"Almost Everybody In America Gets A Tax Break"... only about 5% of taxpayers get hosed

Scataphagos

Scataphagos

Reading the summary of the tax plan....

Only about 5% of taxpayers... those with high income in blue states... get a tax increase. Everybody else gets a break. Those with WAAAYYYYY more income/money than I get a tax break... as do those at the lower end of the income spectrum... but not me... I not only don't get a tax break, I have to pay for everyone else's.

Not that anyone should care, but I'm in the "lucky 5%". Just as with Odumbocare, my taxes are going up. This time, 5-figures. IOW... my "place in economic society" is to be a tax donkey. Yet another example of "income discrimination" in our progressive tax policy.

Not a happy camper.

:(
 
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jem said:
They make it very hard to accumulate some wealth by design.
More...

Years ago, I ran a financial planning practice for fee.

I noticed that those with $100K income didn't have that much better of a financial life. They had a bit better house, cars, and a few other things. But in the end, most of them couldn't put $10K cash together if you put a gun to their head.

So, I thought... "If $100K/year income isn't the Holy Grail, it must be $250K/year". Well, turns out that wasn't it either. They had a bit better of everything, but because they paid a LOT more in taxes, they weren't "rich" in any classical sense.

Bottom Line.... Unless you make LOTS of money and live well below your means, achieving financial independence/success is unlikely. (The government likes it this way.)
 
Scataphagos said:
Years ago, I ran a financial planning practice for fee.

I noticed that those with $100K income didn't have that much better of a financial life. They had a bit better house, cars, and a few other things. But in the end, most of them couldn't put $10K cash together if you put a gun to their head.

So, I thought... "If $100K/year income isn't the Holy Grail, it must be $250K/year". Well, turns out that wasn't it either. They had a bit better of everything, but because they paid a LOT more in taxes, they weren't "rich" in any classical sense.

Bottom Line.... Unless you make LOTS of money and live well below your means, achieving financial independence/success is unlikely. (The government likes it this way.)
More...
Don't know if the government likes it that way or not, but you're right, most Americans are cash poor regardless of income. The key is to live well within your means and retire as close to debt free as possible. That is what I have done and while there were ups and downs in my career, I still am fairly comfortable in retirement. Was not at all financially responsible as a younger man, but by age 40 I got my shit together. It's a long road and there is time if one has put themselves behind the eight ball, but time, it do run up on your ass, so pay attention all you young fellers. And I'd be remiss not to say that it does help to be married to a professional woman that makes a decent buck. First wife was a financial anchor. Nice ass, but an anchor none the less.
 
exactly.

Mortgages and home prices do it as a ratio to the size of the buyer pool they are willing to lend to. Then, Obamacare took off a cushion with healthcare scaling. then they tax the rest with taxes and tuition scaling. Finally if there is any left over... they will take it with estate taxes and inflation. I saw a guy on CNBC years ago who said income taxes are designed to soak up excess capital not fund the govt. The govt can be funded other ways. over the years I have come to believe the whole system is set up to decrease competition for politicians and important assets.


Scataphagos said:
Years ago, I ran a financial planning practice for fee.

I noticed that those with $100K income didn't have that much better of a financial life. They had a bit better house, cars, and a few other things. But in the end, most of them couldn't put $10K cash together if you put a gun to their head.

So, I thought... "If $100K/year income isn't the Holy Grail, it must be $250K/year". Well, turns out that wasn't it either. They had a bit better of everything, but because they paid a LOT more in taxes, they weren't "rich" in any classical sense.

Bottom Line.... Unless you make LOTS of money and live well below your means, achieving financial independence/success is unlikely. (The government likes it this way.)
More...
 
We’re screwed on the coasts. The republicans have waged class warfare against us whether we vote democrat or republican. Thy are targeting us because it’s where the money is.

There’s enough republican seats in CA NY and NJ to change the House majority.

We can only hope the House flips next year and the SALT deductions get put back in the tax code.

And, we should be honest too, if the coastal economies get stalled while the middle states only get an $800 tax break, the republicans won’t see the growth they’re expecting. When the new tax plan hits the most productive states it will impact the economy negatively.
 
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