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Want to change income tax law?


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#1 thefuzz

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Posted 09 November 2012 - 02:04 PM

Was having this discussion with a buddy of mine the other day, he was looking at his commission check and was bitching about how much money of his went to the government.

Check was $5,000. It's his monthly commission check for home closings.

$1,043 went to federal withholding.

$72.50 went to Medicare.

$210 went to social security.

$350 went to NC taxes.

Left him with roughly $3,325.

Seems crazy but whatever.

The discussion went to it being too much, blah blah blah....

Point of the story, he got on a rampage about it, and asked how in the world we could ever change the system. Mentioned to him that we can't, but if you made it where people had to write that check at the end of the month instead of it coming off the top....things would change quickly.

The government reached out a hand to us and said let me "help" you with that, let me make it so you don't have to worry about the taxes.....we are here to help.

#2 Kurb

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Posted 09 November 2012 - 02:32 PM

I need to get into home sales...

#3 Jase

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Posted 09 November 2012 - 02:35 PM

those taxes seem about right. They tax you as if that's what you make all year.

#4 mmmbeans

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Posted 09 November 2012 - 02:36 PM

those taxes seem about right. They tax you as if that's what you make all year.


when were you knighted?

#5 CatofWar

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Posted 09 November 2012 - 02:38 PM

Government steals... Totally cool

You steal..... Prison.

#6 Jase

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Posted 09 November 2012 - 02:41 PM

when were you knighted?


I got down on my knees and zod put his sword on me. Isn't that how you get knighted around here?

#7 mr beauxjangles

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Posted 09 November 2012 - 02:46 PM

Government steals... Totally cool
You steal..... Prison.


GTFO. If you stole from me and also provided me with infrastructure; public education; national defense, police, and fire services; medicare; social security; unemployment insurance; parks; libraries, museums, and historical preservation; sanitation and waste removal; investment in life-changing and life-saving technologies; etc. then I wouldn't prosecute you and send you to prison.

#8 teeray

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Posted 09 November 2012 - 02:49 PM

People always complain about paying too much in taxes.

But can you imagine if you were living in the 50's? You know back before we became a socialist, redistributive government.

In the 50's if you were in the top marginal tax bracket you were taxed at over 90%. Yes 90%!!! And the effective tax for the wealthy was 55%-60% of their income.

So if you made a million dollars... congratulations you get to keep only $400,000 of it.

The top tax rate stayed at over 70% until 1980 when Reagan slashed it to 50%.

As it relates to today's politics, Reagan slashed the tax rate and how did it effect unemployment??? It rose from @7% in 1980 to 10.8% by November 1982.

So my Republican friends remind me why cutting taxes on the top 1% actually decreases unemployment.

And my Republican friends who tout the name of Reagan but also sign Grover Norquist pledges not to raise taxes, what did Reagan do in the middle of a major economic crisis with unemployment nearing 11%?? He raised taxes. He passed the Tax Equity and Fiscal Responsibility Act of 1982 which was the largest tax hike since World War II. He also raised taxes at least 6 times his last 7 years in office. Despite raising taxes that many times unemployment dropped from a high of 10.8% to around 5%.

That is the difference between being fiscally conservative like Reagan and whatever Republicans try to claim that they are now. It isn't about taxation it is about being fiscally responsible. When the deficits become to large and the debt began to balloon he didn't talk about growth based revenues. He realized he had to actually raise taxes to partially offset his original tax cut.

#9 thefuzz

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Posted 09 November 2012 - 02:50 PM

I need to get into home sales...



Hahahaha. Not always like that my friend. That was a pretty decent month for him.

I have had months of 0 and months of 20K, but the 0's always outweigh the 5's, 10's and 20's.

#10 Delhommey

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Posted 09 November 2012 - 02:52 PM

Commissions are always taxed high unless you adjust for it. You just get a big refund the next year. He needs to talk to payroll and stop giving the IRS an interest free loan.

#11 Jase

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Posted 09 November 2012 - 02:52 PM

In the 50's if you were in the top marginal tax bracket you were taxed at over 90%. Yes 90%!!!

So if you made a million dollars... congratulations you get to keep $100,000 of it.



That isn't how tax brackets work. You would get taxed 90% on everything you make over and above the lower tax brackets. Your effective rate would be lower.

But that doesn't take away from your point.

#12 thefuzz

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Posted 09 November 2012 - 02:55 PM

They are high, yes.

The point I was making here was that if the government couldn't skim off the top and people had to pay at the end of the month/year what they owed, the government would have to make some drastic changes in their spending habits.

By skimming, they just lessen the hurt, and hide the actual amount that you have to send off.

#13 teeray

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Posted 09 November 2012 - 03:06 PM

That isn't how tax brackets work. You would get taxed 90% on everything you make over and above the lower tax brackets. Your effective rate would be lower.

But that doesn't take away from your point.

You are right, my bad. The average tax rate on the wealthy actually averaged around 55%-60% at that time.

#14 stirs

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Posted 09 November 2012 - 03:11 PM

I got down on my knees and zod put his sword on me. Isn't that how you get knighted around here?


And by sword, you mean the metal thing from long ago? Hoping.

#15 CatofWar

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Posted 09 November 2012 - 04:24 PM

GTFO. If you stole from me and also provided me with infrastructure; public education; national defense, police, and fire services; medicare; social security; unemployment insurance; parks; libraries, museums, and historical preservation; sanitation and waste removal; investment in life-changing and life-saving technologies; etc. then I wouldn't prosecute you and send you to prison.


Cute. Theft is theft. Justify it any way you like.


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