taxes

[Anonymous No.598293]

>finally working full time
>make 70k this year
>gubment takes 20k of it
>won't get shit for refund, might even pay in

holy fuck this is depressing. how do you rich niggas deal with this every year?

[Anonymous No.598300]

I make around 180k a year. I'm in the 33% federal tax bracket, plus 12% for my state. Almost half of my fucking check every week goes to taxes. My average refund you ask? Around $1500.

And it's all because i'm a single, childless male. My niece who is a single mother and made around $18k last year got almost 4 fucking grand back.

[Anonymous No.598303]

I made 20k in dividends this year. and 10k in capital gains. The dividends were not taxed by the feds, but my state hit me for 3 percent. The capital gains were taxed at 10%.

[Anonymous No.598307]

It's almost as if the government is stealing from you so others can get their gimmedats.

The government should record what services you use during the year, and then include the upkeep of those areas in your bill when it comes tax time. Or even better, not fund them at all and put the emphasis on funding on the end-user.

Don't fly during the year? No homeland security budget to fund.

No longer receiving an education? No money for department of education.

If you use the roads, pay your monies for infastructure.

The public sector is bloated as fuck. Either this happens, or we simply cut everything equally.

The only alternative to a decrease in spending is to reduce taxation and increase borrowing (or money printing).

[Anonymous No.598308]

>>598300
jesus christ how horrifying. almost makes me want to have kids but I know that wouldn't get me ahead.

the worst part is that I'm single, living with a roommate, and in the midwest. I thought 70k/yr would go a long way for me, but it hasn't. I still feel poor, and they take my money anyway. It's fucked.

[Anonymous No.598315]

>>598293

>made 150k this year
>capital gain of 50k on my 300k portfolio

I dread doing my taxes this year

[Anonymous No.598318]

>>598293
>>598300
>>598308

I'm not sure if you guys are trolling or retarded, but:

1) A tax refund is not a gift, it's a REFUND; that is, you only get one if you fuck up and overpay your payroll taxes during the year. Not getting one isn't a bad thing.

2) Your single mother niece makes ONE TENTH what you make and lives below the fucking poverty line, no shit you pay more taxes than she does.

[Anonymous No.598319]

>>598318

actually most time it comes from the standard deduction

[Anonymous No.598321]

>>598318
>only get one if you fuck up and overpay
What is the Earned Income Credit, you ignorant pleb.

[Anonymous No.598343]

>>598307
I understand you completely.

I currently work in Norway and have to pay a chunky 30% tax on what I own. A fair while ago I tried to realize where my money was going to work for me when I realized I couldn't realize it.

Roads? They've put up tolls where I live so I have to pay 10$ a day whenever I take the car to work.

Public transportation? Have to pay for that too.

Healthcare? I'd have to pay for everything in case I got into an accident, and if it ended up being work-related then my workplace would be the ones paying the bill.

Dental healthcare? I'd have to pay 3 grand only to replace a single tooth if I needed to.

Welfare? I'm a single male, working without children.

Public institutions? People working for the government in this country are so damn lazy that everything closes down at 3-4 and are only open on weekdays so I who am a working man can't use them.

Retirement? The company foots half the bill so I guess I can assume that 10% of my taxes goes back to me for my retirement.

Then where the fuck does the other 90% go to? Is having a park a couple of miles from where I live supposed to compensate me for losing 27% of my income?

Jesus.

[Anonymous No.598344]

>make 60k
>but in two different states
>literally paying two separate states income tax

I'll get half of it back at the end of the year but still, jesus fucking christ this is gay

After social security, fed, state, I'm paying 33% of my paycheck to the man.

[Anonymous No.598350]

>>598293

...well would you rather make less money and pay less taxes?

To this day I still don't understand the complaints of you faggots. You still make MORE money than those in lower tax brackets.

P.S. I am in your same tax bracket, and I don't complain about it one fucking bit. It takes a lot of money to have the world we live in mate.

[Anonymous No.598352]

>>598344
33% isn't even that bad, with that yearly income you'd pay about 40% in my country

[Anonymous No.598358]

>>598343

You're not seeing the big picture. Your tax dollars go to fund the society that supports your lifestyle.

Primarily your tax dollars end up in the hands of the people at the bottom, the people that cook your food and fix your car. So that they can have a somewhat respectable lifestyle and not have to live in a cave and eat bread and cheese everyday.

Lrn to see forest thru the trees.

[Anonymous No.598360]

>>598318
>I'm not sure if you guys are trolling or retarded
>or

[Anonymous No.598362]

>>598358
>Primarily your tax dollars end up in the hands of the people at the bottom, the people that cook your food and fix your car. So that they can have a somewhat respectable lifestyle and not have to live in a cave and eat bread and cheese everyday

So they get paid twice right? The money I give them when I hire them, and then I have to pay them again through Taxes.

>> not have to live in a cave and eat bread and cheese everyday

And this is my problem how?

[Anonymous No.598367]

>>598307
We're complaining about individual income tax, bud. None of what you posted is relevant.

[Anonymous No.598370]

>>598358
>mechanics in need of welfare
>Norway

They make 60k+ here mate.

[Anonymous No.598378]

>>598362

typical /biz/ errbody.

Does mom know you are up so late?

[Anonymous No.598380]

>>598370
On a good note I'm getting 1k extra tax refund this year and just ensured that I would get it next year too literally 5 minutes ago.

We have a thing called BSU here in some european countries (property-saving-youths, name might differ) which is a fund you can invest in, it's a safe fund which you get roughly 5% interest rate from and 20% of your yearly deposit in tax returns with the maximum yearly deposit being 5k. Only drawback is that you can only use it for buying/paying off property but seeing as I'll get a place of my own within five years anyway it's a really good deal for me. Not really welfare but more like non-profit service.

[Anonymous No.598412]

>>598318
Except it is a gift when single mothers, like my niece, get back more than they pay in. I don't have a problem with the fact I pay more taxes, I have a problem with the fact I would bring home more money if I made less money. I'm literally being punished for not being retarded with my life.

[Anonymous No.598421]

The US tax system makes no sense. I net $1.0M per year in my business and pay 40% in fed and state taxes. I have a new business idea that I believe would net another $1.0M within three years. The biz would employ 20 new workers in year one and 100 new workers by year 3. I would need to invest zero cash in the new idea. If it works, I would get taxed 50% on the next $1.0M per year I earn because of our stupid tax rates. If it doesn't work, the liabilities from the failure could tank my current biz and I could go bankrupt. So fuck it. I'll keep doing what I'm doing and not take the risk because the rewards aren't worth it.

By the way, if I were in Ireland, I would get hit with zero tax on the new business for ten years and I could sell it at the end of ten years for zero tax.

[Anonymous No.598423]

>>598412
No, the real gift is when these single mothers will suck my cock in a Wal-Mart parking lot for a cool $80. That's the gift of modern society.

[Anonymous No.598425]

>>598412
>I have a problem with the fact I would bring home more money if I made less money.

This is not true, tax brackets don't work like that. If you're in the 33% bracket, for instance, you only pay 33% on your earnings above the cutoff- it's not also applied to all earnings below it as well.

Put simply, if you make an extra dollar, then you get to keep at least some of it more. For you you get around $0.67. Ironically, the number for your niece may be even lower- the net effects of her making an extra dollar may only be $0.50, since some benefits are withdrawn as income scales.

Also, you get a take-home pay of $90k for a single childless male. Unless you live in NYC/SanFran, or are an absolute fuckwit, you can like an incredibly lavish lifestyle off of that and still save tens of thousands. Would you really trade that for a poverty-level existence just so you can have the satisfaction of receiving money instead of paying it come tax time? I bet your niece would switch places with you in a nanosecond,

[Anonymous No.598428]

>>598421
>If it doesn't work, the liabilities from the failure could tank my current biz and I could go bankrupt. So fuck it. I'll keep doing what I'm doing and not take the risk because the rewards aren't worth it.

holy shit are you mentally handicapped? Just put the second business in a new corporate entity, then if it fails there's no sweat off your back.

All these "I AM A BUSINESS OWNER MAKING MILLIONS BUT I'D EMPLOY EVEN MORE IF NOT FOR TAXES" posts are retarded. Any real business owner would at least have a basic fucking understanding of the salient points of law, like liability and corporate structures.

[Anonymous No.598437]

>>598428
Doesn't work that way for my industry. I am licensed by the federal government for both the current biz and the new biz. Both would therefore be at risk.

You have no fucking idea what goes on in the head of someone like me. Motivation of entrepreneurs is a very different issue than what motivates wage slaves.

[Anonymous No.598439]

>>598437

>You have no fucking idea what goes on in the head of someone like me. Motivation of entrepreneurs is a very different issue than what motivates wage slaves.

Yeah, yeah, OK. I am not fit to worship at your feet, whatever. Jesus, suck your own dick harder, why don't you.

Here's a tip from a useless wage slave, though: Speaking from experience, $1mm per year will buy you some awfully high quality legal counsel, and I'm pretty sure some of them will figure out a way around your licencing issues in a manner that allows your new business's success or failure to be decoupled from your existing one's.

[Anonymous No.598440]

>>598439
I've been in biz for 20 years and know exactly what I'm doing and what my options are.

You're missing the point of my post - the fact that the US income tax system is nuts.

Anything else you want to get shitty about?

[Anonymous No.598442]

>>598428
Or the fact that the wages paid are tax deductible. I do believe were being trolled.

[Anonymous No.598445]

>>598442

Yeah, or the fact that any competently structured business would be able to pay out his million-dollar profits as long-term capital gains taxed at 15% instead of wages at ~50%.

[Anonymous No.598446]

>>598442
Of course wages paid are tax deductible - what is your point?

I'm talking about the fact that I only get to keep half of the additional $1.0M that I bring in. I mentioned the jobs created because it is ironic the gov't wants to increase employment, but give me no motivation to create 100 jobs.

[Anonymous No.598447]

>>598445
All my profits are required to flow through directly as income. I can't elect what portion is income and what portion is dividends. Long term capital gains doesn't have shit to do with a business in this situation.

Wow, 4chan is stupid tonight.

[Anonymous No.598453]

>>598447
>All my profits are required to flow through directly as income

...Huh? I can't think of a single case off the top of my head where that's actually required. Some states require certain licensed occupations to form partnerships, sure, but they usually also allow formation of of PLLC's as well, and since those are disregarded entities at the federal level you could elect for S-corp taxation instead. Boom, profits are now qualified dividends.

I highly doubt you're "required" to pass through profits as incomes, and even if you are I'm sure a clever lawyer could find ways around that (eg, you pay a licencing fee to a shell corporation, or work as an independent contractor, or whatever).

[Anonymous No.598465]

>>598440
>I've been in biz for 20 years

And what fucking business would that be?

[Anonymous No.598468]

>>598293
>holy fuck this is depressing. how do you rich niggas deal with this every year?

By realizing that money goes to things I use every day or like knowing is there. Roads I drive on, common currency, police and fire, plus a lot of the stuff. Welcome to the world of being an adult. Now open a savings account and try to save as much as you can.

[Anonymous No.598474]

>>598440
>the fact that the US income tax system is nuts.
I think it is awesome!

[Anonymous No.598476]

If it makes you feel better op, having kids and a wife costs way more than 20k a yeat

[Anonymous No.598477]

I travel for my work 95% of the year, so I moved my residence to a no income tax state. That decision will save me about 13k this year.

[Anonymous No.598481]

>>598476

happy new yeat!

[Anonymous No.598489]

>>598293
> making $70k
> "gubment" takes $20k of it

OP is either lying or he lives in one of those states/cities charging excessive taxes like NYC, San Francisco, or Seattle, and needs to move somewhere smarter.

Here are the 2015 tax brackets:
http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/
( pic related )

Base tax is about $5000, plus 25% of your income over $35k. So 25% of $45k or about $11.

So OP is looking at about $16k. Thats with zero deductions. Zero. What kind of fool has zero deductions? You could take night classes. You could do consulting and claim small business credits. You could improve a home. You could donate useless shit to Goodwill.

> won't get shit for refund might even pay in

The only way this could have happened is if you claimed zero credits on your paycheck. In which case, its what you get.

I make $90k and expect to get tthousands back.

You suck at personal finances, OP. You're blaming welfare for your own inability to identify and manipulate very simple tax codes.

[Anonymous No.598490]

>>598489
Oops. Pic. Your tax codes

[Anonymous No.598501]

>>598308
No shit I live out west and make 84k a year. I get taxed over 24k a year. which means I earn less than 60k take home. It's depressing as fuck. California loves to rape your shit when you earn even a little bit of money.

[Anonymous No.598748]

>>598350
Actually, my work is very stressful and the idea that I have to suffer just so some fucking nigger ape can live in luxury on MY DOLLAR is pretty infuriating.

[Anonymous No.598756]

>>598468
You are lying to yourself to feel good about your tax money being wasted. Most of it goes to welfare so the poor can keep breeding like rats, or so the military can drop bombs on villagers in the Middle East.

[Anonymous No.598758]

>>598748

>the ghetto
>luxury

lel

[Anonymous No.598761]

>>598748
>falling behind on rent
>no running water
>eating mac and cheese
>luxury

[Anonymous No.598763]

>start a small business last year out of my home
>don't actually form a company because I'm unsure if it'll take off
>it takes off
>rewind to a few days ago
>talk to tax expert/small business lawyer because I've made a good chunk of money, and Uncle Sam knows it because of my website's back end
>turns out my effective tax rate is 48% because of my situation (Federal, City, State, and Self Employment)

Holy fuck, were my jimmies rustled. After talking to him, I decided to incorporate. I'm waiting for all of the paperwork to clear right now.

[Anonymous No.598764]

>>598468
gov shill detected

[Anonymous No.598793]

>>598293

Start doing work for cash/trade.

What do you do for a living, anyway?

[Anonymous No.598818]

>>598307

I cant even tell what colors are what

jesus christ

[Anonymous No.598824]

>>598818
Start at 12 o clock going clockwise from top to bottom

[Anonymous No.598833]

Is it possible to use a 401k and traditional IRA to try and cram yourself into a lower income tax bracket? If yes are there any additional methods?

[Anonymous No.598841]

>>598501
Fuck. I got to get out of California then.

[Anonymous No.598844]

>>598833

Yes.

I put in enough into the 401k to drop me to 15%. Then I max out my Roth.

If I made a lot more money, I also have access to a 457 plan.

[Anonymous No.598852]

>>598844
Even with maximum contribution to both accounts I think I would end up just above the cutoff for 25%. What can I do at that point?

[Anonymous No.598863]

>>598489
I just subtracted my net pay from my gross income, so the 20k includes more than just income tax withheld. I'll admit I suck at personal finance, but i am trying to learn. I think my only deduction could be student loan interest, but that will only help like $100. I'm basing all this on refund calculators and my pay stubs.

[Anonymous No.598865]

>>598761
dont deserve that much

[Anonymous No.598867]

>>598300
What do you do for a living?

[Anonymous No.598873]

>>598468

>By realizing that money goes to things I use every day or like knowing is there. Roads I drive on

[Anonymous No.598893]

>>598489
Did you include payroll tax? 6.2% * 70k = $4340. Also States have stupid shit like CA SDI.

[Anonymous No.598898]

>>598307
This is the dumbest shit I've read in a long time

[Anonymous No.598965]

>>598421
> Lying on the internet

Wanna know how I know? Because there is no way in hell that you manage a business with an excess of $1mil in revenue and can't grasp the basic concept of a progressive income tax, let alone short and long term capital gains taxes.

>>598489
He's probably not lying. His federal income tax liability will be around 15-18% at the end of the day, his medicare/SS is another 7.75% of gross income, and then you have state/local income taxes which can be as high as 6-7%

(all these percentages are post-deduction liabilities).

That's ~30% gone to taxes worst-case, without any municipal income tax like in the case of NYC. $70k * 0.3 = $21k.

> in b4 some autist says that SS isn't a tax.

[Anonymous No.598974]

>>598307
>No longer receiving an education? No money for department of education.
>implying you know what

I don't like paying taxes as much as the next guy, but this is a fucking stupid suggestion.

[Anonymous No.598978]

>>598863

>>598965 here

$20k is probably what you will owe total, but be careful when you say 'the gubment.' Your tax money is going to various different pots at various different levels of government. Most people equate 'the government' with the federal government, when it's not that simple.

Everyone gets standard deductions for federal and states that have income taxes. So if you don't have many or any tax writeoffs, you just claim the standard deduction which is something around $6k for a single person. That means that your taxable income is reduced by about $6k by the IRS. States with income tax also tend to have standard deductions, although they can be pretty measly like in the state of NY.

Anyway, if you find yourself getting a FEDERAL return in excess of $1,000, you should claim additional exemptions on your W-2. The IRS has a nifty calculator for this. Most companies will have a hambeast asking you if you want to claim 0 or 1 when you get hired, so it's likely that you'll have to adjust this to be a 2 or 3.

SS/Medicare will get their 7.65%, nothing you can do about it.

If you owe state more than the allowed amount (federal allows $1k underpayment before they fine you), then adjust your allowances for next year. If not, then don't worry too much about it.

[Anonymous No.598986]

>>598756
If you're talking about federal outlays, most of it goes to the elderly and disabled through SS and Medicare, not the poor. Second most is military.

Welfare is handled on a state level by-and-large.

On the other hand, police, firefighters, roads, etc. are also handled through state and county funds, which don't come from federal income tax. They often come from property/sales tax, although many states also have income taxes as well.

[Anonymous No.598990]

>>598756
Most welfare goes on pensioners who hold most wealth anyway (in my country).

Also, you can capitalise on government spending, don't forget. Things are as they are and you'd best just accept that and make the most of the situation.

[Anonymous No.598997]

Are bonds tax deductable?

[Anonymous No.598998]

>>598490
Not sure if I should be jealous of US taxes given state taxes here. I'm on £28k and pay 20%

Gonna try 4 trips.

[Anonymous No.599006]

>Not avoiding tax
>Not residing in the Cayman Islands

[Anonymous No.599010]

>>598998
That's only part of the story because it's federal income tax.

Then everyone pays 6.2% to SS and 1.45% to medicare. This is additive to federal income tax.

Then the majority of people pay state income tax, which can vary by state but is in the 5-12% range. This is also additive to federal income tax, although the states I've lived in allow you to write off your federal income tax liability on your state returns, but that only benefits you for 10% of it (in other words, if you owe $5k in federal tax and your state rate is $10%, your $5k writeoff only puts $500 of state income tax back into your pocket).

Then there's state sales tax in most states in the 5-9% range.

Then there's property taxes.

Very easy to hit 40%+ of your income going toward taxes in one way or another.

The sad thing is that the founding fathers revolted against having direct taxation, and we fucked it away. Now most people won't even quote their before-tax income when asked; they don't even think of it as their own money anymore.

[Anonymous No.599015]

>>599010
Don't forget that your employer matches your payroll taxes (SS and medicare taxes). If you're self employed then you pay ~15% instead of 7.65%.

[Anonymous No.599023]

>>598761
Considering the fact that they refuse to work, yeah that is luxury.

[Anonymous No.599030]

>>599006
how do I into tax evasion?

[Anonymous No.599034]

>>598758
luxury for them

[Anonymous No.599052]

>>598300
fucking dipshit. clearly lying. I actually made 160k this year and due to marginal federal tax rates I will pay around 38% total tax. You do not understand how the federal tax rate works. Everyone pays the same amount of tax. you can not get 'bumped' into the next tax bracket you dipshit

[Anonymous No.599092]

>>598748

Here's a thought: work a job that isn't stressful and make less money, thus paying less taxes.

Why don't you do that?

[Anonymous No.599147]

>>598319
>actually most time it comes from the standard deduction
No. It never does.
>>598321
>what is earned income credit
It's a credit. An entirely different thing than a refund

[Anonymous No.599157]

>>598468
>roads, police, fire

Where does the other 99.5% go?

[Anonymous No.599174]

>>599157
Blowing people up (military), and old/poor people (medicare/medicaid/social security)

[Anonymous No.599201]

>>598867
Isn't it obvious... I lie on on the internet for a living.

[Anonymous No.599218]

>>598300
BUT BUT BUT THE RICH PEOPLE ARE EVIL AND NEED TO REDISTRIBUTE THEIR WEALTH!!!!! FUCK YOU OPPRESSOR.

[Anonymous No.599221]

am I banned?

[Anonymous No.599224]

>>599218

Rich people need to contribute more because income is not fairly distributed amongst a capitalistic society, never has been, never will be.

I am one of the rare folks who pays what I believe a service is worth, not what I can get away with. But I am in a small small minority of people who have money and employ.

If everyone was like me than we wouldn't need excessive graduated tax brackets. But they are not. prob 75% of wealthy business owners are greedy as fuck, and properly paying and caring for their talent is way way down the list.

So the government rebalances the scales via graduated taxes and income redistribution.

> inb4 a mountain or republican theology and econ 1101 rabble.

[Anonymous No.599225]

>>598300
it's time to bitcoin the fuck out of wha tyou're doing

[Anonymous No.599246]

>>599224
Why should income be "fairly" distributed? Isn't one of the implications of that that the work of a fast food chain employee and a doctor are equally important, or am I misunderstanding your post?

[Anonymous No.599253]

>>598439

>le lawyers lawyers lawyers!

Nice qualitative answer for a quantitative problem.
You're a faggot. Go back to reddit.

[Anonymous No.599254]

>>599221
yes

[Anonymous No.599260]

>>599224
even if thats what you believe taxes dont go towards people who work.
They go towards people who dont work.

[Anonymous No.599269]

For some reason people expect the more powerful individual to do more work and put more into a project than they should

Humans are greedy and they disgust me

[Anonymous No.599270]

>>599246
Fair doesn't mean equal, more like proportionate or commensurate. Yes, a CEO should make more than a janitor, but how much more? 20x, 100x, 1000x? At what point is it ridiculous?

[Anonymous No.599276]

>>599246
This is always the immediate reply

> but you want doctors and cooks to make the same salary!
> socialism!

Obviously i still favor differences in pay based on occupation.

But should the person who cooks your food make $9 an hour?

Should the typical CEO make millions of dollars annually?

I just think a society should advance together, why can't the peasants have a small portion of the spoils of war?

[Anonymous No.599277]

>>599260
On this we agree, there are some wasteful areas of oversight that need correcting.

[Anonymous No.599369]

>>598761
>implying it's anything like that
No running water? What do you live in a third world country? Falling behind on rent? The whole reason tax is so high is they get that shit for free and then some.

[Anonymous No.599371]

>>598965
ss is only on the first $106,800

[Anonymous No.599374]

>>599371
And when you max out your FICA on your first paycheck of the year, you fell like a fucking rock star!

[Anonymous No.599380]

Tfw pro sports-trader completely exempt from taxation.

[Anonymous No.599389]

>>598378
socialist pls go

[Anonymous No.599400]

I trade/invest in futures.

I file Form 6781 on Schedule D. No federal income tax, no state income tax, no FICA tax, etc. With the rules of 1256 contracts, the most I would ever pay is 23% in capital gains, even if I made a billion.

I made ~$92,000 NET gain last year and only paid ~18,500 in taxes. My Brother made ~$35K and paid almost $10K. I only made ~$54K this year so it'll be less as I'm in a lower bracket.

You can also move your money into trust funds to states with no state income tax like Nevada to cut back on taxes.

[Anonymous No.599402]

>>599380
I hope you aren't avoiding taxes anon. Gambling winnings is taxable income. Sports betting is considered gambling in the US. Unless you live in another country where it's not, good luck in jail.

[Anonymous No.599418]

>>599402
Ah my freedom loving friend I live in the UK where no form of gambling (quite rightly) is considered tax deductable.

[Anonymous No.599422]

>>599400
Where can I read about the trust fund think?

[Anonymous No.599425]

>>599422
thing*

[Anonymous No.599464]

>>599422
>>599425
I can give you a few tips.

Open a small side business to fund expenses through, even if it's a fake business. Just make it legal on paper. Then begin writing business expenses off through schedule C (like internet needed for the "business") and personal expenses such as medical on schedule A. This way, you can write off things you buy like office supplies, a new computer, etc. under your "business" and even bills such as internet, electric utilities, etc. claiming a home office. If you are a sub-contractor and not a hired employee, you can also write that income off as profit in the business, but take a dividend instead of a salary. You'll be taxed at 15% or 20% if it's more than $400K instead of the earned income rate. But you MUST give yourself a salary. This is why all of the tech CEOs are taking $1 salaries now and taking their millions in dividends.

Grow your investments into non-taxable accounts, such as an IRA. Say you want to get into investing, open a IRA instead of a cash/margin account. You won't have to pay any capital gains tax, implying you leave the money in the IRA for 5 years before taking it out. It's how many billionaires such as Warren Buffett avoid taxes. Municipal bonds are another good option for investing.

So basically, let's say you are a sub-contractor making $50K. Open a LLC business to funnel your income through. Write off any expense you can. give yourself a minimum standard of living wage (you aren't rich like the CEOs that can get away with $1 salaries) then write the rest off as a dividend. When you want to invest, put it into a IRA account instead of a cash/margin. Invest in indexes and ETFs rather than managed funds or individual stocks. They are more tax efficient. Enjoy paying less taxes.

There's a lot more ways such as shell trust funds, offshore accounts, etc. But you got to be rich to be able to hire lawyers and CPAs to do that for you. Nobody's going to go through the trouble if youre working with <$1M

[Anonymous No.599475]

>>598489
>>598490
My jaw just dropped. Past 4 years I've earned between $95k and $130k each year and I end up paying about 33% of that in tax.

>The following rates for 2014-15 apply from 1 July 2014.
> 0 – $18,200 = Nil
>$18,201 – $37,000 = 19c for each $1 over $18,200
>$37,001 – $80,000 = $3,572 plus 32.5c for each $1 over $37,000
>$80,001 – $180,000 = $17,547 plus 37c for each $1 over $80,000
>$180,001 and over = $54,547 plus 45c for each $1 over $180,000

I never used my brain and spent a few dollars to seek advice on how to minimize tax. So, so stupid.

[Anonymous No.599527]

>>599475
You're probably in the right ballpark if the 33% includes all of your taxes and not just federal income taxes.

[Anonymous No.599666]

>>599221
next time just go to

https://www.4chan.org/banned

[Anonymous No.599667]

>>598307

What arwt public goods? Idiot's opinion discarded

[Anonymous No.599678]

>>599276

Yes they should. Now kill yourself.

[Anonymous No.599702]

>>599276
Stop bitching, start a business, and overpay your employees. You want change? Get to work.

[Anonymous No.599776]

Jesus Christ, all this whining about paying too much taxes. From Americans at that. Here in Sweden we pay up to 80% of our income depending on which bracket we're in.

Do something about it and vote libertarian or something, maybe move to a tax haven. If I made the equivalent of $100k here in Sweden I'd be one of the richest fucks around.

>Tfw M.Sci in Petroleum geophysics
>Any job I want
>100k starting

[Anonymous No.599786]

>>598293
Where do you live? Different countries, different taxes.
If you're in Canada I might give you sound advice

[Anonymous No.599795]

>>599786
Not OP but new in Canada. Please do.

[Anonymous No.599798]

>>599776
>any job i want
>has to work a mind numbing job in petroleum

[Anonymous No.599810]

>>599798
That's the joke you dolt. Though it's better than what the sedimentary geologists pull.

[Anonymous No.599854]

>>599702
Typical republican hypocrisy.

> change is in the hands of the individual

But what about drugs Mr. Republican?
Oh we need to have strong laws against that and arrest everyone involved. Individuals can't handle these decisions.

But what about war Mr. Republican?
Oh we need to be very aggressive toward any group where some of their individuals pose a threat to some of ours.

But what about abortion Mr. Republican?
Women have no right to make a decision about the baby inside them, we must control what they do on a national level.

[Anonymous No.599909]

>>599854
>republican
high school/college libtard detected

>change is in the hands of the individual
Or a collective of individuals. In most situations, what you do can make a difference. Change usually requires a little more than ignorent bitching.

>drugs
What about them? I'm against the drug war

>war
I can't say that I agree with many of the USA's combative actions

>abortion
implying I care about some dead babies

[Anonymous No.599928]

>>598293
Income taxes are unconstitutional.
You don't have to pay them

[Anonymous No.600263]

>>598370

Mechanics wouldn't be in need of welfare anywhere. They're a skilled trade in high demand that charges a crazy amount per labor hour.

[Anonymous No.600290]

You think its bad now? Wait till the end of 2015 when min wage is finally phased into 9/hr (where I live at least) then you're going to get fucked over even harder.

[Anonymous No.600303]

>I hate paying taxes
>everything should be private
>I want to live in an oligarchy to save a few extra bucks and hope the country doesn't get invaded, our youth don't grow up retarded, no kills my loved ones and gets away with it, robs me, charges me to fix infrastructure, laws aren't broken.

If you want to live in a shithole, non-superpower country, then stop paying taxes, bitch.

[Anonymous No.600310]

>>598307
Dumbest shit I ever heard in my life. How the fuck do you ascertain if someone didn't "fly though the year"?

What if I received a package that flew the air? What if I have some stock invested in UPS and their dividends were reliant on the fact that homeland security ensured that? What if I ate food that was transported through the air?

[Anonymous No.600313]

>>600290
Joke's on them, I DON'T HAVE ANY EMPLOYEES.

[Anonymous No.600326]

>>599276

CEO-s get paid as much as they do, because people who hire them, believe that the shit they do is worth that much. Equating some wanker cocksucker-cooks doings with that of a CEO is nothing but a faggy pinko moralizing.

[Anonymous No.600359]

HEY GUIZE

WHY DON'T WE JUST HAVE A FLAT TAX RATE FOR EVERYONE?

[Anonymous No.600360]

>>598300
learn how to do your taxes better. assuming you're american, you should not be paying 50% in taxes. there are a ton of deductions and write offs that you can take advantage of. i made $198k last year and paid about $35k in taxes. that is only federal though since my state does not have income tax.

[Anonymous No.600369]

>>599400
>>599402
>>599464
Holy fucking hell no, are you trolling? You are mixing legit advice from multiple avenues into one giant pot of confused-as-fuck soup. Stop it. I hope YOU have hired CPAs and lawyers, because you're one of those people who knows just enough information to be really dangerous.

>>599475
If you earned $100,000 as a single person claiming yourself using the standard deduction and using that chart (>>598490), you would pay around $18,300 or 18% effective tax rate and 25% is your marginal rate. That is the tax table for your TAXABLE INCOME, not your gross income or even your adjusted gross income. If you use the information you greentexted in >>599475 and made the same filing status assumptions, it would be around $21,250 or 21% effective tax rate and 37% is your marginal tax rate. I don't know where the greentexting is coming from, but I'm assuming it is also taxable income and not gross/agi and US standard deduction/exemption (though it's probably another country, so assuming standard deduction might be wrong, I don't know).

>>599776
Upper middle class or middle class people who think they're upper middle class whine about taxes more than any other class group in America, I swear (anecdotal evidence, though, I suppose). And half of them will live paycheck to paycheck, blame "the poors," and bitch about everything endlessly instead of living appropriately within their means. But bitching... bitching is by far their favorite pastime. More than poor people, more than lower middle class, and more than the actual rich. It's like how the person getting the silver medal in the Olympics is far more likely to be upset than the person getting bronze, and the gold medalist is happy on top.

[Anonymous No.600384]

>>600369
>It's like how the person getting the silver medal in the Olympics is far more likely to be upset than the person getting bronze, and the gold medalist is happy on top.
Wow that's actually a crazy good analogy summing up all income levels in a matter of seconds. Well done!

[Anonymous No.601287]

>>599928
Your assignment is to write the 16th Amendment on a chalkboard 100 times.

[Anonymous No.601328]

>>600360
What about Social Security and Medicare.. SS is about $9,000 for the first $115k and Medicare about $6,000 on $200k.... only 10% Fed rate on $200k seems ridiculously low.

[Anonymous No.601338]

I may be the only wealthy individual who does not have a problem paying large amounts of taxes. I know that money is transient, and a large amount of the wealth I have made is thanks to the environment around me.

My brother is a lawyer, and primarily deals with property rights and enforcement, sometimes on an international level. The environment we have created to protect our wealth is amazing in the USA, 99% of Americans will be robbed less than 5 times in their lifetime. Our contracts are enforced and far more impartial, we don't have "state champion" companies that can complain to the government to get contracts nullified on a regular basis for their own interests.

As for welfare, I don't think anyone deserves it, but I see it as more of a bribe. As long as we keep life outside of prison nicer than prison itself, we give the poor a motivation to *not* commit crime. They have no obligation to protect a system that doesn't benefit them, especially the strong young males with no family. Without it, our poor would probably behave like the poor in India, China, or Honduras....maybe even worse due to our lack of honor.

Everyone takes this shit for granted, but the reality is that we are close to anarchy and violence, and this system pays us far more wealth than living in a place where we pay for our own security and count on massive losses in urban areas. You guys are taking too much for granted...you pay more taxes because you have so much more to lose. When things collapse, the average rich person loses a lot more than the average poor person either fleeing the country or protecting their wealth.

[Anonymous No.601580]

are people in this thread really defending taxes?

that's it, either we kill you stupid fuckers, or we secede, this is ridiculous

if it weren't for taxes you'd have greater spending power, prices for most state-subsidized goods such as housing would fall.

for the middle class their spending power would rise by around 40% before the price reductions.

The real kicker is that tax spending is the LEAST effecient form of spending. I can't think of a single form of tax I'm happy to pay that doesn't feed into policemen and firefighters. The schools are a place where my son can get shot, the courts take kids from the father, the military launches wars we don't need.

the roads dont' even get fixed. I'm giving you half of my net worth for THIS?

This is grounds for civil war.

[Anonymous No.601584]

>>601338
I wouldn't have a problem with shelling out 30% of my income in taxes if I got service for my money. Over on the NE coast of the US, most of that tax money goes into the pockets of public unions and the lazy slobs they protect. NYC is an especially bad example of this with its rotting roads, faulty subways, and endless service window lines.

[Anonymous No.601589]

>>598300
She also has to pay for a child

[Anonymous No.601608]

>>601589
if society requires taxes to maintain, then society is a collective responsibility

why should an IRRESPONSIBLE person, who made a financial choice (to have a kid) to allowed to pass her portion of the responsibility to someone else?

[Anonymous No.601625]

>>601584

The solution is to fix the system, not withdrawing from it. Unions can be shitty but it's better than having nothing at all.

[Anonymous No.601648]

>>601580
Then start a civil war over it you hyperbolic piece of shit

Watch your "soldiers" scramble when they lose their social security and medicare

[Anonymous No.601656]

>>601648
your soldiers will only fight if the government promises to rob the youth to pay the old via social security.

you'll either be fighting against your own youth to continue to rob them, or your own soldiers will revolt when they realize they aren't actually getting paid.

the idea that the state has a superior military that can conquer an independent province is laughable when they can't even efficiently blow up camel herders.

But go ahead and continue to justify wealth transfers, generational warfare, and vote grabbing.

this should be good.

[Anonymous No.601660]

>>601648
oh, by the way, this stupid fucking country was formed in large part due to a tiny fucking tax on TEA, a luxury good

but somehow we're not allowed to protest or revolt over the highest taxes in human history, where they rob individuals of half of what they make every year?

[Anonymous No.601670]

>>599464
Lol, if you are in Puerto Rico you can structure so you effectively pay NO tax on any capital gains.

[Anonymous No.601697]

>>600369
> Upper middle class or middle class people who think they're upper middle class whine about taxes more than any other class group in America, I swear (anecdotal evidence, though, I suppose). And half of them will live paycheck to paycheck, blame "the poors," and bitch about everything endlessly instead of living appropriately within their means.

Um, yea, no.

I have a family of 5 and live in CA. My 'nut' (poker term for all cost of living expenses) is about $50k/year. I have no auto loans, no cc debt, just a mortgage + property taxes that add up to $2200/mo, plus utilities, cable/internet, food, and child expenses. This is living in a 1400 sq ft 3 bedroom single-story home that is 500 sq ft below the American average.

I could cut back some expenses here and there to get it down to $40k if I really, really tried and wanted to live like we were Mexican or some shit.

So, here in the state of CA, to take home $45k you have to make at least $60k. That's assuming the same 7-8% effective federal rate I pay with 3 children. That leaves no room for putting things into an emergency fund for when your car breaks down or anything like that. If you want to have some wiggle room with finances, you need more like $90k.

How many people are able to make $90k/year? Fewer than 20% of Americans. Luckily, I'm one of them. But I can empathize with why people bitch.

That is why the middle class bitches. The upper class doesn't bitch because they make enough to still put money into savings and investments. The lower class bitches, but not about taxes, because they're receiving welfare. Middle class Americans are hit hardest by taxes - not in terms of the raw number, but in terms of its impact on their quality of life and finances.

[Anonymous No.601705]

>>601697
Oh and one more thing...

A lot of middle class people have to have two earners to reach that $60k+ number. That means paying for daycare, an expense I luckily don't have (wife isn't too happy not working, but understands it's financially stupid). If the lower income earner of a couple is making less than $20/hour, all he's doing is working to pay for daycare.

[Anonymous No.601753]

>>598477
What type of job m8?

[Anonymous No.601863]

All the failures at tax accounting I've seen in this thread pretty much show that the US tax code is confusing and inefficient, as the OP originally stated.

[Anonymous No.602107]

>>600359
> flat tax
> opening up a massive gulf between rich and poor

pick both

[Anonymous No.602118]

>>601338

YES. This anon fucking nailed it.

Our current system isn't exactly "fair" per-se, but it keeps our current environment afloat without having the poor revolt.

Plus when you see poor nigga after poor nigga collecting welfare, you gotta remember the 200 years of abuse and nepotism that crushed them. That shit doesn't iron out in 1 or 2 generations.

All the stupid welfare shit and wasted spending is padding between rich and poor in our barbaric society.

[Anonymous No.602125]

>>601580

>we
the wealthiest people in the world, less than 10% of American society.

> secede
go for it. Better yet, if you favor a more capitalistic society with less government intervention feel free to move to Brazil or Mexico. I'm sure you will find their less socialist environment to your liking. Oh, be sure to get an armed force of 5 - 10 guards with machine guns, since the rich/poor divide their is so bad that the poor are unafraid to use any means of violence to attain money/possessions.

[Anonymous No.602127]

>>601660

this country was also founded on brutal imperialism, and slavery. That ended too faggot.

[Anonymous No.602137]

>>599854

He never said he was a republican.

You sound like a conspiracy theorist. How do you expect to be taken seriously in the adult world if, when someone suggests you bring about change through your own actions, you go around stereotyping a huge, multi-faceted and diverse group of people?

[Anonymous No.602140]

>>602107

I like this plan.

[Anonymous No.602167]

>>601625
>Unions can be shitty but it's better than having nothing at all.
I disagree. I live in a right to work state that hates unions and we do just fine without them proliferating most of the time.

>>601697
>Um, yea, no
I don't exactly know why you're disagreeing with my post; you're not saying anything I disagree with. I should have qualified that the whiners living paycheck to paycheck that I was talking about don't have to live paycheck to paycheck... more upper middle class than middle class. The ones that need to be told that just because you can get a loan for a McMansion doesn't mean you should buy a McMansion, or drive a $40,000 car when you can get a $20,000 car to suit your needs. Reasonable people like yourself who understand their nuts, generally don't operate outside of their limits and only go paycheck to paycheck when necessary and don't whine incessantly about the wrong culprit for their blasted budget.

[Anonymous No.602245]

>>602137

cause a vote for lower taxes and restrictions on the rich and business owners is also a vote for republicans, so you get all the bullshit that comes with them.

Which is also to say, my democrat vote includes the retarded SJW bullshit that comes with them.

[Anonymous No.602282]

>>602118
the poverty of the chinese and vietnamese who migrated here after being brutally bombed or put into gulags ironed out VERY quickly. CURIOUS.

>>602125
>brazil
>less socialist
yeah sure buddy

>>602127
america was not brutal imperialism. it was a farming colony, faggot.

>working your whole life to have the government take 50% instead of 100%
looks like slavery didn't end. It was just cut by half and extended from blacks to whites

[Anonymous No.602292]

>>598303
>>598300
these effective tax rates are beautiful, well done 33 boys

[Anonymous No.602295]

>>598307
amazing how much potential the fed has, could cut SS, Un, Me, proportion to DOD budget cut the DOD excess and end up with a surplus overnight. amazing. SS is a bitch though.

[Anonymous No.602297]

>>598307
>The public sector is bloated as fuck.
agreed

[Anonymous No.602300]

>>602282

oh man. good luck with your Fox news delusion.

I'm sure you've got many great years ahead cursing at your television and complaining to your cohorts at the country club.

[Anonymous No.602308]

>>602300
wow, your cutting commentary and stereotypes have really shown me the error of my ways.

if I work and 100% of my proceeds go to the government, it is slavery. If I work and 50% of my proceeds go to the government, I am "free?"

you are a retard. Just because you love your chains doesn't mean the rest of us should.

retards like you voting condemns us all to hell.

oh by the way, the vietnamese and chinese DID rise up from their oppression in less than one generation. Maybe some people just deserve to be poor because they refuse to learn how to read.

[Anonymous No.602415]

>>598300
>I'm pulling in about $110k a year owning a Dunkin Donuts
>gf is a CPA earning around $60k a year
>taxes are raping my ass
>we get married
>our taxes nearly halve

ebin :^)

[Anonymous No.602428]

>>598293
Hide money in Ireland like apple and Google

[Anonymous No.602448]

>>602415
you make 110k from a single dunkin donuts shop?

[Anonymous No.602463]

>>598293

Just ran into this image today, i'd say it's pretty relevant.

[Anonymous No.602468]

>>602448

Not the poster but that kinda number is relatively pedestrian for well established franchises provided they are sited in good locations.

I'd hazard a guess that his shop is on the small side as well.

[Anonymous No.602518]

>>602463

What does it mean by "corporate subsidies"?

[Anonymous No.602530]

>>602448

>>602468 is right, my store is on the small side and I pay my employees more than the industry average while putting more money into the shop as well. But it's near a college campus and 24/7 so business is steady while requiring the minimum of my attention.

[Anonymous No.602559]

>>602518
a variety of things like agricultural subsidies and development incentives which the writer didn't mention because the suspiciously round $4000 figure was pulled out of his ass

[Anonymous No.602591]

>>602463
Yeah, I'm pissed of a the gubderment for subsidising corporations.