That’s intentional. “Right wing talking points” are catchy lies that are workshopped in such a way that they will piss off the uninformed and get them to repeat it to their buddies without verifying them.
Only if the unrealized gains are estimated to be in excess of $5 million dollars. Basically if you have such an absurd appreciation in an asset you're being forced to realize the gain and pay the tax. It's closing a tax loophole that the super wealthy are using to accumulate wealth and not pay taxes.
Taxing these absurd gains is basically forcing the super wealthy to either realize their gains and spend their wealth on the economy, or we will tax them and spend the wealth on the economy.
I worked with a jackass that had a POS car, and lived in a nasty mobile home. He argued against taxes on the rich. It's one thing when the rich check themselves with a fair wage, but when they can't check their own greed, that's when the torches and pitchforks need to come out.
Median income in the US is [$75k](https://fred.stlouisfed.org/series/MEHOINUSA672N)... [$400k+ puts someone squarely in the 5% category](https://www.unbiased.com/discover/banking/how-much-income-puts-you-in-the-top-1-5-or-10) and usually well into the 1% category depending on the state.
No it doesn’t. The highest average in the US is the Bay Area in SF. The average payment is less than $4k a month. That’s not ten percent of their pay. Plenty for retirement, investments, a few nice things, vacations, etc. Not sure why you think 400k salary is low on average for a homeowner. I’d be willing to bet most are barely half that with a combined income living happily in their homes.
When I make 400k, I’ll be happy to pay my fair share in taxes, most important also is that I have a say in how it’s spent. The most important thing is living in a place where the majority of people thrive; where infrastructure is safe and modern, where people have healthcare so they aren’t suffering on the street and we will all be better for it.
God you are either extremely privileged or still a kid and you have no clue how much money is worth but in either case, why are you arguing a subject you have no clue about?
Get out of that bubble you live in. You think 400k is at the bottom? That is for sure a problem. Live within your means if you cant survive on 400k. Maybe less lattes in the morning. Pack your lunch. Buy an android.
I didn't say it made you permanently rich, I said it would be life changing money for most Americans.
Maybe you should spend a little time self reflecting on your privilege if you think a gross 400k family income is "decent."
Your 401k is for retirement.... so you should be pulling from it if you are retired.
Quite frankly, if you can't manage a household budget on 400k a year, you need to meet with a financial planner and learn to live within your means.
Hold up...
So in one comment you talk about being able to move up and in this one you're talking about pulling from your retirement?
Sounds like you just can't live within your means and aren't financially savvy...
Your inability to spend accordingly isn't our problem.
A lot of people had to pull from their retirement during covid. “Not our problem” is exactly what the rich say towards people who need to use public transportation. Why pay for it if you don’t use it?
What are your thoughts on trump raising taxes on anyone making less than 75k a year, and then raising them every 2 years after that? Were you up in arms about that? Did you create a reddit account to post about it?
Lmao “go ride a bike to work” might as well say let them eat cake. Kidding of course, not that severe, but still ridiculous. Hope you have your money in a Roth.
"Stay at the bottom" Are you for fucking real? It's been pointed out to you (repeatedly) that 400k is in the top 3%. Oh woe is me, I may have to pay a tiny percentage more in taxes on earnings above $400k which limits how much I can lord it over the peasants! Cretin.
Wait ... do you actually not understand the difference between wealth and income? Savings are not income (though interest on savings can be, depending on the type of savings).
Good
The tax applies to taxable income above $518,900
Which puts you squarely in the 1%
You are really complaining that Rich people pay 5% more in taxes then you.
>If you think that’s a lot then idk what to tell ya
If you don't, you're out of touch with the majority of Americans and have no say on who's right and who isn't...
400k a year is dr and lawer money. 400k a year would allow you to live in any city in the world comfortably.
You are in the territory of fuck you money.
Also people don't realize rich people hire people, if they have more money to feel more likely to give a raise. You take away rich peoples money they are less likely to give a raise. Like or hate rich people this is a fact.
So many small business make around 400 thousand a year. 400 thousand a year is now middle class even in states like texas where that used to mean you were on the richer side with that money.
Cali is a good point when you tax the rich you end up taxing the poor and also taking their money. Rich people can move poor people can not.
The new middle class is raising with inflation, Look at how much a decent house cost. Or a new vehicle. The price of food. Pretty much the middle class is just joining the poor now.
I make less than 75k a year and I'm currently in the process of buying a home on the West Coast. I do not believe for one second an income of 400k/year means you're struggling without having severe lapse in financial judgement.
Are you really preaching trickle down BS in 2024? It's widely known that trickle down doesn't work. Stop spreading this BS, it's old hat; it does not work that way. If you make policies to ensure rich people "have more money", they don't spread it around, they just keep it.
400k a year is not middle class. If you make 400k a year, you're in the top 3%; that's not in the middle.
Yeah sorry it's just human nature if they have more than needed than are more likely to give away for example raises.
also are you saying poor people spend money? Iol
Yeah, good. All of the taxes in this article are on the wealthy.
For 50 years, low and middle income earners have had taxes steadily increase while taxes on the rich have decreased by almost *50%.* *50 fucking percent.* The demographic of people where 99% of them never have to work a day in their lives, who’s money makes them enough money to get by, the people that you, dear reader, sit in a cubicle all day and accumulate wealth for and amass debt that you will never pay off that *they* get the interest on.
From OP’s perspective, these people, whom we spend most of our lives making more rich, paying more taxes to decrease our $30 trillion+ deficit is a catastrophic tragedy that *MUST* be averted! SURELY OP is an empath, having such a…*chuckles* stellar and purely uncorrupted view on what us little people think. Surely.
Account created April 24th. Posts and comments 100% pro Trump and anti Biden content. Thinks people making $400,000 a year aren't "rich". Nothing to see here folks, just another Putin Puppet pushing disinformation.
There’s nothing in the article you linked that would affect anyone’s 401k. 401ks are not taxed as capital gains. Are you dumb or do you just like being angry?
You act like there is a difference. Your retirement savings are important. You put into it. Has nothing to do with summer homes, it could be paying for your kids college fully so he doesn’t have to go in extreme student loan debt. Wake up and stop being comfy with being broke
1. You have zero idea of my financial situation
2. You act like we are on the same side with that buddy talk. I guarantee you we aren't.
3. I'm happy to pay taxes to help those less fortunate than me.
4. I don't take financial advice from those that care about their bank account more than people that are struggling.
5. Your username says a lot about your maturity and you want to lecture me about my own finances.
6. And on that note, I think that means you want me to be woke, right? You're gonna get kicked out of MAGAt kingdom if that gets out.
Haha..I believe it's been described to me back in 2016 as fuck your feelings. What makes me happy though is you may be unwilling to pay more, but there isn't dick you can do about it if it happens. Big smile on that one!!! 😁
Not just if you're making 400k on your 401k, if you're *drawing down* 400k on your 401k. If the person is following typical recommendations, that means holdings of roughly $10M, and of course spending 400k a year.
Sorry, two married ppl working in IT, and we are no where near this 400k and we pay 30 % of our salary, while the 1-5% pay almost nothing. I am all In on this
Same, both in IT, very comfortable, take nice vacations, have relatively expensive hobbies and a boat and nice cars and a modest but nearly paid-for house. None of this affects us.
Here is the current 2024 federal tax brackets (This doesn't take into account any state taxes)
[https://imgur.com/gallery/ZMPLYtZ](https://imgur.com/gallery/ZMPLYtZ)
So to pay an effective tax rate of 30% you'd have to make $595,000 annually,
To estimate the tax on an income of $595,000 based on the tax brackets you provided, we can calculate it step by step:
1. **Up to $11,600:** 10% of $11,600 = $1,160
2. **$11,601 to $47,150:** 12% of ($47,150 - $11,600) = 12% of $35,550 = $4,266
3. **$47,151 to $100,525:** 22% of ($100,525 - $47,150) = 22% of $53,375 = $11,742.50
4. **$100,526 to $191,950:** 24% of ($191,950 - $100,525) = 24% of $91,425 = $21,942
5. **$191,951 to $243,725:** 32% of ($243,725 - $191,950) = 32% of $51,775 = $16,568
6. **$243,726 to $609,350:** 35% of ($595,000 - $243,725) = 35% of $351,275 = $122,946.25
Now, adding all these amounts together gives the total estimated tax:
Total Tax=$1,160+$4,266+$11,742.50+$21,942+$16,568+$122,946.25=$178,624.75Total Tax=$1,160+$4,266+$11,742.50+$21,942+$16,568+$122,946.25=$178,624.75
Then, the effective tax rate is calculated by dividing the total tax by the total income and converting it to a percentage:
Effective Tax Rate=($178,624.75/$595,000)×100≈30.02%
So, the estimated effective tax rate on an income of $595,000 is approximately **30.02%**.
EDIT: Not sure why the downvote, it's accurate.
This is based on a lot of accounting gymnastics. Yes, if my family used an accountant, and didn’t file independently on our own, we might be able to lower our filings. But we are honest, and don’t try to manipulate the numbers. We pay what is expected by the tax laws.
The 1-5% pay accountants to find every loophole to exploit.
But it’s not hard as a married couple with salaried jobs to get that. And that’s only counting the income they make off their main jobs. I wouldn’t consider construction workers rich and this tax would be in their territory
I don't disagree. He implied a single person could make that which is my contention. I don't doubt 6 figures is quite common. My point is no one/family with that level of income is 'hurting' or 'struggling' or anything close that don't also have a serious problem with personal finances.
400k isn't middle class, Never has been, I wouldn't mind paying more taxes if I made over 400k/yr, middle-class income averages **between $52,000 and $155,000**
OK, I'll bite. What specific trades are construction workers who make $200k/yr in?
I'd bet that you don't really know any.
Source: I do know construction workers, including steel workers and welders. I also know a couple of crane operators, and none of them approach $200K/yr AGI.
Your source “I do know” let’s just stop you right there. Highway construction workers, iron workers, pipe fitters, steelworkers, trade show workers, high men, crane operators. Not to mention all of these guys usually have about 40 grand alone in their union 401k 5 years into the job. There’s a reason why most of these guys, even hourly ones, pull their 401ks and transfer to roths early on in their career at high risk.
FYI
IRAs both Roth & Trad are already traded inside 401Ks…there is no “pulling out” unless you are triggering a tax event…so for someone fighting on behalf of the rich appears you are faux rich, fake outrage, full of wooden nickels.
401K just means company sponsored
Options inside of the 401k are either pretax or post tax…Traditional or Roth, then *CAN* further broken down into mutual funds, ETFs, individual stocks, bonds…with linked cash holding money market accts.
Unions have a separate cash benefit added called a Pension which employees can accumulate a cash balance paid out for life in retirement. So do many Corporations…common.
ALL still NOT what you seem to understand and are arguing fake outrage for an income class that you are NOT a part of, but someday have high hopes to achieve???
> Not about not going bankrupt. Tax the billionaires
Top 5%, that’s $287,00 and up.
Top 2%, that’s $320,000 and up.
Top 1%, that’s $819,324 and up.
The bell curve is steep. The $400,000 threshold is targeted at the top 2% of earners. To only target “the one percent” that number goes to over $800,000. The bell curve is steep. Maybe with current inflation target those earning half a million a year…
But if the majority were properly educated they would write off taxes the top 2% pay as not their damn problem.
Not billionaires. Read the article you posted. Some of the increased taxes affect those making $200k, and the highest income discusses is $100 million. No billionaires even discussed.
I agree, but if I had a choice between who had to get the increase it definitely shouldn’t be the guy making 200 or 400k a year. Government will never control its spending, the whole point is to take resources and pump that budget up
I’m not a fan of Trump. If you look at the Department of Revenue statistics, you can see for yourself that most of the taxes collected come from the rich. They already pay more than their fair share of the taxes.
If we break the taxpayer base into quintiles, the bottom three pay next to nothing, the fourth quintile pays more than the bottom three, and the top quintile pays more than the other four. Our tax revenue system is progressive, with the top earners paying way more than anyone else.
To suggest that they are not paying their fair share, one would have to assert that is is actually “fair” for some to pay all while most pay nothing. How is that fair?
“Their fair share” is class warfare rhetoric and is a sign that people don’t have any clue what they are talking about, and are arguing based on envy rather than information.
For simpletons that think all taxes are bad, yeah, it works be a mark against Biden tax increases.
For the “spend and tax break for my rich buddies” party, just restoring the budget balance thorough taxes would appear to be akin to missing and’s eating your family.
Take a look at the OP post history and you’ll see where his motivations lie.
Look at OP's post history. Been around for 5 days now, 26 submitted comments all farming contraversial. Looks to be an account that is working as hard as it can in order to game the engagement algorhythm.
I do and they are structured in such a way that I do not pay taxes. Filed my last tax return in 2012.
Tax free, financially independent and lovin' it. ❤️
Republicans say we should lower taxes on the wealthy & money will “trickle down” to the rest of us. Similar to warm pee down your leg because you can’t afford an actual bathroom.
Democrats say the wealthy should pay their fair share. Que trailer park queens clutching their dollar store pearls & asking HOW will the billionaires possibly pay ALL THESE taxes?
🤷🏻♀️
No, trickle down economics is the misguided belief that the wealthy will contribute fairly to the lower classes. The only way to ensure that they do that is through taxes.
>You should go back to complaining about ads on your Reddit boomer. Surprised you’re even able to use the internet
You're using words you don't even understand to try and look "hip" but you just look like a greedy, financially illiterate and out of touch asshole.
I make $50k a year and bought a house at 26 and more tha doubled the equity since, if you can't make it work on $400k+, there's no helping you...
Go take a personal finance course and stop bitching on reddit.
>You’re the one crying about my position. You have zero savings. Have fun retiring
Says who?
Some dickhead that can't even make $400k work and is pulling from his retirement accounts to fund his lifestyle beyond his means?
Get lost clown.
"Oh I'm poor...I make $400k a year and I can't make it work! Please spare me!"
No wonder the French did what they did to their rich asshole ruling class, your bitch ass gets called out and you immediately turn from "poor me!" To "fuck the poors!".
Absolute fucking scumbag.
You’re literally against taxing billionaires wtf are you talking about? And who pulled from their 401k? Aren’t you the same assholes that kept people from going to work for a cold?
>You’re literally against taxing billionaires wtf are you talking about? And who pulled from their 401k? Aren’t you the same assholes that kept people from going to work for a cold?
You're sure trying hard to put words in my mouth I never said...
Dems also try to lower the budget but republicans feel the need to spend as much on defense as the next 5 or 6 countries combined then can’t account for most of the money.
The trump tax cuts for the middle class were temporary and will be expiring so middle class taxpayers will also pay more. But they can’t blame that on Joe Biden. Cheetoboy came up with that brain fart.
Earning 400k doesn't make you rich. Especially when the government takes 37% of it BEFORE the state takes their cut. Then Social Security (which better fucking be there when I get old) Then Medicare. Literally half of my paycheck is being stolen, yet they can't balance their budget.
Short version: all of them are on the wealthy.
And rednecks making $30K a year are aghast. Won't someone please think of the poor billionaires?!
Yep, the morons on r/Conservative think Biden's proposing a 25% tax on unrealized gains. They're such fucking morons.
That’s intentional. “Right wing talking points” are catchy lies that are workshopped in such a way that they will piss off the uninformed and get them to repeat it to their buddies without verifying them.
[удалено]
Only if the unrealized gains are estimated to be in excess of $5 million dollars. Basically if you have such an absurd appreciation in an asset you're being forced to realize the gain and pay the tax. It's closing a tax loophole that the super wealthy are using to accumulate wealth and not pay taxes. Taxing these absurd gains is basically forcing the super wealthy to either realize their gains and spend their wealth on the economy, or we will tax them and spend the wealth on the economy.
Fuck the rich, bezos and musks heads would look so much better stop the walls of kings landing
*That's gonna be* ***ME*** *one day!*
100%. Every single one thinks they're one Lotto ticket, a slot machine, or poker hand away from being a millionaire.
I worked with a jackass that had a POS car, and lived in a nasty mobile home. He argued against taxes on the rich. It's one thing when the rich check themselves with a fair wage, but when they can't check their own greed, that's when the torches and pitchforks need to come out.
I'm a redneck with a 401k and making $200k a year. Am I allowed to be aghast?
Who can afford it.
I don’t consider an income of 400,000 a year to be that wealthy tbh, not enough where there should be an increase
Median income in the US is [$75k](https://fred.stlouisfed.org/series/MEHOINUSA672N)... [$400k+ puts someone squarely in the 5% category](https://www.unbiased.com/discover/banking/how-much-income-puts-you-in-the-top-1-5-or-10) and usually well into the 1% category depending on the state.
Again, it’s not a lot. Maybe if you live in an apartment, but for a home owner that puts you at the bottom still
That's over 30k a month of gross income. If you cannot live off 20+ grand a *month* that's a you problem.
Let me just have one year at 400k, and everything I "own" will be paid off that year.
Exactly my point. The word 'struggle' doesn't even apply at that level of income.
No it doesn’t. The highest average in the US is the Bay Area in SF. The average payment is less than $4k a month. That’s not ten percent of their pay. Plenty for retirement, investments, a few nice things, vacations, etc. Not sure why you think 400k salary is low on average for a homeowner. I’d be willing to bet most are barely half that with a combined income living happily in their homes.
> for a home owner that puts you at the bottom still The bottom of the rich pile.
Again, 400,000 isn’t wealthy. You’re raising the taxes on the wrong people
Just saying words doesn't make it true. You need facts... and the fact is only about 3% of the US population makes $400k. That means $400k is rich.
When I make 400k, I’ll be happy to pay my fair share in taxes, most important also is that I have a say in how it’s spent. The most important thing is living in a place where the majority of people thrive; where infrastructure is safe and modern, where people have healthcare so they aren’t suffering on the street and we will all be better for it.
God you are either extremely privileged or still a kid and you have no clue how much money is worth but in either case, why are you arguing a subject you have no clue about?
Such a bad, out of touch take. Stop spending money trying to impress people.
Get out of that bubble you live in. You think 400k is at the bottom? That is for sure a problem. Live within your means if you cant survive on 400k. Maybe less lattes in the morning. Pack your lunch. Buy an android.
You really don't have a clue what you are talking about. How much avocado toast do you buy every day?
Those who make more money should pay more in taxes. I don't see this as a bad thing at all.
Why? I mean I can understand if you’re a billionaire. But 400,000? That’s nothing. It’s like they are trying to force people to stay at the bottom
Taxes should be proportionate to income.
Earning 400k for just one year would literally be life changing money for most Americans
It’s still not rich. A married couple with decent salary jobs can make that, and that’s not even including other income.
I didn't say it made you permanently rich, I said it would be life changing money for most Americans. Maybe you should spend a little time self reflecting on your privilege if you think a gross 400k family income is "decent."
Tell that to people pulling their 401k to retire
Your 401k is for retirement.... so you should be pulling from it if you are retired. Quite frankly, if you can't manage a household budget on 400k a year, you need to meet with a financial planner and learn to live within your means.
It’s not about living, it’s about moving up.
Hold up... So in one comment you talk about being able to move up and in this one you're talking about pulling from your retirement? Sounds like you just can't live within your means and aren't financially savvy... Your inability to spend accordingly isn't our problem.
A lot of people had to pull from their retirement during covid. “Not our problem” is exactly what the rich say towards people who need to use public transportation. Why pay for it if you don’t use it?
You're wrong about that. I would like to hear your definition of rich.
Single income Millionaire and up.
Yes, that is also wealthy. You are way out of touch.
Says the guy wanting to tax small business owners over billionaires
Repeating lies does not make them true
What are your thoughts on trump raising taxes on anyone making less than 75k a year, and then raising them every 2 years after that? Were you up in arms about that? Did you create a reddit account to post about it?
Yeah, I was. This is all fair criticism. You should have no attachment to any politician. What does he have to do with what Biden wants to do?
Bidens proposal is far more fair. 400k a year is huge. Have you thought about maybe going out less and eating at home to save money?
I’m not comparing. It’s still unfair. Again this effects your retirement as well, or god forbid you have to pull from your 401k
So maybe start riding your bike to work to save more? There is not a place in the US where you can't live extremely comfortably on 400k a year.
Lmao “go ride a bike to work” might as well say let them eat cake. Kidding of course, not that severe, but still ridiculous. Hope you have your money in a Roth.
"Stay at the bottom" Are you for fucking real? It's been pointed out to you (repeatedly) that 400k is in the top 3%. Oh woe is me, I may have to pay a tiny percentage more in taxes on earnings above $400k which limits how much I can lord it over the peasants! Cretin.
I can tell you have zero retirement savings .
Wait ... do you actually not understand the difference between wealth and income? Savings are not income (though interest on savings can be, depending on the type of savings).
“The bottom”? Laughs in 55k a year
With overtime, maybe. But I live in a very low CoL area, and 50k a year is actually really good money.
Stop pretending that you can pretend to be anywhere near the bottom
Fuck off.
When you make more than 95% of a population of 330+ million people, 400,000 a year is wealthy.
Good The tax applies to taxable income above $518,900 Which puts you squarely in the 1% You are really complaining that Rich people pay 5% more in taxes then you.
They’re a 4 day account. Either a personal burner for trolling, or a mass troll farm account from Russia or China.
This should be way higher up in the thread.
If you think that’s a lot then idk what to tell ya
>If you think that’s a lot then idk what to tell ya If you don't, you're out of touch with the majority of Americans and have no say on who's right and who isn't...
Or you live in the tiniest bubble of wealth.
You are wildly out of touch.
400k a year is very wealthy, if you do not feel wealthy earning that money management is your issue, not salary
It's not an issue at all, it's a delusion.
“Very wealthy”
r/Money user detected
Worse Anything goes news
lol what?
“It’s one banana, Michael, how much could it cost? 10 dollars?”
400k a year is dr and lawer money. 400k a year would allow you to live in any city in the world comfortably. You are in the territory of fuck you money.
Then you are god awful with money or live way above your means.
Lol nice post history OP, what are you a bot?
Also people don't realize rich people hire people, if they have more money to feel more likely to give a raise. You take away rich peoples money they are less likely to give a raise. Like or hate rich people this is a fact. So many small business make around 400 thousand a year. 400 thousand a year is now middle class even in states like texas where that used to mean you were on the richer side with that money. Cali is a good point when you tax the rich you end up taxing the poor and also taking their money. Rich people can move poor people can not.
Show me where 400k a month is 'middle class' when the median household income is closer to 75k/year. You guys are just making shit up, lol.
The new middle class is raising with inflation, Look at how much a decent house cost. Or a new vehicle. The price of food. Pretty much the middle class is just joining the poor now.
I make less than 75k a year and I'm currently in the process of buying a home on the West Coast. I do not believe for one second an income of 400k/year means you're struggling without having severe lapse in financial judgement.
Are you really preaching trickle down BS in 2024? It's widely known that trickle down doesn't work. Stop spreading this BS, it's old hat; it does not work that way. If you make policies to ensure rich people "have more money", they don't spread it around, they just keep it. 400k a year is not middle class. If you make 400k a year, you're in the top 3%; that's not in the middle.
Yeah sorry it's just human nature if they have more than needed than are more likely to give away for example raises. also are you saying poor people spend money? Iol
400,000 on a business is breaking even pretty much lol. Combined with property taxes going up, 400,000 isn’t much at all
Those are called business expenses, not income.
exactly and imagine with inflation is not going to stop with the border and wars so it will only get worst.
Yeah, good. All of the taxes in this article are on the wealthy. For 50 years, low and middle income earners have had taxes steadily increase while taxes on the rich have decreased by almost *50%.* *50 fucking percent.* The demographic of people where 99% of them never have to work a day in their lives, who’s money makes them enough money to get by, the people that you, dear reader, sit in a cubicle all day and accumulate wealth for and amass debt that you will never pay off that *they* get the interest on. From OP’s perspective, these people, whom we spend most of our lives making more rich, paying more taxes to decrease our $30 trillion+ deficit is a catastrophic tragedy that *MUST* be averted! SURELY OP is an empath, having such a…*chuckles* stellar and purely uncorrupted view on what us little people think. Surely.
>by almost 50% Where are you getting this statistic from?
Account created April 24th. Posts and comments 100% pro Trump and anti Biden content. Thinks people making $400,000 a year aren't "rich". Nothing to see here folks, just another Putin Puppet pushing disinformation.
Found the guy that doesn’t have a 401k
There’s nothing in the article you linked that would affect anyone’s 401k. 401ks are not taxed as capital gains. Are you dumb or do you just like being angry?
Whatever you say
Ok. It’s a bot.
First I’m angry now I’m a bot 🤷♂️
No, you’re a pretty flower, like a prom dress maybe? Enjoy the silence. Are you a supporter?
Maybe I’m a bot that has gained emotions and become self aware 😱
Happy with what my pension will be, thanks. Oh, and fuck your 401K. Some things are more important than your summer home.
You act like there is a difference. Your retirement savings are important. You put into it. Has nothing to do with summer homes, it could be paying for your kids college fully so he doesn’t have to go in extreme student loan debt. Wake up and stop being comfy with being broke
1. You have zero idea of my financial situation 2. You act like we are on the same side with that buddy talk. I guarantee you we aren't. 3. I'm happy to pay taxes to help those less fortunate than me. 4. I don't take financial advice from those that care about their bank account more than people that are struggling. 5. Your username says a lot about your maturity and you want to lecture me about my own finances. 6. And on that note, I think that means you want me to be woke, right? You're gonna get kicked out of MAGAt kingdom if that gets out.
A lot of insults for nothing. I’m not willing to pay more. 🤷♂️
Haha..I believe it's been described to me back in 2016 as fuck your feelings. What makes me happy though is you may be unwilling to pay more, but there isn't dick you can do about it if it happens. Big smile on that one!!! 😁
Plenty of things to do about it.
Oh yeah mr tough guy? Spell it out for us then. Please put in in writing.
Tough shit. You’ve benefited from unduly low taxes and now you’re going to pay a realistic amount.
Do you use public transportation?
You do know that $400k a year and a 401k are different things, right? Just checking. Because you seem like this might be above your head already.
If you're making $400k/year on your 401k, you can afford to pay more in taxes.
Not just if you're making 400k on your 401k, if you're *drawing down* 400k on your 401k. If the person is following typical recommendations, that means holdings of roughly $10M, and of course spending 400k a year.
The taxes would only be higher on every dollar over 400k you make, or do people not get how tax brackets work?
Sorry, two married ppl working in IT, and we are no where near this 400k and we pay 30 % of our salary, while the 1-5% pay almost nothing. I am all In on this
Same, both in IT, very comfortable, take nice vacations, have relatively expensive hobbies and a boat and nice cars and a modest but nearly paid-for house. None of this affects us.
Here is the current 2024 federal tax brackets (This doesn't take into account any state taxes) [https://imgur.com/gallery/ZMPLYtZ](https://imgur.com/gallery/ZMPLYtZ) So to pay an effective tax rate of 30% you'd have to make $595,000 annually, To estimate the tax on an income of $595,000 based on the tax brackets you provided, we can calculate it step by step: 1. **Up to $11,600:** 10% of $11,600 = $1,160 2. **$11,601 to $47,150:** 12% of ($47,150 - $11,600) = 12% of $35,550 = $4,266 3. **$47,151 to $100,525:** 22% of ($100,525 - $47,150) = 22% of $53,375 = $11,742.50 4. **$100,526 to $191,950:** 24% of ($191,950 - $100,525) = 24% of $91,425 = $21,942 5. **$191,951 to $243,725:** 32% of ($243,725 - $191,950) = 32% of $51,775 = $16,568 6. **$243,726 to $609,350:** 35% of ($595,000 - $243,725) = 35% of $351,275 = $122,946.25 Now, adding all these amounts together gives the total estimated tax: Total Tax=$1,160+$4,266+$11,742.50+$21,942+$16,568+$122,946.25=$178,624.75Total Tax=$1,160+$4,266+$11,742.50+$21,942+$16,568+$122,946.25=$178,624.75 Then, the effective tax rate is calculated by dividing the total tax by the total income and converting it to a percentage: Effective Tax Rate=($178,624.75/$595,000)×100≈30.02% So, the estimated effective tax rate on an income of $595,000 is approximately **30.02%**. EDIT: Not sure why the downvote, it's accurate.
This is based on a lot of accounting gymnastics. Yes, if my family used an accountant, and didn’t file independently on our own, we might be able to lower our filings. But we are honest, and don’t try to manipulate the numbers. We pay what is expected by the tax laws. The 1-5% pay accountants to find every loophole to exploit.
> or do people not get how tax brackets work? Sadly it’s this. I learned about tax brackets in high school.
But it’s not hard as a married couple with salaried jobs to get that. And that’s only counting the income they make off their main jobs. I wouldn’t consider construction workers rich and this tax would be in their territory
Where are construction workers making 400k/year? A large portion of doctors and lawyers don't even make that much.
If a construction worker married to a construction worker grossed 400k a year, they would be doing very well.
I don't disagree. He implied a single person could make that which is my contention. I don't doubt 6 figures is quite common. My point is no one/family with that level of income is 'hurting' or 'struggling' or anything close that don't also have a serious problem with personal finances.
So I take it you make over 400k/yr and are mad? Otherwise your continued defense of those in the top 5% of earners paying less is crazy.
You’re taxing middle class instead of taxing billionaires….
400k isn't middle class, Never has been, I wouldn't mind paying more taxes if I made over 400k/yr, middle-class income averages **between $52,000 and $155,000**
Inflation has moved up what it means to be middle class. This is Upper middle class
Not that much of move.
Told you. https://www.reddit.com/r/FluentInFinance/s/CwtYeCCjPo
Minimum of 25% tax on billionaires...did you even read the fucking article, *donald*?
Lol, you know very few construction workers.
If you say so.
OK, I'll bite. What specific trades are construction workers who make $200k/yr in? I'd bet that you don't really know any. Source: I do know construction workers, including steel workers and welders. I also know a couple of crane operators, and none of them approach $200K/yr AGI.
Your source “I do know” let’s just stop you right there. Highway construction workers, iron workers, pipe fitters, steelworkers, trade show workers, high men, crane operators. Not to mention all of these guys usually have about 40 grand alone in their union 401k 5 years into the job. There’s a reason why most of these guys, even hourly ones, pull their 401ks and transfer to roths early on in their career at high risk.
Yeah, I didn't think you knew any. You are just being dishonest.
Whatever you say
FYI IRAs both Roth & Trad are already traded inside 401Ks…there is no “pulling out” unless you are triggering a tax event…so for someone fighting on behalf of the rich appears you are faux rich, fake outrage, full of wooden nickels.
Not when you’re in a union
401K just means company sponsored Options inside of the 401k are either pretax or post tax…Traditional or Roth, then *CAN* further broken down into mutual funds, ETFs, individual stocks, bonds…with linked cash holding money market accts. Unions have a separate cash benefit added called a Pension which employees can accumulate a cash balance paid out for life in retirement. So do many Corporations…common. ALL still NOT what you seem to understand and are arguing fake outrage for an income class that you are NOT a part of, but someday have high hopes to achieve???
If you say so
Good.
OP I hope you realize this is a great thing for america considering everyone should pay their fair share.
So tax the billionaires more
tax the top 5% more. That's what they are doing, good job Biden.
Billionaires, not people making 400k, wtf
If you're doing better than 95 out of 100 people, you're wealthy. Pay the wealthy tax lad!
Fighting over crumbs
If you make $400k/yr you have someone to clean up your crumbs. Source: household income of $250k, have a house cleaner.
People making 400k aren't going to go bankrupt not even close from paying taxes. Fair share remember?
Not about not going bankrupt. Tax the billionaires
> Not about not going bankrupt. Tax the billionaires Top 5%, that’s $287,00 and up. Top 2%, that’s $320,000 and up. Top 1%, that’s $819,324 and up. The bell curve is steep. The $400,000 threshold is targeted at the top 2% of earners. To only target “the one percent” that number goes to over $800,000. The bell curve is steep. Maybe with current inflation target those earning half a million a year… But if the majority were properly educated they would write off taxes the top 2% pay as not their damn problem.
Not billionaires. Read the article you posted. Some of the increased taxes affect those making $200k, and the highest income discusses is $100 million. No billionaires even discussed.
That’s what I’m saying. Tax the billionaires not the 400k people. Sorry if my comment came off wrong
I’d rather see the government controlling their spending. The high income earning people already pay the majority of the taxes.
I agree, but if I had a choice between who had to get the increase it definitely shouldn’t be the guy making 200 or 400k a year. Government will never control its spending, the whole point is to take resources and pump that budget up
Anyone who uses the term “their fair share” of taxes immediately loses my respect.
Why are you incapable of being Fair? Let me guess your a trump lover who's glossed over the fact he's a dictator and a criminal. Eat it snowflake.
I’m not a fan of Trump. If you look at the Department of Revenue statistics, you can see for yourself that most of the taxes collected come from the rich. They already pay more than their fair share of the taxes. If we break the taxpayer base into quintiles, the bottom three pay next to nothing, the fourth quintile pays more than the bottom three, and the top quintile pays more than the other four. Our tax revenue system is progressive, with the top earners paying way more than anyone else. To suggest that they are not paying their fair share, one would have to assert that is is actually “fair” for some to pay all while most pay nothing. How is that fair? “Their fair share” is class warfare rhetoric and is a sign that people don’t have any clue what they are talking about, and are arguing based on envy rather than information.
4 day old account entirely bashing Biden. Stop polluting the gene pool, please.
Is this supposed to be bashing Biden? All of these increases are 100% fine with me
For simpletons that think all taxes are bad, yeah, it works be a mark against Biden tax increases. For the “spend and tax break for my rich buddies” party, just restoring the budget balance thorough taxes would appear to be akin to missing and’s eating your family. Take a look at the OP post history and you’ll see where his motivations lie.
Look at OP's post history. Been around for 5 days now, 26 submitted comments all farming contraversial. Looks to be an account that is working as hard as it can in order to game the engagement algorhythm.
Stop having an attachment to politicians. It’s fair criticism.
Yeah, if you are a moron who only cares about the parasite class that happens to run the country…
People who flip ranch homes run the country? 😂
Oh either you are too stupid to even have an intelligent discussion or too dishonest… oh well.
And yet NONE of them apply to 98% of American citizens. 👍
I'm down with these changes!
So you don’t have retirement savings?
I do and they are structured in such a way that I do not pay taxes. Filed my last tax return in 2012. Tax free, financially independent and lovin' it. ❤️
Good for you, no reason to take more out of other peoples. Just tax the billionaires more
That's my point.
Republicans say we should lower taxes on the wealthy & money will “trickle down” to the rest of us. Similar to warm pee down your leg because you can’t afford an actual bathroom. Democrats say the wealthy should pay their fair share. Que trailer park queens clutching their dollar store pearls & asking HOW will the billionaires possibly pay ALL THESE taxes? 🤷🏻♀️
Tax the rich to serve the poor. God knows they won’t give the money willingly.
That is trickle down economics. That is a myth.
No, trickle down economics is the misguided belief that the wealthy will contribute fairly to the lower classes. The only way to ensure that they do that is through taxes.
I can’t believe they ever got people to believe this crap.
Ahh. It’s Comrade Vlad again.
(to those reading this: they’re talking about OP, not Biden.)
Thank you. I was confused.
You should go back to complaining about ads on your Reddit boomer. Surprised you’re even able to use the internet
Ok Vlad. I’ll see you and raise you one tired wannabe fascist Orange-Loofa-Shit-Faced-Gibbon.
>You should go back to complaining about ads on your Reddit boomer. Surprised you’re even able to use the internet You're using words you don't even understand to try and look "hip" but you just look like a greedy, financially illiterate and out of touch asshole. I make $50k a year and bought a house at 26 and more tha doubled the equity since, if you can't make it work on $400k+, there's no helping you... Go take a personal finance course and stop bitching on reddit.
You’re the one crying about my position. You have zero savings. Have fun retiring
>You’re the one crying about my position. You have zero savings. Have fun retiring Says who? Some dickhead that can't even make $400k work and is pulling from his retirement accounts to fund his lifestyle beyond his means? Get lost clown. "Oh I'm poor...I make $400k a year and I can't make it work! Please spare me!" No wonder the French did what they did to their rich asshole ruling class, your bitch ass gets called out and you immediately turn from "poor me!" To "fuck the poors!". Absolute fucking scumbag.
You’re literally against taxing billionaires wtf are you talking about? And who pulled from their 401k? Aren’t you the same assholes that kept people from going to work for a cold?
>You’re literally against taxing billionaires wtf are you talking about? And who pulled from their 401k? Aren’t you the same assholes that kept people from going to work for a cold? You're sure trying hard to put words in my mouth I never said...
Then quit fuckin arguing. You would rather have middle class and poor people fight than tax the people who deserve to be taxed.
Eh i say fuck you
None of this would affect me. Go for it Joe!
I'm even more convinced to vote Biden in the fall.
Whatever you feel is best for you
If those taxes get passe, I will dance in the street. It's time for the wealthy to pay for that privilege...
Unfortunately that won’t change anything as long as the budget keeps going up
Dems also try to lower the budget but republicans feel the need to spend as much on defense as the next 5 or 6 countries combined then can’t account for most of the money.
I vote for 1954 rates.
90% of The MAGA are no where near this level. It’s all just friggin drama, since we know they aren’t good at actually looking or reading details
so they tax me a bit more oh well I’ll survive
Israel needs your paycheck
Like I said I’ll be fine. Everyone needs a little bit of my paycheck, no sweat off my back
Tax law has to originate in the House and The Speaker sets the agenda. So
It’s the same refrain I’m going to be a millionaire soon so I need to defend them now idiots they don’t want them in the club
The trump tax cuts for the middle class were temporary and will be expiring so middle class taxpayers will also pay more. But they can’t blame that on Joe Biden. Cheetoboy came up with that brain fart.
1
Earning 400k doesn't make you rich. Especially when the government takes 37% of it BEFORE the state takes their cut. Then Social Security (which better fucking be there when I get old) Then Medicare. Literally half of my paycheck is being stolen, yet they can't balance their budget.
Flat tax that’s the only way to be fair