[mena je twa]

I am a bit shocked!! A conservative judge – John Roberts, appointed by G. Bush voted with the 4 liberal judges. Unbelievable!!!! Hold on to your cash, stock market will plummet.

Licensed CPA, Texas - 2012

[Anonymous]

@CPA_any_day

To answer your question on the “rich”….NO ONE, well, at least I do not think people hate the “rich” or are jealous by any means. I think people want everyone to pay taxes in the amount that is proportionate to your income. For example:

Lets say we have two “individuals” A and B

A makes 40k and B makes 400k (I picked these 2 extremes to make a point)

Lets say we tax both the same….15%

Theoretically speaking:

A would have a net gross of 34k and B 340k

I think it is safe to assume that “individual A” would face more economical hardship than “individual B”.

We have to keep in mind that yes the top 1% may be the job creators but their companies do not function on the CFOs, CEOs, COOs, Presidents,VPs, Executives and etc.They function off the “middle class” workers and these “workers” are ALSO consumers. If middle class workers do NOT have jobs, then they cannot buy (consume) and then the economy remains stagnant.

Some may argue, if you tax the rich, then they will not invest, Well, then one may argue if the “middle class” workers cannot find a job from the “job creators” lol then they will not “invest” in buying goods which gets those 1%ers their profits and and allows the economy to improve and since the economy would improve, more people can get a job and this would allow MORE social/economical mobility, and then the American Dream does not seem like a joke anymore and is actually MORE attainable.

And I see how you feel about not wanting to pay for something you are not going to use but I think I and many others feel the same way about auto and home insurance, ESPECIALLY auto. You pay 200/mo not even including full coverage for lets say 20years with not one violation(youre paying NOT only for you but for the asswipe on the road that doesn't have insurance) and yet you are still a “risk” and what happens to that money? Im not sure about you but I barely like paying auto insurance for myself let alone someone else. And lets not forget how your perfect driving record can go down the drain as soon as a claim is filed against you [then UP goes your premium]….

Insurance in general to me is a ponsy scheme, a good one, but a ponsy scheme nonetheless. One of the reason why i decided against going into actuarial science. People would be surprised what can be done if you eliminate the middle man. However, in the case of “Social Welfare”,the “middle class” is what makes the world go round NOT the “Rich”.

@Jeff

I agree with the voucher system, I mean they are already trying to privatize public schools….for example school choice. I think that should be completely dismantled….school choice only enables piss poor schools to produce MORE uneducated individuals.

For example, I believe ALL schools should offer the SAME QUALITY education, if its not, then why are we paying “property tax” again? Every school should have the “necessary” resources to teach students. I did a thesis on this in my Calc 2 class…it focused on how students given an “unfair” education tend to inevitably rely on government assistance and are more than likely not to go beyond getting a high school diploma let alone higher education in a vocational/college/university setting.

The ENTIRE school system NEEDS to be reformed…..but you know how changes go in society lol

And why not have payment plans for healthcare rather than health insurance? I know the difference between insurance and care but why pay 1k a month on health insurance when you can just pay for the services rendered…My question to you all: how many times do you really go to the doctor in a year let alone a month?

Essentially 1k month for a family plan is the price of Ford Focus…I highly doubt that even the most healthiest person(s) needs to spend more than 1000k for health care…a typical visit is like $150

Insurance=Devil in a blue dress o_O lol

[momto5]

Well, part of the problem is the exorbitant cost of the health care itself. You think healthy people don't have to spend much money for healthcare? My 20-year-old otherwise very healthy son had to have a cyst removed – outpatient – not even a hospital stay – and the cost was $14,000!! I asked him if the room they did the procedure in and all the utensils were gilded with gold or something!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

AccNewbieMom~

You say: “To answer your question on the “rich”….NO ONE, well, at least I do not think people hate the “rich” or are jealous by any means. I think people want everyone to pay taxes in the amount that is proportionate to your income”

So if I understand you correctly, it's not *fair* that I pay 15% on my $40k and you pay 15% on your $400k? So should you pay $366,000 on your $400k just so we both end up with the same net of $34,000? I believe the beauty of the American dream is that we all have the same opportunities…but the OUTCOME is not guaranteed. If you bust your butt every day and I spend my days sleeping until noon then watching Oprah reruns as I lay on the sofa drinking my wine coolers, why should I end up with the same things you have?

My husband is a small business owner with 2 employees. His business is not built on their back….he leaves for work every morning around 7am, returns for supper and usually goes back to the office until at least 9pm. He does this 7 days a week, not 5 days per week from 8am-5pm like his middle income employees. When they leave, their only concern is getting to spend time with their families – thus, they are paid accordingly. So is it any surprise that after their paychecks and an occasional bonus that he keeps the remainder of the profits for himself/us? Their incentive to receive a larger compensation package is to take on more responsibility so that he can have more time off…but apparently a bigger comp package is not that important to them at this point in time…yet all the work needs to get done regardless of their desire to take on more.

Speaking of profits, he's an S-corp. That means we pay taxes on the business profits even if he doesn't take it out of the company in hard, cold cash. In fact, most of the time he has to leave the year end profits in the company checking account just so he can make payroll in January. So if he profits $50k (money we don't see now…but hopefully someday will be able to pull out) and assuming we're only in the 15% bracket, our tax bill is $7,500 higher than it would have been without the profits (again, the money he didn't even pull out of the company yet). If his business folds, we'll never see the benefit of paying all those taxes through the years.

You say: “And why not have payment plans for healthcare rather than health insurance? I know the difference between insurance and care but why pay 1k a month on health insurance when you can just pay for the services rendered.”

This is exactly what a HDHP with HSA is designed for. Unfortunately, ObamaCare is limiting the HSA portion to just $2,500 per year even though your deductible may be thousands – like my $6,000 deductible.

++++++++++++++++++++

The latest numbers from the IRS — based on 2009 tax returns — show what it takes to be among the top 1% of income earners: adjusted gross income of $343,927 or more. The 1.4 million Americans with this elite status reported 16.9% of all the country's taxable income.

That's right. One percent of taxpayers reported almost 17% of all taxable income. But that same tiny group also kicked in 37% of all the taxes paid. How much do you need to make to be in the top 50% of earners? Just $32,396.

Fall below that level and you are in the bottom half, along with nearly 70 million of your fellow taxpayers. All told, that group earned just 13% of the income reported on 2009 tax returns. And they coughed up 2.25% of all the income taxes paid.

For historical perspective, back in 1986, the top 1% of earners reported 11% of all income and paid 26% of the income taxes; the lower-earning 50% made 17% of the income and paid 6% of the nation’s individual income tax bill.

https://www.kiplinger.com/features/archives/how-your-income-stacks-up.html

[Anonymous]

A recent report published by Ernst and Young, confirms the far-reaching devastation that the President’s plan would have on the economy: 710,000 fewer jobs and economic output reduced by 1.3% in 2013. The report continues on to conclude: “Specifically, this report finds that the higher rates will have significant adverse economic effects in the long-run: lowering output, employment, investment, the capital stock and real after-tax wages when the resulting revenue is used to finance additional government spending” (Executive Summary, Page i).

“With the economy already at a near stand still, the President’s proposed tax hike on American small businesses comes at the work possible time for job creators,” Majority Whip McCarthy said. “Independent reports confirm that raising taxes on more than 900,000 small businesses threatens 710,000 jobs and would reduce economic output by 1.3%. It just doesn’t make any sense to punish American families and small businesses already struggling to make ends meet in this tough economy.” https://waysandmeans.house.gov/UploadedFiles/EY_Study_Long-run_macroeconomic_impact_of_increasing_tax_rates_on_high_income_taxpayers_in_2013__2012_07_16_FINAL.pdf

[mla1169]

@ acctnewbiemom “I know the difference between insurance and care but why pay 1k a month on health insurance when you can just pay for the services rendered…”

You definately do not want to just pay for the services rendered. Preemie baby with extended hospital stay (could happen to any one of us) can be $250-$500k. Heck just one ride in an ambulance to get to the hospital can cost you $500. And god forbid you get breast cancer…………

The health insurance is still much cheaper than paying as you go. And most people will have, or a family member will have a situation that requires hospitalization at least once………

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[littlenumberrobot]

@Jeff

I don't mean to bump this thread for more discussion, but I rembering reading you saying you home school your kids. My siblings and I were all homeschooled up until HS then we went to private. Thought I'd share and say I think its cool you home school 😀

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[momto5]

Me too! I homeschooled my 5 boys and, as challenging as it was at times, I wouldn't trade those years for anything! Enjoy every minute – it really flies by!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[jeff]

Yes.

We are crazies.

By crazies, I mean taxpayers who have forgone the money we paid into the educational system and decided that we can teach our kids better than the government. (…and my wife has a teaching degree from a government-school, so stand down haterz)

🙂

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Author]

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