Third Party Candidate

[miamited]

Hi again jasonc

Why work just to give it to the IRS and these do it for a savings to pay on cash .

And that's always been the dumbest argument for not working. So the government takes 10% of your now higher wages. YOU'RE STILL GETTING 90% OF THE WAGES OF YOUR WORK ADDED TO WHATEVER OTHER INCOME YOU HAVE. I've heard people say that they don't want to work overtime or extra hours because the government then takes it all. That's absolutely ludicrous! The government takes a portion of every dollar we make, no matter how or when we make it, if we are earning over a minimum threshold. The government never takes ALL of someone's extra earned cash. You will wind up with more money in your pocket if you work for more money. There is no 100% tax bracket in the U.S.

God bless,
Ted

 

[jasonc]

Hi again jasonc

And that's always been the dumbest argument for not working. So the government takes 10% of your now higher wages. YOU'RE STILL GETTING 90% OF THE WAGES OF YOUR WORK ADDED TO WHATEVER OTHER INCOME YOU HAVE. I've heard people say that they don't want to work overtime or extra hours because the government then takes it all. That's absolutely ludicrous! The government takes a portion of every dollar we make, no matter how or when we make it, if we are earning over a minimum threshold. The government never takes ALL of someone's extra earned cash. You will wind up with more money in your pocket if you work for more money. There is no 100% tax bracket in the U.S.

God bless,
Ted

Is it ? When you only work part time ?

They will tax your SS then ..I got told four years ago my my accountant that in order not to owe I would have to either loose six grand in my wife's SS or pay that .

I quit that part time job as I made only a thousand more then that .pointless fo work.



You forget that in some states as in pay your pension and ss are taxed .



Notice I said retirees .
These already have a pension and are over 70.

Some jobs hire only them part time of possible .this job does prefers that .no reason .

You also as my mom does pay more then 10 percent surely Mr I owned a business knows this.

You match yourself .on Medicare and as that overs 10 percent.on fed tax that is over that 13 percent.

No one will vote for

An honest candidate who will say Medicare nor social security can be sustained without cuts and tax increases and on ss age increase . political suicide .

To keep your ss we must tax you more ?!

I know a few retirees that I work with that will reduce their hours to avoid paying the IRS from ss .

Why work just to give it to the IRS and these do it for a savings to pay on cash .

I know it's ugly but you can't tax your way into paying the debt and sustain the spending without cuts

But it's not like I don't owe the IRS ,two years ago and possibly last year .

Why. It simply poof the min wage to ss and both jump after all if a worker can't survive on less then 40 grand a year then ss should for everyone be that .

My mom makes more the I do and pays my mortgage in home owner insurance nearly .

But well let's ignore the homeless problem of which many are the collectors of ss who can't afford to pay rent and live in cars

High rents outpace federal disability payments, leaving many homeless

Supplemental Security Income, a federal program meant to be a financial floor for people unable to work, hasn't kept pace with inflation. Many recipients are homeless, unable to save for an apartment.

www.npr.org

I work on a guys van who fits that .fort Pierce has a whole camp of elderly homeless .

Time is money making five hundred two weeks simply to give it to the IRS for three months to avoid the penalty of paying more on ss makes no sense when he that said that can stay home and keep and make the exact same .

Silly me .

 

[miamited]

Hi jasonc

They will tax your SS then ..I got told four years ago my my accountant that in order not to owe I would have to either loose six grand in my wife's SS or pay that .

Oh, I'm not even inferring that you won't 'owe' taxes. But you will not pay all of the extra money that you make. Once you reach full retirement age you can make all of the money you want, but just like any job you will pay a percentage of that income in taxes. That's just the way the country makes the money to pay the bills. And pretty much the way all nations make their money to pay their bills. So, while yes, your accountant is likely correct that to not have to pay ANY taxes you have to give up most of your extra money. But not paying taxes for making money is not a realistic goal. And yes, as you make more money, some of your SS may get taxed. But again, not paying taxes, if someone is making wages just is not a realistic goal.

However, if you're in the lower income tax brackets, it won't be more than 10-15% of that extra money just like everyone else pays. Getting old doesn't get any of us out of paying taxes if we make enough money to put us over the basic subsistence income that is considered poverty to most of us. Yes, I'm fully retired and yes, some of my SS is taxed because I do have investment income that puts me over the basic minimum income that SS provides. But I haven't ever paid all of the money that I make extra as taxes any more than I ever paid all of the money I made working overtime or an extra job when I was a working stiff. As the saying has been for decades, the only thing sure in life is death and taxes. There is no age that gets you out of paying taxes if you make money over the minimum income for your status. But I don't have any problem with paying what I find to be a reasonable tax for the operation of the country.

There are, of course, some taxes for which we get breaks as we get older. Property taxes would be the biggest. My county taxes used to be about $800/year. Then I turned 65 and due to my age, my property taxes dropped to like $400. But there is no point at which I don't owe taxes to my county for the property on which I live. Just as there has never been, for at least the last 75 years any break for paying federal income taxes just because you're old.

Now, you did used to get an extra deduction for being over 65, that was like getting, I think, about $2500. credit on your income. But that's not a lot. You're still going to pay taxes if you make any decent amount of money. If we make money, we pay taxes.

God bless,
Ted

 

[miamited]

jasonc

I have a small brokerage account that I get about $8,000 a year from. Out of that $8,000. only about $3,500 is taxable. That's because with stock equities you get to subtract your basis in the stock from the money you make at the sale of the stock. So, on top of my $30,000 annual SS income I have to add $3,500 for my equity sales. So, my total income is about $38,000. Since I'm single that puts me in the 50% taxable SS. But when you add the $15,000 (half of the SS) and the $3,500 (the taxable part of my equity sales), my TAXABLE INCOME comes to $18,000. Out of that I get to deduct $13,850 as my standard deduction. That leaves me with an adjusted taxable income of about $5,000. On that, I pay about $500 in federal income taxes. I can live with that. I mean, I'm paying in federal income taxes about what I'm paying in local county property taxes $400-500.

On the other hand, for a working stiff who makes $38,000 in income, he gets to take the $13,850 standard deduction from that $38,000 and that leaves him with an adjusted taxable income of some $25,000. On that, his 10% comes to a tax of $2,500.

Sounds to me like the retiree is getting a pretty good break on his taxes. But no, I don't ever expect to not pay taxes because I'm old, if I make enough money to be taxed. But look, paying taxes is how the government funds a lot of its operating income. I'm driving on government funded roadways. I get police and fire protection from government funded operations that pay for those things. Here in the U.S. we get, even when we're old, the benefits of what the government builds and operates for the working of our nation. I'm ok with paying for some of that, but I don't pay as much towards it as someone whose entire wages is filed on a standard W-2.

I honestly don't understand the thinking that I don't want to make any money because I don't want to pay ANY federal taxes.

God bless,
Ted

 

[miamited]

Once again jasonc

• 10% – $0 to $11,600
• 12% – Over $11,600 to $47,150
• 22% – Over $47,150 to $100,525
• 24% – Over $100,525 to $191,950
• 32% – Over $191,950 to $243,725
• 35% – Over $243,725 to $609,350
• 37% – Over $609,350

Now, I don't know how much money your mother makes, but these are the tax brackets currently in effect in the U.S.

If someone's adjusted taxable income, that's after subtracting the standard deduction, is less than $11,600. the tax rate is 10%. And up to $47,000 it's only 12%. I mean those are the facts of the matter. So if your adjusted taxable income is under $47,000 you're only going to pay just over $5,000. in federal income taxes. Maybe your mother's income puts her in that higher tax bracket. And once you get over that $47,000 amount, again that's ADJUSTED TAXABLE INCOME, then the rate gets pretty stiff. But that person would actually have a $60,000 income because they deducted the $13,000 standard deduction. So, you make $60,000 and you pay $5,000 in taxes, the real rate against total income, is less than 10%.

God bless,
Ted