Are you ready for your taxes to go up?

[RamblingMad]

According to the Wall Street Journal, it takes about $300,000 to be in the top 1%. It takes about $90,000 to be in the top 10%. I realize that everyone closes their eyes and imagines that the top 1% or now top 10% are flying private jets to their private islands but that isn't the case.

If you've flown recently, it's like having your own private jet.

 

[BuckeyeBama]

https://graphics.wsj.com/what-percent/
Second, yes...I know. You want to tax money that has already been taxed.

I fully support taxing everything you own again. I too can be very generous when I'm spending someone else's money.

That chart is garbage - look for real stats.

Here’s how much you have to earn to be in the top 1% in every US state - the average income of the top 1 percent nationwide is $1.32 million.

I am fine with taxing everything that I own again. I know that my wealth was built on the backs of others. Why are you not willing to help those in need?

 

[spiders]

That chart is garbage - look for real stats.

Here’s how much you have to earn to be in the top 1% in every US state - the average income of the top 1 percent nationwide is $1.32 million.

I am fine with taxing everything that I own again. I know that my wealth was built on the backs of others. Why are you not willing to help those in need?

And CNBC also says that you need just over $300k in most states to be considered in the top 1%. Much lower for the top 10%. But I'll let the WSJ know that you think their chart is garbage.

I like the idea of helping those who need help getting back on their feet. I like the idea of providing a social safety net so if someone loses their job, they don't have to worry about losing everything the next month. I don't like the idea of helping people who go through their entire lives blaming their shortcomings on others.

There is nothing stopping you right now from giving away as much of your wealth as you would like. Go for it!

 

[BuckeyeBama]

And CNBC also says that you need just over $300k in most states to be considered in the top 1%. Much lower for the top 10%. But I'll let the WSJ know that you think their chart is garbage.

LOL - You are using the states with the lowest incomes to make a bad point. What matters is average income because all of these folks, in all of the states, will be paying the taxes. Also, your WSJ stats are 6 years old.

 

[BuckeyeBama]

I like the idea of helping those who need help getting back on their feet. I like the idea of providing a social safety net so if someone loses their job, they don't have to worry about losing everything the next month. I don't like the idea of helping people who go through their entire lives blaming their shortcomings on others.

We are talking about paying for these bailouts. Not sure how you ended up on this tangent.

ETA - you are taking this in a political direction, so I will bow out.

 

[spiders]

We are talking about paying for these bailouts. Not sure how you ended up on this tangent.

ETA - you are taking this in a political direction, so I will bow out.

I don't know. Maybe it has something to do with you asking me why I don't like helping people in need. Just a guess...

 

[BuckeyeBama]

I don't know. Maybe it has something to do with you asking me why I don't like helping people in need. Just a guess...

You are right - I asked. My apologies.

 

[jlmarr]

And what is the tax heavily rate that we should be fighting for?

I'd suggest 70%, which was the top rate from the mid-60's to early 80's. It was much higher in the 40's and 50's. Chart

 

[Colleen27]

Honestly, no. And I'm still salty about the fact that my taxes went up with the last "tax cut". But I am expecting it. We can't expect Jeff Bezos to contribute any of the billions he's making now that all of his competition is forcibly closed, now can we?

 

[mefordis]

I have to say I honestly don't care that much that our taxes will go up. I just hope this virus burns out by this summer and as long as we have our health and jobs, whatever happens we can handle.

 

[MillauFr]

And CNBC also says that you need just over $300k in most states to be considered in the top 1%.

Hogwash. You can qualify for food stamps, section 8 housing, and welfare on $300k here.

 

[MetalMasterC]

This whole subject is a very gray area. It has to take a slight miracle to make this thread non-political.

With that said, I know as soon as I heard they were thinking about stimulus checks, the taxes were going up. I have a funny feeling come next year we're not going to be getting our usual tax refund checks for a long while. Those refunds will be far less. I hope I am wrong.

 

[RamblingMad]

This whole subject is a very gray area. It has to take a slight miracle to make this thread non-political.

With that said, I know as soon as I heard they were thinking about stimulus checks, the taxes were going up. I have a funny feeling come next year we're not going to be getting our usual tax refund checks for a long while. Those refunds will be far less. I hope I am wrong.

The new way of determining your withholding amount might have more to do with lower refunds than a likely tax increase.

 

[MetalMasterC]

The new way of determining your withholding amount might have more to do with lower refunds than a likely tax increase.

Either way, they will find some sort of precedent and utilize both. I stand stronger on the less refunds than a tax increase. But again, they could ease into both somehow.

 

[RamblingMad]

Either way, they will find some sort of precedent and utilize both. I stand stronger on the less refunds than a tax increase. But again, they could ease into both somehow.

I have no idea when and by how much taxes will go up. What I need to make sure is that I don't over extend myself, so that I have room in my budget to handle a smaller paycheck if taxes do go up.

 

[rkstocke5609]

I would not be surprised if this whole Corona Palooza fiasco results in a National Sales Tax. Just you wait.

 

[SamFaniam]

Hogwash. You can qualify for food stamps, section 8 housing, and welfare on $300k here.

I would agree that $300,000 doesn’t make you 1% almost anywhere in the country, but it also doesn’t qualify you for state or federal benefits, even in an expensive city like Seattle!

 

[Snowysmom]

Like others, we lost alot of the deductions we could take before the changes. It was not from being overtaxed by the state. Some people made out well with the tax cuts and others not so much. Luckily when the tax cuts went through, I had extra withheld for federal taxes. Good thing I did or I would have passed out when I did my first tax return after that. I always figure any change is not going to be a good one so I prepare for it.

 

[FergieTCat]

My taxes when up when my itemized deductions were eliminated last year (among other things). To tell you the truth, I don't think I'd be happy if they went up again. Perhaps the tax cuts awarded to some very rich Americans could be reversed.

 

[Starwarsfan2]

Honestly, no. And I'm still salty about the fact that my taxes went up with the last "tax cut". But I am expecting it. We can't expect Jeff Bezos to contribute any of the billions he's making now that all of his competition is forcibly closed, now can we?

Bezos and his little company, Amazon, is making a killing off this virus and shutdown.
But hey, his idea, his reward.