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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

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Gigem

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46508 on: July 07, 2025, 09:44:15 PM »
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GopherRock

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46509 on: July 07, 2025, 09:48:35 PM »
Quote from: OrangeAfroMan on July 07, 2025, 07:14:42 PM
I love that the general response to having rich people actually pay taxes is "nah, it wouldn't work." 

What if people making $40K replied that way? 
Stop giving people a pass who skirt the system.  Fix the system.
The 2013 Minnesota Legislature, at the behest of Gov. Mark Dayton, added 2% to the state income tax at the $150K bracket to resolve the state's budget shortfall. 

The next few years rather robustly demonstrated that the wailing and gnashing of teeth over how such tax hikes would lead to economic ruin was, and is, complete horse shit. Then again, trickle-down economics has always been complete horse shit, but I don't think some here are ready for that discussion. 

https://www.huffpost.com/entry/mark-dayton-minnesota-economy_b_6737786
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bayareabadger

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46510 on: July 07, 2025, 09:52:41 PM »
Quote from: 847badgerfan on July 07, 2025, 02:24:06 PM
A simple concept that hardly anyone understands.

In our peak earning year, we paid $80K+ in taxes and used no services (except roads).

Our unfair share was paid.
What income gets that much taken out, put of curiosity?
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MarqHusker

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46511 on: July 07, 2025, 11:29:36 PM »
Quote from: GopherRock on July 07, 2025, 09:48:35 PM
The 2013 Minnesota Legislature, at the behest of Gov. Mark Dayton, added 2% to the state income tax at the $150K bracket to resolve the state's budget shortfall.

The next few years rather robustly demonstrated that the wailing and gnashing of teeth over how such tax hikes would lead to economic ruin was, and is, complete horse shit. Then again, trickle-down economics has always been complete horse shit, but I don't think some here are ready for that discussion.

https://www.huffpost.com/entry/mark-dayton-minnesota-economy_b_6737786
It's certainly contributed to some wealthy Minnesotans to leave the state. Recent  IRS and Census data on 'out migration' at nearly all but low income levels has not been flattering for MN, or WI and IL for that matter. 
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Cincydawg

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46512 on: July 08, 2025, 06:58:22 AM »
A small increase or decrease in marginal income tax rates likely won't have more than a small impact on ... much of anything, including tax revenue.

The thing that happens pretty consistently at the Federal level is Republicans cut taxes some and claim to cut spending, then Democrats get in and increase spending and claim they want to raise tax rates (but very rarely do).  So, we are where we are, comparatively low top marginal income tax rates and very high spending.
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847badgerfan

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46513 on: July 08, 2025, 07:11:58 AM »
Quote from: OrangeAfroMan on July 07, 2025, 06:18:38 PM
You are delusional.
Who patrolled your community as you slept?
You didn't dial it, but what number would you have dialed to save your ass in an emergency?
What entity educated everyone around you in order to contribute to a pleasant community of businesses, customers, and public service?


Used no services my ass.
What part of those things are Federal services?

Our property tax in our last year in that shit state were $18K. I'd say we more than paid for our services that we used.

Who patrolled? Palatine Police.

Do you believe emergency transport to a hospital is free? Not for those who can pay.

Education? In Crook County? Private schools are the way.

Delusional? Look in the mirror.
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847badgerfan

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46514 on: July 08, 2025, 07:15:12 AM »
Quote from: bayareabadger on July 07, 2025, 09:52:41 PM
What income gets that much taken out, put of curiosity?
A lot.
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Cincydawg

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46515 on: July 08, 2025, 07:24:18 AM »
I ran taxable income of $2 million in GA:

Your Income Taxes Breakdown

Tax TypeMarginal Tax RateEffective Tax Rate2024 Taxes*
Federal37.00%32.77%$655,320
FICA2.35%2.76%$55,203
State5.39%5.33%$106,506
Local0.00%0.00%$0
Total Income Taxes40.85%$817,029
Income After Taxes$1,182,971
Retirement Contributions$0
Take-Home Pay$1,182,971

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Cincydawg

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46516 on: July 08, 2025, 07:26:14 AM »
This is one million, married:

Your Income Taxes Breakdown

Tax TypeMarginal Tax RateEffective Tax Rate2024 Taxes*
Federal37.00%28.53%$285,320
FICA2.35%3.17%$31,703
State5.39%5.26%$52,606
Local0.00%0.00%$0
Total Income Taxes36.96%$369,629
Income After Taxes$630,371
Retirement Contributions$0
Take-Home Pay$630,371


This presumes one is not an employer of course.  Obviously, any cut in the top marginal rate is going to be a larger cut for this HH than another than makes a tenth as much.
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Cincydawg

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46517 on: July 08, 2025, 07:27:30 AM »
What do you think would be the "fair share" for a married couple earning a million a year in taxable income?

90%, 50, what?
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847badgerfan

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46518 on: July 08, 2025, 07:28:31 AM »
Lots of people would say that's not their fair share.

I'm glad to say that I'm no longer an employer as of July 1.

Now I don't have to pay my unfair share anymore.
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FearlessF

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46519 on: July 08, 2025, 07:52:34 AM »
Quote from: Cincydawg on July 08, 2025, 07:24:18 AM
I ran taxable income of $2 million in GA:

Your Income Taxes Breakdown

Tax TypeMarginal Tax RateEffective Tax Rate2024 Taxes*
Federal37.00%32.77%$655,320
FICA2.35%2.76%$55,203
State5.39%5.33%$106,506
Local0.00%0.00%$0
Total Income Taxes40.85%$817,029
Income After Taxes$1,182,971
Retirement Contributions$0
Take-Home Pay$1,182,971


some would say $500K is more than enough to live comfortably.  paying another $600K on top of the $800K would be helpful to your country and to your fellow man
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Cincydawg

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46520 on: July 08, 2025, 08:11:34 AM »
It's certainly enough to "live comfortably", as most of us think of the term.  I chatted once a bit with a rather high income individual who was open about what he spent money on and he claimed his income disappeared quickly, he laughed and agreed it was his fault.  These folks tend to live in "nice houses" with large yards needing expensive maintenance for the pool, landscaping, maids, etc.  Then they may belong to an expensive club or three, and donate to the local arts funds etc. (which would be deductable).  They drive expensive cars of course, might have three of them.  One wealthy person we knew in France had a personal chef. $$$$$ and a boat.

I think we live "comfortably" here but I'm watching our expenses and there are some things I'd like to do and don't.

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FearlessF

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Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
« Reply #46521 on: July 08, 2025, 08:30:50 AM »
some people think helping to feed hungry children and house homeless mothers would be a better use of that money - amongst other things
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