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JohnT

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Capitalist
Mar 1999 time: 00:24
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quote: Originally posted by Gatekeeper
DanS:
**turns beet red** Well, my heart was in the right place, if nothing else. A reduction in the *federal income tax (FIT)* taken out of each check would be nice. But leave SS and Medicare alone. Ah, yes, I was using the right argument but the wrong wording.
Y'know, they took more than $200 out of my last check for those taxes ... that's more than $400 a month I could put up into a savings account or something. More than $4800 a year ... or even just half that amount ($2400) if some FICA/FIT remains. Put in an interest-bearing account and things can gradually grow from there.
Gatekeeper |
You forgot about the money that your employer puts in as well, so, if you are just looking at the portion YOU paid in, you can just double your figures right there, to $9,600/year that could've gone into your retirement. Over a 40 year workspan at your current wage, that is $384,000 that you don't get to invest!
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Zkribbler
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Los Angeles, CA, USA
Feb 1999 time: 21:24
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quote: Originally posted by cia
And BTW Zkribbler, if the Democrats take $30000 from me and give me back $1000, explain how I'll get rich? |
Like U2 said, you're already rich.
To pay $30,000 in income taxes, your adjusted annual income would be $118,950--and that does not include untaxed capital gains, untaxed inheritance, and various tax-avoidance measures, such as the income you have building up in your retirement plans.
I don't believe the average American even makes $30,000 per year.
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cia
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Far away from here
Apr 1999 time: 05:24
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Zkribbler, please define rich from the standpoint of benefits I have others may not, etc. Because from where I sit, I am certainly not rich. A recent job loss made that abundantly clear to me. I find if I am cautious with my money I do alright. And additional, by saying I am rich does that mean I did not earn my money the same way the guy who makes $6.00 an hour does? So therefore I need to give it away to even it out?
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