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american tax system
 

I was thinking of doing something big through my bank.....but I realized they report 1099-ks to the IRS.....and roughly charge 40 percent in taxes on income if I report.................

the irs can go fu.ck themselves.

I mean seriously where does my money go to? oh thats right.......some group of tall white guys........that run all these federal government offices and schools........and they pick and choose who to give jobs to............and they love to give jobs to their white friends and family...while shunning the immigrant popuation......unless the immigrants need a job like cleaning their wives nails or mowing their lawns.....so they can live in the wealthy side of the neighborhood while bullying people in our society through their tax system to get their nice fat paychecks.......

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Some of those white guys are actually short...

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You guys have to pay 40%?

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Your tax is 40% right away?!

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after $500,000 you will get taxed 40% on every dollar after.

if you make a million dollars in 1 year, i calculated it its roughly $350k in taxes...........pay them close to practically 40%.........irs being my silent partner fuc.k that. this is in a state where you don't have to pay state taxes.....

I think its easily over 40% if its in a state where you have to pay state taxes.....like california......and even worse in hawaii.......

its a progressive tax system in the US....

i dont like to play by the rules,

why?

73% of all fortune 500 companies put all their funds in offshore bank accounts...........their are billions if not trillions that are not being taxed in the US...... they get to enjoy paying next to nothing in those countries in terms of taxes......for their companies...

they outsource all their labor to places like china and india and pay next to nothing for wages and taxes for those employees.........

its all greed and enriching themselves.........

Why should I play by the rules and get taxed heavily for all my hard earned work yet.......those fu.ckers have billions yet are still playing the greed game.

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why would ne 1 want their money in us bank accounts anyways......you can just have it sit in tether coin........out of the hands of the banks from freezing your money.

the only reason I can think of keeping your money in us banks is because you want to buy a house....

but I think you can buy a house through bitcoin real estate website and just sign the house to an LLC so it cannot be seen under your name to protect you from any type of liabilities.

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It's staggered. These are the rates for single filers in 2019. Your first $10k in profits is taxed at 10% so you'd owe $1000 on that. Your next $28k would be taxed at 12%, and so on..

https://i.postimg.cc/rpN3RgV8/Untitled.png

I agree it's completely ridiculous. It's really disheartening to know that the more you make in a year the bigger check you'll have to cut out of your life savings.

It does seem to be a little better this year though. I swear last year it was more like 30% on anything over $150k.

Still though, go go crypto. :s

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Your LLC would still owe several thousand a year in property taxes on the house/yard though. We only own our things until we quit paying taxes on them.

:ranger:

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Do you have to pay tax on any house you buy out there? We have council tax here in the U.K. but it’s only about $1500 a year on most houses

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Yes, unfortunately. And if you don't pay your annual property taxes, your local government will seize your house and auction it off to pay your outstanding taxes.

It succcckkkkks. I only paid about $100k for my home but I have to pay the gub'mint about $3500 a year in taxes between house/yard to keep living at this house I've bought. I can't imagine what the property taxes of people in decent homes look like.

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Side note - you can get some killer deals on property tax auctions, but I kinda feel bad for the person who lost their property as I'm bidding on their stuff.

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add in State income tax and other local taxes such as Property/excise on real estate, cars, boats etc...and even some states like MA items inside your home such as TVs and appliances etc.... California state income tax can be 30% by itself. In year 2013 my total tax rate after adding everything together in MA as a high income earner was 68% of my profit. I quit and changed everything. I made no real money for handling millions of dollars. The entire North East and west coast will drain you dry. I paid $2.89 for a gallon of gas in CT and it is $1.70 in west KY as just another tax example.

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Wow that’s pretty nuts. What’s your basic tax rate? 40% on 500k but there must be lower brackets as well?

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Most normies pay 10%. See the chart I posted earlier. :thumb:


And yeah yankee I haven't forgotten your advice. One of these days I'm gonna make all my income passive.

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our awesome President drastically lowered Federal Income tax for working class employees. Phaz posted above. ^^^^^

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This is how it works in the U.K.

Pretty straight forward national tax system

https://i.postimg.cc/7JN61T9P/4-F407...B5177-C9-A.jpg

So we pay less at at lower rate but start to pay the higher rate earlier on. There are quite a few ways it’s given back though, especially if you have kids. There are also a lot of easy ways to really reduce the tax bill (mainly through taking income as dividends and not salary which can half the tax bill)

We do pay $6 a gallon though so it equals out a bit.

Any items bought at a shop have a 20% VAT on them, so things state side tend to be a bit cheaper. But we don’t have the same sort of land taxes you guys seem to have and we just pay national tax, there are not additional state taxes. It would be interesting to see how different incomes levels across the 2 countries would do

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Ouch, that's pretty brutal. Just as discouraging there as it is here. I guess people with money worldwide have grown accustomed to being shaken down for 1/3 of their money every year.

I was reading the other day that by the time the "(USA) bank bailout of 2008" is complete, the federal government will have given over $20 trillion to major US banks. Yet somehow the nation is in debt $20 trillion. Trying to make sense of it will give you a headache.

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Well then, let's see. (thanks internet)

https://i.postimg.cc/RZq4xWBS/uk.png

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https://i.postimg.cc/cL1MxN94/us.png


So you'd be paying a little less in the USA, until state income taxes are factored in of course. For me that typically adds about $10k more which would be almost the same as UK. Seems like the central banking system has this stuff down to a science.

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Here's taxes on $10k/£10k

https://i.postimg.cc/xTZTCvgJ/uk.png

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https://i.postimg.cc/G37b7FW7/us.png

Still pretty close

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The issue is that they are borrowing internationally to pay off the banks domestic debt (at least that is my understanding at a very basic level...)

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Wow awesome work! That makes for a really interesting comparison

So we pay 40% on 150k and you pay 31% before state taxes and any health insurance. Fairly even when state taxes and health insurance are added in.

I know when my income was around the 150k with accountant trickery I ended up paying closer to 22% but that was taking the funds out as dividends (which we pay a much lower rate on, as well as no NI rates) as well as a very low salary. Do you guys that ways to do that in the US?

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Believe it or not, the USA owes most of the national debt to itself. It's very convoluted. We only owe about $5 trillion to other countries, with China only owning about $1.3 trillion of that debt. The media sometimes tries to make it out like we owe China $20 trillion directly and they could demand payment at any time, but that's really not how it works.

http://www.businessinsider.com/who-w...ebt-to-2013-10

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That makes for a really interesting read. Ta!

The one good tax legislation we have here in the UK is that we can keep all the money a company earns in the companies bank account and then withdraw it all at once at 10%. It’s a single withdraw allowed though so you have to make sure that you get it all out at once. You can do that though and then start a new company, rinse and repeat every few years

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Why you gotta do this to me on Saturday. Whyyyy.

I load up on inventory and "business" purchases right before the end of the year. Fk em right back.

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Father's old general contractor would donate to charity, build/donate a building or build a new warehouse even if no one used so he would meet lower income brackets. Reroll your $$, smart move imo.

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Interesting :thumb:

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Yea for sure. A $20 item is worth more to you as is than the profit you make on it afterwards.

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@jarsky I think you are going after the wrong people man (though they should be paying taxes). They're the winners in my book and it's hard to understand til you're one of them. For the record I'm NOT one, yet.

It's not til you employ that a lot of "once-an-employee" will understand that when you've made something of yourself everyone's gonna want a piece of you. It's a lot harder going out on your own and taking risks than it is to go after someone who "has way more money than they need." Yea, of course someone in your position would say something like that.

It's the old "employer" vs "employee" war that's been going on since forever. The employees believe their entitled to higher wages and better benefits, when in reality it's the employers that gave them an opportunity to provide for themselves. They took the risks, they made the investments, they did the work to build and make something of themselves, not the other way around. Don't like it? Get out.

So then you get advocates "for the people" *cough liberals* who try to suck you dry for all your worth because they ignore or are too blind-sighted to see that those they're fighting for didn't care to take risks and decided that working for someone else is easier. What gets rolled into their ideology are people who couldn't care less about contributing, and they reap the rewards of getting unemployment checks, cheap housing, and oh yea, free health care.

Taxes are well spent and needed IMO; like repairing/building roads and providing salaries for educational positions. But it's some of the other spending that's really disturbing. We've created a whole industry out of providing for the loose ends in our society and that includes drug addicts, criminals and people with no work ethic that gets me maddest. I remember a property manager of a government housing complex say something along the lines of "thank god for these people because without them I'd be out of work."

If you're not contributing to society in a good way you're bringing everyone else down. The money I worked for shouldn't be going to taking care of and paying those responsible for those who decided 'getting high', 'robbing a gas station' or 'not looking for a job' was a good idea. I'd give half of them the death penalty if it meant I could keep half of my taxes every year. I'm trying to survive and enjoy my 60-70 years I've got on this rock, they couldn't give less of a **** about the big picture. So now you get to wipe their ass for them. Some of them like being in jail! Think about that.

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i read a story yesterday about jared kushner through nytimes that he did not pay taxes from 2009 to 2016 because he took advantage of a tax loophole by claiming depreciation to wipe out his taxable income..........so in turn he did not owe any taxes on his money........

on paper it looks like massive losses......real estate investors would take advantage of this depreciation tax loophole.....


the reason why I hate paying taxes,

the people who are entrusted with my tax money........they use my money in such ways........that is complete bull****.........

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Ha nice. Going "negative" is not always negative when time and assets are involved. Smart play, and legal.

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Well that is an interesting point of view....

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i know how to beat the american tax system,

just find a cayman island or swiss citizen either marry or pay them to open a bank account under their name under an llc........

that you control........so when the irs puts inquiries through their fatca agreements with these countries to id american citizens opening offshore banks,

you won't show up...........on that list......

than you can pay next to nothing in terms of taxes......lol

i can guarantee you that amazon, microsoft, and google are doing something like this in order to thwart the american tax system.........

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Thanos and I share similar beliefs.....

Back when civilization was tribes and highly codependent if you were caught even stealing you could be exiled... which at that time might as well have been a death sentence.

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Not quite Thanos belief. His is more to do with over population and he didnt punish people that deserved it based on evidence. It was all left to chance

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Hence "similar" beliefs :P

Take out the chance and put in reason and bam, you have a place where the people left are contributing towards a society that benefits everyone.

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Sounds a lot like a system that a certain German philosopher came up with in the mid 1800's ;)

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I guess. Children could contribute towards the family car under his rule the process was so economical and streamlined.

Targeting innocent based on religious beliefs was a crime against humanity. That was extreme.

You have to wonder how much of a fear factor you could create to deter people from crime and mooching off one another. I think we'd be much further along.

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That was more a 1930/40's thing not the mid 1800's. Hitler also wasn't German

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Born 1889 so thought you meant him. Who are you referring to?

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Karl Marx - The ideology you have described is basically Marxism