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Author Topic: Happy Tax day: $100K-Plus Earners Pay 72% of Federal Income Taxes  (Read 2807 times)
James28
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« Reply #50 on: April 15, 2014, 08:06:36 PM »

Well thanks for your honesty james. Hope you prosper and enjoy llife. Word of advice, lavish weddies sound cool on paper but buy a house instead Smiley. Ownership ♢ liberation.

My friend, I hear you so loud and clear it's scary. It's as if you're sitting next to me.

There's a big argument going on in the 'James' household about the price of engagement rings. All the friends are rocking 20 grand rings (at hefty interest rates) She's not happy with anything less. I'm thinking 2k max (I'm thinking $100 max), she's countering with 15k. Neither of us willing to move on price. So there might not be a wedding any time soon to argue over.


I may try and make light of this but she's pulling out the 'I'll wear it for the rest of my life' and 'don't you want me to have the ring I really desire?' or 'We're only doing this once' arguments.
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WalterWhite
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« Reply #51 on: April 15, 2014, 08:10:31 PM »

Then you must be on a decent screw. Back in the UK I heard from a 'revenue inspector' that unless you're earning more than 250k a year, they're hardly interest in you.

The one was a pain because it was expense related so very time consuming and the next was options related. Of course they took place after our new president took office.   Angry
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Red Hook
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WWW
« Reply #52 on: April 15, 2014, 08:12:15 PM »



(CNSNews.com) -- Taxpayers earning $100,000 or more a year pay 71.6% of the nationís share in individual federal income taxes, according to the latest data from the Internal Revenue Service (IRS) from 2011.

These data do not include corporate income taxes, or taxes on capital gains or dividends, or payroll taxes for Social Security and other programs.

In 2011, according to the IRS, there were 145,370,240 individual income tax returns filed. Among those returns, 125,914,418 or 86.6%, belonged to taxpayers earning a salary less than $100,000. The remaining 19,455,822 returns belonged to those taxpayers earning more than $100,000, or 13.4% of the total.

While those top earners, earning six figures or more, represented only 13.4% of the total number of individual income tax returns reported to the IRS, they contributed nearly three-fourths of the total amount of federal  tax revenue from individual filers reported for that year.
US Capitol

Dome of the U.S. Capitol. (AP photo)

In 2011, the IRS collected $1,088,559,743,000 based on taxpayers' taxable income. From that total, 71.6%, or $779,547,834,000 came from those taxpayers earning six figures or more. Only 28.4%, or $308,816,180,000, came from those earning less than $100,000.

The IRS has been posting these tax data online since 1996, when the share of the nationís tax-burden (on individual income) held by six-figure earners was 51%.  Since then, the share of the nationís taxes paid by six-figure earners has increased, peaking (so far) in 2007 when top earners paid 72.6% of the nationís individual income taxes.

Those individual income taxes, $1.08 trillion, comprised 47% of the federal government's revenue in fiscal year 2011, which was $2.3 trillion,  according to the Congressional Budget Office. The balance came from employment or social insurance taxes (36%); corporate income taxes (8%); excise taxes (3%); custom duties (0.3%); and miscellaneous receipts (4%).    (See Historical Budget Data.xls and CBO Budget Outlook.pdf)

coach regardless of who is office I don't think that there will be a reduction in the amount of tax dollars the government collects. Ofcourse the Republicans are going to place the burden on the poor and ever dwindling middle class.

Unless we are willing to cut the military budgets which is currently 1/2 of all federal dollars then we are just arguing over pennies.



everybody wants to cut taxes as long as it doesn't affect their benefits.
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I
Roger Bacon
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« Reply #53 on: April 15, 2014, 08:12:25 PM »

<a href="http://www.youtube.com/watch?v=vnUv7y4U2T0" target="_blank">http://www.youtube.com/watch?v=vnUv7y4U2T0</a>
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jephrius
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« Reply #54 on: April 15, 2014, 08:12:34 PM »

Brutal thinking a 100k is a lot of money in 2014 (unless living in Anus, Idaho). Epic not realizing that plumbers and electricians earn that. Mega thinking that you're going to turn up at Goldman Sachs with your 4-6k a month take-home salary and think you're going to get face time with a 'wealth manager'.  Undecided
This thread is based on 100k, if you'll recall. Most people in The United States earn in the neighborhood of 40k. Personally speaking, I easily exceeded 100k by the end of First Quarter. So tell me how it all works, big shot...
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James28
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« Reply #55 on: April 15, 2014, 08:19:18 PM »

This thread is based on 100k, if you'll recall. Most people in The United States earn in the neighborhood of 40k. Personally speaking, I easily exceeded 100k by the end of First Quarter. So tell me how it all works, big shot...

You thought I was going to come out bitching? No I'm not.

If you're pulling in 100k a quarter, I'm truly pleased for you. Do you know which people are pleased for others? People that are happy in their own lives.

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jephrius
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« Reply #56 on: April 15, 2014, 08:20:38 PM »

You thought I was going to come out bitching? No I'm not.

If you're pulling in 100k a quarter, I'm truly pleased for you. Do you know which people are pleased for others? People that are happy in their own lives.


Oh that's good to know, because for a moment there I had you confused with a jackoff.
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James28
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« Reply #57 on: April 15, 2014, 08:23:00 PM »

Oh that's good to know, because for a moment there I had you confused with a jackoff.

That's accurate at least half the day  Cool

100k the first quarter. Inspiring bro. What do you do?

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Rosicrucian
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« Reply #58 on: April 15, 2014, 09:14:29 PM »

That's accurate at least half the day  Cool

100k the first quarter. Inspiring bro. What do you do?



Taking big risks chief!!!  Shocked Shocked Shocked Shocked

That's what I've gone and done. And now got the interview  Shocked

It's for a divisional manager reporting directly to the MD. The only people I've ever 'managed' were sending the trainees to fetch my coffee. I've always been working directly with the clients on site or as part or with the developers.

Any of you ever done it? Took a stab at something and it came off?
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ProudVirgin69
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« Reply #59 on: April 15, 2014, 09:18:37 PM »

What's the point of this thread?  Should those earning less than $100k be paying 72% of federal income taxes? 
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SF1900
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« Reply #60 on: April 15, 2014, 09:22:07 PM »

You can live on 100K a year. Its ridiculous to think you cant. You may not be taking lavish vacations and driving around in lavish cars, but you can live on 100K. Obviously this all depends on if youre married with kids or not.
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ESFitness
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« Reply #61 on: April 15, 2014, 09:23:39 PM »

That's accurate at least half the day  Cool

100k the first quarter. Inspiring bro. What do you do?



apparently keeps an Excel spreadsheet with a list of his bogus emails and passwords complete to flood getbig.com with dummy accounts (or gimmick accounts. whatever you call them).

don't be fooled.

100k first quarter
5k second quarter
0k third quarter
-90k fourth quarter.

--- Canadian 'dollars' btw.
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ESFitness
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« Reply #62 on: April 15, 2014, 09:31:34 PM »

You can live on 100K a year. Its ridiculous to think you cant. You may not be taking lavish vacations and driving around in lavish cars, but you can live on 100K. Obviously this all depends on if youre married with kids or not.

mortgage/insurange/upkeep - $2500
car payments - $800
car insurance - $200
food - $300
eating out - $400
gas - $500
hair/nails/tooth stuff/soap/ect - $100
...
i'm sure i'm missing stuff.. phones, tv/net, ect.. figure another $500

that's $5300/month... just over $60k/year, fairly easy between two people, even if one works only part-time.
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no one
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have i hurt your feelings?


« Reply #63 on: April 15, 2014, 09:35:10 PM »

My friend, I hear you so loud and clear it's scary. It's as if you're sitting next to me.

There's a big argument going on in the 'James' household about the price of engagement rings. All the friends are rocking 20 grand rings (at hefty interest rates) She's not happy with anything less. I'm thinking 2k max (I'm thinking $100 max), she's countering with 15k. Neither of us willing to move on price. So there might not be a wedding any time soon to argue over.


I may try and make light of this but she's pulling out the 'I'll wear it for the rest of my life' and 'don't you want me to have the ring I really desire?' or 'We're only doing this once' arguments.

if shes that stubborn abt the ring chances are she cares more about the ring and the special day than spending the rest of her life with you.

buyer beware. see you in divorce court.
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The Abdominal Snoman
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« Reply #64 on: April 15, 2014, 09:47:46 PM »

TOP FEDERAL TAX BRACKET IN AMERICA 39.6%...And for anyone to have to pay this they must make over $400,000. a year...If you make $400,000 a year and your wife don't work, have her take a part time job and file jointly...Because your rate will drop to 35% up to $450,000 a year...If you're a single filer and make $100,000 to $180,000 a year, you're paying somewhere in the 28% range...



http://www.bankrate.com/finance/taxes/tax-brackets.aspx
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el numero uno
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« Reply #65 on: April 15, 2014, 10:02:26 PM »

Why I have the feeling that some guys in this thread are full of $hit about their income?
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The Abdominal Snoman
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« Reply #66 on: April 15, 2014, 10:04:16 PM »

Only on Getbig can a household bring in over 200 grand a year and basically live paycheck to paycheck...
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cephissus
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« Reply #67 on: April 15, 2014, 10:12:14 PM »

Why I have the feeling that some guys in this thread are full of $hit about their income?

haha no kidding,

most believable thread in a while

Roll Eyes
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James28
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« Reply #68 on: April 15, 2014, 10:19:38 PM »

Haha  Grin

Why don't you guys read the link I posted. The average shit kicker here earns 70k+ basic and both myself and the girlfriend are degree educated professionals. 200k NEW ZEALAND DOLLARS (not USD!) a stretch? Haha, oh brother.

Edit.

I could only find 2012 figures but shop ASSISTANTS where pulling in 50k a year here (though I imagine that include a fair bit of OT). 2 years ago.

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syntaxmachine
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« Reply #69 on: April 16, 2014, 12:30:36 AM »

Acquiring bitcoin anonymously via cash deposit to sellers on localbitcoins.com, sending the bitcoins to a mixer service, and storing multiple addresses' private keys either in encrypted volumes or safety deposit boxes tax-free of peace and victory.
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ESFitness
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« Reply #70 on: April 16, 2014, 01:26:06 AM »

Acquiring bitcoin anonymously via cash deposit to sellers on localbitcoins.com, sending the bitcoins to a mixer service, and storing multiple addresses' private keys either in encrypted volumes or safety deposit boxes tax-free of peace and victory.

i'll just receive cash via western union, and keep cash in safe deposit boxes. the bitcoin stuff seems risky as hell to me.

stockpiling 9mm and 7.62 ammo in storage units seems safer. lol
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anabolichalo
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« Reply #71 on: April 16, 2014, 02:32:16 AM »

but according to you, you need to be a 'millionaire' (do you even know what a 'millionaire' is? lol) to drive an S-Class Mercedes.

lol


you can have a garage with an 09 S63, a 997 C4S, a 360 Modena, for just over $150k the first two less than 45k miles and the Ferrari less than 25k.

that's only $30k out of pocket if you , only put down 20%.

maybe if you quit spending your sons money on your black crack hookers you too, could drive an S550.
uhm yes....


people driving the car i posted are billionaires you fucking moron

of course there are always people like you, buying cars they cant afford, paying monthly etc ahahaha Grin
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anabolichalo
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« Reply #72 on: April 16, 2014, 02:36:18 AM »

mortgage/insurange/upkeep - $2500
car payments - $800
car insurance - $200
food - $300
eating out - $400
gas - $500
hair/nails/tooth stuff/soap/ect - $100

...
i'm sure i'm missing stuff.. phones, tv/net, ect.. figure another $500

that's $5300/month... just over $60k/year, fairly easy between two people, even if one works only part-time.
lmao no wonder you will be broke at retirement age

i dont even have television/internet/fixed phone bills (use someone elses internet)

i drive a cheap car thats on someone elses name who deducts the expenses from his taxes and i give a compensation for this thats much less than having it on my own name own insurance etc


i dont have to pay child support as long as kid is hospitalized on my insurance

i didnt loan much money for my apartment, i paid 50% cash

 Cheesy





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Simple Simon
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« Reply #73 on: April 16, 2014, 02:47:31 AM »

if shes that stubborn abt the ring chances are she cares more about the ring and the special day than spending the rest of her life with you.

buyer beware. see you in divorce court.

This.
I would drop her now James, shallow and superficial, I bet shes out of your league though and you are clinging onto her as we speak.
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syntaxmachine
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« Reply #74 on: April 16, 2014, 02:48:48 AM »

i'll just receive cash via western union, and keep cash in safe deposit boxes. the bitcoin stuff seems risky as hell to me.

stockpiling 9mm and 7.62 ammo in storage units seems safer. lol

Yeah, dat dere cryptocurrency is seemingly an all-or-nothing investment. But if you consider some of your proceeds as risk capital, btc might be worth a try. Two benefits are:

i) you are accumulating property (that's what the IRS deemed btc recently) that might be hugely valuable in 5-10 years

ii) You can hold it in the digital world at no cost for as long as desired, then 'legitimize' it by transferring it to a btc exchange and selling it, thereby incurring capital gains tax -- no smurfs or otherwise overly complicated schemes needed. With the use of mixer services and having acquired the btc anonymously in the first place, there's no plausible recourse for the IRS to challenge your claim that you were an early adopter only now cashing in (and they're getting dat tax dollar, so are less liable to try).
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