Letter to Feinstein

[Coronita]

Here's my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You're talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Though I generally agree with what you said, I think perhaps in practice the 40% tax rate is a little overstated for most households in this bracket…Generally, you are well aware of the problem ahead of time, and you itemize and do what you can to bring your tax bracket down.

 

With the exception of last year, our tax rates were about 17%/6% , hitting AMT each year, though we have quite a bit of deductions… Having a large mortgage interest deduction/proptax deduction somewhat helps the sting a bit, as well as a few other "odds and ends" in donations. There is somewhat of a phase out in itemized deductions. 

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—– Sour grapes for everyone!

[Eugene]

Fed tax rate is 33% and state is 9%.

A married couple with 2 kids would pay $54,950 in federal tax and $18,900 state tax on 250k income. Effective tax brackets 22%/7.6%.

While I’m sure that there are daycare centers that cost $1k and even $2k/month/kid, you can find perfectly good family day care for your kids for $700/month/kid on Craigslist. For which you can pay with pre-tax money using your 125 plan. And you need expensive full-time day care till they are approximately 5 years old.

[Eugene]

Fed tax rate is 33% and state is 9%.

A married couple with 2 kids would pay $54,950 in federal tax and $18,900 state tax on 250k income. Effective tax brackets 22%/7.6%.

While I’m sure that there are daycare centers that cost $1k and even $2k/month/kid, you can find perfectly good family day care for your kids for $700/month/kid on Craigslist. For which you can pay with pre-tax money using your 125 plan. And you need expensive full-time day care till they are approximately 5 years old.

[Eugene]

Fed tax rate is 33% and state is 9%.

A married couple with 2 kids would pay $54,950 in federal tax and $18,900 state tax on 250k income. Effective tax brackets 22%/7.6%.

While I’m sure that there are daycare centers that cost $1k and even $2k/month/kid, you can find perfectly good family day care for your kids for $700/month/kid on Craigslist. For which you can pay with pre-tax money using your 125 plan. And you need expensive full-time day care till they are approximately 5 years old.

[Eugene]

Fed tax rate is 33% and state is 9%.

A married couple with 2 kids would pay $54,950 in federal tax and $18,900 state tax on 250k income. Effective tax brackets 22%/7.6%.

While I’m sure that there are daycare centers that cost $1k and even $2k/month/kid, you can find perfectly good family day care for your kids for $700/month/kid on Craigslist. For which you can pay with pre-tax money using your 125 plan. And you need expensive full-time day care till they are approximately 5 years old.

[Eugene]

Fed tax rate is 33% and state is 9%.

A married couple with 2 kids would pay $54,950 in federal tax and $18,900 state tax on 250k income. Effective tax brackets 22%/7.6%.

While I’m sure that there are daycare centers that cost $1k and even $2k/month/kid, you can find perfectly good family day care for your kids for $700/month/kid on Craigslist. For which you can pay with pre-tax money using your 125 plan. And you need expensive full-time day care till they are approximately 5 years old.

[TheBreeze]

Here’s my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You’re talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?

Any couple making $250K or more anywhere is doing good. Plus, we’re only talking about increasing the marginal tax rates. That means if you make $300K, you only get taxed higher on that last $50K.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen. Plus, if you’ve been voting Republican, you owe me and the rest of the Democrats about $3 trillion for this moronic Iraq War. In my opinion, Republicans should be taxed double as punishment for that debacle. And you should be paying for my higher gas costs since oil was at about $40/barrel before the war and is heading to $150/barrel now.

You Republicans have a lot to make up for. I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.

[TheBreeze]

Here’s my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You’re talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?

Any couple making $250K or more anywhere is doing good. Plus, we’re only talking about increasing the marginal tax rates. That means if you make $300K, you only get taxed higher on that last $50K.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen. Plus, if you’ve been voting Republican, you owe me and the rest of the Democrats about $3 trillion for this moronic Iraq War. In my opinion, Republicans should be taxed double as punishment for that debacle. And you should be paying for my higher gas costs since oil was at about $40/barrel before the war and is heading to $150/barrel now.

You Republicans have a lot to make up for. I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.

[TheBreeze]

Here’s my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You’re talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?

Any couple making $250K or more anywhere is doing good. Plus, we’re only talking about increasing the marginal tax rates. That means if you make $300K, you only get taxed higher on that last $50K.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen. Plus, if you’ve been voting Republican, you owe me and the rest of the Democrats about $3 trillion for this moronic Iraq War. In my opinion, Republicans should be taxed double as punishment for that debacle. And you should be paying for my higher gas costs since oil was at about $40/barrel before the war and is heading to $150/barrel now.

You Republicans have a lot to make up for. I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.

[TheBreeze]

Here’s my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You’re talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?

Any couple making $250K or more anywhere is doing good. Plus, we’re only talking about increasing the marginal tax rates. That means if you make $300K, you only get taxed higher on that last $50K.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen. Plus, if you’ve been voting Republican, you owe me and the rest of the Democrats about $3 trillion for this moronic Iraq War. In my opinion, Republicans should be taxed double as punishment for that debacle. And you should be paying for my higher gas costs since oil was at about $40/barrel before the war and is heading to $150/barrel now.

You Republicans have a lot to make up for. I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.

[TheBreeze]

Here’s my rough estimate of someone who make $250k and live in CA. Fed tax rate is 33% and state is 9%. You’re talking about 42% going to taxes. $250k * 0.58 = $145k – $39k (Married maxing out 401k and IRA) = $106k/12 = $8.8k/month.

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?

Any couple making $250K or more anywhere is doing good. Plus, we’re only talking about increasing the marginal tax rates. That means if you make $300K, you only get taxed higher on that last $50K.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen. Plus, if you’ve been voting Republican, you owe me and the rest of the Democrats about $3 trillion for this moronic Iraq War. In my opinion, Republicans should be taxed double as punishment for that debacle. And you should be paying for my higher gas costs since oil was at about $40/barrel before the war and is heading to $150/barrel now.

You Republicans have a lot to make up for. I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.

[an]

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?
Not if you take advantage if the ROTH 401(k) that’s starting to become popular.

Any couple making $250K or more anywhere is doing good.
I didn’t say they’re not doing very well for themselves, I’m just saying that’s not what I’d consider rich. These can be 2 senior engineers, pharmacist, nurses working overtime, etc. These are the people I’d hardly consider as rich. Well off, yes, but far from rich.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen.
Sorry to disappoint you but I make much less than $250k, so it doesn’t affect me in a bad way. However, I still think it’s unfair to tax one group of people more in term of % than another just because they’re trying hard to succeed. That’s why so many people escape the communist regime and come to America.

Plus, if you’ve been voting Republican…
This rant is not applicable to me, since I’m a registered democrats, mainly because of the social policies of tolerance I believe.

I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.
What do you consider fair? Would it be fair to you if we all end up at about the same level of wealth after taxes? If you say yes, I’d like to hear your argument against Communism. Try living under a communist regime where “everyone is equal” first before you call people whiny brats.

[an]

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?
Not if you take advantage if the ROTH 401(k) that’s starting to become popular.

Any couple making $250K or more anywhere is doing good.
I didn’t say they’re not doing very well for themselves, I’m just saying that’s not what I’d consider rich. These can be 2 senior engineers, pharmacist, nurses working overtime, etc. These are the people I’d hardly consider as rich. Well off, yes, but far from rich.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen.
Sorry to disappoint you but I make much less than $250k, so it doesn’t affect me in a bad way. However, I still think it’s unfair to tax one group of people more in term of % than another just because they’re trying hard to succeed. That’s why so many people escape the communist regime and come to America.

Plus, if you’ve been voting Republican…
This rant is not applicable to me, since I’m a registered democrats, mainly because of the social policies of tolerance I believe.

I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.
What do you consider fair? Would it be fair to you if we all end up at about the same level of wealth after taxes? If you say yes, I’d like to hear your argument against Communism. Try living under a communist regime where “everyone is equal” first before you call people whiny brats.

[an]

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?
Not if you take advantage if the ROTH 401(k) that’s starting to become popular.

Any couple making $250K or more anywhere is doing good.
I didn’t say they’re not doing very well for themselves, I’m just saying that’s not what I’d consider rich. These can be 2 senior engineers, pharmacist, nurses working overtime, etc. These are the people I’d hardly consider as rich. Well off, yes, but far from rich.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen.
Sorry to disappoint you but I make much less than $250k, so it doesn’t affect me in a bad way. However, I still think it’s unfair to tax one group of people more in term of % than another just because they’re trying hard to succeed. That’s why so many people escape the communist regime and come to America.

Plus, if you’ve been voting Republican…
This rant is not applicable to me, since I’m a registered democrats, mainly because of the social policies of tolerance I believe.

I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.
What do you consider fair? Would it be fair to you if we all end up at about the same level of wealth after taxes? If you say yes, I’d like to hear your argument against Communism. Try living under a communist regime where “everyone is equal” first before you call people whiny brats.

[an]

Hold on there, schloopy. That $40K in retirement savings is pretty significant. And for 401(k), shouldn’t you be backing that out of gross before taking out taxes?
Not if you take advantage if the ROTH 401(k) that’s starting to become popular.

Any couple making $250K or more anywhere is doing good.
I didn’t say they’re not doing very well for themselves, I’m just saying that’s not what I’d consider rich. These can be 2 senior engineers, pharmacist, nurses working overtime, etc. These are the people I’d hardly consider as rich. Well off, yes, but far from rich.

You super-rich people are whiny. Pay your fair share of taxes and contribute to society like a good citizen.
Sorry to disappoint you but I make much less than $250k, so it doesn’t affect me in a bad way. However, I still think it’s unfair to tax one group of people more in term of % than another just because they’re trying hard to succeed. That’s why so many people escape the communist regime and come to America.

Plus, if you’ve been voting Republican…
This rant is not applicable to me, since I’m a registered democrats, mainly because of the social policies of tolerance I believe.

I look forward to an Obama presidency so that you whiny brats can pay your fair share to get this country back on its feet.
What do you consider fair? Would it be fair to you if we all end up at about the same level of wealth after taxes? If you say yes, I’d like to hear your argument against Communism. Try living under a communist regime where “everyone is equal” first before you call people whiny brats.

[Author]

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