43% of income gone before paying a living bill

[BLuRRYM3]

Originally Posted by PoorLurker

BLuRRYM3 Does St. Petersburg have some good authentic Chinese food? Or at least some "boba"

Yes on the Boba. I haven't explored for Chinese food yet (like authentic places in Alhambra). But I have found great Vietnamese and Thai food in the Pinellas Park area. Reminds me of Little Saigon in Westminster/Garden Grove area.

Originally Posted by PoorLurker

Does FL have the opportunity to do this with this view?

Landscape is different. But there are some trade-offs. Here are pictures that I snapped a few weeks ago. To me, it sure doesn't look like "america's trashcan", but you be the judge.

Originally Posted by PoorLurker

How does the weather compare? bugs?
mountain biking with hills & variety of ethnic food. Those are my two main concerns

Weather sucks from June-August, Hot and Rainy. Rains hard as hell for like 30mins to an hour. Then it's gone. Rest of the time it's 70-80s. Bugs aren't too bad by the coast.
So no mountain biking, because no mountains. Florida is flat. But variety of ethnic food is pretty high. Peruvian, Salvadorian, Cuban, Vietnamese, Thai, Japanese, Korean, Ethopian. . . you name it, it's pretty much here.

[other_evolved]

Originally Posted by FL335

Democrats....that is all.

They are either broke or rich....they don't care. Take money from the hard working and give it the the losers of this country. There is is no argument.

It's unbelievable to me that half of the people in the US don't PAY taxes. It's the biggest screw job, ever.

...don't pay *Federal income taxes. They pay plenty of other taxes.....in any event, I thought low taxes were a good thing?

And lol at blaming dems. If you think our tax system is their design, you are sorely mistaken.

[tc328]

Originally Posted by John 070

I agree with much of what you say, it's rather interesting that people joke (I think) that having a kid benefits financially. My calculations say that for a kid starting college in the fall of 2032, IF (and it's a big IF) you want to be able to pay for it all without aid (if your income is over 250k today that isn't a bad assumption), you need to save $1,600/mo. from the hospital ride home, through age 22. Not many people I know do that (a few are because they know it to be reality). I know a dude who makes major buckage--he drives a Honda Accord. He has 2 girls in Vanderbilt, one going into Notre Dame, and a son in HS. that's brokesville because he said he promised all of them they will not owe a penny upon graduation from college.

Medical insurance, thanks to the HRA is now like car insurance. You pay a lot, and get little in return, and eventually, you accept it. My son saw a pediatric urologist for 15 min. this mo. I know it cost $189 because I paid it. Last year, it would have been $40. Ten years ago, it would have been $10.

Kids!

My 4yr old and 10 month old...already paying $3500 a month for pre-k/daycare, forget about college lol

We're the ones (middle class) who need Gov aid...not those that dont work

[fazman]

Originally Posted by bbbbmw

Other than maxing out your 401k, all of the rest of the deductions you mention are phased out when you get over about $150k/yr. if you haven't seen the Alternative Minimum Tax (AMT) you might want to look it up - it sucks when you get hit with that, after planning all year long to take mortgage interest, property tax, charitable contributions, etc. And business expenses are only what's over 7.5% of your gross income, IIRC.

Not always true, what if someone was married? each person's tax stuff is fairly unique. But at least it gives them a chance to learn and ask questions of their tax person.

[fazman]

Originally Posted by John 070

I agree with much of what you say, it's rather interesting that people joke (I think) that having a kid benefits financially. My calculations say that for a kid starting college in the fall of 2032, IF (and it's a big IF) you want to be able to pay for it all without aid (if your income is over 250k today that isn't a bad assumption), you need to save $1,600/mo. from the hospital ride home, through age 22. Not many people I know do that (a few are because they know it to be reality). I know a dude who makes major buckage--he drives a Honda Accord. He has 2 girls in Vanderbilt, one going into Notre Dame, and a son in HS. that's brokesville because he said he promised all of them they will not owe a penny upon graduation from college.

Medical insurance, thanks to the HRA is now like car insurance. You pay a lot, and get little in return, and eventually, you accept it. My son saw a pediatric urologist for 15 min. this mo. I know it cost $189 because I paid it. Last year, it would have been $40. Ten years ago, it would have been $10.

People *usually* don't have kids to make money, some people do have many kids so they can live off the gov't but then again I would counter that having kids is a full time job (24/7 with no breaks).

[fazman]

Originally Posted by BLuRRYM3

Yes on the Boba. I haven't explored for Chinese food yet (like authentic places in Alhambra). But I have found great Vietnamese and Thai food in the Pinellas Park area. Reminds me of Little Saigon in Westminster/Garden Grove area.

Landscape is different. But there are some trade-offs. Here are pictures that I snapped a few weeks ago. To me, it sure doesn't look like "america's trashcan", but you be the judge.

Weather sucks from June-August, Hot and Rainy. Rains hard as hell for like 30mins to an hour. Then it's gone. Rest of the time it's 70-80s. Bugs aren't too bad by the coast.
So no mountain biking, because no mountains. Florida is flat. But variety of ethnic food is pretty high. Peruvian, Salvadorian, Cuban, Vietnamese, Thai, Japanese, Korean, Ethopian. . . you name it, it's pretty much here.

I would say the Humidity looks awesome in those pics?

[FL335]

Originally Posted by fazman

Yea but you also have to live in America's trash can I would only move to Florida to avoid car inspections at registration AND to do RothIra conversions on the cheap. but live in nicer places like SoCal.

Yeah...FL is the trash can of America? Shit....you live in NY. /thread.


Why do you think all the NYs move here??

[DC-T]

Originally Posted by M3Bimmer77

One is not enough....go for two

And watch yourself go broke with the quickness

[fazman]

Originally Posted by FL335

Yeah...FL is the trash can of America? Shit....you live in NY. /thread.


Why do you think all the NYs move here??

NY's come to FL for the winter cuz it sucks in all of the NorthEast in the cold. But they leave FL just as soon as they can because the temps in Spring-Fall are much better here.

I'll be honest with you, I'm from SoCal originally and you really just can't compare Cali with any of the other US states. I've lived in NY and NJ for some time now and I still think you just can't beat Cali life (hands down). It's not perfect in cali, but its far better than everyplace else. Maybe thats why everyone is going there and the costs to be there are high to keep those who can't keep up... out??

[RickFLM4]

Originally Posted by fazman

NY's come to FL for the winter cuz it sucks in all of the NorthEast in the cold. But they leave FL just as soon as they can because the temps in Spring-Fall are much better here.

I'll be honest with you, I'm from SoCal originally and your really just can't compare Cali with any of the other US states. I've lived in NY and NJ for some time now and I still think you just can't beat Cali life (hands down). It's not perfect in cali, but its far better than everyplace else. Maybe thats why everyone is going there and the costs to be there are high to keep those who can't keep up out??

Actually the population has been migrating out of California in recent years...

https://www.manhattan-institute.org/...look-5853.html

[bbbbmw]

Originally Posted by fazman

Not always true, what if someone was married? each person's tax stuff is fairly unique. But at least it gives them a chance to learn and ask questions of their tax person.

That is for married people. This article says the AMT starts at $83,400 for a married couple, and scales up from there. It eventually dis-allows all of your deductions other than a 401k:

http://money.cnn.com/pf/money-essentials-taxes-amt

[bbbbmw]

Originally Posted by fazman

NY's come to FL for the winter cuz it sucks in all of the NorthEast in the cold. But they leave FL just as soon as they can because the temps in Spring-Fall are much better here.

I'll be honest with you, I'm from SoCal originally and you really just can't compare Cali with any of the other US states. I've lived in NY and NJ for some time now and I still think you just can't beat Cali life (hands down). It's not perfect in cali, but its far better than everyplace else. Maybe thats why everyone is going there and the costs to be there are high to keep those who can't keep up... out??

If that were true, then why are CA liberals doing everything they can to encourage illegal immigration? Unless they want an underclass of cheap labor?

You are right - CA is paradise.

[dreamingat30fps]

Originally Posted by BLuRRYM3

Weather sucks from June-August, Hot and Rainy. Rains hard as hell for like 30mins to an hour. Then it's gone. Rest of the time it's 70-80s. Bugs aren't too bad by the coast.

What is up with the FL bug shit? What bugs? I'm still waiting for these bugs to attack me. Only bugs I've seen is during "love bug" mating season and that's only out in the middle of the state.

That being said we do have gators, EVERYWHERE, you have to walk around with a shotgun just in case. I kill AT LEAST 3 gators a week at my house. So stay safe... in NY.

[RickFLM4]

Originally Posted by dreamingat30fps

What is up with the FL bug shit? What bugs? I'm still waiting for these bugs to attack me. Only bugs I've seen is during "love bug" mating season and that's only out in the middle of the state.

That being said we do have gators, EVERYWHERE, you have to walk around with a shotgun just in case. I kill AT LEAST 3 gators a week at my house. So stay safe... in NY.

I have mosquitos, love bugs and some others where I live (central Palm Beach County). No Gators, unless you are referring to UF fans (who qualify as pests). The only places without too many bugs are near the ocean.

[fazman]

Originally Posted by RickFLM4

Actually the population has been migrating out of California in recent years...

https://www.manhattan-institute.org/...look-5853.html

On interesting approach to investments i like to use is to wait for a solid company to go into a correction phase. You know that is coming when people are willing to sell their own moms to buy stocks in that company... that is the top. Once the stock reaches a pain point of maybe 50%-30% of its high... then no one will want to touch that stock and you will be called crazy to buy it... thats when i like to go ALL IN and load up the truck. Works like a charm, California is getting there based on your article. Time to go in and buy up rental properties, you will be laughing all the way to the bank every month for the next 30 years as renters buy you a free home.

[BayMoWe335]

Originally Posted by bbbbmw

Other than maxing out your 401k, all of the rest of the deductions you mention are phased out when you get over about $150k/yr. if you haven't seen the Alternative Minimum Tax (AMT) you might want to look it up - it sucks when you get hit with that, after planning all year long to take mortgage interest, property tax, charitable contributions, etc. And business expenses are only what's over 7.5% of your gross income, IIRC.

I'm already there....that's why I'm so salty.

My post was really just to point out that even if you aren't making over $150k, you're still not getting a ton of tax breaks.

[wdb]

It's gross misrepresentation to focus solely on income taxes. The true measure is percentage of total income that goes to taxes of any kind, including sales taxes, fuel taxes, the whole lot.

[M3Bimmer77]

Originally Posted by dreamingat30fps

I kill AT LEAST 3 gators a week at my house. So stay safe... in NY.

YOu mean you killED at least.... Right? Just be careful. There are some counties that it's illegal to kill them!!!!

[RickFLM4]

Originally Posted by wdb

It's gross misrepresentation to focus solely on income taxes. The true measure is percentage of total income that goes to taxes of any kind, including sales taxes, fuel taxes, the whole lot.

A few issues with that snap shot:
1) The avg. person in the building making over $1M is not getting it all through ordinary income. They must have earnings comprised primarily of cap gains and dividends because no way is that income tax number correct for that income level if it is from wages. There is no way to tell the split between ordinary income and investment income, but it must be comprised mostly of investment income because there is no way someone making over $1M in ordinary income has an effective tax rate < 15%.

2) If the payroll tax number is FICA, 1/2 of the janitor's amount is paid by his employer, not the janitor and shouldn't be included. 33,080 x 7.65% = $2,531. So unless NY City has a ridiculous payroll tax (which is irrelevant to the rest of us across the country), I don't see how this number is correct. (Since there is no details about the other person, hard to tell whether that number is correct or not.)

3) If you want to compare taxes paid on ordinary income vs. investment income, wouldn't it be fair to include the taxes paid by the companies in which the investments were made?

4) If you are going to bring social security taxes into the mix, then you also need to factor in the relative benefit each will receive. The lower income person will receive a benefit in excess of their contribution than the higher income person, who is unlikely to recoup as much in benefit payments than they paid in.

5) Where are the fuel taxes, property taxes, sales taxes, etc. you called out in this comparison?

Basically, you posted a Socialist propaganda piece. It is actually quite irritating for some of us making six figures through ordinary income to get lumped in with the Helmsley Building person, which is what Obama has done since his initial campaign days. Show me this same comparison with another column a self-employed person making $300K - $400K from ordinary income, with far less in investment income and paying both the employer and employee portion of social security and Medicare. Bottom line is you can skew numbers however you want but income taxes have higher marginal rates as income grows, income for FICA is capped because at some point it just becomes additional income tax and investment income differs from ordinary income in that it is the foundation of our capitalist society. Investment income is accompanied by investee income, which is also taxed.

[Biorin]

Originally Posted by RickFLM4

A few issues with that snap shot:
1) The avg. person in the building making over $1M is not getting it all through ordinary income. They must have earnings comprised primarily of cap gains and dividends because no way is that income tax number correct for that income level if it is from wages. There is no way to tell the split between ordinary income and investment income, but it must be comprised mostly of investment income because there is no way someone making over $1M in ordinary income has an effective tax rate < 15%.

2) If the payroll tax number is FICA, 1/2 of the janitor's amount is paid by his employer, not the janitor and shouldn't be included. 33,080 x 7.65% = $2,531. So unless NY City has a ridiculous payroll tax (which is irrelevant to the rest of us across the country), I don't see how this number is correct. (Since there is no details about the other person, hard to tell whether that number is correct or not.)

3) If you want to compare taxes paid on ordinary income vs. investment income, wouldn't it be fair to include the taxes paid by the companies in which the investments were made?

4) If you are going to bring social security taxes into the mix, then you also need to factor in the relative benefit each will receive. The lower income person will receive a benefit in excess of their contribution than the higher income person, who is unlikely to recoup as much in benefit payments than they paid in.

5) Where are the fuel taxes, property taxes, sales taxes, etc. you called out in this comparison?

Basically, you posted a Socialist propaganda piece. It is actually quite irritating for some of us making six figures through ordinary income to get lumped in with the Helmsley Building person, which is what Obama has done since his initial campaign days. Show me this same comparison with another column a self-employed person making $300K - $400K from ordinary income, with far less in investment income and paying both the employer and employee portion of social security and Medicare. Bottom line is you can skew numbers however you want but income taxes have higher marginal rates as income grows, income for FICA is capped because at some point it just becomes additional income tax and investment income differs from ordinary income in that it is the foundation of our capitalist society. Investment income is accompanied by investee income, which is also taxed.

"Appreciate" does not begin to describe my feelings about this. Including payroll tax? Did someone arbitrarily select types of taxes and random rates from a list and decide to make a table?

[kitesurfer]

Originally Posted by flynscot

Sticker shock! Was going over the budget the other day and realized that 43% of my income is gone before I pay a living bill, i.e. rent, mortgage, car expenses, electricity bill, etc.
Amazing how much is gone when you are just paying for the responsible things: Life, Health, and Dental insurance, Retirement fund and 401K (separate), and the wonderful State and Federal tax man.
Just didn't realize it till the numbers showed it.

The Truth is the Federal Income Tax was supposed to be temporary to pay for the "war" world war II. Its F***ing sickening that in about 60 years time we have gone from a temporary tax to giving away half our our income.
When you factor in other taxes such as Sales Tax, State Income, Social Security tax , Medicade tax, Federal unemployment tax , State Unemployment tax, City Property Taxes, County Property Taxes, Corporate taxes, Gasoline Taxes, ect..you pay out 60-70% of your income depending on tax bracket.
Yet with all these taxes its still not enough pay for the MASSIVE social programs and govt spending that paralize our nation is so many ways....Our country is nearing 19 billion in debt....Consider this when its comes time to vote in the Bernie Sanders/ Hillary's of the world who call for nothing but more social program spending, More national debt, higher taxes, amensity for illegals, continued disfuntional obamacare, continued anchor baby funding ect, ect,

[RickFLM4]

Originally Posted by kitesurfer

...Our country is nearing 19 TRILLION in debt....

Fixed that for you...