I'm rich

2-14-02 | farmall

[farmall]

My wife and I are both public school teachers. We both teach additional day and after school classes. We both teach summer school and I have another job as a security guard. Combined total we earned @ $119,000 in 2001. IRS has already taken @ $19,000. It looks like they want another $ 3-5,000 on 4-15-02.

[ken5050]

. I sure hope they paid in an amount equal to last year's tax bill. Wait until he finds out the IRS penalty and interest for underwithholding.....ugh!!

[bimbo]

What's a rich man like me going to do? Get another job?

You could start be trying to convince your fellow teachers to restrain their urges to vote for Democrats and those damnable increases in the NEA budget.

[ken5050]

What probably happened is because of the additional jobs...the pay was low, so the withholding was based on the 15% rate....yet when the income is added to the others, the tax rate doubles.....

[Skooz]

Yeah, who but the IRS could get away with stealing more money from you for allowing them to steal too much money in the first place?

Abolish the IRS!

[Rain-maker]

Set up a church. You only need 2 congregation members and it's tax-free...LOL.

[VRWC_minion]

How many FRs net $95,000 after tax of 25%?

Correction 45%-50%. Then subtract transportation costs, meals, clothing etc. and the couple above begins to ask "Is it worth working ?". And many answer No, its not.

And therein lies the key to why reducing taxes raises income. When the couple can keep more they will tend to earn more. The above couple has just started down the path of asking themseleves "Why bother". They are not alone.

[lowbridge]

I'm poor.

I don't pay taxes.

I might as well stay poor. I can't afford to get rich.

[JRandomFreeper]

.the pay was low, so the withholding was based on the 15% rate....yet when the income is added to the others, the tax rate doubles.....

We've fallen into that trap exactly once. Never again.

/john

[newgeezer]

What's a rich man like me going to do? Get another job?

Nah, just try living within your means. It works for us and, with only one of us bringing home the bacon, we're not even as rich as you.

[LantzALot]

My wife and I are both public school teachers.

I'll bet your union has had a lot to do with people in your situation being characterized as rich -- therefore evil -- therefore properly taxed heavily as a way to share their wealth.

[goodieD]

Boo f'ing Hoo.. my family exists on 20,000 a year, with no help from the government (we don't believe in it), and we do fine. Go peddle your sob story somewhere else, We'd live like kings on your salary, even with the 25 grand you pay in taxes.

[SlickWillard]

It's called theft. And there is not a thing any of us can do about it. Just bend over and take it.

Actually, that's not true. George Washington didn't bend over and take it. John Hancock didn't bend over and take it. Benjamin Franklin didn't bend over and take it.

Of course, that was back in the days when Real Men had gonads.

[goodieD]

hey plenty of hardworking people make a lot less.. in fact the people who do the most work, make the least.. I can't cry for public school teachers either, who want no accountability for their pay.

[KSCITYBOY]

Just remember Daschle and Gephardt know how your money should be spent: Just once every American should take a look at all the taxes they pay: Income fed, state, local, sales taxes on most of what they spend, property taxes, fuel taxes, sin taxes, and finally for some taxes when they die. Oh well remember most of it is spent on programs that don't work.

[SLB]

Nearly 7 million government workers, many of them teachers, do not.

Under the "new" federal employees retirement system, wheich went into effect in 1983, federal employees do pay FICA. I know - I are one! We do have available the Thrift Savings Plan which is a glorified 401K, but does give a fairly good return on investment, but it is not mandatory to contribute to it. The "old" employees, those hired before 1983 are retiring and with them goes the old "CSRS" Civil Service Retirement Program.

[LantzALot]

Did you catch the number of jobs those two work?

"Bill Clinton has created more jobs than any president in history."

"I know. I got three of them, myself."

[Right Wing Professor]

Well, practically speaking, you need to increase your withholding. $23,000 in federal taxes on $119,000 is about the going rate, so I don't think you're overpaying. But have you looked into creative tax deductions? My ex-wife, who worked for the Institution of Revenue-collection for Satan itself, said teachers generally deduct every vacation they take as a business expense (Hawaii is educational, don'tchaknow) , along with every book and magazine they buy.

[Redcloak]

You are obviously one of the winners of life's lottery. You have too much money. Try yanking the muffler out of your Lexus and selling it on Ebay.

But seriously...

I can think of a number of things you could do for next year, but not for this year. But that brings us to another question: Should you have to do things like purchase a new house to get a higher mortgage or donate more to charities just because the tax code makes that seem reasonable? Shouldn't such decisions be based upon other factors and not the tax code? The tax code makes us do things that we otherwise wouldn't. People dump stocks early to get a capital loss rather than hanging on waiting for the stock to come back. They buy homes that are too big so that the interest they pay is higher. They donate money to charities when perhaps they'd rather donate time; but time isn't tax deductable. We do all manner of things simply because the tax code prods us to do them.

So what should you do? In the long run, support a fairer taxation system. A flat tax would be good, but I've come to the conclusion that a national retail sales tax would be better. People would be much more aware of their taxes if they were listed on every reciept they get.

[Blood of Tyrants]

The system is specifically designe to prevent people from getting ahead. Look at it, you are rewarded with free money, food stamps, housing, day care, and medical care for being a lazy, crack head, baby machine who puts out little future welfare moms. Those benefits alone are probably worth $40,000 a year. Now triple that for what the government needs to administer the programs.