Rick James
Footballguy
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2016 Federal Taxes - How much did Uncle Sam get? (1 Viewer)
- Thread starter Rick James
- Start date
Interseptopus
Footballguy
According to some, not enough. According to me, too much.
Interseptopus
Footballguy
No one before Nixon ever did.
If we are going to start demanding presidential candidates be releasing taxes then I think we should ask the House and Senate (the most powerful branch of government IMO) to release theirs as well.
How quickly those beating the drums would suddenly be silent if that were the case
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Phil Elliott
Footballguy
Interseptopus
Footballguy
I hold the opinion that taxes aren't a big deal at all, for anyone, so who cares? What do we really learn from them? The only reason people are obsessed is because when Nixon was in office or running (can't remember, before my time) he was audited so everyone was asking him to release his returns. Since then, the media and opponents of that candidate demand tax returns to be released. No other president before Nixon released tax returns, it wasn't a big deal.
So, to answer your question, SCOTUS isn't elected, they are appointed, so no. I just think if Maxine Waters wants to say that an elected official not releasing tax returns is an impeachable offense, then I she should release hers immediately to avoid that same fate. Watch her get silent.
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msudaisy26
Footballguy
We got back 4300 from Federal, I don't know why any sane person would want to know how much they paid in. It gives me a headache thinking about it.
MarvinTScamper
Footballguy
37%. AMT. GFY federal gubmint
Brunell4MVP
Footballguy
about $280k. so like 20%. bastards.
msudaisy26
Footballguy
Sand
Footballguy
MarvinTScamper
Footballguy
MarvinTScamper
Footballguy
BobbyLayne
Footballguy
$40K to the Feds
$20K to state & city
$20K to state & city
Sand
Footballguy
Sadly it is so. If you add up the overall tax load with property taxes, sales taxes, capital gains taxes, income taxes, SS, Medicare, etc. it will come out to about 40%. A study showed this was pretty constant across the income spectrum, with the exception of the very bottom, if I remember right. Old study, no way I'd find it now, unfortunately. It was pretty enlightening.
MarvinTScamper
Footballguy
if I included all of this, I would be way over 40%. I just didn't realize you were including everything. I was talking income taxes only.
Sand
Footballguy
You're also talking your highest incremental income tax rate. I was talking average tax rate.
MarvinTScamper
Footballguy
Unfortunately, I'm talking about the AMT that I paid. And, as slapdash points, I'm not in a position to whine, because it was a good year. That said, the government sucks, and I hate paying them.
adonis
Footballguy
Without the government, and society in general, I would likely not be able to make a small fraction of what I make.
I pay my franchise fee every year to Uncle Sam and am grateful that I'm able to live in this country, abide by its laws, protected from others, and benefitting from the advances made possible by the work of others who came before me in society.
That said, it still sucks to write the checks...but it's a battle between me feeling, wrongly, that I earned all I have, and the above sentiments.
I pay my franchise fee every year to Uncle Sam and am grateful that I'm able to live in this country, abide by its laws, protected from others, and benefitting from the advances made possible by the work of others who came before me in society.
That said, it still sucks to write the checks...but it's a battle between me feeling, wrongly, that I earned all I have, and the above sentiments.
Sand
Footballguy
Yeah, that hurts. My old boss, between his consulting income, RMDs, and other stuff had to cut a check for six figures this year. That kind of thing stings.
Nugget
Footballguy
IC FBGCav
Footballguy
The really hidden taxes are on commodities. Take gas for example.
https://en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States
Chemical X
Footballguy
finagled my way down to owing $4k federal. got a state refund though. changed my fed withholdings for both of us to 0 from 1 and increased 401k contributions by 6% (catch up).
MarvinTScamper
Footballguy
200k
Cabin Owner
Footballguy
MarvinTScamper
Footballguy
31 posts in 12 years. Beautiful.
Sand
Footballguy
No doubt. And it's an incredibly regressive tax. Which is why California, as loony as it is, tagged that tax onto refiners lately. (It just got passed down to consumers - so much for protecting the little man.)
