Over 60k in Federal Taxes for 2015

originally posted by: BuzzyWigs
a reply to: Metallicus

Not true.

I can't use the inherited money until I am in my 60's because it was in the form of an IRA. Sure it will be great then, but for now I have to pay college for my daughter out of what I make now.

Oohhh okay.....So, you're set for life in any case. And it would have been tax-free, right? Or did you have to pay some estate tax thing? (I heard not too long ago that it only applies to very large sums - 500k maybe?)

Or - was this 60k in taxes based on your earned income alone?

The money will require I pay taxes when I use it like any IRA. All IRA's are saved as before tax income except for Roth IRAs, but this is a traditional IRA. I only make a few 100k a year right now, but it is nice to have the IRA money in the bank in addition to my own retirement savings.

Why be angry at me for being successful? I worked hard for years in a crappy corporate job before I started my own businesses. I didn't like my life so I changed it to do my own thing. It isn't that hard because if I can do it anyone can with a little vision and a don't ever quit attitude can do it for themselves.

Sorry for the internet fart double post.

originally posted by: Metallicus
Why be angry at me for being successful?

www.merriam-webster.com...

an unhappy or angry feeling of wanting to have what someone else has

Why split hairs? Call it what it is.

originally posted by: Tarzan the apeman.
a reply to: Metallicus

I just don't get it ...........when is enough is enough. They going to come and take it all. Then what. We are already paying out the arse, while taking it in the, well you get the picture. And people have the nerve to say free.

Sadly, it will never be enough, not until everything is "free."

So long as there is anything that someone can pay money for thus setting up a group of people who have a thing others do not for various reasons, enough of those people who don't will feel envy. And if they feel envy, someone will use that to tell them they should be entitled to it just like those who paid for it, and thus, those with money will need to be taxed more so they can have it for "free."

It just won't end, and you can tell them they're just as greedy as anyone who has more than they do every was, but they will see it as a virtue simply because they don't have it.

originally posted by: Metallicus

Why be angry at me for being successful? I worked hard for years in a crappy corporate job before I started my own businesses. I didn't like my life so I changed it to do my own thing. It isn't that hard because if I can do it anyone can with a little vision and a don't ever quit attitude can do it for themselves.

Yes, it's nice that you are successful. I don't begrudge you that, but you need to put this in perspective. Here are some tax tables:

The top 1% earned 20.70% of the income, but paid 38.02% of all income taxes.
The top 5% earned 34.73% of the income, but paid 58.72% of all income taxes.
The top 10% earned 45.77% of the income, but paid 69.94% of all income taxes.
The top 25% earned 67.38% of the income, but paid 86.34% of all income taxes.
The top 50% earned 87.25% of the income, but paid 97.30% of all income taxes.
The bottom 50% earned 12.75% of the income, but paid 2.59% of all income taxes

Now let’s put that in perspective.

The top 1% means your adjusted gross income is at or above $380,354.
The top 5% means your adjusted gross income is at or above $159,619.
The top 10% means your adjusted gross income is at or above $113,799.
The top 25% means your adjusted gross income is at or above $67,280.
The top 50% means your adjusted gross income is at or above $33,048.
The bottom 50% means your adjusted gross income is below $33,048.

Where do you fall in this, Metallicus? If you're not the 1%, you're damn close. You are griping about paying $60K in taxes when that is very close to the dividing line of the top 25% in INCOME. ($67,280) HALF the people in the country have an INCOME that is about HALF of what you pay in taxes!

YOU represent the people the rest of us protest about. Yes, you pay more taxes because the tax scale is a graduated one. One look at the figures above will tell you that. You are one of the richest people to post on ATS. You're not just "well-off" Metallicus; you're "filthy rich."

Why you would come on to ATS to rant/brag about how much taxes you pay really shows an obtuseness that proves the rich aren't always intelligent. If you expected any sympathy here on ATS you clearly misread the population here as a whole. You must live in your own little world because for you to complain about this is simply ludicrous.

a reply to: schuyler

So what? When most people complain about the rich, they aren't complaining about people like him either, they think they're hitting people who make millions to billions, not hundreds of thousands, certainly not less than $500K most of the time.

a reply to: schuyler

$380k/yr is "filthy" rich? I guess my wife can trade in her 17 year old Saturn and go get an Benz G Wagon after all.

If $380k is filthy rich, what do you call $4.4 million which is what the average baseball player makes? So is Michael Moore filthy rich too?

The $20 million that some actors command per movie?

The $50 million dollar CEO f500 pay packages?

I'm just looking for some perspective here.

The reason folks like me get cranky is that I am just over the $380k cutoff... so I am a 1%er. My life is much closer to my college professor next door neighbors who I'd guess are in the top 5% than Mark Zuckerberg, yet both of us are 1%ers.

a reply to: schuyler

$380k/yr is "filthy" rich? I guess my wife can trade in her 17 year old Saturn and go get an Benz G Wagon after all.

If $380k is filthy rich, what do you call $4.4 million which is what the average baseball player makes? So is Michael Moore filthy rich too?

The $20 million that some actors command per movie?

The $50 million dollar CEO f500 pay packages?

I'm just looking for some perspective here.

The reason folks like me get cranky is that I am just over the $380k cutoff... so I am a 1%er. My life is much closer to my college professor next door neighbors who I'd guess are in the top 5% than Mark Zuckerberg, yet both of us are 1%ers.

a reply to: Metallicus

I don't begrudge you anything. The point is that you are doing just fine, and your nest egg is very nicely incubating.

You made a rant that you had to pay $60k+ in taxes. Some readers, Metallicus, don't earn half that in a year.

You are earning six figures AND have this IRA growing for you. How in the hell do you justify complaining?????

a reply to: Edumakated

Uh....maybe you're over-extended. A prisoner in your own home or car or fleet or yacht or summer home..........

No excuse for being broke with that much money except that your right hand wrote checks that your left hand couldn't cash --- and now you are whining? Really?

Downsize. And I don't mean the opposite of Big and Tall - or...do I?

originally posted by: BuzzyWigs
a reply to: Edumakated

Uh....maybe you're over-extended. A prisoner in your own home or car or fleet or yacht or summer home..........

No excuse for being broke with that much money except that your right hand wrote checks that your left hand couldn't cash --- and now you are whining? Really?

Downsize. And I don't mean the opposite of Big and Tall - or...do I?

I never said I was broke. Since I tend to believe in personal responsibility, most of my excess earnings goes towards retirement and paying off my modest house, not fancy material things. I am just pointing out that even though $400k is good money and certainly a 1%er income, it is in no way "filthy rich" or affords one a lifestyle that they think of when the 1%er meme is kicked around.

$400k/yr basically means if you consistently make that kind of money year over year, you should be able to put away money for retirement and other bills. Put some money away for your kid's college tuition (or day care). You aren't broke, but definitely not living some super luxurious lifestyle either. You may get to take a nicer vacation or eat out a lot, but that is the extent of it. Maybe you buy shirts at Barneys instead of Banana Republic.

You aren't driving Ferrari's, flying private jets, or throwing stacks of $20k at strippers. You won't have a fleet of automobiles on 22inch rims. Your wife won't be buying Birkin bags. You won't be joining a country club. You have to work a 9 to 5 like everyone else. You worry about losing your job.

originally posted by: BuzzyWigs
No excuse for being broke with that much money except that your right hand wrote checks that your left hand couldn't cash ---

Especially the one to the IRS!

a reply to: Edumakated

I appreciate the hell out of anyone who is self sufficient, planning for their future, and not looking towards my earnings to subsidize their poorly planned life and cover their own poor choices in life.

originally posted by: Edumakated
You didn't know? Anyone who makes more than $75k/yr drives a Ferrari because you are rich!

Lamborghini.

originally posted by: Metallicus

originally posted by: the owlbear

originally posted by: Atsbhct
Maybe I have a weird memory, ( I do), but THIS is why Metallicus likely has to pay so much into taxes.

Damn, you don't have a weird memory, you have an excellent memory.
I didn't think our metal friend was a 1 percenter...

Hah, I wish I was a 1%.

The taxes this year are from my businesses and property income. I try to have multiple streams of passive income so I don't have to do a damn thing if I don't want.

Doing nothing has always been my dream and I had to work hard to get here.

Good on you, old friend. I know you've worked hard to get to where you're at and sacrificed comfort at times. Glad you're doing okay enough to take a $60k hit to the chin and not be picking out a warm dumpster to live in.
If I owed that much I'd be at the truck stop doing favors for pancake money.

originally posted by: AugustusMasonicus

originally posted by: Edumakated
You didn't know? Anyone who makes more than $75k/yr drives a Ferrari because you are rich!

Lamborghini.

Youabian Puma

a reply to: reldra
Just to be clear here---when I end up in the ER---if that should happen---I will pay the bill. My health care doesn't cost the taxpayers one thin dime. The hospital and doctors get their money when I get care---they don't have to wait for some bureaucrat to "approve" my care nor do they have to spend any time filling out innumerable forms.
Just because a bunch of crooked Congress critters got together and passed a law that says I have to purchase a product of which I have no need---I'm an outlaw. So I pay the fine AND all my taxes. You can believe all that rot that the Dems put out if you wish. I live in the real world.

This is what we're talking about here. Wait until the end when he gets to the story to illustrate envy. It works very well with this thread.

a reply to: Metallicus

Gary Johnson?

originally posted by: buster2010
a reply to: Metallicus

Anyone who says we need to pay MORE in taxes is messed up in the head. The only person who would say that is someone that is not already paying taxes.

People that cry about paying taxes now are to be laughed at because taxes now are nothing compared to what we used to pay. This nation would be in a lot better shape had that idiot Reagan not cut taxes so much.

Your tax and spend philosophy is lost on average hard working people.

This type of logic is toxic, and continues to eat away at society.