43% of income gone before paying a living bill

[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.

[Sara]

Downsize and have a kid.

[flynscot]

Originally Posted by Sara504

Downsize and have a kid.

Downsize what - I haven't paid a bill for anything yet!
Add a kid and the insurance goes up not down!

[Delta0311]

Originally Posted by flynscot

Downsize what - I haven't paid a bill for anything yet!
Add a kid and the insurance goes up not down!

Not for Sara because some dude gets suckered into paying the bills once the kid pops out.

[M3Bimmer77]

Welcome to the real world

[M3Bimmer77]

Originally Posted by Sara504

Downsize and have a kid.

One is not enough....go for two

[CANGRKE70]

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.

[Sara]

Originally Posted by M3Bimmer77

One is not enough....go for two

Working on that.

[UglyBuzzard]

Originally Posted by Sara504

Working on that.

That's the fun part

[kprocivic]

The irs has been fucking me for years. Such is life though.

[Mr Tonka]

I nominate this thread's op for "Humble brag of the day".

[flynscot]

Originally Posted by kprocivic

The irs has been fucking me for years. Such is life though.

Yep, if I include the wife's salary we pay more in taxes each month than our mortgage and her car payment combined.
P.S. Also owed $5k to the tax man last year.

[tc328]

Middle class (working class) sucks...you either be rich or real poor in America, we in the middle get screwed

[Delta0311]

Originally Posted by tc328

Middle class (working class) sucks...you either be rich or real poor in America, we in the middle get screwed

Amen to that brother. It's work, work, work, work followed by, "Fuck you, pay me".

[flynscot]

Personally I would be in favor of a flat tax across the board, say 10-15% for everyone. This would also reduce cost as most of the IRS could be reduced.

[okusa]

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.

Sounds like you need a new CPA.

Originally Posted by kprocivic

The irs has been fucking me for years. Such is life though.

Uh, no. The IRS is just an enforcement agency. Congress has been fucking you for years.

[M3Bimmer77]

Originally Posted by Sara504

Working on that.

Explain.....

[PoorLurker]

43% isn't too bad actually.

I wish I could buy a car that would put my mortgage + car payments equal to that of the taxes we pay each month. I'd have me a nice set of wheels (or four crappy cars - OT joke)

Speaking of taxes, interesting when you think about a dual income family with average 4 year degree jobs paying more in taxes than the median household income for the US.

Originally Posted by okusa

Sounds like you need a new CPA.

Makes me wonder what other people are paying in terms of percentage.

[dreamingat30fps]

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.

Sell the M3, buy a Lambo, save buku bucks on depreciation, retire.

[PoorLurker]

Originally Posted by M3Bimmer77

Explain.....

She has a date tomorrow with her friend B, B's boyfriend, and some weird guy named A or X.. maybe AX

[-BEASTMW-]

Originally Posted by flynscot

Personally I would be in favor of a flat tax across the board, say 10-15% for everyone. This would also reduce cost as most of the IRS could be reduced.

How is 10-15% going to replace the taxes collected when the marginal tax rate for the highest-income earners (who have a huge, disproportionate chunk of the tax base) is near 40%? The flat tax would have to be closer to 30%, and it's pretty tough for lower-income people currently paying 10-15%.

[Delta0311]

Could be worse, we could be living in Europe. They take away nearly all your income and then slap on a VAT tax on anything you buy. Best thing to be in the EU is a refugee, you get all your shit for free that way.