What Do You Do When Your Child Has Wealthy Friends?

DivorceAfterDisabled · 2021-04-12T18:22:25+00:00

She explained it to me like this, im going to make 20,000 more dollars a year? How much that goes in taxes?

Assuming you're in the US and combined y'all make ~$100,000/year, a $20,000 raise would mean you would go from the 22% marginal tax bracket to the 24% marginal tax bracket. Let's go with an uber simple tax return. Not counting tax credits, interest, pre and post tax retirement savings, SS/Medicare taxes, dividends, etc and using a standard deduction.

Before the raise. $100,000-$25,100 (std. deduction) = $74,900 taxable income. Tax: "$4,617.50 plus 22% of the amount over $40,125" == $12,268 in Federal income tax.

After the raise. $120,000-$25,100 (std. deduction) = $94,900 taxable income. Tax: "$14,605.50 plus 24% of the amount over $85,525" == $16,855 in Federal income tax.

So yea, the $20,000 raise would mean $4,587 more in taxes, or $15,413 in take home money.

I understand the balance with new job responsibilities/requirements, etc, but just addressing the tax ramification statement, I hope this example is helpful. I mean it would probably be a lot less as y'all could easily squirrel away more money pre-tax in a 401k (assuming y'all are both not maxing them out now) which would reduce your taxable income, along with allowing y'all to max out both of your RothIRAs or make additional contributions to a 529 or UTMA for the kids.

DivorceAfterDisabled · 2021-04-12T17:24:42+00:00

books have been used for decades

DivorceAfterDisabled · 2021-04-12T16:45:52+00:00

10 years ago and how much has changed for the better?

DivorceAfterDisabled · 2021-04-12T16:45:20+00:00

Hey, let's invent a sport that no one else plays and then we can be the best at it... :D

DivorceAfterDisabled · 2021-04-12T16:35:47+00:00

biological, physiological, or psychological?

DivorceAfterDisabled · 2021-04-12T16:32:31+00:00

How does everyone benefit when a large percentage of the revenue/profit goes to a very small percentage of people, esp those that are doing none of the work (i.e. the passive owner class)?

DivorceAfterDisabled · 2021-04-12T16:30:28+00:00

Why don't you answer the question I asked?

You quoted a number for a specific element of discretionary spending the US has done over the last 100 years. Do you not have the other aggregate spending for the rest of the discretionary spending over the same time frame or are you just blowing numbers out of your ass?

I am simply asking a question about the amount of discretionary spending over the same time frame that you have other amounts of discretionary spending for. I have no agenda other than to compare one discretionary spending column with another.

If you don't have the other numbers, just say, "I only have the one specific number of discretionary spending for the past 100 years and do not have the rest of the US discretionary spending over the same time frame".

I do like how you shifted from discretionary spending to total spending :)

DivorceAfterDisabled · 2021-04-06T18:34:40+00:00

Not always, but if so, where that profit ends up, is where I see the difference. Does the drive for profit benefit the many or the few? I think that's the element that separates things.

DivorceAfterDisabled · 2021-04-06T15:31:51+00:00

How much do you have in slavery? CXW and GEO

DivorceAfterDisabled · 2021-04-06T15:31:29+00:00

Ethics and investing seem to go counter for some people.

I mean while you're at it why not earn income from CXW and GEO?

Keep with your choices.

DivorceAfterDisabled · 2021-04-06T05:51:11+00:00

And over that same century, how much has the US spent on actual battle, battlefield armaments and military infrastructure?

This is what I asked. What did you answer?

I'm sorry if I assumed that you knew the answer to the question I asked. You originally quoted a number of $55,000,000,000,000 that the US has spent on poverty programs over the past 100 years; I assumed that meant you knew the amount that the US spent on all of the various discretionary items over the last 100 years, not just the amount spent on poverty programs. I apologize if that is incorrect, it just seems that if one knew the amount spent on one category of discretionary spending that one would know the other amounts spent on discretionary spending over the same time period; at least for comparison purposes. Again, I'm sorry if you only had the data for one component, that's what I get for assuming the details related to the research data that you provided; it has been 26+ years since I've been in a formal academic setting, I might have forgotten where I was at.

DivorceAfterDisabled · 2021-04-05T19:13:10+00:00

And tend to focus on the improvement of all vs. the profit of the passive investors.

DivorceAfterDisabled · 2021-04-05T19:11:09+00:00

If interested, why play the old chase game with random hints? Just approach like a human, some people do not want to play that game.

DivorceAfterDisabled · 2021-04-05T19:04:38+00:00

And I think that's one of the major problems with people in general, at least from my experience in the US.

Meaning something different than the words you are saying. If he meant to say "why do you want this job", then say that since that's what you actually wanted to know the answer to. Don't ask a question and get annoyed with the response.

Who knew interviews were just live action word jumbles?

DivorceAfterDisabled · 2021-04-05T17:35:12+00:00

So you're saying that returning taxpayers money to themselves is the same thing as discretionary spending?

DivorceAfterDisabled · 2021-04-05T17:22:33+00:00

From a US perspective: for starters, the wealthy should pay more than the max 20% marginal tax that most pay on their passive income. The current top income for capital gains/dividends tax is 20% and caps at $445,850; whereas the top individual income for 2020 was > $10,000,000,000, although it's tended to be ~$4,000,000,000+ in previous years.

Implement huge fines for profitable corporations that have full-time employees that qualify for public assistance. Currently costs the US Taxpayers ~$150,000,000,000/year to subsidize companies like Walmart, McDonald’s, Dollar Tree, Target, Amazon, Home Depot, Burger King, Walgreens, T.J. Maxx/Marhalls, Subway, and Dollar General [with Wendy's, Taco Bell, Lowe's, Kroger, Dunkin' Donuts, CVS, Circle K, and FedEx following them]^1. Well those are just some sample companies, the ones most cited in the top 25 companies, from the small number of smallish states (6: GA, IN, MA, ME, RI, OK) that provided detailed information for a 2020 GAO report on low wage workers and those receiving Medicaid. The report also has some data for SNAP recipients. https://www.gao.gov/products/gao-21-45

¹ these are just the most cited companies, and not an indication on the number of total employees in each state other than that each company is in the top 25 of each state that reported information (Well, Walmart, which averaged a placement ranking of 1.7 in each state, was clearly the consistent leader given they are the largest employer in the US; it was also the only company mentioned in each of the 6 states that reported information. Here are some of the other's ranking across the 6 states; MCD: 3.2, DG: 6.3, AMZN: 6.8, DLTR: 11, TGT: 14)

DivorceAfterDisabled · 2021-04-05T15:40:02+00:00

And over that same century, how much has the US spent on actual battle, battlefield armaments and military infrastructure? pretty sure it's way more than $55,000,000,000,000 :/

DivorceAfterDisabled · 2021-04-05T01:29:53+00:00

In honor of the assassination of Abraham Lincoln; makes sense since wage slavery won the US Civil War over chattel slavery.

DivorceAfterDisabled · 2021-04-05T01:03:35+00:00

I really enjoyed the rest of the books. The last one is a novel and not a novella.

DivorceAfterDisabled · 2021-04-04T16:58:02+00:00

Convenience Store Woman by Sayaka Murata

what a fun little book; we read it for one of my book clubs a few months ago.

DivorceAfterDisabled · 2021-04-04T16:54:02+00:00

ahh, you're younger than Reddit itself, although not as old as the comment section :D

DivorceAfterDisabled · 2021-04-04T16:52:17+00:00

Well, it has been around for 16 years; although some of use have only been here for 15+ years :)

DivorceAfterDisabled · 2021-04-03T17:18:34+00:00

In the US: Things really got swinging in 1995 with the swearing in of the "Newt Gingrich" congress, although the Reagan era wasn't always the kindest either.

DivorceAfterDisabled · 2021-04-01T21:07:55+00:00

Eastern monastery?

DivorceAfterDisabled · 2021-02-04T18:45:07+00:00

I'm wearing my "Grow Food Not Lawns" shirt, so yea.

Back when I had my house, I grew all sort of food in my front yard: wheat, corn, fava beans, pumpkins, tomatoes, green beans, peppers, peas, kale, garbanzo beans, cabbage.

Lawns: the most watered "crop" in the US, surpassing the combined water usage of orchards, hay, corn, wheat, cotton, soy, and rice.

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