Feds Set to Screw the Middle Class Again!

NEW -> Contingent Buyer Assistance Program
I got bad news for those of you looking for lower taxes. This is probablly the last hurrah before sweeping tax increases across all income levels to pay for the sturctural deficits that are coming.



No fix in sight other than pay the bill. That means us.
 
How about this for a definition? The rich are those that can afford to live a "rich" lifestyle as long as they work. The uber-rich can afford that same lifestyle for the rest of their lives without working. Of course, this still doesn't define what a rich lifestyle is. I define it by the options that you have. If you can afford a $500k house/condo, you are rich. You may not feel rich if you live in Irvine and have that house though. But that is because you are surrounded by other people living a rich lifestyle (many of whom can't actually afford it). If you buy a $10million house and live in an area surrounded by $25million houses, you may not feel rich, but you are. Go to Tennessee and buy a $500k house - you will be in a rich neighborhood.



My wife and I have no kids and our combined income is less than movingaround's. I think we are rich. A few years ago our income was twice what it is now and was more than his. So, I know how it feels to have a little more money. I don't think you have to have a butler to be rich.
 
[quote author="no_vaseline" date=1210905852]I got bad news for those of you looking for lower taxes. This is probablly the last hurrah before sweeping tax increases across all income levels to pay for the sturctural deficits that are coming.



No fix in sight other than pay the bill. That means us.</blockquote>


good grief. now every dinner party i go to i'm going to hear a hundred times over, "i've been thinking about buying real estate. it's a really good tax break."



great definition, tim. i think thats what i was trying to get at as well.
 
I buy a couple of thousand a month in diesel for my business. My soon to be sister in law said "Yeah, but you get to write it off!".



The response from me was "Yeah, right off the top of the profit." She looked confused, so I did the math for her.



$2000 diesel expense=$0 at the end of the month



$2000 taxable income * 30% tax burdon = $1400 at the end of the month.



I'm all for being agressive and taking all the edges you can legally take to reduce your tax burdon, but a lot of people get this wrong and blow off a bunch of money needlessly because they are so hung up on taking it to Uncle Sam.
 
[quote author="EvaLSeraphim" date=1210465939][quote author="HB Bear, Too" date=1210422019]No, I never said that my family is barely making it; we're actually doing just fine. Our expenses are way below our incomes. We live not only within our means, but<em> below </em>our means and have done so my whole life. But that's not the point. And, I don't deny that there are people/families that are in financial situations orders of magnitude worse than mine. They are out there and they are many. But I don't think resolving their situation precludes all other priorities, either.



The point is our government is dolling out billions and billions of dollars to right this housing situation and stimulate the economy and damn it, I want my slice of the pie. If I was stupid enough to buy a house, I'd be getting a slice. If I made a less money, I'd be getting a slice. If I ran Bear Stearns, I'd be getting a slice. But since I was rational and don't run a hedge fund built on a house of cards, I get nothing.



The tax policy as it stands rewards the reckless, punishes the rational. And that, my friend, can lead to no good.</blockquote>


You might want to do some more reading. Not all the things you listed stem from tax policy. If you live in California or any other state with an income tax, you can thank this president and two Congress' ago for sticking it to us by allowing people to deduct either their state income tax payments <em>or</em> their sales tax payments. In places like, oh I don't know, <em>Texas</em>, where there is no income tax, that's a no brainer. So folks buying a new car in Texas can deduct their sales tax, whereas you likely would not.



Frankly, I would like to see the tax rates recalibrated by MSA or zip code. If the Feds can do it for their employees, they can do it for the taxpayers. Obviously, someone making $100K in Oklahoma City has a higher standard of living than someone making the same amount in Los Angeles, and yet for tax purposes, they are treated the same.



Of course, as No_Vas pointed out, if you want to pay less taxes under the current policy, there's a way to do that. All said, however, I have not met anyone who has ever voluntarily switched careers, gave up a job they liked, or otherwise took some career action for the purpose of lowering their tax burden. (If anyone knows of such person, I would truly love the opportunity to talk to him or her.) I am going to guess that that is because a job for many successful people is more than an economic decision. They derive pride, intellectual challenge, and psychological satisfaction from their work.



While I can appreciate the "Cheers" aspect the IHB, you might as well put your frustration to good use by grabbing a pen and whipping out a letter to each of your elected representatives. (I have been told that an old fashioned letter carries more weight than an e-mail.)</blockquote>




I've often thought the tax system would be fairer if it was adjusted for cost of living in each area.
 
and as much as i would love an adjustment for the cost of living in irvine, not sure how i would feel about everyone in the IE suddenly realizing its no longer any more expensive to move toward the coast. i've seen The OC and we do NOT want those dangerous chino kids around.
 
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