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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Wyätt Gwyön who wrote (24510)1/12/2005 10:21:22 PM
From: Umunhum  Read Replies (2) of 110194
 
<why not just move to a cheaper state, like Texas? >

My father told me never to go to Texas. The bugs there are ten times the size of ours (California) and ten times more abundant.

<unless you have a substantial eight-figure salary, you are exaggerating. those are the highest marginal rates.>

On my last dollar earned 35% is the rate. The bulk of my earnings are taxed at 33%. I am somewhere in the upper 300s. Last year I paid 176k in estimated taxes. I am not exaggerating, if the SS cap were removed my last dollar earned would be taxed at 59.6%. At which point I would have to move or incorporate into an S Corp or something. Taxes are too high right now. George Bush is right in saying 35% is enough.

<Don't you have a 401K> yes
<AMT?> AMT is costing me several more thousand dollars per year.

<And where would you move that has cheaper taxes, along with electricity and indoor plumbing?>

I thought about Thailand but I had an accident while buzzing around on Koh Samui and now I place a high value on good medical care. I think I want to go check out Mexico, Belize, Argentina. I don't know yet but taxes here are too high. Anybody out there know a good place to retire?

<The last I looked, property taxes were deductible from federal and state income tax, so you're double counting there>

Yeah, until you meet the AMT threshold and then they recapture all of your deductions and you figure out you didn't pay enough estimated taxes. Then they add penalties and interest.

<This is an important concept to understand. In the 30s when many or our elderly were living on the streets>

So we solve the problem by implementing a government run ponzi scam. FDR solutions prolonged the Great Depression. This has been proven by many studies, surprisingly I was taught in school that he ended the Great Depression. I bet today the public education system is still teaching students that FDR's policies ended the Great Depression.

Taxes are too high and globalization is eroding the tax base. It is just a matter of time until the whole thing implodes. Raise taxes and it will happen that much sooner. Return to honest money and the whole thing would fall apart.
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