I make over $400,000 and don't mind. Would you??
Discussion/ DebateEveryone complains about billionaires who actually make money. Meanwhile Congress forcefully rips money from our hands only to still come up short…the government wants class conflict while they’re the real problem behind the curtain.
You do realize the politicians you speak of do what they do because they're paid by said billionaires, right?
Remember, the people who cannot manage money are giving you a "credit score"
Do you genuinely believe that or just like how it sounds? Seven of you can’t be so joyfully wrong, can you?
Please, for the sake of entertainment, elaborate
I’ll give you a hint, the statement rests collapsing separate institutions into a false “they.”
You seem smart enough to work the rest out.
Well correction they are paid by corporations mostly (yes some individuals too). But corporate lobbying is the real issue
I think the point which your comment doesn't really contend is that the top .1% controls corporations and Congress.
That's still on the politician though and a criticism of Congress having special perks that are able to be sold.
Do you think burglars actually make money too? Just wondering.
I mean that’s kinda their whole thing.
“Government is the problem” mentality from Reagan is what got us in this mess. Advocating for more of that with comments like this is just saying “yeah I don’t like this hole but I guess I’ll keep digging!”.
«Forcefully rips»… Do you live alone in the wilderness or in a society?
Thank you. I'm really tired of these posts.
Of course I don’t want the government to take more of my money. About half disappears on each paycheck already.
I make over $400k and yes I mind. Especially if I can’t decided how and where it’s spent.
Doesn't someone who is in one of the top earning percentiles ( in the United States ) have much, much, much, much more say in how it's spent, than others? You can lobby and endorse politicians, much more effectively than someone who makes 40k
Budget that congress agreed upon is not balanced.
And?
They either need to increase tax receipts or change the government spending
Preferably decrease spending.
X
Social services aren't supposed to make a profit 🤦
Who the fuck downvotes this?
lol, did they already delete their account?
You underestimate how out of touch the average republican is. It’s common sentiment for broke republicans to oppose tax increases on the top 1%. Stupid attitude, yes, but don’t underestimate the stupidity of the average American living in Iowa.
Raise the standard deduction. To 35k. No taxes. Cost of living money after the Biden inflation double our prices.
Question: would you still have this perspective if they also lowered your taxes? This is where the fanboys and the rest part ways.
The same people that can’t manage the budget also can’t explain or track or audit where billions of it go. We don’t have a spending problem , we have an accountability problem. If the entities receiving massive amounts of funding and can’t tell you where they spent 1/2 of it, they shouldn’t get that half next year and it should go to different things or back to the people.
What?
Why should someone making $35K a year worry about whether a Billionaire will be able to make it if they have to pay another $20M in taxes?
They will be fine. Literally a person with $1B in the bank could put their money in a CD and make $50M a year just from interest alone.
Cry me a river.
No has a billion in a bank account
Agreed, so then why are you and they so worried about a tax increase?
You either believe that any tax increase on the super wealthy will be ineffective, in which case it won’t matter, or, it will be effective to some extent, in which case you are unduly concerned with the rich and their needs. Trust me, they don’t give two shits about any of us.
Because none of this happens in a vacuum. Do you not understand the first income tax rates were 1%, now what are they? They steal more, spend more, then need to steal more.
You do realize that I am a tax lawyer, right?
Do you realize that the U.S. government funded its needs almost entirely with import tariffs and excise taxes on liquor? So, what is your point.
Also, the original income tax was imposed almost entirely on those with incomes over $5,000, which in 1913 was literally the top 1 percent. Also, the tax was basically on gross income. There was a famous Supreme Court case which basically declared income on unrealized gains as unconstitutional; that is why the Code became more complex.
Taxes are not theft; that is like saying that roads, bridges, the military, firefighters, police, teachers, Social Security, Medicare and Medicaid is the result of theft. Its simply a silly argument and based on a child's view of the world. Not sure how old you are, but if you are over the age of 15 you should know better.
I think this is rooted in Trump fucking everyone over collectively and Biden mitigating it by fucking over a small percentage of people (which I’ll be part of in two years).
Reversing the tax cuts on corps and stopping buybacks would be better.
Why are buybacks a problem?
How many times is this post going to be repeated?
Dunno but tomorrow is my turn.
I don't know, but it won't be enough.
Maybe when self-proclaimed “populists” learn to stop advocating against their own self interests
Yeah right. That's why most new audits are for people making under $200k. If you still believe what Biden says then I don't know what to tell you.
If you still believe what
Bidenany politician says then I don't know what to tell you.
FTFY
I would upvote this 100x if I could.
This.
I checked his profile and he is in a bunch of misinformation anti-democratic subreddits.
Is he wrong though?
Typical Reddit Detective lmfao....
Like 60% of audits in the summer of 2023 were aimed at people making $200k or less. People who make under $200k make up about 92% of fliers. What percent of audits should we expect target 92% of earners?
If 40% of audits are aimed at 8% of earners then it seems like they are being scrutinized at a much higher rate. People making under $200k still cheat, and should be audited.
Adjusting the odds per capita makes your case, but the fact remains. Twice as many middle class and below got new audits as high earners.
Further food for thought. 1040EZ is not auditable, if there are mistakes that's not an audit. What percentage of filers making under 200k a year file 1040EZ as opposed to over?
Not all audits are for tax cheating. I had an audit, and while it cost me time away from work and money to have my tax guy sit in I was not assessed any new taxes or penalties. Those new agents need to do something to justify being employed. And middle class self-prepared returns are an easy fertile target.
Forms 1040A and 1040EZ are no longer available. Taxpayers who used one of these forms in the past will now file Form 1040.
A population being twice as likely to be audited while being than 10X the size is one that is audited a disproportionately low rate. It's a dishonest argument.
Also, a tax audit can just be a letter that says "we need more information about line 103." It's not this scary thing people make it out to be.
I urge you to look into the various kinds of audits. I've been audited twice. Auditing me is much different than auditing an every day American. Also most of those audits are triggered by automatic flags. Two split parents both claiming a child will trigger an audit which is simply a letter in the mail with a form to fix it. That's an audit.
Auditing me is an IRS agent and accountant in my office with my terrified bookkeeper for 3 weeks and they question all my dealings and interview people I have dealt with it.
Most audits occur when what the taxpayer reports doesn't match the reports the IRS receives from payers. It's not the nefarious scheme that billionaires and their kept pets would have you believe.
Audits doesn't mean we think you owe money...
Also... There are more people that make 200k or under than not.
So by population... Duh?
Ya know, 99% v 1%.
Everyone clear on the math here? > or <. Basic 3rd grade maths.
While the odds of being singled out for an audit are lower for middle class the fact remains: in absolute numbers twice as many people earning below 200k were targeted compared to those over 200k. This IRS expansion was sold as punishment for earners over 400k.
Yes... Because there's 100X more people earning under that much money...
Someone says reach into the basket there's 1 billionaire and 99 other schmucks. Odds are not coming up billionaire or hundred millionaire.
Again not hard math. You say that like it's a revelation. It's not. Simple math.
they defunded the irs for years, so running an audit of people like donald trump is too costly, even though the payoff is huge. i think his audit on one chicago tower will net the government a hundred million dollars rhat he defrauded the government out of.
his "i cant release my tax returns because im under audit" audit was over a 50 million dollar tax fraud.
what a fucking crook!
They haven’t even hired the new auditors yet, only a fraction of the new funding has been used.
Amazing that you pin this on Biden. I hate to mention trump at all, but I want you to think critically.
That's not a Biden policy. That's been happening for a while now. The reason is that the IRS doesn't present a challenge to giant corporate law firms anymore. Why's that? Because the IRS has been consistently defunded in budget after budget since 2010. Why would our noble, taxpaying wealthy elite lobby so hard to defund an agency like the IRS if they aren't doing anything shady?
The RedditCare referral was real cute. I remember when I was an edgy teenager.
Inflation is a tax on everyone.
that's not what a tax is.
You definitely don’t make over 400k if you’re saying you wouldn’t mind being taxed more lmao
Exactly. I’m just graduating med school and in 3 years I will make probbaly a little over 400k. Not looking forward to paying probably 140k of it in taxes
Don't worry. You're probably still make ends meet with the remaining $260,000 if you budget correctly or eat only 2 meals a day.
Yeah I’m 250k in debt and won’t be out of residency till I’m 29. Yeah doctors make a lot of money eventually but the hell we have to go through to get there is well deserved for the pay
You make 260k a year and are in debt for 250k for more than two years? Yet, you say the poor people don't know how to budget their money and live within their means? Practice what you preach. Go live in a cheap apartment and stop splurging until you can afford to.
I originally said I’m not looking forward to paying 140k in taxes in 3 years. Where did this come from? “Practice what you preach?” Literally attacking me because I’m going to make a lot of money one day and am annoying that I’m having to pay 35%+ in taxes on it even though I’m 250k in debt with a 6.25% interest rate, have gone through undergrad, and medical school and now have to go through a 3 year residency where I work 55+ hours a week not including studying to make 60k a year even though I’m doing what doctors do. Not to mention, many people who get into medical school have gotten master degrees to do so,thus increasing their debt, im lucky to have gotten free undergrad tuition so my loans are much lower than others, some have 400k debt. the average age is like 26 or 27 getting into medical school, meaning these people won’t be getting done with residency till they are 34 at least. I never even really complained about having to pay “my fair share”, just said I’m not looking forward to it but again get attacked
"I make over $400,000 ..."
- Account suspended - Reddit has suspended this account.
I've made over 200k, and had a ~24% tax rate. I don't think it's a problem to say "if you make over 400k, you gotta pay at least 25%" There's a *LOT* of billionaires out there that pay almost no taxes (Trump's one of them)
Set a minimum rate. If that's 20%, it's better than a billionaire loophole'in into paying 1% rate.
This already exists, and the minimum rate is 26% with the first $133,300 exempt, phased out at $0.25 per $1 over $1,218,700. 28% if you make over $197,900 after the exemption.
The problem is that these people don't actually have incomes, and we tax incomes. They are not income billionaires, they are asset billionaires.
No one is stopping you from sending in extra money to the IRS. Have at it!
This every time. Whenever a topic like this comes up, ANYONE who voluntarily paid additional taxes? Your opinion matters. Otherwise, you’re just the same as everyone else- paying as little as you possibly can and voting for the politician that demonizes someone other than you. Whether you’re earning $30k a year or $4m a year, you vote the same way and it’s with your wallet. If you earn less, you go with the guy telling you about his tax incentives and assistance programs available to you if he’s elected. If you earn more you choose the guy who promises lower taxes for <insert tax bracket>.
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.” - Alexander Fraser Tytler
No you don't.
Does anybody know if this is 400k per household or 400k for an individual?
That is a very different conversation for a lot of VHCOL places.
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Never said it wasn't.
Just different if that's two people earning that amount or one.
Yay a new person who makes 400k and wouldn’t mind
I do mind
I’m against ppl stealing what’s not theirs
Are you a politician? 'cause I can't tell which side of the fence you are on!
Really? Politicians are known for stealing😂
Uh yes I absolutely do mind. You obviously are bullshitting lol
All taxation is theft.
FYI there were 16 more important reason we went to war, and then 10 more after taxes.
Right. Sure you do. Everyone who makes 400k loves to get taxed more!
They’re just passing cost onto you so yeah you should mind. How do people not understand that taxes roll downhill.
Tell me more about this trickle down economic effect? /s
We don’t need more taxation, we just need competent people to manage a $5 trillion annual budget wisely and efficiently.
I only make $225k and I'm already annoyed at how much tax I have to pay. Especially when I see the gross to net on my bonus check. No, I would not be happy to pay more. How about the government manages their $5 trillion dollar pie a lot better? This is what we all should expect. I don't have an annual budget deficit, how about we expect the same from our country?
If you're willing to fork over 25% of your yearly salary to bureaucracies then I'm not really seeing the point of entertaining your opinion. Sorry, not sorry.
You do realize you can add more money to your withholdings on your W2 right? If you don't mind, you should definitely be doing that.
I make between those two figures, and I mind, though it doesn't currently affect me negatively.
More revenue does not counter bad spending practices. It allows you to increase the amount of bad spending. It allows lazy, inefficient sectors in our government to be more lazy and more inefficient. It makes it easier to pass spending bills with little oversight.
Those individuals are already paying their fair share. You may think it isn't enough, but it is likely that you'll never think it is enough until their discretionary income matches your own discretionary income.
The problem is that you are dumb enough to believe this... The irony is your constant projection.
I would mind and i make less
I make over 600k. Yes I would mind. It be rough out here
Check your privilege; you can donate more of your money to IRS then, but don’t require others do the same.
I mind as a not 400k earner because all this will do is cause inflation, it wont solve any problems other than give idiots some sense of false hope.
Lol. Some people still fail to understand the role of government.
my turn to post this next! Every 20th repeat post it cycles back to me.
FUCK, I'm so sick of this political bullshit. Can we please get back to actual finance related posts.
Not gonna happen bud
"If you make over 400k a year, your taxes will be higher." Does not mean that your taxes won't be higher if you make under 400k. I think the government should spend less, not tax more.
But ukraine
Sounds like an EU problem to me.
I know I was being sarcastic 😂😂
Giving more money to incompetent imbeciles doesn't work. Think about how much money they have lost over the years, let alone spent. Would you give a gambling addict your debit card? Would you let an alcoholic have free range in your cabinet?
Lol. Raise taxes on the upper middle class and give the Billionaires infinite tax loop holes.
I DO mind so hard I'm about to pop a blood vessel in my eye.
No you would definitely mind lol. OP is speaking on behalf of money he doesn’t have
My fear is that it won't stop at 400k or inflation will make 400k = today's 35k.
The federal income tax, iirc, was meant to only affect the rich, but now almost everyone pays it.
Is it yet my turn to post this for the 400th time this year?
Only if you wanna be taxed more
Yeah. I dunno why nobody understands it. Their intention is to please the extreme left-wing of the party, tax us all, and it’ll be someone else’s problem by the time Biden’s time runs out.
I call dibs posting this tomorrow
Yep
Yes
I mind. To not mind the goverment taking your money you have to assume that they are both competent and benevolent. They are neither.
But by all means be glad that you are putting another dash of grey paint on Netanyahu’s new F35…
Yes I mind! Taxes collected are wasted by the government. So yeah, stop taxing me.
And stop posting the same memes over and over and over again.
Well, that one didn't last long.
Biden is a complete moron
Just re-election promises that won’t amount to shit.
That’s a woman.
I make over 400,000 agenda reposts and don't mind. Would you??
Well a good amount of people making that amount are small business owners. Increase their taxes and that money is going to come out of somewhere. Guess where
Lower taxes for middle class and lower class.
Biden is just kidding about this btw.
I remember when the 3.6% Obamacare surcharge was sold as only applying to the "rich" making over 250k a year, so I didn't care. Fast forward a bit over a decade and 250k is a rather median income in several HCOL cities. Now I care.
400k sounds like something out of reach, but give it some years of continued Bidenflation and those 35k earning guys will be paying the bonus taxes.
But really, just like 2x as many people earning under 200k are seeing new audits from the army of newly hired IRS agents as those over 200k (in absolute numbers, not per capita) I don't trust this promise of only screwing the rich. I fully expect it to also hit middle class.
No you don’t. You’re the moron making 35k that unfortunately has the same vote as i do.
People who post this don't have a IRA or 401k
I feel the 400k is short sighted. Sooner than later we will all be making 400k due to inflation.
This is the epitome of selflessness. Very admirable
hey it's my turn!
Lol. Sure... You don't mind paying higher taxes.
Income tax was originally meant for "rich" people as well. It's insane to agree to tax increases. We ought to stop spending so much.
No you don’t
Well, this certainly aged well! According to the Wall Street Journal, 63% of new audits since Summer 2023 targeted those earning less than $200k/year. How many times do the "conspiracy theorists" have to get it right before you stop voting for bad policy?
Of course I mind. Give more money to this government!? You’ve got to be high…
What people fail to realize is that when you raise the taxes on the rich it gets passed down to the consumers! They just add it to the price of whatever they’re selling. They are rich for a reason, so when bozo Biden does this stupid shit it’s going to raise prices even more. Mark my words!
Humble brag
I do mind, $400k is too low of a threshold
I honestly wouldn't. I'd actually probably just pay myself and grow my assets and company.
I have no debt. I'm fine. I promise all of you. I was fine writing a 700k check to the government in April and you could make that way higher.
I bought a beach house. I don't need one but I hate stocks and don't like too much liquidity.
Seriously tax me. I'm not a charitable person and won't do anything good with my money except buy homes for my kids and vacation, just tax me and fix shit because I don't want to.
Guys making 35k a year work for the guys making 400k+ so they should be worried too. Shit flows downhill. Can’t tax the job makers without effecting the laborers.
I do, more over $35k today will be $600k in 5 years as all this Brendonomics collapse and they start printing x100 repeating Weimar Republic path to fascist dictatorship
When the trump tax cuts expire, taxes will go up for 90% of filers regardless of income.
We'll all be making 400K per year soon and still be poor! Money printer go BRRRRRRRTTT
It's amazingly stupid how ppl don't care about taxing when it's the government taxing the others, "why should you care about the taxing bracket if it doesn't affect you?" This is the most entitled and stupid reason why you are in favor for more taxes
lol, OP trusts the government!
They everyone point and laugh!😆
It’s almost like someone has told them not to like it so they don’t… weird. Kinda like when they almost always consistently vote against their own interests
If it’s for progressive, pro-natal policies, I don’t mind. I’d prefer corporations pay their fair share as well. This includes paying a living wage.
Yes I would mind
If only the rich paid taxes, no one else would ever have to pay taxes again.
No thanks.
Cutting the trump tax cuts raises those taxes
Yeah, but people who make less than 400k will have higher taxes also
You think that by now after so many politicians that lied that people would doubt
That’s a red herring the real robbery to the middle class is inflation.
This assumes everyone is on a fixed income. What about the contractor who gets that in 1 really good year and makes $400K?
(Laughs in grant cardone) If you don’t make at least that how do you live with yourself??
That’s just trickle down taxes and it works.
Who makes actual money real business owners that make and sell goods and rental companies.
They will just increase the price of things to make up for the lost profits they pay.
Structuring the tad better would work if you got tax breaks for paying people better
The people making 400k aren’t the problem…it’s the people making 40 million who pay a lower tax rate.
That already comes to over 40% of my income in my state before these proposed increases (adding in my state's taxes). Is that enough of a "fair share"? Or is that goalpost going to endlessly move up because the government will never stop wasting absurd amounts of money with no consequences?
If you don't mind, you can give more money to the government voluntarily.
Biden Lies. But then, they all do.
For someone employed by a chain or corporation this probably sounds great. But for a small mom n pop business, it's the death bell ringing.
Getting close to 400 and do mind paying any more than I already do.
What career pays that well to someone with a barely functioning world view?
yes, I mind very much. you aren't missing out on all your favorite programs because there isn't money to pay for them. you're missing out because the people you elect do t want to give them to you. paying more taxes is akin to just lighting money on fire at this point
Another Biden lie
How about we cut all taxes, spend less than we take in and raise tax on imports 🇨🇳 from the country that wants to replace us as the world superpower?
Looks like Amy Schumer right there.
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X for doubt. Yes I would mind. You should too. People making 35k should mind. There is only one group that doesn't deserve the money they "acquire" and thats the asshats that make 5 TRILLION and can't manage to level the budget.