a hi-def tv, an I-phone, and put chrome spinners on their honda civic.

[Skysooner]

perhaps it's semantics, but as far as i know you aren't taxed for "what you have" but what you made last year

am i crazy in thinking that if your business is making that much money it should be a separate entity that pays you a salary?

if you don't have withholdings shouldn't you be paying taxes like 4x a year?

The Obama administration hasn't changed anything on taxes yet. This is a legacy of the left and right from previous administrations. Write your congressman. Unforatunately that is about all that can be done except maybe to convert to a true corporation. It is a pain in filing but gives you much more leeway in terms of your writeoffs.

[yermom]

Were are the socialist ****tards on this site telling you to shut up and do your patriotic duty. After all, folks out there can't afford health insurance because they have to buy a hi-def tv, an I-phone, and put chrome spinners on their honda civic.

shut up and do your patriotic duty ;)

[PDXsooner]

thank god the republicans aren't in office or i'm sure taxes would be even worse!

[Veritas]

It isn't about me wanting to hold onto money just for the sake of having it. I'd be completely cool, if, say, I could just give the money to PDX to fund his adoption. That way I'd know that my work went toward giving a child a shot at a life he/she'd never have otherwise. Something worthwhile and human.

It's just very demoralizing to know that that's just wasted money. I could do so much good with it if I were allowed to decide where it went.

I realize this isn't a realistic wish. I'm not trying to start any type of left vs right debate. I'm just a normal guy who's had to pay his 2009 and 2010 1st quarter payments...and they're the largest checks I've ever written, by far.

[GKeeper316]

This is probably more than I should disclose in this forum, but I've got to vent somewhere.

I'm not rich, at least I don't fit the stereotype of "rich" that I see presented on this board, in the media, and elsewhere. I don't own a yacht. I don't have box seats to anything. We rent an apartment. I drive a five year old car that cost me less than a new Corolla and a nine year old Explorer with 147,000 miles on it. I shop at TJ Maxx and Old Navy. I wear a $40 Kenneth Cole watch; no Rolex, Omega or Patek for me. My wife and I Priceline all hotels and flights.

But according to the our government, suddenly, I'm rich, and 33% of what I have is theirs. Consequently my tiny company of less than five people has had to empty our savings and hand it to the IRS. We're so small that there is no difference between what my company has and what I have. My company is me; I am my company.

Imagine about having to sit down with your check book and look at your balance, take what you had, and give it to a nameless, faceless entity from which you will receive no return. Remember the sleepless nights, the skipped family outings, the unbelievable stress of trying to cover the gambles you had to make to shoot the moon, the fear of failure, the crushing weight of the responsibility of providing for your family and for the families of those who've chosen to trust you as an employer, and ask yourself this one question:

Will this be used wisely?

here ya go... problem solved.

http://www.youtube.com/watch?v=qI3IHahHQIg

[85Sooner]

thank god the republicans aren't in office or i'm sure taxes would be even worse!

DING DING DING

Ist place award for most stupid statement I have read today.

[Jacie]

DING DING DING

Ist place award for most stupid statement I have read today.

There was a time when that was true, not so much today. The line between the Democrats and the Republicans has blurred. Don't believe it? Why is there even such a thing as the Tea Party then? Why are people in this country angry with their government? The failure to rule wisely did not start (well, maybe it started) nor does it end with the Democrats.

Last place award for your 1st place award for stupid statements I have read today.

[StoopTroup]

I'd give up my Hi-Def dreams and spinners for my car for one of those new Iphones that Gizmodo got from the drunk Apple Geek.

[Mjcpr]

It isn't about me wanting to hold onto money just for the sake of having it. I'd be completely cool, if, say, I could just give the money to PDX to fund his adoption. That way I'd know that my work went toward giving a child a shot at a life he/she'd never have otherwise. Something worthwhile and human.

It's just very demoralizing to know that that's just wasted money. I could do so much good with it if I were allowed to decide where it went.

I realize this isn't a realistic wish. I'm not trying to start any type of left vs right debate. I'm just a normal guy who's had to pay his 2009 and 2010 1st quarter payments...and they're the largest checks I've ever written, by far.

Part of it also is going toward the fight in Iraq and Afghanistan. Part of it is to save the lives of some people that could never afford it. Some if it goes to pay for the highway on which I drive to work. Dude, it goes to pay for important things...in 30 years, it might go to China so chill.

[PDXsooner]

I'd be completely cool, if, say, I could just give the money to PDX to fund his adoption.

waiting on the approval of a HELOC, and then I think we're pulling the trigger.

[NormanPride]

What are the credits you get for giving to charity? Somehow I don't think it's 1:1 of course. It would be nice to trade money going to the gov't for something like United Way or AIDS research.

[OUTrumpet]

I work full-time as a math teacher.

My wife works a part time job.

We both got to include higher education cuts from tuition for our taxes. We both had a chunk of student loan interest that we paid.

And we ended up having to pay taxes as well this year.

[tommieharris91]

What are the credits you get for giving to charity? Somehow I don't think it's 1:1 of course. It would be nice to trade money going to the gov't for something like United Way or AIDS research.

For individuals, it's dollar-for-dollar up to 50% of income for cash contributions. However, you only get it if you itemize, unlike the student loan interest and educator deductions that were also mentioned in this thread.

[yermom]

of course, i found out this year that you can only claim student interest if you make below a certain amount :mad:

it's not really a bad problem to have, but it sucks when you owe

[49r]

Some people are simply incapable of just enjoying their lives and if this is all y'all have got to whine around about, you should feel lucky.



...and stop whining.