Politics & Current Events
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Tax question- may be stupid?
Why can't everyone just be charged the same percent- whether you make 40K per year or 1M per year?
Another question- if someone chooses to invest their money- that money has already been taxed, right? So, why is there a capital gains tax also?
Re: Tax question- may be stupid?
What do you propose this magical percentage be? The highest current bracket? Let's say 30%. 30% of 1 million is $300k, which leaves $700k for the person earning it. 30% of $40k is $28,000, which is a hard row to hoe for a family of 4 in almost any area of the county.
The reason we have a progressive tax system is the same reason many people don't have an income tax burden. (Though everyone pays payroll taxes, sales taxes, etc.)
A flat tax is regressive. I also think this about the sales tax, which is why I do not support our governor in his efforts to pass a ballot amendment which would increase income tax on those making over $250k/year AND raise the sales tax another .25%. Because that would disporportionate affect the poor, even moreso than those making over $250k.
(Sorry, SBP, I tried.)
40/112
Do you know who exactly this group is? What the cut off is?
Zero. That's the cut-off of tax burden where you don't pay any.
Seriously, though, there's no simple answer, because tax is based on AGI (after deductions, credits, etc.).
lol..the invasion has begun.
Anything you can achieve through hard work, you could also just buy.
No, it hasn't.
Say you take $1,000 from your paycheck and invest it. It makes $500, so you now have $1,500. You pay capital gains on the $500, not the original $1,000. That $500 is new money so no, it has never been taxed.
And in fact, you'll pay *less* tax on the $500 you made by investing than on the $1,000 you made by working, percentage-wise.
The money my employer pays me was already taxed when he earned it, so I shouldn't be taxed again on it, that's double taxing. ILLEGAL!!!!!
And then it gets taxed when I spend it by the person receiving it. It's a really dirty cycle.
Anything you can achieve through hard work, you could also just buy.
One of my favorite songs. I see you are a phan also?