paycheck

[fishbones]

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy. I tell them "congratulations, you are now wealthy according to our government". I started dumping more into my 401K and HSA account to protect it from being taxed, but it still sucks.

[Swimmer]

Originally Posted by fishbones

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy. I tell them "congratulations, you are now wealthy according to our government". I started dumping more into my 401K and HSA account to protect it from being taxed, but it still sucks.

But for every thousand you need to protect your forced to dump something like $3,000.00 into a shelter. Impossible to keep up with.

[justplugit]

Two percent doesn't sound like that much, the politicians know it, until it
comes out of the check. Already people are re-thinking their spending.
Another drag on the economy with a lot more to come.

Cut 10% across the board on every Govt Dept, it would knock out waste
alone, they wouldn't miss a beat in their performance.
Put the $$ back in our pocket book and then watch how the economy takes off.

[Jackbass]

Originally Posted by justplugit

Two percent doesn't sound like that much, the politicians know it, until it
comes out of the check. Already people are re-thinking their spending.
Another drag on the economy with a lot more to come.

Cut 10% across the board on every Govt Dept, it would knock out waste
alone, they wouldn't miss a beat in their performance.
Put the $$ back in our pocket book and then watch how the economy takes off.

Economics 101 do not raise taxes in a recession.
Posted from my iPhone/Mobile device

[striperman36]

Originally Posted by Jackbass

Economics 101 do not raise taxes in a recession.
Posted from my iPhone/Mobile device

Except if its someone elses money

[Jackbass]

Originally Posted by striperman36

Except if its someone elses money

Imagine if tariffs were raised on imported vehicles and people ha to pay an import fee to drive their subarus and prius now that would be government oppression
Posted from my iPhone/Mobile device

[justplugit]

Originally Posted by Jackbass

Economics 101 do not raise taxes in a recession.
Posted from my iPhone/Mobile device

Don't raise taxes period. Live within your means.
People forget we hire these Politicians, they work for us.

[The Dad Fisherman]

Originally Posted by justplugit

People forget we hire these Politicians, they work for us.

How do I send them a Pink Slip....Today?

[justplugit]

Too late TDF, I'm afraid it's too late.

[scottw]

Originally Posted by justplugit

People forget we hire these Politicians, they work for us.

I think the politicians would say........


Annotating Obama’s 2006 speech against boosting the debt limit - The Washington Post


why do we have "debt limits"..."debt ceilings" and big fights over them when they don't appear to limit or ceiling anything?????

[justplugit]

I hear ya Scott. I should have said-
People forget we hire these Politicians, They are SUPPOSED to work for us.

But then again, evidently the people who voted (hired) them back,
must like higher taxes, more debt, bigger government and less freedom.

Outside the libs who like it that way,so many uinformed voters learning the hard way.

[JohnnyD]

Originally Posted by fishbones

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy.

And this is how Obama got re-elected - people that don't pay attention to what the hell is going on and how policies affect them.

The day before an agreement was reached the misses asked me to explain some details as to what the fiscal cliff is. The next day she and I were talking and I said, "remember how you were asking my about the fiscal cliff yesterday?" Her: "yeah" Me: "They reached an agreement today. Long story short, it means $80 less in your paychecks and an extra 2% taxes on my quarterlies." Her: "what the (*&$#"

[Raider Ronnie]

[QUOTE=JohnnyD;979208]And this is how Obama got re-elected - people that don't pay attention to what the hell is going on and how policies affect them.

Most of the guys I work with were bitching about smaller checks this week..
One of the younger guys who is always making remarks about me listening to political talk radio all the time says to me,
"My check is less this week, all thanks to Obama care"
I just laughed at him !
Sad thing is that pretty much sums up the younger generation today !

[Jim in CT]

Originally Posted by fishbones

I started dumping more into my 401K and HSA account to protect it from being taxed, but it still sucks.

Remember, if you put money into a pre-tax 401(k), you don't avoid taxes, you delay them. The trick is to pay your taxes when the rates are lower. I put all my money into an afetr-tax (Roth) 401(k). I prefer to my taxes today. Why? Because our debt will be $20 trillion when Obama is finally gone. Figure at least another $40 trillion to provide Social Security and Medicare benefits to the Baby Boomers.

I can't see how taxes are not significantly higher in 20 years than they are today. Therefore it's better to pay the taxes today, at a lower rate.

Obviously we'll all be in different brackets in the future, lots of moving pieces...but delaying your tax withholding until you cash out your 401(k), isn't always in your best interests.

[Piscator]

Originally Posted by Jim in CT

Remember, if you put money into a pre-tax 401(k), you don't avoid taxes, you delay them. The trick is to pay your taxes when the rates are lower. I put all my money into an afetr-tax (Roth) 401(k). I prefer to my taxes today.

I agree but unfortunately our Government doesn’t allow everyone to have a Roth…………you know, all the rich millionaires………

If you aren’t eligible for a Roth, you could put taxed pay into a 401K that will not be taxed later (the gains will be taxed though).

[PRBuzz]

Originally Posted by Jim in CT

Remember, if you put money into a pre-tax 401(k), you don't avoid taxes, you delay them. The trick is to pay your taxes when the rates are lower. I put all my money into an afetr-tax (Roth) 401(k). I prefer to my taxes today. Why? Because our debt will be $20 trillion when Obama is finally gone. Figure at least another $40 trillion to provide Social Security and Medicare benefits to the Baby Boomers.

I can't see how taxes are not significantly higher in 20 years than they are today. Therefore it's better to pay the taxes today, at a lower rate.

Obviously we'll all be in different brackets in the future, lots of moving pieces...but delaying your tax withholding until you cash out your 401(k), isn't always in your best interests.

Not just tax rate but income bracket: delaying taxes until retirement and no long drawing a salary, just SS.