Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Umunhum who wrote (24508)	1/12/2005 4:10:18 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 110194

why not just move to a cheaper state, like Texas? and why not make less money? or better yet, make money by investing and just pay 15% LTCG. Right now I'm paying 35% to the Fed, 9.3% to Arnold (State) unless you have a substantial eight-figure salary, you are exaggerating. those are the highest marginal rates. e.g., according to Quicken Tax Planner, the 35% Fed rate, which is the sixth tax bracket, only applies to income over 338,500 for married filing jointly in 05. many people would trade your situation and not whine about paying 35% just on the amount over 338K. your average rates are probably a lot less if you just make a few hundred K.

To: Umunhum who wrote (24508)	1/12/2005 4:38:11 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 110194

It was of course meant to be a welfare system, as are all safety nets. How did you get your Federal tax up to 35%? Don't you have a 401K or any tax shelters? AMT? And where would you move that has cheaper taxes, along with electricity and indoor plumbing? The last I looked, property taxes were deductible from federal and state income tax, so you're double counting there. For sales tax, buy on the Net, dude, like everyone else. <G>

To: Umunhum who wrote (24508)	1/12/2005 4:38:15 PM
From: CalculatedRisk	Read Replies (3) \| Respond to of 110194

Social Security Retirement Insurance is NOT a retirement program; it is an insurance program. It is intended to provide a safety net of income, in old age, for those that for whatever reasons need it. It is paid to everyone (the only means test is the income tax on 85% of benefits), to keep overhead low (just 1% goes to overhead). This has fooled some people into thinking it is a "retirement program". They couldn't be more wrong. The next questions is: Why do we need retirement insurance? Surely you won't need it and neither will I. Good question. It is not a retirement program and it is not noble largesse. The economic purpose of Retirement Insurance is a stable society! This is an important concept to understand. In the 30s when many or our elderly were living on the streets, this created significant unrest among working men in their 40s, 50s and early 60s. They could see their future, and it was grim. By providing a safety net for these workers, we were able to defuse an unstable situation. And who benefits most from a stable society? The wealthy, of course. So who should pay for retirement insurance?