Taxes are to high!
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@johnhooks had to bring this up in "that other thread that got out of hand". So I decided to start a thread dedicated to taxes, and what is or is not reasonable.
For the record, I make less than $40k/year currently, have 20.5% taken in deductions, and a 7.5% local sales tax. Also, yes, I'm getting the resume and precis ready for a job hunt.
Does anyone think 28% when making less than 40k is reasonable? (Actually get to spend ~28,800.) That doesn't include the healthcare crazy.
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@travisdh1 said:
@johnhooks had to bring this up in "that other thread that got out of hand". So I decided to start a thread dedicated to taxes, and what is or is not reasonable.
For the record, I make less than $40k/year currently, have 20.5% taken in deductions, and a 7.5% local sales tax. Also, yes, I'm getting the resume and precis ready for a job hunt.
Does anyone think 28% when making less than 40k is reasonable? (Actually get to spend ~28,800.) That doesn't include the healthcare crazy.
What state do you live in?
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Sounds like NY.
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When I was working on Wall St. if you included health insurance in my taxes (which in all other countries you do, it is kept out of US taxes purely to make them sound lower than they are) I was paying 52%. Pretty much the highest tax rate in the world except for what millionaires pay in Europe.
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Sales tax was 8.25% when I was paying 52% taxes on income.
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@wirestyle22 Ohio. I know sales tax/property tax isn't nearly as bad around here as other areas of the country. Also, I rent, so I couldn't tell you what % of that goes to property taxes. Private property, we don't believe in that in the US anymore.
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@travisdh1 said:
@wirestyle22 Ohio. I know sales tax/property tax isn't nearly as bad around here as other areas of the country. Also, I rent, so I couldn't tell you what % of that goes to property taxes. Private property, we don't believe in that in the US anymore.
I've heard/read that Ohio is having difficulties economically and jobs are hard to come by but you are wayyyy more knowledgeable than less than 40k a year man. That's borderline indentured servitude. Please find a better job. You are worth a lot more than that.
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@scottalanmiller said:
Sales tax was 8.25% when I was paying 52% taxes on income.
I knew we were hitting over 50% in places, don't like hearing it confirmed.
Just think, depending on the outcome of the next election, we may get to pay the government for the privilege of working
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@wirestyle22 said:
@travisdh1 said:
@wirestyle22 Ohio. I know sales tax/property tax isn't nearly as bad around here as other areas of the country. Also, I rent, so I couldn't tell you what % of that goes to property taxes. Private property, we don't believe in that in the US anymore.
I've heard/read that Ohio is having difficulties economically and jobs are hard to come by but you are wayyyy more knowledgeable than less than 40k a year man. That's borderline indentured servitude. Please find a better job. You are worth a lot more than that.
I finally have the years under my belt to compliment my 2 year degree. It's most definitely time for a career change. I really like the people I work for, but staying to long is a dis-service to all of us.
Edit: I have family out in the Seattle/Tacoma area, trust me, being in Ohio isn't going to stop me from looking elsewhere.
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@travisdh1 said:
@johnhooks had to bring this up in "that other thread that got out of hand". So I decided to start a thread dedicated to taxes, and what is or is not reasonable.
For the record, I make less than $40k/year currently, have 20.5% taken in deductions, and a 7.5% local sales tax. Also, yes, I'm getting the resume and precis ready for a job hunt.
Does anyone think 28% when making less than 40k is reasonable? (Actually get to spend ~28,800.) That doesn't include the healthcare crazy.
No one would think that's reasonable. Around here, you can figure around 80% is take home, until the next tax bracket. My last job, which I was laid off from in Nov, I made $17/hr and I was the "IT Director." The company also did not offer any benefits at all. So I really only took home about what you are getting. However, the back woods area where I live there isn't much at all. I took the job because we ended up moving back when my daughter was born here while we were home for Christmas and I was able to find something quickly, not really knowing what I was getting into.
You are definitely underpaid for your skill level.
Our sales tax is 6% across the state except for Allegheny County (Pittsburgh) and Philly. Property tax is dependent on the county, but the one we are looking to move to is fairly reasonable.
You guys are lucky because you don't have state inspections for vehicles and the arbitrary rules which are imposed with that nonsense.
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I don't think you can count all deducations since some of those you opt into. Mine would be really high with all the Retirmenet, Company stocks etc I do.
I Pay 18% in State Income Taxes and 28% in Federal so 46% of my pay goes to taxes.
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@johnhooks said:
You guys are lucky because you don't have state inspections for vehicles and the arbitrary rules which are imposed with that nonsense.
That actually depends on the county you live in around here. I live and work in "Amish Country", where horses outnumber cars, so even enviro-weenies aren't worried about air pollution from vehicles.... just the cows and horses.
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@travisdh1 said:
@johnhooks said:
You guys are lucky because you don't have state inspections for vehicles and the arbitrary rules which are imposed with that nonsense.
That actually depends on the county you live in around here. I live and work in "Amish Country", where horses outnumber cars, so even enviro-weenies aren't worried about air pollution from vehicles.... just the cows and horses.
Oh I didn't realize that, I thought that was state wide. Interesting.
We have similar here with the emissions testing. Not all counties have emissions, but all have inspections.
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If you had enough to contribute to a Roth IRA and had a 401k you could make it work but I'm not about to get into a financial discussion right now. There's a lot you can do with your money that actually puts it to use positively while also counteracting inflation.
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@Jason said:
I don't think you can count all deducations since some of those you opt into. Mine would be really high with all the Retirmenet, Company stocks etc I do.
I Pay 18% in State Income Taxes and 28% in Federal so 46% of my pay goes to taxes.
OH yeah, I don't count anything optional. Those aren't taxes.
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@wirestyle22 said:
If you had enough to contribute to a Roth IRA and had a 401k you could make it work but I'm not about to get into a financial discussion right now. There's a lot you can do with your money that actually puts it to use positively while also counteracting inflation.
Just think how much more you'd have to work with if taxes were reasonable instead of the crazy levels we have now!
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@wirestyle22 said:
If you had enough to contribute to a Roth IRA ...
If you have "enough" you can't even get a Roth IRA.
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I have about 30% taken in taxes from my paycheck. It sucks that you work hard to earn more and the govt just takes more. I'm not against paying my fare share and helping those in need but it shouldn't be a never ending take if the person is able bodied but just too drunk, stoned, or lazy to get off their bum and put forth a little freaking effort. I wasn't happy with my income or job outlook so I got motivated and went to school to learn a new skill.
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You know, and I guess I'm a socialist for this but honestly I'm a libertarian hindu monarchists depending on who you ask (that's hindu in the political sense), but I don't mind high taxes, even over 50%, as long as the money is well used. I will happily pay the taxes if they really go to help everyone and make it all a better place. It's when my taxes go to things that aren't good for the "team" that I don't like paying them.
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It's sick how many people don't have jobs and have nicer vehicles and other stuff than I have. It just makes me sick. I know two guys that haven't worked for 10 years and they both have really nice vehicles. ($40k +)
