2016 Federal Taxes - How much did Uncle Sam get? (1 Viewer)

[Rick James]

.

 

[Koya]

A lot less than last year. Then again, almost dying, leaving a high paying job and starting new will do that too you. 

 

[mquinnjr]

As little as possible.

 

[dozer]

30%

 

[Interseptopus]

According to some, not enough. According to me, too much. 

 

 

[IC FBGCav]

I am running for president, I don't have to tell!

 

[Bucky86]

$1,345,217

 

[Interseptopus]

I am running for president, I don't have to tell!

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 

 

[joffer]

Got $15K back. Thanks Obama

 

[trogg78]

I don't pay any because I'm smart.

 

[Phil Elliott]

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 

Supreme court justices too? Relatively equal power as congress and the POTUS.

 

[Interseptopus]

Supreme court justices too? Relatively equal power as congress and the POTUS.

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. 

 

[Nugget]

$13,411 to the feds for federal income

+ SSI, Medicare, State Income, Property, Sales, and more (Hotels, air, rental car, gasoline, cell phone plans).

I really can't calculate it all.

 

[tommyboy]

Way too much

 

[msudaisy26]

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]

37%. AMT.  GFY federal gubmint 

 

[Brunell4MVP]

about $280k.   so like 20%.  bastards.

 

[RokNRole]

Not a damn thing

 

[msudaisy26]

about $280k.   so like 20%.  bastards.

You poor baby!!!

 

[GoBirds]

$47k....thanks Obama. 

 

[tonydead]

Hey Trump, lower capitol gains!  TIA. 

 

[Sand]

I really can't calculate it all.

That's always been the plan.  If you do add it all up it comes to about 40%.

 

[MarvinTScamper]

That's always been the plan.  If you do add it all up it comes to about 40%.

No.  It shouldn't unless you're making 1m+.  I got ### rammed and it was only 37%

 

[MarvinTScamper]

Including taxes & entitlements paid on your behalf by your employer? 

Good point.  Many complexities at play.  

 

[BobbyLayne]

$40K to the Feds 

$20K to state & city 

 

[Sand]

No.  It shouldn't unless you're making 1m+.  I got ### rammed and it was only 37%

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]

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.

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]

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.

You're also talking your highest incremental income tax rate.  I was talking average tax rate.

 

[Slapdash]

No.  It shouldn't unless you're making 1m+.  I got ### rammed and it was only 37%

 

[MarvinTScamper]

You're also talking your highest incremental income tax rate.  I was talking average tax rate.

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]

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.

 

[Sand]

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.

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]

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.

Property tax bill for my 2017 Expedition - $1062.  #### You Kansas. 

 

[IC FBGCav]

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.

The really hidden taxes are on commodities.   Take gas for example.

https://en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States

 

[Chemical X]

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]

200k

 

[Cabin Owner]

200k

Chump change.

 

[MarvinTScamper]

31 posts in 12 years.  Beautiful. 

 

[Sand]

The really hidden taxes are on commodities.   Take gas for example.

https://en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States

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.)

 

[Redwes25]

I don't like to think about it as by far my largest expense but of course you are paying a lot in taxes it means you had a good year.