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re: Creating Wealth and the people you know who have it ...
Posted on 3/23/09 at 12:10 pm to Cold Cous Cous
Posted on 3/23/09 at 12:10 pm to Cold Cous Cous
quote:
Well I'm assuming that the people we're talking about are over forty years old and have had some time to build up wealth. Most people don't just go from 0 to $300K
Right, but my income ramped pretty quickly in 2007/08. The wife and I try to save about 30% of our pre-tax income, we don't always succeed though. Its going to take quite a few years at our current saving rates for us to hit 1M. Even if I do at some point make over 300k, I won't get near to it for a while.
I think it takes decades to get up the million plus in assets for us regular folks. Some people get lucky with their job, or with family income, but if you start at zero.....its going to take a long time.
quote:
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
I would be surprised too if they are paying 100k in income taxes (for a 300k income person). Maybe 100k in income taxes plus payroll plus property taxes, but just income, its doubtful.
2
Posted on 3/23/09 at 12:21 pm to MileHigh
Assuming no deductions, no kids, $300K agi, you're looking at about $77 grand in income taxes. So depending on property taxes and state income taxes, it's probably just barely possible to hit $100K.
But this assumes no mortgage, no IRA, literally somebody paying the maximum amount of taxes they possibly can.
I guess if you count sales tax as well you will be over $100K. Sales tax is the "silent killer" because you don't get a statement at the end of the year showing what the total damage is like you do for income and property taxes.
But this assumes no mortgage, no IRA, literally somebody paying the maximum amount of taxes they possibly can.
I guess if you count sales tax as well you will be over $100K. Sales tax is the "silent killer" because you don't get a statement at the end of the year showing what the total damage is like you do for income and property taxes.
Posted on 3/23/09 at 1:47 pm to MileHigh
quote:
I would be surprised too if they are paying 100k in income taxes (for a 300k income person). Maybe 100k in income taxes plus payroll plus property taxes, but just income, its doubtful.
He said 6 figures in taxes. If you made $350k with a W2 look to pay around $110k in taxes under Bush. Taxes are taxes. It doesn't matter who's getting the money. Now with a 1099 you can have a lot of cute accounting and decrease that by about $40k.
This post was edited on 3/23/09 at 1:48 pm
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