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RANT Should I be paying this much in taxes?!?

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GoGetter24

Gold Contributor
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Oct 8, 2017
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With all respect but this seems quite low. Here you pay 51% of every 'dollar' you make.
Even the Helots, the slaves of the Spartans, got to keep half of what they made.

Interestingly, they couldn't own weapons either -- only the state (the Spartans) could do that. For reasons not unconnected to the 50% tax bit...
The more things change the more they stay the same.
 

eliquid

( Jason Brown )
EPIC CONTRIBUTOR
Read Millionaire Fastlane
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May 29, 2013
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Louisville - Kentucky
I will tell you this, talking to a CPA/tax professional is NOT enough.

I've had/talked to dozens of CPA's and tax attorneys over the last decade. All of them suggest something different and none of them have suggested the same thing.

Many just run your numbers with no advice or generic vanilla advice. Others don't understand or know a lot about your business ( crypto, SaaS models, etc ). Some only suggest what someone else in their firm told them.

You need to kiss a lot of frogs and do this often, to find the right person.

I had to dig into things myself and learn a lot on my own, then go to the people I talk to and ask more questions in order to get the right strategies for me. If I didn't dig into this on my own, I wouldn't have known about R&D credits last year at all because no one else was even telling me about them or offering them up as suggestions. Other things like this, etc.

It's hard to find someone that isn't just "another bland CPA" on the street corner. Knowing which questions to ask is also a tough deal because what you dont know, you dont know.

.
 

Mark Mueller

New Contributor
May 24, 2018
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7
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Your benefits look really low. If you're a w-2, hit that 401k hard. Avoid the income and lower your tax rate. And have a side business. Depreciation is your friend. If you don't have a side business, go buy a house and rent it out. Now you have one.
 

Jaden Jones

Igloo Builder
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Aug 22, 2018
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I live in the most taxed jurisdiction in North America with a 53% marginal income tax rate when you combine federal and provincial taxes.

This!!! In canada you would pay twice that, not as much in my province as his. But I make about the same as you and I pay about 47%
 

Schwarz

Half Man ; Half Goat
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Feb 16, 2019
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Flanders | Belgium
You should come to Belgium. They love ripping you off here. If the 30-50% income tax rate has not convinced you, then I am sure the 21% VAT or 34% corporate tax rate will do the job.
 

CrimsonNight

Contributor
FASTLANE INSIDER
Speedway Pass
Dec 4, 2017
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SWEDEN
It is like 50% here in Sweden if you earn around 487 600 SEK (52 446 USD). Add an additional 20% on the amount over that.

Of course, there are several ways to avoid this large amount of taxes but most people still pay that much.
 

tapikaipsihremos

New Contributor
Mar 9, 2019
6
1
16
greece
I make 134,000 a year on paper.

My take home every other week is 4,124.00
My actual income before taxes is 5,108.00

I get over 900 dollars taken out every two weeks! That’s a F*cking fifth of my income.

AND, I always OWE money to the irs at the end of the year.

I have two small children and I am married.

Edit: I was a bit off, Exact numbers:

efa71e705b440eb86a0ecc775d336db9.jpg
If you are in America watch this documentary
America : Freedom to Fascism
View: https://www.youtube.com/watch?v=O6ayb02bwp0


It is against the american constitution to be taxed on your labour.The goverment can only tax business transactions. Don't quote me on that last part. Watch the full documentary. You won't regret it.
 

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