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HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF 14%

Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

Lutherf said:
It should.

If you spent a little time figuring out how to do more of that or using other strategies to maximize your tax savings the savings could be thousands instead of tens of dollars.

It's funny but it seems that a lot of people have a door opened for them but choose to kick it closed.
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I'm single and 24, no children, no student debt, not self employed, homeowning is not an option as i travel a lot domestically for work, i contribute up to my employers 401k match, maxed out my espp, maxed out my roth ira. Feel free to critique my current situation.
 
Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

drz-400 said:
I'm single and 24, no children, no student debt, not self employed, homeowning is not an option as i travel a lot domestically for work, i contribute up to my employers 401k match, maxed out my espp, maxed out my roth ira. Feel free to critique my current situation.
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For starters, instead of just contributing to the 401(k) up to the match why not max it out? The ESPP may or may not be a good deal. I have no idea who you're working for. Instead of putting money into a ROTH (which is limited) why not sit with an investment planner and start a managed account?

If you travel a lot that doesn't mean that buying a house won't help. Keep it as a rental.
 
Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

Lutherf said:
For starters, instead of just contributing to the 401(k) up to the match why not max it out? The ESPP may or may not be a good deal. I have no idea who you're working for. Instead of putting money into a ROTH (which is limited) why not sit with an investment planner and start a managed account?

If you travel a lot that doesn't mean that buying a house won't help. Keep it as a rental.
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I have a managed account, he set up the roth and then i also contribute into a personal investment account as well where i buy my own stocks and stuff with. I could probably max out the 401k instead of using my investment account, however, i might want to have access to that money in a couple of years if i ever did want to make a big purchase (such as a house). I'm not in a position in my life to own a house right now, maybe in a few years when my work schedule is a bit less crazy and i have more money saved up.
 
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Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

Aimee30 said:
Why do they deserve a lower tax break for buying yachts even if workers make the yachts? The bigger point is making money off of others unscrupulously...
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Your message could be shortened to "I hate capitalism and everyone else who has more than me" and you made your claim.

Oh, and post your proof that Romney owns a yacht.
 
Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

Personally I believe there should be a flat tax rate for exactly everyone with no deductions or exemptions for anyone. Anyone who make any income should pay income tax. There should be no deductions off of NET income.

The debt commission noted that the super wealthy would pay more taxes that way than the current system of high tax rates and then 100,000 pages of exemptions they write thru their politicians - Democrat and Republican. Democrats do not hesitate to give Hollywood moguls every tax exemption they want, for example.

I do not see any reason why any person should be exempt from paying taxes regardless of their income, nor any reason why people should pay different percentages.
 
Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

The false presumption of the OP is that it is only Republicans who write special tax exemptions for rich people. Democrats do it every bit as much.

The tax rate is irrelevant - which is why that is what politicians have the fake debate over. It is about special exemptions.
 
Re: HOw many people making 50K a year are paying an EFFECTIVE FED INCOME TAX RATE OF

joko104 said:
Personally I believe there should be a flat tax rate for exactly everyone with no deductions or exemptions for anyone. Anyone who make any income should pay income tax. There should be no deductions off of NET income.

The debt commission noted that the super wealthy would pay more taxes that way than the current system of high tax rates and then 100,000 pages of exemptions they write thru their politicians - Democrat and Republican. Democrats do not hesitate to give Hollywood moguls every tax exemption they want, for example.

I do not see any reason why any person should be exempt from paying taxes regardless of their income, nor any reason why people should pay different percentages.
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If you give politicians a perfect tax code, they will have messed it up in 5-10 years by each one of them changing it to help out a few of their friends.
 
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