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28k in taxes

Now add that to your property taxes, sales taxes paid YTD (on everything...not just retail buys), licensing fees, permit fees, and city/county fees, hidden gas taxes/gallon purchased. Saw a meme recently that talked about pharaohs collecting 20% of their slaves' incomes...that seems like a deal compared to what we got now (yes, I know it was an internet meme....). This doesn't even approach the higher prices we pay for EVERYTHING to pay for taxes that the suppliers of our goods have to pay. How do you think our govt reps go to congress as thousand aires and all leave millionaires?
 
BobT said:
One of the smartest things I did was roll my 401-K into a Roth account and took the tax hit when that became an option. Now my portfolio increases in value tax free and I have no mandatory withdrawal requirements.
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Roth is good when you’re young and starting out. Like maybe half in a Roth and the other half deferred. I’m about 100% certain my tax bracket will be a hell of a lot lower when I’m m not working than it is right now though.
 
Unless you’re Uber rich, the tax man is gonna have his way with you regardless of which party occupies the White House. Not being able to write off home interest payments was the death knell for most of us in the middle class.
 
XD94045 said:
Unless you’re Uber rich, the tax man is gonna have his way with you regardless of which party occupies the White House. Not being able to write off home interest payments was the death knell for most of us in the middle class.
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Nah. If you added up all your deductions, including your mortgage interest, and it’s still less than the standard deduction you got a tax break. If not, then you probably aren’t middle class.
 
HansGruber said:
My usual schedule is 84 in 2 weeks, with 8 hours overtime (one 36 hour week, one 48).
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I slowed down the last few months. I had a lot of vacation left. So I took every Friday for the last 3 months off. Was still doing 10 hrs 4 days a week though. So what’s that, about 96 hrs.
 
Bassbob said:
Nah. If you added up all your deductions, including your mortgage interest, and it’s still less than the standard deduction you got a tax break. If not, then you probably aren’t middle class.
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Good point. Looking at what they state is middle class, you’re right.
 
Bassbob said:
I slowed down the last few months. I had a lot of vacation left. So I took every Friday for the last 3 months off. Was still doing 10 hrs 4 days a week though. So what’s that, about 96 hrs.
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I’m carrying 180 & change into next year…

I’m lucky, our contract gives us really, REALLY good short time disability leave that worked in my favor when I did my hip this summer.
 
Bassbob said:
So far this year. Meanwhile even though I’m maxed out on the old 401k my contribution to my retirement ( not including company match and investment income generated) is half that.

And they wonder why people are P’ed off.
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yup i understand ...excessive taxes SUCK
but as a positive
you made GOOD money this year, and have the ability get more fun stuff (y)

pisssesss me off that i can't keep dumping money in my IRA's because, even though the government taxes my navy retainer, its not considered taxable income for investment purposes. WHAT<???? you taxed it, so how is it not taxable income???

6 years ago we finally recouped all the losses from 9/11, plus put us back on track for the magic number in just a few short years now we will be forced to start drawing. despite obama trying to screw us, my investment managers did good.

we doubled down during covid and used stimulus to invest more in other things to make up for the inability to dump into the ira's

i am lucky in my state that my property tax is waived up to 26 acres, so now we are really watching depressed property that got bought for crazy prices and snap one up at realistic prices, around here the sales values are falling a bit
 
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