how much money would you bring home in a month after taxes are taken out?

[greedy4chips]

Re: how much money would you bring home in a month after taxes are taken out?

I would be happy if I could make enough to live in a decent home, drive decent vehicles, put decent clothes on the kids and us too, put decent food on the table, have a decent amount for gifts, and put enough away to retire with a decent income.

[Elgin526]

Re: how much money would you bring home in a month after taxes are taken out?

When I was single, I neted $2200 a month (after taxes, health insurance, and 401k) I was able to afford to buy a condo, a car, and had a little bit left over for going out occasionally, and small weekend trips.

Now that we're married and own a single family home, nothing ever seems like enough even though we net $5400 a month, not including DH's overtime. With two cars, one or the other is always needing work, the house always needs work, and DH has monthly medical expenses not covered by insurance. Just these past two weeks we've had $500 in vet bills for the dog and $800 to fix DH's truck. Those two things cost us as much as our mortgage! We've got the money, but it's not exactly what I wanted to use it for, you know?

[vishenda]

Re: how much money would you bring home in a month after taxes are taken out?

If u know the pay amount try..... http://www.payroll-taxes.com/calculators... click on paycheck cac. u can put in ur state, time u get paid & amt per pay check ( before taxes ) I just filled out & it gave me all medicare ; fed; state taxes . everything that shows up normally on my check & all the amts for the state im in... seems to be very helpful

[ShoppingInsider]

Re: how much money would you bring home in a month after taxes are taken out?

All of us would bring home a lot more if the Fair Tax were ever enacted. You don't pay taxes until you buy something, which rewards frugal people. (And which means jerks who make money illegally - say, drug dealers - and jerks who put all their money in tax-free shelters STILL pay taxes when they buy their jets/boats/etc. to fund their lifestyle.)

See http://www.thefairtax.org/PDF/Compar...alTaxRates.pdf

[tinapbeana]

Re: how much money would you bring home in a month after taxes are taken out?

All of us would bring home a lot more if the Fair Tax were ever enacted. You don't pay taxes until you buy something, which rewards frugal people. (And which means jerks who make money illegally - say, drug dealers - and jerks who put all their money in tax-free shelters STILL pay taxes when they buy their jets/boats/etc. to fund their lifestyle.)

See http://www.thefairtax.org/PDF/Compar...alTaxRates.pdf

only problem is that you run the risk of the economy grinding to a halt when you institute a sales only tax system. goes back to the conversation of "what would happen if everyone were frugal? it would be baaaaad"

[ShoppingInsider]

Re: how much money would you bring home in a month after taxes are taken out?

There's no reason the economy WOULD grind to a halt.

Implementing the proposed Fair Tax rate of 23% would generate $358 billion MORE dollars than the taxes it would replace. Plus everyone gets to keep a lot more of his or her paycheck - which means more money to spend (or save.) And our complex tax laws make the US much less competitive globally.

Yes, a lot of IRS folks and tax attorneys would have to find other lines of work, though.

[tinapbeana]

Re: how much money would you bring home in a month after taxes are taken out?

all i'm saying SI is that if i knew i could not spend my money and therefore not pay taxes, i would be more likely to stash more of my cash b/c there's always a chance the laws might change in the future and then POOF i would have tax free income available to me.

the economy could (not would but could) slow down markedly b/c some folks would surely determine their best use of money would be on necessities only.

[sweeps]

Re: how much money would you bring home in a month after taxes are taken out?

Implementing the proposed Fair Tax rate of 23%

According to this site, a tax rate of 23% is WAY optimistic.

[ShoppingInsider]

Re: how much money would you bring home in a month after taxes are taken out?

You're right, lots more people WOULD save their money, which is part of the purpose of the Fair Tax. It ENCOURAGES savings.

Economists have calculated that a 23% tax when people DO spend will make up for it - plus there are billions of dollars in taxes NOT being collected right now because people (and big companies) use every loophole they can think of to AVOID paying taxes.

If all of a sudden those loopholes were GONE, there'd be a HUGE influx of tax revenue to fund the government - and what you and I save instead of spend wouldn't hurt things at all! (And it'd be better for US.)

I wish more legislators would take a good close LOOK at the proposed legislation - many are opposed to it who haven't actually read the thing.

[ShoppingInsider]

Re: how much money would you bring home in a month after taxes are taken out?

Interesting site - I don't think their facts correspond to the 2005 legislation for the Fair Tax, though. And Neal Boortz didn't just pull that 23% rate out of thin air - it's leading economists who came UP with it.

Perhaps, as is true of so many controversial issues, the truth lies somewhere in the middle - I just wish this idea would be fairly debated on a national level. Our current tax system is unfair, unwieldy and needs a complete overhaul.

[tinapbeana]

Re: how much money would you bring home in a month after taxes are taken out?

Perhaps, as is true of so many controversial issues, the truth lies somewhere in the middle - I just wish this idea would be fairly debated on a national level. Our current tax system is unfair, unwieldy and needs a complete overhaul.

true true true.

then again, one of my father's favorite sayings: "Just be glad you don't get all the government you're paying for!"