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NutmegYankee

(16,170 posts)
60. Household income of 89K.
Sun Mar 23, 2014, 12:49 PM
Mar 2014

I'm a mechanical engineer, so I make a good wage. I would be in the 60-80% (4th 20%) portion of your link. CT has an interesting quirk in it's tax law - A single person making over 56K has the 3% income tax bracket phased out and replaced with 5%. It added about $600 a year to my income tax, which didn't bother me much as it covers an Earned income credit for the poor.

The high property taxes, high income taxes, and mortgage interest all feed the itemized deduction in federal taxes and helps make living in New England easier. It's not like we are leaching off the country - only 60% of what we pay in taxes comes back to us in services.

If you look at the table at the bottom, you see that the 4th 20% bracket has the highest tax load, but come in third highest overall because of the federal deduction offset. So yes, it's important to me.

And there are so many ways they can PumpkinAle Mar 2014 #1
Yup. The rich take deductions (welfare) in countless ways - even pleasure trips nt Sarah Ibarruri Mar 2014 #4
I do that. I'm not 'rich', by any means. Ikonoklast Mar 2014 #23
The Rich IS welfare Queen tayeboss Mar 2014 #2
Yup, it's not some black lady Reagan invented. It's suited CEOs making millions and all the rest nt Sarah Ibarruri Mar 2014 #5
Simplify the tax system JJChambers Mar 2014 #3
I don't think this would pass at all yeoman6987 Mar 2014 #6
Crap I am so sorry yeoman6987 Mar 2014 #7
No more mortgage deduction or child tax credit? theboss Mar 2014 #8
How did they triple? JJChambers Mar 2014 #10
Do you own a home or have kids? theboss Mar 2014 #11
I know what I pay in taxes and mine would go down with that plan JJChambers Mar 2014 #12
That doesn't answer my question theboss Mar 2014 #13
Yes, two actually (hope to change that soon) JJChambers Mar 2014 #14
How about limiting the value of deductions FreeJoe Mar 2014 #85
Median priced home for where? NutmegYankee Mar 2014 #135
I agree that there needs to be tax reform SickOfTheOnePct Mar 2014 #9
So paying tax on capital gains is OK, but deducting capital losses is welfare? That is complete BS badtoworse Mar 2014 #15
If you're gambling, it should be your problem and your loss completely, don't you think? nt Sarah Ibarruri Mar 2014 #16
If you want to look at it that way, then win or lose it's none of the government's business. badtoworse Mar 2014 #17
Incorrect. The govt is there to protect the nation, and the entire nation needs to be protected. Sarah Ibarruri Mar 2014 #18
You're very naive and uninformed about investing. badtoworse Mar 2014 #19
regardless...not a very nice response...is it? Laura PourMeADrink Mar 2014 #24
Perhaps not. I'm a serious investor and I found her attitude about this to be not very nice. badtoworse Mar 2014 #30
Read it too fast...thought she was talking about gambling, literally. You are Laura PourMeADrink Mar 2014 #106
Incorrect. Investing is a choice. My country shouldn't be penalized for your investment losses nt Sarah Ibarruri Mar 2014 #35
What happens when no one invests in a business? joeglow3 Mar 2014 #42
I don't care. Let me repeat. Your choices with your excess $ is not the country's problem nt Sarah Ibarruri Mar 2014 #45
Like I said, the ignorance hurts. joeglow3 Mar 2014 #47
No, what hurts is how entitled you feel to our govt "paying you" for your losses nt Sarah Ibarruri Mar 2014 #68
Doubling down on the ignorance I see joeglow3 Mar 2014 #79
Arguing with the clueless is waste of time, so we're done here. badtoworse Mar 2014 #62
You can deduct all you want, but that money you're keeping is our country's money nt Sarah Ibarruri Mar 2014 #64
All your money are belong to us. oldhippie Mar 2014 #69
People like that keep the Cayman Islands in business. badtoworse Mar 2014 #74
Post of the day joeglow3 Mar 2014 #115
What you say? Capt. Obvious Mar 2014 #210
AYBABTU joeglow3 Mar 2014 #219
When an investor invests money they are using money they earned in another endeavor Nuclear Unicorn Mar 2014 #109
Plenty? It depends entirely on what you call middle class. Enthusiast Mar 2014 #202
This makes no sense. delta17 Mar 2014 #142
Now you've lost the plot of your argument treestar Mar 2014 #125
Read the blather she's posted in this thread. I'm not being unfair. badtoworse Mar 2014 #132
You can explain your argument treestar Mar 2014 #134
And it was clear she has no interest in learning joeglow3 Mar 2014 #136
Insults. Enthusiast Mar 2014 #203
Read joeglow3 Mar 2014 #207
I think she understands that quite well... badtoworse Mar 2014 #138
Wow. The ignorance is burning joeglow3 Mar 2014 #28
What? Are you kidding me? Your gambling losses should be my or my country's problem? nt Sarah Ibarruri Mar 2014 #34
The fact that you see it as gambling shows just how ignorant you are. joeglow3 Mar 2014 #37
I don't care how you see it. Your choices with your excess money should not be my problem nt Sarah Ibarruri Mar 2014 #40
What if I told you that the tax code allows you to deduct *actual* gambling losses ... dawg Mar 2014 #213
I wouldn't call it gambling hfojvt Mar 2014 #26
Again, why should my country have to pay you for your decisions in gambling, or your choices in Sarah Ibarruri Mar 2014 #36
Name one investment you have made joeglow3 Mar 2014 #39
Oh my God. Now we're getting personal here? I said that gambling should not be the country's prob Sarah Ibarruri Mar 2014 #41
Answer the question. joeglow3 Mar 2014 #44
Clearly, you think your losing choices with your excess money should be protected by me Sarah Ibarruri Mar 2014 #46
Answer the question joeglow3 Mar 2014 #48
Answer the question! Enthusiast Mar 2014 #204
Ignore questions. Who needs a back and forth conversation... joeglow3 Mar 2014 #209
Agenda Enthusiast Mar 2014 #212
Words joeglow3 Mar 2014 #214
How dare you question deductions! Enthusiast Mar 2014 #205
No. Speak about shit you know nothing about joeglow3 Mar 2014 #208
Only to the extent that they should offset my winning choices. dawg Mar 2014 #215
I doubt the economy would melt down if the govt doesn't bail out investment losses nt Sarah Ibarruri Mar 2014 #222
being an economist hfojvt Mar 2014 #51
What do you call it when someone starts a couple businesses? joeglow3 Mar 2014 #52
I thought it was pretty clear hfojvt Mar 2014 #55
The rules are the same. I did not see anyone make a delineation. joeglow3 Mar 2014 #57
I am using the definition from an elementary economics class. hfojvt Mar 2014 #77
Fair enough. You are applying economic terms to finance joeglow3 Mar 2014 #116
That wasn't clear to me .... oldhippie Mar 2014 #61
I'm not a tax attorney, but I don't think the U.S. govt should be "paying" people for Sarah Ibarruri Mar 2014 #63
what are you calling "excess" money? hfojvt Mar 2014 #86
Excess money. Lower income people have no excess money. nt Sarah Ibarruri Mar 2014 #88
So, anyone with a dollar to spare is "rich?" joeglow3 Mar 2014 #117
Well I made hfojvt Mar 2014 #128
Your ignorance of the economy is astounding joeglow3 Mar 2014 #100
I'm off to lunch, but when I return, I'll discuss how you can keep your job even if deductions Sarah Ibarruri Mar 2014 #103
Yeah. PLEASE explain it to me joeglow3 Mar 2014 #107
Hurry back so you can be slapped down and insulted more. Enthusiast Mar 2014 #206
"This will teach you upstarts to question low low low taxes for the job creators!" I know! nt Sarah Ibarruri Mar 2014 #223
Tax deductions on charitable donations is NOT paying people to donate... Adrahil Mar 2014 #127
You can only deduct gambling losses from income taxed from gambling wins. Drahthaardogs Mar 2014 #59
Sorry, I was actually referring to losses in cap gains :) nt Sarah Ibarruri Mar 2014 #65
Oh, Jesus ..... oldhippie Mar 2014 #71
Gambling? Who said anything about gambling? FreeJoe Mar 2014 #94
That would pretty much end most startup businesses that need investors. Hoyt Mar 2014 #78
du rec. xchrom Mar 2014 #20
Thanks! nt Sarah Ibarruri Mar 2014 #43
Cool! Le Taz Hot Mar 2014 #21
Who said that? Did you view the youtube, or merely posted a response just to respond something? nt Sarah Ibarruri Mar 2014 #38
a mortgage deduction is a tool of the rich? DrDan Mar 2014 #22
It favors the rich more than poor or middle class taught_me_patience Mar 2014 #25
the deduction is for a mortgage. Don't believe that applies renters. DrDan Mar 2014 #27
Does the link take into account the phase out of itemized deductions? joeglow3 Mar 2014 #32
I can assure you that if your landlord can't deduct his mortgage, your rent will increase. Hoyt Mar 2014 #81
So when he/she pays off their mortgage, rent will be free right? taught_me_patience Mar 2014 #147
By that time, he'll be putting in big bucks to refurbish the place. Hoyt Mar 2014 #148
That's the argument that if you treat the rich nicely, they'll trickle down to you. Sarah Ibarruri Mar 2014 #162
No, that is the argument that a landlord has to cover expenses and price his apartments so as to be Hoyt Mar 2014 #172
Paraphrasing. You said that if the landlord was doing okay, the rents would be lower. Right? Sarah Ibarruri Mar 2014 #174
Mostly hfojvt Mar 2014 #29
I'm hardly rich and the deduction is a big deal for me NutmegYankee Mar 2014 #49
I dislike it when people say "I am hardly rich" hfojvt Mar 2014 #53
Household income of 89K. NutmegYankee Mar 2014 #60
with a household of one hfojvt Mar 2014 #129
For personal income, yes. NutmegYankee Mar 2014 #131
but even in Connecticut hfojvt Mar 2014 #152
So what is your point? NutmegYankee Mar 2014 #153
I would say rich, rather than wealthy hfojvt Mar 2014 #194
Well then, let me go get my monocle and tailored suit. NutmegYankee Mar 2014 #195
right - but that standard deduction has doubled in the last 20 years or so DrDan Mar 2014 #54
actually it has not hfojvt Mar 2014 #67
married filing jointly was $6200 in '93, or $9,995 adjusted DrDan Mar 2014 #108
Deductions for charitable giving should go away? Ilsa Mar 2014 #31
Of course they should. Why should someone get money from charity? Either it's charity, or it's not Sarah Ibarruri Mar 2014 #33
No one gets any money by donating to charity mainer Mar 2014 #113
So are you saying that you wouldn't give charity if you couldn't get $ advantages from it? Sarah Ibarruri Mar 2014 #163
I give lots to charity, out of generosity. mainer Mar 2014 #180
Let me tell you what charity is NOT Sarah Ibarruri Mar 2014 #182
The only thing I expect in return is a thank-you note mainer Mar 2014 #184
Deduction is what you get in return. Look, don't bother responding. Sarah Ibarruri Mar 2014 #186
I know what I'm talking about, because I'm the one who writes the checks. mainer Mar 2014 #188
You are repeating the very words Republicans say. Goodbye. nt Sarah Ibarruri Mar 2014 #190
That's her bottom line .... oldhippie Mar 2014 #192
Charities oppose eliminating estate taxes and Ilsa Mar 2014 #137
How does getting back 50% change the fact you've given 100%? mainer Mar 2014 #181
Yes, they are still out money. Ilsa Mar 2014 #183
It doesn't lower my tax bracket mainer Mar 2014 #187
Most of us give from the heart, I think. Ilsa Mar 2014 #189
Childfree folks should get a tax credit, IMO PasadenaTrudy Mar 2014 #50
Also by helping to remove the sanctimony gene from the pool. So thanks. nt Dreamer Tatum Mar 2014 #56
however, you are not adding to the taxpayer pool - who will pay taxes in the future? DrDan Mar 2014 #58
People will never stop breeding... PasadenaTrudy Mar 2014 #121
I can understand both sides DrDan Mar 2014 #123
I'm on board with that. If those with kids get a deduction, why not us? Sarah Ibarruri Mar 2014 #72
Agreed. Vashta Nerada Mar 2014 #101
THANK YOU Skittles Mar 2014 #143
Leave it to me PasadenaTrudy Mar 2014 #144
So you think me giving less of my income to Fed Tax .... oldhippie Mar 2014 #66
I believe taxes are too high on the working poor and middle class BECAUSE those who have Sarah Ibarruri Mar 2014 #70
I believe .... oldhippie Mar 2014 #73
I believe that you don't know squat about economics, but you like your excess money - a lot nt Sarah Ibarruri Mar 2014 #76
I believe you like my "excess money" ..... oldhippie Mar 2014 #80
Right on the money! Brilliant! badtoworse Mar 2014 #141
You believe many of the working poor are making money from the EITC joeglow3 Mar 2014 #83
I should've known you were in the business. lol So is my brother-in-law, which is why I know what Sarah Ibarruri Mar 2014 #90
Nice job of not addressing my point joeglow3 Mar 2014 #95
Without deductions you'd have no job. Let's examine it from that angle! :-P nt Sarah Ibarruri Mar 2014 #98
I am a CPA with a strong understanding of GAAP joeglow3 Mar 2014 #102
Deductions are just a way to encourage positive behaviors LittleBlue Mar 2014 #75
Some deductions are abusive, but I basically agree. And, one thing a lot of folks miss is Hoyt Mar 2014 #84
Charity is such a scam Sarah Ibarruri Mar 2014 #87
Look, if I had $100,000 to give, I'd get a deduction "returning" $35,000, I'd still be out $65,000. Hoyt Mar 2014 #91
So you think I (and the others in the U.S.) should "pay" you for giving charity? Excuse me? Sarah Ibarruri Mar 2014 #93
No one is paying me (because I'm not taking that deduction). The government is saying we value Hoyt Mar 2014 #97
The govt is keeping you from having to pay what you would've paid. Therefore, it's paying you. nt Sarah Ibarruri Mar 2014 #99
I would still be contributing a net $65,000. Are you against orphanages getting contributions? Hoyt Mar 2014 #104
No SickOfTheOnePct Mar 2014 #120
Taking less of your money isn't "paying you" at all. n/t EX500rider Mar 2014 #130
YOU aren't paying anything. Nuclear Unicorn Mar 2014 #139
It's no use trying to explain .... oldhippie Mar 2014 #126
Okay, here is the issue LittleBlue Mar 2014 #92
It boils down to money the govt is giving you, and the govt should not be in the business of handing Sarah Ibarruri Mar 2014 #96
Here is the way I think about it LittleBlue Mar 2014 #114
The government isn't giving people money when people donate to charity. Nuclear Unicorn Mar 2014 #140
And that's something a lot of people don't understand mainer Mar 2014 #110
You know, people don't just give their "garbage" YarnAddict Mar 2014 #171
Maybe not everyone, but LOTS of people give their trash, stuff that belongs in a dumpster nt Sarah Ibarruri Mar 2014 #175
Some deductions are necessary FreeJoe Mar 2014 #82
Truthfully, I think that is OK with some short-sighted folks. Hoyt Mar 2014 #89
Deductions let you keep more of the money YOU earned mainer Mar 2014 #105
So you are against taxes then. Am I correct? Because if you consider that YOUR money, Sarah Ibarruri Mar 2014 #165
The poster never said anything about eliminating all taxes. Nuclear Unicorn Mar 2014 #173
Never said I was against taxes. I only argue with your definition mainer Mar 2014 #179
You can argue all you want. The money the country needs to survive needs to come from us... Sarah Ibarruri Mar 2014 #185
I pay the maximum tax rate. mainer Mar 2014 #191
I'm merely saying that those who have plenty to live on, should get no deductions. nt Sarah Ibarruri Mar 2014 #193
Is any money you earn and the government doesn't take 'welfare'?... n/t PoliticAverse Mar 2014 #227
Allowing people to keep more of their own money YarnAddict Mar 2014 #111
You obviously didn't watch the youtube video. nt Sarah Ibarruri Mar 2014 #166
So how do you feel about the EITC? n/t YarnAddict Mar 2014 #168
I'm fine with that. They need it. Did you watch the video or not? nt Sarah Ibarruri Mar 2014 #176
I don't tax with you! Throd Mar 2014 #112
Another one that didn't watch the youtube, but merely responded in a knee-jerk response nt Sarah Ibarruri Mar 2014 #167
Tax Deductions aren't what you think Token Republican Mar 2014 #118
The real beneficiaries of the mortgage tax deduction TexasBushwhacker Mar 2014 #170
Giving the richest and large corporations welfare through deductions, low maximum tax rates, indepat Mar 2014 #119
I understand deductions, but not tax rates joeglow3 Mar 2014 #150
Is not the effective corporate tax rate just +/- 7%? indepat Mar 2014 #196
I can't speak for all companies. joeglow3 Mar 2014 #197
GE reportedly pays no FIT on an income probably many multiples that of your Fortune 500 company indepat Mar 2014 #198
But, you are being misled joeglow3 Mar 2014 #199
Many thanks. Knew some but not all these tidbits. indepat Mar 2014 #225
Absolutely! nt Sarah Ibarruri Mar 2014 #161
What a fantastic video!!! Posted to Facebook. WhaTHellsgoingonhere Mar 2014 #122
Thank you so much. Keep passing it around. nt Sarah Ibarruri Mar 2014 #159
Here's what I wrote on my Facebook page WhaTHellsgoingonhere Mar 2014 #177
Wow, that's awesome! Thank you! nt Sarah Ibarruri Mar 2014 #178
Good point treestar Mar 2014 #124
Exactly. No homeless or poor person would be able to buy a house and get that welfare nt Sarah Ibarruri Mar 2014 #160
There has been some interesting post here. On home mortgage interest deduction, Thinkingabout Mar 2014 #133
Let's Tax Offshore Wealth Octafish Mar 2014 #145
+1. Have no use for folks who made money here and hid it. Hoyt Mar 2014 #149
I'd be all for that. nt Sarah Ibarruri Mar 2014 #158
I heard from Thom Hartman that Lunacee_2013 Mar 2014 #146
Lunacee - I would be very interested in reading about that. Wouldn't surprise me! nt Sarah Ibarruri Mar 2014 #157
Here's a link (sorry I don't know how to make it small): Lunacee_2013 Mar 2014 #200
No kidding gopiscrap Mar 2014 #151
Exactly. The same ones whining about the poor and homeless are bleeding the country dry nt Sarah Ibarruri Mar 2014 #156
I wish I could rec this a thousand times! One of the most important Rex Mar 2014 #154
Thank you! Corporate welfare is like a broken faucet from which the water is shooting out non-stop Sarah Ibarruri Mar 2014 #155
It would! Nobody wants to talk about it, but boy do they love to beat up on Rex Mar 2014 #164
They're like the Nazis - creating scapegoats so no one realizes what THEY are doing. nt Sarah Ibarruri Mar 2014 #169
k&r for the truth. n/t Laelth Mar 2014 #201
Most business deductions are 100% necessary. dawg Mar 2014 #211
it sounds like she wouldn't let you deduct business losses mainer Mar 2014 #216
Her heart's in the right place. dawg Mar 2014 #218
The more you spend, the more you save. Boom Sound 416 Mar 2014 #217
For every dollar you spend, you save ... like 35 cents. Do that long enough and ... dawg Mar 2014 #220
Agreed. But my comment is about incentive,as well as, Boom Sound 416 Mar 2014 #221
As a tax CPA, I laughed and appreciate your comment joeglow3 Mar 2014 #224
"Write it off what?!"... PoliticAverse Mar 2014 #226
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