Taxing the rich - what is the cutoff?

[firstdown]

Originally Posted by saden1

You're preaching to the choir in regards to people making 250K not being rich, these people have to work day in day out after all. I do however find it odd some feel that 250K is not enough.

I agree the debate over if 250k is enough to live on has really moved this thread in a different direction. As I said earlier its more about "Is It Fair" to push more tax burden onto them?

[saden1]

Originally Posted by firstdown

I agree the debate over if 250k is enough to live on has really moved this thread in a different direction. As I said earlier its more about "Is It Fair" to push more tax burden onto them?

As a single guy that makes roughly half of that I think it's fair. Would I like to get more of my money back? Sure would. Do I feel burdened by taxes? No. Why is roughly half of my property taxes going towords local school districts when I don't have any kids? I don't know, but I do know that I went to public schools and it's the right thing to do....etc...etc...etc.

We've beat this subject to death. Time to explore a new subject. Take it aways SmootSmack.

[firstdown]

Originally Posted by saden1

As a single guy that makes roughly half of that I think it's fair. Would I like to get more of my money back? Sure would. Do I feel burdened by taxes? No. Why is roughly half of my property taxes going towords local school districts when I don't have any kids? I don't know, but I do know that I went to public schools and it's the right thing to do....etc...etc...etc.

We've beat this subject to death. Time to explore a new subject. Take it aways SmootSmack.

Not to keep this going but where you say you do not feel burdened by the taxes you pay I do with a family of four. I'm self employed so each month I have to wright a big check to the Fed. and one to the state. Then at the end of the year they say my business grew but I did not take home any more pay and have to pay taxes on this so called growth. I think eveyone should have to pay their own taxes as it would cause allot more people to start thinking about whats happening to all their money. Heck, ask a person what they pay in fed and state taxes and most have no clue at all just what they bring home.

[saden1]

Originally Posted by firstdown

Not to keep this going but where you say you do not feel burdened by the taxes you pay I do with a family of four. I'm self employed so each month I have to wright a big check to the Fed. and one to the state. Then at the end of the year they say my business grew but I did not take home any more pay and have to pay taxes on this so called growth. I think eveyone should have to pay their own taxes as it would cause allot more people to start thinking about whats happening to all their money. Heck, ask a person what they pay in fed and state taxes and most have no clue at all just what they bring home.

I don't understand...if you're not growing you shouldn't be paying taxes on anything beyond your taxable revenue. If inflation and rising costs is taking it's toll on you then I feel you but understand that you're not the only one hurting in that regard.

As for small business operation, why are you filing your taxes every? Unless your revenue is extensive shouldn't you be filing quarterly or annually? Anywho, my parents own a small business. They have 10 or so employees and they let ADP handle their payroll taxes and a CPA do their taxes quarterly. I've heard them complaining about business being slow these days because people are cutting back on their spending and that's about it. I'm sure they wouldn't mind paying less taxes but they're not hurting because of taxes. I'm sure your situation is different but I don't know by how much.

[firstdown]

Originally Posted by saden1

I don't understand...if you're not growing you shouldn't be paying taxes on anything beyond your taxable revenue. If inflation and rising costs is taking it's toll on you then I feel you but understand that you're not the only one hurting in that regard.

As for small business operation, why are you filing your taxes every? Unless your revenue is extensive shouldn't you be filing quarterly or annually? Anywho, my parents own a small business. They have 10 or so employees and they let ADP handle their payroll taxes and a CPA do their taxes quarterly. I've heard them complaining about business being slow these days because people are cutting back on their spending and that's about it. I'm sure they wouldn't mind paying less taxes but they're not hurting because of taxes. I'm sure your situation is different but I don't know by how much.

I have a S corp. so if on paper my business grows but I do not pay myself anymore money at the end of the year even though I did not take the money out of the business I have to pay taxes on that money. I've been hit a couple of times but back a few years we increased my pay and my 2 employees so this did not happen again. Its like I have to run the corp. so at the end of the year its in the negative and not the positive. My CPA does my payroll and my quarterly taxes. I've always paid my state and federal payroll taxes monthly then at the end of the quarter they just subtract out what I have allready paid and I send in the difference. I think every business has to send in their estimated payroll taxes each month because if mine is late any month they fine me. I'd hate to wait and pay it all every quarter because it would seem even that much worse.