It's so hard to save money when....

[m3racer]

the government takes all of it!!!! I've figured out that my earned income form jan-may goes entirely to the freaking IRS. That's right I'm a government employee for almost half the year. What the hell!!!! Oh wait I'm considered rich per our Congress & Obama (not even close)!!! I seriously can't understand how people think that our current tax system is fair by any means. Why the hell do I have to pay $.40 on every $1 I make to the government? It's absolutely highway robbery. Maybe I should be lazy and get on welfare. I should have 10 kids and have society pay my way. Well at least my ranting has been somewhat therapeutic.

[m3racer]

BTW, for those that don't think our tax system is unfair please contribute to this thread.

[Angio333]

I know exactly what you mean. Everytime I see my pay subI feel taken advantage of.

[Joan.of.the.Arch]

I just googled "federal tax brackets 2008" because I was not aware that there even was a 40% tax bracket. While I did not even look at the IRS site, I trust that the single link I did look at is accurate.

» 2008 Federal Income Tax Brackets: Official IRS Figures

The highest bracket is 35%, but that only applies after earnings of $357,700

Your first $8025 is taxed at 10%, the next $24,525 is taxed at 15%. After that, the next $46,300 is taxed at 25%. Then if you earn more, the next $85, 700 is taxed at 28%. At that point you are now up to total earnings of $164, 550.

But, if you still earn more, you can expect to pay 33% on the next $193,150, at which point you are up to total earnings of $357,700.

After that you pay 35% on the rest of you earnings up to infinity.

Is that how you were figuring this? Were you also including taxes on investments, social security, and Medicare taxes?

Do you not have any exemptions or deductions?

BTW, I do consider the top 5% of one of --if not THE---richest countries on earth to be rich. If not the top 5% on earth, then for goodness sakes, who?

[TBH]

Why the hell do I have to pay $.40 on every $1 I make to the government? It's absolutely highway robbery. Maybe I should be lazy and get on welfare. I should half 10 kids and have society pay my way.

Dad? Is that you? I didn't know you were on this forum.

[m3racer]

Is that how you were figuring this? Were you also including taxes on investments, social security, and Medicare taxes?

It's 40% if you include state taxes, SS, medicare.

[m3racer]

Dad? Is that you? I didn't know you were on this forum.

LOL.. and how much do you pay in taxes annually? I bet if you paid more than $100,000 in taxes annually you wouldn't find it as amusing.

[m3racer]

BTW, I do consider the top 5% of one of --if not THE---richest countries on earth to be rich. If not the top 5% on earth, then for goodness sakes, who?

Here's the problem most people don't understand. Most professionals spend a significant amount of time and money on their education or training. My total cost was about $270,000 to go to school. None of this is tax deductible. So right off the bat I'm paying a large portion of my income to taxes to help support those in our society that are irresponsible. Why are those that work harder penalized in our society. I just don't get it. I don't believe that I am any more intelligent than the next person. I've achieved my goal thru hard work. Don't get me wrong. Our society is set up for ANYONE to become successful with hard work. I don't believe in excuses. I believe in paying taxes up to a certain point but this is ridiculous.

[maat55]

We need a TEA-time. Look on the bright side, back in the 30's and 40's, the income rate was 88% on the rich. FDR lowered it from 91%.

[m3racer]

We need a TEA-time. Look on the bright side, back in the 30's and 40's, the income rate was 88% on the rich. FDR lowered it from 91%.

Ouch!

[moneybags]

My total cost was about $270,000 to go to school. None of this is tax deductible.

This is not true, unless you made too much money to qualify for the education credits or tuition & fees deduction.

[irmanator]

well if you could get the gov't and the voters to realize that it is in everyones best interest to stop spending so much on pork......lol like that will happen

[m3racer]

This is not true, unless you made too much money to qualify for the education credits or tuition & fees deduction.

That's correct. I don't qualify for the deduction.

[m3racer]

well if you could get the gov't and the voters to realize that it is in everyones best interest to stop spending so much on pork......lol like that will happen

when hell freezes over and pigs fly.

[asmom]

Here's the problem most people don't understand. Most professionals spend a significant amount of time and money on their education or training. My total cost was about $270,000 to go to school. None of this is tax deductible. So right off the bat I'm paying a large portion of my income to taxes to help support those in our society that are irresponsible. Why are those that work harder penalized in our society. I just don't get it. I don't believe that I am any more intelligent than the next person. I've achieved my goal thru hard work. Don't get me wrong. Our society is set up for ANYONE to become successful with hard work. I don't believe in excuses. I believe in paying taxes up to a certain point but this is ridiculous.

You would probably feel a lot better if you realized that a large portion of your income is not being used to support those who are irresponsible. I don't feel like looking it up but the amount used to social services is less than 15%. And even at that, many people who use social services are receiving them because of unfortunate circumstances out of their control. Don't you know that? The remainder of your taxes are spent to support a myriad to things like national defense, those highways and bridges you drive your responsible self to work on, the salary of those cops and firefighters who come to your aid in the event of crimes, medical emergencies and fires and on and on.

And if you really think that being on welfare is so easy, then go for it. Then come back and tell us how much better it is to get your huuuuuuge paycheck from being on the dole and how wonderful your life is as you rack up the freebies. I'd be interested to know.