43% of income gone before paying a living bill

bbbbmw · 01-01-2016, 11:21 AM

Quote:

Originally Posted by kitesurfer

Quote:

Originally Posted by flynscot

Sticker shock! Was going over the budget the other day and realized that 43% of my income is gone before I pay a living bill, i.e. rent, mortgage, car expenses, electricity bill, etc.
Amazing how much is gone when you are just paying for the responsible things: Life, Health, and Dental insurance, Retirement fund and 401K (separate), and the wonderful State and Federal tax man.

Just didn't realize it till the numbers showed it.

The Truth is the Federal Income Tax was supposed to be temporary to pay for the "war" world war II. Its F***ing sickening that in about 60 years time we have gone from a temporary tax to giving away half our our income.
When you factor in other taxes such as Sales Tax, State Income, Social Security tax , Medicade tax, Federal unemployment tax , State Unemployment tax, City Property Taxes, County Property Taxes, Corporate taxes, Gasoline Taxes, ect..you pay out 60-70% of your income depending on tax bracket.
Yet with all these taxes its still not enough pay for the MASSIVE social programs and govt spending that paralize our nation is so many ways....Our country is nearing 19 billion in debt....Consider this when its comes time to vote in the Bernie Sanders/ Hillary's of the world who call for nothing but more social program spending, More national debt, higher taxes, amensity for illegals, continued disfuntional obamacare, continued anchor baby funding ect, ect,

And we have the highest corporate income tax in the world.

Bernie wants to massively increase handouts to the tune of something like $7T per year. Go Bernie!!

bbbbmw · 01-01-2016, 11:22 AM

Quote:

Originally Posted by BayMoWe335

Quote:

Originally Posted by bbbbmw

Other than maxing out your 401k, all of the rest of the deductions you mention are phased out when you get over about $150k/yr. if you haven't seen the Alternative Minimum Tax (AMT) you might want to look it up - it sucks when you get hit with that, after planning all year long to take mortgage interest, property tax, charitable contributions, etc. And business expenses are only what's over 7.5% of your gross income, IIRC.

I'm already there....that's why I'm so salty.

My post was really just to point out that even if you aren't making over $150k, you're still not getting a ton of tax breaks.

Oh - got it - I misread your post.

RABAUKE · 01-02-2016, 09:38 AM

Quote:

Originally Posted by John 070

And you guys can't deduct your mortgage interest, which is why we have 3 car garages, earn less than you, owe more, while you live in a tiny 2800 sq ft home that you'll pay off by the time you're 35.

So, we have a 1200 sq.ft. house and I won't pay it off by the time I'm 35, most folks in Canada, at least southern Ontario are mortgaged into their 50's. The average price of a house in Toronto is about $1million Canadian.

Dabozo · 01-02-2016, 10:58 AM

Sadly, as our countries (western countries) fall further into debt, the only solution our governments can come up with is increasing taxes. What's more, you will also get less and less in return for your tax dollar. Get used to it.
There is a massive shift of wealth happening in the world today that is fueling a lot of the misery that is coming our way. The middle class is slowly being eroded away. And it's the middle class- not the wealthy, that 'keep the lights on'.

DC-T · 01-04-2016, 12:14 AM

Dubai. No taxes and everything in your pocket.

Plan kids with excess savings while saving. Unlike electricity and sanitation which are fixed costs, kids aren't. Let them join the party when the money's right.

And this thread is depressing.

01-02-2016, 10:58 AM	#114
Dabozo Major 635 Rep 1,431 Posts Drives: 17 M2 BSM MT Join Date: Aug 2015 Location: Toronto iTrader: (0)	Sadly, as our countries (western countries) fall further into debt, the only solution our governments can come up with is increasing taxes. What's more, you will also get less and less in return for your tax dollar. Get used to it. There is a massive shift of wealth happening in the world today that is fueling a lot of the misery that is coming our way. The middle class is slowly being eroded away. And it's the middle class- not the wealthy, that 'keep the lights on'.
	Appreciate 0 Quote

01-04-2016, 12:14 AM	#115
DC-T Lieutenant 356 Rep 469 Posts Drives: F10 M5/Golf R/Amarok Join Date: Jul 2015 Location: Johannesburg, South Africa iTrader: (0)	Dubai. No taxes and everything in your pocket. Plan kids with excess savings while saving. Unlike electricity and sanitation which are fixed costs, kids aren't. Let them join the party when the money's right. And this thread is depressing.
	Appreciate 0 Quote