Income and taxes question, theoretical.

[15ThreePoint7]

Let me clarify, federal taxation is theft. State and local taxes pay for the services you use. Federal taxes are 24% national defense (much of that being wasted...) and 76% bullshit.

I agree a lot with this. However there are some things the Federal government should be funding. Researching thread patterns of ancient textiles not being one. We do need defense, and yes a large portion of that is being wasted, without the greed I think we could have a much more effective military for less cost, and better pay for our troops. We do need the CIA and FBI. We should have a government able to step in when states need help. I do think the government should be funding new energy and technology research, which they do on a small scale. Also, I think federal taxes should support troops, especially those that see active combat, way more than it does now. I think when you get into it, there really IS a lot the federal government should do, but the money is poured into contractors pockets without effective cost for service or product. I've talked with military personnel who told me about washing machines the government bought for 15k each, that did not wash the clothes. Water treatment machines for hundreds of thousands of dollars, and troops got sick, they would shut them down and order a new one. Military vehicles and modular structures just left when they would send troops home. The spending at home is just as insane. Instead of allowing contractors to give campaign contributions and get rewarded with huge contracts, they should not be able to.

As to your other point, I live in Illinois, and it seems like we are trying to create the worst state budget in history.

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[15ThreePoint7]

I would only want to go that route if it meant eliminating campaign donations over 100 dollars. Then do publicly funded campaigns.

 

[BeastAR]

If the extra taxes started paying off our national debt than I could consider it, but everyone needs to do their part and pay in... Sooner or later this (the U.S.) will go into another recession or depression.

And an itemized list of everything the government uses my tax dollars for would be nice. I have to tell them all of mine every year at tax time....

 

[BeastAR]

Or a menu. I'd love to direct my dollars to programs I think are worthwhile. Better than voting to motivate the politicians.

Exactly sell it to me why may tax dollars should be put there....

 

[15ThreePoint7]

To that end, they need to stop with the GD earmarks and special projects inserted into bills. Need something funded? Make it it's own bill. If it can't stand on it's own, it doesn't get funded.

 

[Bikeman315]

This is where most of our tax dollars go. I do not foresee this changing anytime in the future.

 

[15ThreePoint7]

This is where most of our tax dollars go. I do not foresee this changing anytime in the future.

Exactly.

 

[fatbillybob]

Why not discuss reality? JB says taxes only going up if make more than 400k. That number has a surprising way of always getting lower to tax the middle class. We'll see.

JB is president so cap gains tax is going up. He campaigned on it. You will feel that if you are in the stockmarket.

States are strapped for cash so many like Cali put new laws on books like prop 19 to stiffle (AKA tax) your transfer of wealth you already paid taxes on to your kids! Great! Taxed twice! Property rights are being attacked example eviction moratoriums.

There will be a new assault on your wealth holdings and your wealth generation to make everyone equal (aka a fair chance). I call it socialism.

 

[15ThreePoint7]

Why not discuss reality? JB says taxes only going up if make more than 400k. That number has a surprising way of always getting lower to tax the middle class. We'll see.

JB is president so cap gains tax is going up. He campaigned on it. You will feel that if you are in the stockmarket.

States are strapped for cash so many like Cali put new laws on books like prop 19 to stiffle (AKA tax) your transfer of wealth you already paid taxes on to your kids! Great! Taxed twice! Property rights are being attacked example eviction moratoriums.

There will be a new assault on your wealth holdings and your wealth generation to make everyone equal (aka a fair chance). I call it socialism.

Sounds to me like you are wealthy enough to worry about any off that. Most are not. Why do you think people say "tax the rich"?

I mean if we want to talk reality.

I know two people who own stocks. One has over 600k on average, the other just over 1.5m. I know dozens of people who don't own a single stock.

 

[fatbillybob]

There are a bunch of people who own stocks throughwork 401k and other retirement funds. When young often they are clueless but they will all worry about issues in my post above when their kids need to go to college, their aging parents need help, and retirement is in the window.

Be thankful if you are young enough to be totally oblivious of this reality.

Old dudes are crotchety because no one listens to them. Elections have consequences. The younger you are the more you are effected even if you don't realize it.

 

[15ThreePoint7]

I work in a group of about 40. 1 has a 401k.

50% of stocks are owned by less than 1% in the US. A 401k with 5k in it can turn into jack sh!t in one trading day.

 

[m3incorp]

I can imagine a lot of people are in this situation but have to ask, what are they doing towards saving for retirement?

I work in a group of about 40. 1 has a 401k.

50% of stocks are owned by less than 1% in the US. A 401k with 5k in it can turn into jack sh!t in one trading day.

 

[15ThreePoint7]

I can imagine a lot of people are in this situation but have to ask, what are they doing towards saving for retirement?

When one month you have 200 left in your account and the next month -175, retirement is hoping the government doesn't eliminate social security.

 

[15ThreePoint7]

I saved thousands to make a down payment on a house. Medical debt split amongst debt collectors and my score dropped like a boulder. As this was round 3 we decided "fuck it" might as well buy the vehicles we need/want because buying a home is nowhere in sight.

 

[fatbillybob]

I saved thousands to make a down payment on a house. Medical debt split amongst debt collectors and my score dropped like a boulder. As this was round 3 we decided "fuck it" might as well buy the vehicles we need/want because buying a home is nowhere in sight.

that sucks! You sound young. I assume time is on your side. A common feature or many successful people is failure. its how they overcome. I hope you keep fighting. Sometimes it’s good to lick your wounds and buy the toy. But keep the eye on the prize. You know a teacher only earns during the school year. I’ve seen smart teachers get into their 1st house, make sacrifices buy another and another. By retirement they have a school pension and $6-8k/mo. income from 3 houses! Most can live quite comfortably on that. If you do the math on 6-7% compound interest in a stock portfolio simply buying the S&P500 you can have similar results over a working career. These are strategies of simple people not bank CEOs. These are the wealth building strategies under attack buy the coming political trends...aka taxes.

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