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Making Money Flipping, Investing, You Name it. Letís discuss other ways of making money!

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  #1  
Old 01-12-2019
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Default 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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Old 01-12-2019
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Default Re: american tax system

Some of those white guys are actually short...
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Old 01-12-2019
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Default Re: american tax system

You guys have to pay 40%?
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Old 01-12-2019
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Default Re: american tax system

Your tax is 40% right away?!
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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by mine View Post
You guys have to pay 40%?
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..



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.
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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by jarsky541 View Post
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.

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.

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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by JamesNorth101 View Post
Do you have to pay tax on any house you buy out there? We have council tax here in the U.K. but itís only about $1500 a year on most houses
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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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by JamesNorth101 View Post
Wow thatís pretty nuts. Whatís your basic tax rate? 40% on 500k but there must be lower brackets as well?
Most normies pay 10%. See the chart I posted earlier.


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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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by JamesNorth101 View Post
Wow thatís pretty nuts. Whatís your basic tax rate? 40% on 500k but there must be lower brackets as well?
our awesome President drastically lowered Federal Income tax for working class employees. Phaz posted above. ^^^^^
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Old 01-12-2019
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Default Re: american tax system

This is how it works in the U.K.

Pretty straight forward national tax system



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

Last edited by JamesNorth101; 01-12-2019 at 09:33 AM.
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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by JamesNorth101 View Post
It would be interesting to see how different incomes levels across the 2 countries would do
Well then, let's see. (thanks internet)



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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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Old 01-12-2019
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Default Re: american tax system

Here's taxes on $10k/£10k



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Still pretty close
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Old 01-12-2019
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Default Re: american tax system

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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Old 01-12-2019
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Default Re: american tax system

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?

Last edited by JamesNorth101; 01-12-2019 at 10:11 AM.
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Old 01-12-2019
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Default Re: american tax system

Quote:
Originally Posted by JamesNorth101 View Post
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...)
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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