What's the point of working hard and increasing income if you get taxed close to 50%?

[RiceBrah93]

Even as a single man grossing close to 300k a year, you'd still get taxed at least 35% of that. Wtf is the point doing this in the west?

What are other options? Live in *****, Panama?

[bicmane123]

i hate taxes.

today i had to pay ~10k in penalties and interest. da fk

[r32gojirra]

The point is that governments are lazy and too willing to spend your hard earned money on overreaching crap that is likely to win them votes

Like building walls that can’t possibly work, funding anti-abortion activism, military spending in conflicts that don’t contribute to domestic security, or banning books. Pointless crap that gets attention on social media but has no meaningful impact on anyone’s lives.

As for what you can do, move to a low taxing jurisdiction as you mention, Singapore is good for financial type executive positions, otherwise shift your money into capital and talk to your accountant about warehousing or offshoring capital gains in a legal way

[RiceBrah93]

i hate taxes.

today i had to pay ~10k in penalties and interest. da fk

You look at the money they tax you and say "that could pay for a new fkn sauna or house deposit". It's fkn criminal

[elterrible987]

because you can invest it and then only pay capital gains rate on it.


rich people dont pay 50%

[129iq]

Communists(like some on this board) think it is better to give to the government because they think any dollar over like 300 grand is spent on a yacht. Or put under a mattress.

[r32gojirra]

Communists(like some on this board) think it is better to give to the government because they think any dollar over like 300 grand is spent on a yacht. Or put under a mattress.

Akshually

Communists are more likely to think that corporations are teaming up with the government to rob you of the value of your labour, and if you are a low-wage worker and think you think you can bargain effectively on your own, you’re delusional

Communists are in favour of workers capturing the value of their labour

[RiceBrah93]

because you can invest it and then only pay capital gains rate on it.


rich people dont pay 50%

Gonna have to hire a good accountant. But income tax wasn't legal to begin with

[129iq]

Akshually

Communists are more likely to think that corporations are teaming up with the government to rob you of the value of your labour, and if you are a low-wage worker and think you think you can bargain effectively on your own, you’re delusional

Communists are in favour of workers capturing the value of their labour

At least you admit you are a communist.Not gonna argue the other points. If you want to give your money to some fat cat union boss, then be my guest. If you want to price yourself out of getting your first job as a low wage worker, then be my guest. If you have no confidence in your bargaining skills as a worker, then be my guest.

[moosik85]

We pay more then 50%

Income tax, sales tax, tax on everything you sell, stamp duties, levies, rates, gas excises

It’s more like 60-70%….

That’s why young people are checking out or doing stuff that is harder to quantify then a 9-5

There was a good post years ago from a boomer that explained it perfectly…

He started a septic tank company in the 70s, all he need was a shovel and a truck
Now he needs a bobcat, truck, insurance, ground clearance permits, flora and fauna impact studies, soil impact studies etc

[brooootal]

whines about capitalist government

continues to defend capitalism

China's effective tax rates are lower than ours btw.

[DTRrex]

Kinda true, depending how you look at it.

We make well into 6 figures, but that comes with an absolute fck load of responsibilities and stress at work.

Live in a liberal city where I literally see people drive up in $40k cars while wearing Jordan's and a more expensive outfit than me, and then use a government card to pay for their groceries.

Sometimes I think I'm the sucker for working hard, but as someone that grew up dirt poor, there's A LOT to be said for not having to ever check your bank account, paying all your bills without a second thought, and never worrying about knowing your Bimmer, Audi, and 2k sqft condo is covered and all your pet or medical emergencies are covered.

I guess it's a "pick your stress".

We stress about work because of high profile jobs, but we are financially comfortable and blessed. Some folks skate by with little work stress, but if their car suddenly needs $2k in repairs or a family member or pet need a $2k surgery it could wreck them.

The real goal is to have money to cover whatever but not actually have to punch the clock to get it. Hnnnngggg.

I've neen around the block long enough to know that money absolutely doesn't buy happiness though. It can buy security and peace of mind, but what you make of this life is all up to you and your mental framework.

[brooootal]

Akshually

Communists are more likely to think that corporations are teaming up with the government to rob you of the value of your labour, and if you are a low-wage worker and think you think you can bargain effectively on your own, you’re delusional

Communists are in favour of workers capturing the value of their labour

The corporations are teaming up with the government to rob other countries of their labor. It's called the MIC. As a communist, I couldn't give two fuks about Americans. I'm talking about the real exploited folks in Asia, Africa, and South America.

[bsrkoacar2]

Its chit. I've paid like $40k in taxes already this year. The lefties say it's ok though, because the IRS might give me like $300 back. If they really cared about middle class, they'd lower tax rates.

I'm glad Ukraine was able to buy enough weapons to lose the war though. That gives me peace at night.

Might be worth moving to Argentina in a few years. Chits probably cheap as hell there and theyve got a libertarian in charge. If he does what he hopes to do, it will probably the lowest tax rates in the world.

[DTRrex]

Its chit. I've paid like $40k in taxes already this year. The lefties say it's ok though, because the IRS might give me like $300 back. If they really cared about middle class, they'd lower tax rates.

I'm glad Ukraine was able to buy enough weapons to lose the war though. That gives me peace at night.

Might be worth moving to Argentina in a few years. Chits probably cheap as hell there and theyve got a libertarian in charge. If he does what he hopes to do, it will probably the lowest tax rates in the world.

Every year for the last few years the amount I pay in taxes keeps going up and yet I still end up having to cut a check to the fed mafia every year.

It wouldn't sting quite as much if the streets weren't overflowing with homeless, illegal immigrant tent encampments, and veterans begging for basic services while the government diarrheas billions to foreign countries.

[moosik85]

whines about capitalist government

continues to defend capitalism

China's effective tax rates are lower than ours btw.

We don’t live in capitalism… if we did corporations and banks that fail wouldn’t be continually bailed out by tax payer money

We live in corporate cronyism/ protectionism

[r32gojirra]

At least you admit you are a communist.Not gonna argue the other points. If you want to give your money to some fat cat union boss, then be my guest. If you want to price yourself out of getting your first job as a low wage worker, then be my guest. If you have no confidence in your bargaining skills as a worker, then be my guest.

Except the actually history of what unions have delivered for workers proves the exact opposite of all the anti-union propaganda you’ve just regurgitated

[r32gojirra]

We don’t live in capitalism… if we did corporations and banks that fail wouldn’t be continually bailed out by tax payer money

We live in corporate cronyism/ protectionism

Qft

[brooootal]

We don’t live in capitalism… if we did corporations and banks that fail wouldn’t be continually bailed out by tax payer money

We live in corporate cronyism/ protectionism

meaning late stage capitalism

[RiceBrah93]

Its chit. I've paid like $40k in taxes already this year. The lefties say it's ok though, because the IRS might give me like $300 back. If they really cared about middle class, they'd lower tax rates.

I'm glad Ukraine was able to buy enough weapons to lose the war though. That gives me peace at night.

Might be worth moving to Argentina in a few years. Chits probably cheap as hell there and theyve got a libertarian in charge. If he does what he hopes to do, it will probably the lowest tax rates in the world.

I'm considering moving to some SEA country like Thailand. Probably same tax rates but at least cost of living is at least 50% less. Maybe ***** when I start really balling in the 7 figures annually

[ChinkWithDink]

I agree taxes are too high. I would prefer a tax system that taxes the usage of community resources over work efforts but the moggers want to stay mogging don't they?

I think some people delude themselves that they would make the same income without the government supplied infrastructure creating the economy that they generate the income from so to look at your total tax bill and resent that you have to pay all of that and get nothing in return is stupid. Again, I agree taxes are too high though.

I agree about Argentina, I am really interested to see how that goes. Arguing economic and political theory can only go so far. We need some fresh experimental data.

To answer OP's question literally; because you get the other 50%

[WoofieNugget]

If you're paying 50% you're doing it wrong. Figure out how to work the system and save your money going to the government, there are tons of ways to reduce taxable income that are legal.

[DesiredUserphag]

What's the alternative?

[r32gojirra]

What's the alternative?

A system that actually encourages and rewards productivity instead of penalising it

See further Laffer et al

[RiceBrah93]

What's the alternative?

Live in a country like *****, 0 income tax. Or just a cheap country overall where your dollars has more value. But this is only for people who can work remotely

[Sal29]

Even as a single man grossing close to 300k a year, you'd still get taxed at least 35% of that. Wtf is the point doing this in the west?

What are other options? Live in *****, Panama?

Federal plus State Plus Local Taxes are Progressive AF if you live in California.

Someone making $10k an year in the 90001 zip code keeps 92% of their money


Someone making $50k an year keeps 81% of their money

someone making $100k an year keeps 72% of their money

someone making $250,000 an year keeps 66% of their money

someone making $500,000 an year keeps 58% of their money

someone making $1,000,000 an year keeps 53.6% of their money

someone making $10,000,000 an year keeps 48.9% of their money


https://smartasset.com/taxes/califor...tor#gPkBGY2o4p

[ParsleyTea]

I believe that was one of the reasons why Ronald Reagan got into politics. He would talk about higher taxes discouraging people from working harder, doing better.

[RiceBrah93]

Federal plus State Plus Local Taxes are Progressive AF if you live in California.

Someone making $10k an year in the 90001 zip code keeps 92% of their money


Someone making $50k an year keeps 81% of their money

someone making $100k an year keeps 72% of their money

someone making $250,000 an year keeps 66% of their money

someone making $500,000 an year keeps 58% of their money

someone making $1,000,000 an year keeps 53.6% of their money

someone making $10,000,000 an year keeps 48.9% of their money


https://smartasset.com/taxes/califor...tor#gPkBGY2o4p

Fk me thats criminal. I can see why people are moving to texas/florida

[ChinkWithDink]

Federal plus State Plus Local Taxes are Progressive AF if you live in California.

Someone making $10k an year in the 90001 zip code keeps 92% of their money


Someone making $50k an year keeps 81% of their money

someone making $100k an year keeps 72% of their money

someone making $250,000 an year keeps 66% of their money

someone making $500,000 an year keeps 58% of their money

someone making $1,000,000 an year keeps 53.6% of their money

someone making $10,000,000 an year keeps 48.9% of their money


https://smartasset.com/taxes/califor...tor#gPkBGY2o4p

Using those numbers:

Person A gets $9,200 per year
Person B gets $40,500 per year
Person C gets $72,000 per year
Person D gets $165,000 per year
Person E gets $290,000 per year
Person F gets $535,000 per year
Person G gets $4,890,000 per year

I agree that different jobs deserve different pay rates and that the gap could be quite large.

However I think our economic system is imperfect at allocating those amounts mostly because not everything of value has a price. I think income tax is imperfect. But the argument "but it's the best we've got" has some amount of truth to it.

The progressiveness of income tax should 100% be tied to inflation and the moggers know it. They know what they're doing, they don't hesitate to tie other things to inflation and logically that is what should happen.

But, unless you are person G, you gonna have to accept that the moggers are gonna mog and you are the one getting mogged. It is the reality. Person F starting to think he's one of the moggers and he's close but he's not.

Are person A through E gonna team up, even get F on board and start demanding they stop getting mogged?

Probably not because person H has the whole system corrupted to suit them and has convinced everyone that person A is the problem

Edit: My point is the system is chit on many levels but it is the best we've got because reality it is what it is

[ChinkWithDink]

the before tax number is a fugazi

it's like a business thinking revenue should be profit