It's not an accusation its reality. The current tax system says that the more I make the bigger percent the government is entitled to which by extension is the less I'm entitled to. Since you are voicing support for this system, I want to know why you view this as fair and/or acceptable?
phasing out credits(child credit, etc) is bs too. It’s either a break or not, and should be equal across the board. Hell, make it progressive as well. So in addition to moving up a bracket and paying a higher %, I also get the pleasure of taking less off the bottom line?
In full disclosure, selfishly, I love a complicated, progressive tax system. "Tax simplification" was one of the best things that ever happened to my career. So, keep it up!
Because everyone is treated the same. If you think it is worth your while to make less, that's some funny math. Also, there is not necessarily a linear relationship between work effort and pay. Some jobs are better deals than others. Taxes are not a punishment, and no one who participates in the economy is an island.
We started a small home business this year primarily to assist with taxes. It's a hobby and we don't really care about making money, but our accountant said a business is the only real avenue for us in terms of tax burden.
If the GOP wanted to do, well, anything, nothing could stop them these last 2 years and probably the next forever. Blaming anything beyond the DNC music selection on the D's is just excuses, at this point.
My wife stays at home with our 3. If she worked making what she made before kids, we would damn near pay out, either in taxes or childcare, what she made.
I work overtime and this absolutely comes into play. At a point the raw dollars don't matter when my effective wage is cut and the time I'm spending doing extra work is less valuable. The current tax system is like me handing my pay stub to the deli cashier so they know how much to charge me for a Reuben.
I don't follow on the overtime. If you are tracking pay hourly, everyone has less take home when entering into brackets with higher rates. Everyone. And if you are salary, your hourly rate goes down every hour of overtime you work.
Yep, and I view that as a messed up system. It doesn't matter that the rules are applied evenly, the rules are bad. Government: "Thank you for the extra time you put in at the office lumberjack. We're gonna take a bigger cut off the top before we allow you to keep what's left since you're so rich and all and don't need it."
If you look at it annually, which is how you are taxed, your hourly rate is inconsequential. If you want more take home pay and can demand that in the market, go for it. Don't let your dreams be dreams. If you calculate your earnings by the hour and then work out how your annual taxes apply, you are literally inventing your problem. Your annual income is what is taxed, not your hourly rate.
What gets really fun is when you have to explain that additional 15% to self-employed people for the first time. That conversation can cause some four letter words to be mumbled and/or yelled several times.
You pay income tax on your annual earnings. Full stop. Your hourly rate isn't part of it. Are you guys proposing moving to some hourly tax rate system?
I was in no way prepared for what was awaiting me the first time I had that way back when. Not at all.
My comments were more to the idea we should be more like Norway, or wherever the socialist/progressives want to go. Is that how far you want to go? Is it like 60% over 100K? I can't remember.
All you want to know about Norways taxes are more - https://home.kpmg.com/xx/en/home/insights/2011/12/norway-income-tax.html If I am reading this right and exchanging correctly, roughly $117,000 begins highest bracket and about has an income tax of 39.4% and SS tax of 8.2%.
