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OfflineLancaster
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zouden]
    #10120000 - 04/06/09 09:58 PM (11 years, 4 months ago)

He means he has to make less money to stay below the tax rate Obama is pushing.


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Offlinezouden
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: Lancaster]
    #10120912 - 04/07/09 12:59 AM (11 years, 4 months ago)

What's the point in that? It's not like you save money by being in a lower tax bracket. You only pay higher tax on whatever's above the bracket.


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I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see


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OfflineSeussA
Error: divide byzero


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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zouden]
    #10121321 - 04/07/09 04:13 AM (11 years, 4 months ago)

> It's not like you save money by being in a lower tax bracket.

It is exactly that you save money by being in a lower tax bracket.  You do the math:

$251,000 taxed at 65%
$249,000 taxed at 35%

I'll take the second, thank you very much.


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Just another spore in the wind.


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Offlinezouden
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: Seuss]
    #10121719 - 04/07/09 07:10 AM (11 years, 4 months ago)

Oh come on Seuss.

249,000 = 249000*0.35 = $87150 tax owed = $161850 net
251,000 = 249000*0.35 + 2000*0.65 = $88450 tax owed = $162550 net


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see


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Offlinezappaisgod
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zouden]
    #10122013 - 04/07/09 09:10 AM (11 years, 4 months ago)

It doesn't work that way Seuss.  You only pay the higher rate on the last dollar, not all the dollars.  Even Australians know that. 

Anyway, he is making the decision to earn less because it becomes less rewarding to work more.  Consider that with all the taxes he will have to pay his last dollar earned will be worth about 25 cents (don't forget state and other taxes).  Why bother?

When you earn more money and get to keep say 50 or 60 cents on the dollar it's worth it.  When you only get a lousy fucking quarter, well, fuck that shit, I'm going home.


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OfflineSeussA
Error: divide byzero


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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zappaisgod]
    #10122228 - 04/07/09 10:01 AM (11 years, 4 months ago)

> It doesn't work that way Seuss.  You only pay the higher rate on the last dollar, not all the dollars.  Even Australians know that. 

Oh sure, take all the fun out of it.  :wink:


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Offlinezouden
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zappaisgod]
    #10124108 - 04/07/09 03:49 PM (11 years, 4 months ago)

Yes, I agree with that analysis. Usually the tax rates are graduated such that people don't choose to forego a higher income, but I'm sure some people do. But it's still wrong to say that
Quote:

he was going to have to drop a few patients to stay under the Obama $250,000 tax increase....



He wouldn't have had to, but maybe he wanted to. Dropping patients means getting less money. Regardless of the tax situation.


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see


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Offlinelonestar2004
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zouden]
    #10124137 - 04/07/09 03:55 PM (11 years, 4 months ago)

right he doesn't "have" to drop any patients. but it does not make any sense for him to see any more patients once he goes over the $250,000.


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama


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Offlinezouden
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: lonestar2004]
    #10124359 - 04/07/09 04:32 PM (11 years, 4 months ago)

That's fine, maybe he'd rather spend time with his family or something.

I just had to pick on that particular statement because I've seen this mistake (thinking that earning more gives you less money) made many, many times before. I don't understand how so many people fail to comprehend income tax brackets :shrug:

It's the same as when people say "Oh yeah Bill Gates is doing all this charity work in Africa, but it's really just a tax dodge" like there's some way to gain money while giving it away?

We now return to your scheduled programming :grin:


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see


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Invisiblejohnm214
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Registered: 05/31/07
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Re: Joe Biden's (Author of Rave Act, ONDCP, and Drug Czar legislation) daughter filmed snorting cocaine [Re: zouden]
    #10124422 - 04/07/09 04:41 PM (11 years, 4 months ago)

Well yeah, you are correct on that end.


But its also eroneous for you to presume the income tax bracket and proportion of the money in it is the only consequence of being above various thresholds.


Often various government graces are tied to the gross income or other matters.  So there may very well be more substantial reasons to forgo that compensation.



Having done some work on figuring out the estate tax of a relative, I can say that many times your benifits and writeoffs are affected in complicated ways.


It is one problem I have with our tax structure: for anyone who can't be pretty proficient with spreadsheets, it can be quite difficult to calculate your actual exposure and make intelligent decisions thereby- especially when so much is tied up iin decisions you make.



For example, the issue of forming certain trusts to allow a couple to use their individual federal or state estate tax credit  is pretty straightforward: it is almost always benificial to those inheriting the money for the trust to be formed and is seldom a signifigant problem for those bequeathing the money to do so.

It really seems like it is just a "gotcha" provision to catch people that are ignorant, psychologically averse to thinking and planning these things, or unable to forsee the need (like young deaths).


Really stupid and sad, in my opinion, that the government would play such games.


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