My taxes are just too high, should I retire?

[jIM_Ohio]

The single best tax break is owning your own business. Think about it...

[Singuy]

If your household taxable income is nearing $400k, why do you have debt? Our household income is under 300k. We are NOT rich!!! Your family is making a lot more than we are.

A. We are just hitting 305k/year
B. We have debt because we are 30 years old with a house and student loans?
C. We will be be debt free in 6 more months.

So yeah, only people making 50-60k/year(the U.S average household income, at 48k) will have a hard time crawling out of debt if there's a house involved...and taxes take a huge chunk of their take home pay while they try to make their payments in a 30 year loan. We, making 305k a year, can afford to drop 15k/month toward our student loans and mortgage and pay it off in 2 years..big difference. Total interest we end up paying to the bank, 30k. Total interest the average American will end up paying to the bank, 150k.

So the question I ask is, what am I going to do with my money after we have no debt? Buy a boat?..Start buying things that is useless like 8 dollar ice cubes? Yes the government takes a big chunk of my pay, but my money to me is NOT as useful as someone making 50k/year trying to pay for their groceries.

Notice I am living a normal average life but making an above average pay. If say I live in a million dollar house with a butler, then I guess I should be crying about how uncle sam takes too much money, to the point where I am having trouble making my ends meet.

[Singuy]

It caters to those who can game the system, both rich and poor. The middle class bend over.

Buffett pays a significantly lower tax rate than most of us who earn $200,000 to $300,000.

But I have figured out how to game the system so I am pretty happy now. No more tears.

I believe what you are referring to is Buffett's yearly salary of 100k/year. The rest of the money are re-invested...but that's different than taking that money out and start buying the moon. If Buffett wants to purchase the moon and can't justify it as a business expense, then yes he will have to give a large chunk to uncle sam before making the purchase.

[Like2Plan]

I believe what you are referring to is Buffett's yearly salary of 100k/year. The rest of the money are re-invested...but that's different than taking that money out and start buying the moon. If Buffett wants to purchase the moon and can't justify it as a business expense, then yes he will have to give a large chunk to uncle sam before making the purchase.

For 2010, Mr. Buffett’s adjusted gross income was $62,855,038. After deductions of $23,040,254 (mostly charitable contributions and state and local tax) his taxable income was $39,814,784. Mr. Buffett paid 17.4% of the taxable income or $6,923,494 in federal income tax.

Source of quote: Forbes Magazine 10/14/2011
Warren Buffett's Tax Return and What Congress Already Knew

[LivingAlmostLarge]

Warren Buffet has challenged a room of millionaires to prove they pay more in income taxes % wise than their secretaries who are very well paid. Probably not. Because if you work and are in the 2% but your money is income and not capital gains you are paying more than warren buffet or mitt romney.