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Forum » What's the point of working hard and increasing income if you get taxed close to 50%?
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Thread: What's the point of working hard and increasing income if you get taxed close to 50%?

post 1694089963 11-29-2023, 04:56 AM
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Originally Posted By RiceBrah93⏩
Fk me thats criminal. I can see why people are moving to texas/florida
People making $50k pay WAY more taxes in Texas than California though. It's moggers like Rogan that can save a fortune by moving to Texas. My figures also included all Federal income taxes, social security/Medicare, etc not just California State Taxes.
post 1694092693 11-29-2023, 06:31 AM
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Originally Posted By RiceBrah93⏩
Even as a single man grossing close to 300k a year, you'd still get taxed at least 35% of that. Wtf is the point doing this in the west?

What are other options? Live in *****, Panama?
Ok, for shiits and giggles lets say you really do make ~$300k.

You are a fool if you let the government tax all of that. You are an IRS wet dream bro... look around. Notice all the outrage over rich people not paying their "fair share" of taxes? Bernie Sanders has literally built his entire political career around that ffs.

So what are the options, you ask? You need tax deductions... I have rental property, and because of that my tax rate is ~10%.

Doesn't have to be rental property though. Talk to an accountant about other things... But you have options that are all perfectly legal. You just have to start USING them.
Originally Posted By Anachron⏩
Just LOL @ not aiming to have net income as close to zero as possible.
He gets it lol.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1694092953 11-29-2023, 06:37 AM
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Originally Posted By QuickShotSteve⏩
Federal income tax, state income tax (for 43 states I think?), property tax, luxury tax, auto registration (tax), gas tax, burn permits (tax), fishing/hunting license(tax), sales tax on your already taxed items, capital gains taxes, i mean goes on and on, never ending taxes.
And still the government runs a $1.7 trillion deficit and owes a $33 trillion debt.
post 1694093233 11-29-2023, 06:45 AM
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Originally Posted By Bushmaster⏩
Ok, for shiits and giggles lets say you really do make ~$300k.

You are a fool if you let the government tax all of that. You are an IRS wet dream bro... look around. Notice all the outrage over rich people not paying their "fair share" of taxes? Bernie Sanders has literally built his entire political career around that ffs.

So what are the options, you ask? You need tax deductions... I have rental property, and because of that my tax rate is ~10%.

Doesn't have to be rental property though. Talk to an accountant about other things... But you have options that are all perfectly legal. You just have to start USING them.



He gets it lol.
I mean yeah you're right, I gotta start educating myself and talk to a good accountant. My mum is an accountant btw but I don't live with her and we never really talk about taxes
post 1694093313 11-29-2023, 06:46 AM
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I'd say maybe doctors get taxed the hardest because they have a salaried income...

No business owner on the planet, regardless of how rich they are, is ever paying 50% taxes.
post 1694093423 11-29-2023, 06:48 AM
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If you make decent money for a chunk of time and start doing stuff like investing in tax-sheltered accounts or accumulating other assets that can produce tax write-offs, that can be a bit of a game changer

In Canada we have RRSP accounts where you can put in money that reduces your taxable income and then you make gains on pre-tax money, and then we also have the TFSA (tax-free savings account) where you can put in post-tax money but not be taxed on what you withdraw.

Rental properties come with a whack of tax write-offs

Main issue with not reporting good taxable income is that taxable income is what’s used for calculations in stuff like mortgages, so you’ll likely need to realize good income for a couple years to qualify for low-cost debt that you can use to get further ahead.
post 1694093573 11-29-2023, 06:53 AM
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Originally Posted By HMFIC_BROWSIN⏩
I'd say maybe doctors get taxed the hardest because they have a salaried income...

No business owner on the planet, regardless of how rich they are, is ever paying 50% taxes.
There are still deductions they can take.

Trust me.. nobody in any of the higher brackets is getting taxed at the full amount. And like I said, this is all perfectly legal too.
Originally Posted By RiceBrah93⏩
I mean yeah you're right, I gotta start educating myself and talk to a good accountant. My mum is an accountant btw but I don't live with her and we never really talk about taxes
Talk to her, or at the very least set up an appointment with AN account somewhere. It's really not rocket surgery, and they'll be happy to go over it with you and give you advice.

Do not piss away money to the IRS though.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1694093643 11-29-2023, 06:55 AM
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Originally Posted By Bushmaster⏩
There are still deductions they can take.

Trust me.. nobody in any of the higher brackets are getting taxed at the full amount. And like I said, this is all perfectly legal too.
believe me, I'm aware. I guess a doctor could divert their taxable income into stuff like rentals, etc.
post 1694093693 11-29-2023, 06:56 AM
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Originally Posted By Destor⏩
so you’ll likely need to realize good income for a couple years to qualify for low-cost debt that you can use to get further ahead.
pay your dues to earn a seat at the table
post 1694093793 11-29-2023, 06:59 AM
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I think a lot of the high-earning doctors work through their own solo corporations or as sole props, and the highest-earning ones have their own full practice etc

Same with high-earning lawyers, accountants, etc, lots of these people have their own operations and bill by the hour or by service provided
post 1694093953 11-29-2023, 07:06 AM
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Originally Posted By HMFIC_BROWSIN⏩
believe me, I'm aware. I guess a doctor could divert their taxable income into stuff like rentals, etc.
Can and do.

Fly to a week long "conference" in Paris or Rome? Boom, business expense!

Things like that are pushing it a little, but don't think for one second that it doesn't happen all the time. My niece and her husband sell real estate and they went to a wedding in California once.. But because he had lunch one day while they were there with someone he had talked on the phone with - and kept the receipt, he wrote the whole trip off his taxes.. Flight, hotel, and rental car.

One of my rentals is a condo near the beach in SC, and anytime I go there and stay in it myself I write it off mine. Gas mileage, meals, etc.. Plus when I stay in it it's not rented out, so I write the loss of income off for that weekend - or that week. Perfectly legal too.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1694094103 11-29-2023, 07:10 AM
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Originally Posted By Destor⏩
I think a lot of the high-earning doctors work through their own solo corporations or as sole props, and the highest-earning ones have their own full practice etc

Same with high-earning lawyers, accountants, etc, lots of these people have their own operations and bill by the hour or by service provided
Sure.. but as far as the IRS is concerned it's just another small business. Doctor, lawyer, real-estate, or small engine repair business. Whatever. They all can deduct things like advertising, insurance, office supplies, phone, internet, etc...

https://www.freshbooks.com/hub/expen...ipping%20costs.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
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