do we really get an extra $1736 to mod our cars in 2011?

John 070 · 12-31-2010, 09:17 AM

Figure with the 2% reduction in the SS tax, and assuming you are single and no longer get the $400 Making Work Pay Credit. It's a nice little bonus.

But what I forever will not understand about our country is why lower income people are out of luck (say the guy who earns 40k and supports his family).

I do believe things should be progressive. I am paying an "executive surcharge" on my health care every 2 wks. Of course I don't like it, and although I'm not an executive, I believe my employer is doing the right thing making people with higher salaries pay more.

So welcome to mod fest 2011!

Forcefed3 · 12-31-2010, 09:51 AM

Absolutely not, just because someone makes more money doesn't mean they should have to pay a large amount in taxes.

John 070 · 12-31-2010, 09:55 AM

Quote:

Originally Posted by gbreeE90

Absolutely not, just because someone makes more money doesn't mean they should have to pay a large amount in taxes.

I used to stir up the pot...I said it's unfair that some people stop paying social security in August, while everyone else pays all year round. Only 2 people at the time in our coffee klatch got defensive. We were young but it flushed out who in our group were getting the big paychex.

Even though now I am on the other side of the fence, I do believe that you earn more, you pay more %-wise. I'm glad that I've been tested and given a chance to put my money where my mouth is. But truth be told, Obama helps everyone with his move, except single people <20k and married <40k. They got hurt by the move.

Forcefed3 · 12-31-2010, 09:59 AM

Quote:

Originally Posted by John 070

I used to stir up the pot...I said it's unfair that some people stop paying social security in August, while everyone else pays all year round. Only 2 people at the time in our coffee klatch got defensive. We were young but it flushed out who in our group were getting the big paychex.

Even though now I am on the other side of the fence, I do believe that you earn more, you pay more %-wise. I'm glad that I've been tested and given a chance to put my money where my mouth is. But truth be told, Obama helps everyone with his move, except single people <20k and married <40k. They got hurt by the move.

Obama = fail. And why should someone making 400k pay a higher % than someone making 40k? % should be equal across the board.

lucas.kent · 12-31-2010, 10:00 AM

Lower income people aren't out of luck when it comes to paying taxes - nearly half of US citizens pay no income taxes at all - and some even get money BACK after paying nothing.

John 070 · 12-31-2010, 10:03 AM

Quote:

Originally Posted by gbreeE90

Obama = fail. And why should someone making 400k pay a higher % than someone making 40k? % should be equal across the board.

It's the classic Warren Buffet comment where he paid 17% in income taxes where his secretary paid 30%.

That doesn't make a lot of sense, it's a regressive system that we have.

I'm willing to pay a lot more, but only if it's a fair system. For now, I'm happy to get a 2% bump in pay through SS. It's not going to be there when we retire anyway...

Forcefed3 · 12-31-2010, 10:04 AM

Quote:

Originally Posted by lkw15

Lower income people aren't out of luck when it comes to paying taxes - nearly half of US citizens pay no income taxes at all - and some even get money BACK after paying nothing.

Yeah, thats just wrong. If you want money, work hard at school and work hard at your job, end of story.

Forcefed3 · 12-31-2010, 10:07 AM

Quote:

Originally Posted by John 070

It's the classic Warren Buffet comment where he paid 17% in income taxes where his secretary paid 30%.

That doesn't make a lot of sense, it's a regressive system that we have.

I'm willing to pay a lot more, but only if it's a fair system. For now, I'm happy to get a 2% bump in pay through SS. It's not going to be there when we retire anyway...

Thats really how it should be, like I said I would settle for an even %. But my views are someone (and these are just rough numbers not on a specific tax) making 400k should pay about 13% while someone making 100k should pay about 22%. That would make it to where everyone was paying a similar amount in tax.

evicfinite · 12-31-2010, 10:09 AM

Quote:

Originally Posted by gbreeE90

Quote:

Originally Posted by lkw15

Lower income people aren't out of luck when it comes to paying taxes - nearly half of US citizens pay no income taxes at all - and some even get money BACK after paying nothing.

Yeah, thats just wrong. If you want money, work hard at school and work hard at your job, end of story.

working hard at school doesn't guarantee you a good paying job. and working hard at ur job doesn't mean you will get paid more.

MikeS '06 330i · 12-31-2010, 10:20 AM

Quote:

Originally Posted by John 070

It's the classic Warren Buffet comment where he paid 17% in income taxes where his secretary paid 30%.

That doesn't make a lot of sense, it's a regressive system that we have.

I'm willing to pay a lot more, but only if it's a fair system. For now, I'm happy to get a 2% bump in pay through SS. It's not going to be there when we retire anyway...

BUT....17% of a million dollar income is still more than 30% of a 50K income...do the math...the richer are paying more taxes. Dont let the numbers people and government accounts fool you with the numbers game.

onefastman · 12-31-2010, 10:21 AM

True but it is better than the alternative, there are always accidents of the system.

onefastman · 12-31-2010, 10:22 AM

The top 3% pay 50% of the taxes and the top 10% pay about 75% of the taxes.

Turkeybaster115 · 12-31-2010, 10:29 AM

Quote:

Originally Posted by John 070

Figure with the 2% reduction in the SS tax, and assuming you are single and no longer get the $400 Making Work Pay Credit. It's a nice little bonus.

But what I forever will not understand about our country is why lower income people are out of luck (say the guy who earns 40k and supports his family).

I do believe things should be progressive. I am paying an "executive surcharge" on my health care every 2 wks. Of course I don't like it, and although I'm not an executive, I believe my employer is doing the right thing making people with higher salaries pay more.

So welcome to mod fest 2011!

Since this type of a post has a potential to become "political", lets just hope people are in the spending mood in 2011, in this "country", or things could get a lot more painful.

captainaudio · 12-31-2010, 10:30 AM

Quote:

Originally Posted by MikeS '06 330i

BUT....17% of a million dollar income is still more than 30% of a 50K income...do the math...the richer are paying more taxes. Dont let the numbers people and government accounts fool you with the numbers game.

And 1% of a billion dollar income would be more that 99% of a 10 thousand dollar income.

CA

onefastman · 12-31-2010, 10:32 AM

Quote:

Originally Posted by Turkeybaster115

Since this type of a post has a potential to become "political", lets just hope people are in the spending mood in 2011, in this "country", or things could get a lot more painful.

Very true and most are a lot less likely to spend with less in their checks as they have other major expenses.

Forcefed3 · 12-31-2010, 10:33 AM

Quote:

Originally Posted by evicfinite

working hard at school doesn't guarantee you a good paying job. and working hard at ur job doesn't mean you will get paid more.

You are right, but thats the best bet to get to where you want to be. If you make good grades and work hard you are likely to be successful in life.

captainaudio · 12-31-2010, 10:33 AM

Quote:

Originally Posted by onefastman

The top 3% pay 50% of the taxes and the top 10% pay about 75% of the taxes.

Those figures don't really tell us much without knowing what percent of the income the top 3% and top 10% make.

CA

Forcefed3 · 12-31-2010, 10:34 AM

Quote:

Originally Posted by captainaudio

And 1% of a billion dollar income would be more that 99% of a 10 thousand dollar income.

CA

Exactly.

captainaudio · 12-31-2010, 10:36 AM

Quote:

Originally Posted by gbreeE90

You are right, but thats the best bet to get to where you want to be. If you make good grades and work hard you are likely to be successful in life.

My father used to say:

"Wealth is relative. You have a much better chance of being wealthy when you have wealthy relatives."

CA

jbake · 12-31-2010, 10:40 AM

Quote:

Originally Posted by lkw15

Lower income people aren't out of luck when it comes to paying taxes - nearly half of US citizens pay no income taxes at all - and some even get money BACK after paying nothing.

^^ THIS.
And if anyone needs help with their taxes hit me up. Maybe I can be the official CPA of this forum. Will trade services for MODS haha.

onefastman · 12-31-2010, 10:44 AM

Lol

texas2009 · 12-31-2010, 10:58 AM

no no, we can go round and round all day about who should pay what percentage, but I think there's a much better way. Two words.
"Fair tax"
Basically, you shouldn't be taxed on how much you make. It should be how much you spend that you're taxed on.
http://en.wikipedia.org/wiki/FairTax

Have a happy new year everyone, cheers!

12-31-2010, 09:17 AM	#1
John 070 Lieutenant General 1705 Rep 14,829 Posts Drives: 335i cpe Join Date: Oct 2006 Location: ZSP/ZPP/ZCW iTrader: (0)	do we really get an extra $1736 to mod our cars in 2011? Figure with the 2% reduction in the SS tax, and assuming you are single and no longer get the $400 Making Work Pay Credit. It's a nice little bonus. But what I forever will not understand about our country is why lower income people are out of luck (say the guy who earns 40k and supports his family). I do believe things should be progressive. I am paying an "executive surcharge" on my health care every 2 wks. Of course I don't like it, and although I'm not an executive, I believe my employer is doing the right thing making people with higher salaries pay more. So welcome to mod fest 2011! Last edited by John 070; 12-31-2010 at 09:26 AM..
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12-31-2010, 09:51 AM	#2
Forcefed3 Banned 127 Rep 4,732 Posts Drives: 2008 335i Join Date: May 2010 Location: South iTrader: (2) Garage List 2008 335i [1.00]	Absolutely not, just because someone makes more money doesn't mean they should have to pay a large amount in taxes.
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12-31-2010, 10:00 AM	#5
lucas.kent Major 143 Rep 1,173 Posts Drives: M3 Join Date: Aug 2005 Location: AZ iTrader: (2) Garage List 2016 BMW M3 [0.00]	Lower income people aren't out of luck when it comes to paying taxes - nearly half of US citizens pay no income taxes at all - and some even get money BACK after paying nothing.
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12-31-2010, 10:21 AM	#11
onefastman Major General 159 Rep 5,689 Posts Drives: 2009 135i 2011 e92m dct Join Date: Sep 2009 Location: Earth iTrader: (15)	True but it is better than the alternative, there are always accidents of the system. __________________ Legal Disclaimer: Anything I or anyone else says about my vehicle on this website(1addicts.com or any affiliated or nonaffiliated sites), pertaining to modifications, is only to gain acceptance from my/our peers, and does not actually represent anything actually existing on my car, and thus, cannot be held against me in any issues, i.e. warranty claims, that may arise.
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12-31-2010, 10:22 AM	#12
onefastman Major General 159 Rep 5,689 Posts Drives: 2009 135i 2011 e92m dct Join Date: Sep 2009 Location: Earth iTrader: (15)	The top 3% pay 50% of the taxes and the top 10% pay about 75% of the taxes. __________________ Legal Disclaimer: Anything I or anyone else says about my vehicle on this website(1addicts.com or any affiliated or nonaffiliated sites), pertaining to modifications, is only to gain acceptance from my/our peers, and does not actually represent anything actually existing on my car, and thus, cannot be held against me in any issues, i.e. warranty claims, that may arise.
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12-31-2010, 10:44 AM	#21
onefastman Major General 159 Rep 5,689 Posts Drives: 2009 135i 2011 e92m dct Join Date: Sep 2009 Location: Earth iTrader: (15)	Lol __________________ Legal Disclaimer: Anything I or anyone else says about my vehicle on this website(1addicts.com or any affiliated or nonaffiliated sites), pertaining to modifications, is only to gain acceptance from my/our peers, and does not actually represent anything actually existing on my car, and thus, cannot be held against me in any issues, i.e. warranty claims, that may arise.
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12-31-2010, 10:58 AM	#22
texas2009 Sure, it's just a sedan... 7 Rep 150 Posts Drives: 2007 BMW 335i Join Date: Jun 2010 Location: Houston, TX iTrader: (0)	no no, we can go round and round all day about who should pay what percentage, but I think there's a much better way. Two words. "Fair tax" Basically, you shouldn't be taxed on how much you make. It should be how much you spend that you're taxed on. http://en.wikipedia.org/wiki/FairTax Have a happy new year everyone, cheers! __________________ Chris \| '07 335i
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