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Rob C | Why does the IRS think I'm rich? |
This might be more of a rant, but I finally got down to doing our taxes this year. Our income this year was $160,000 gross, and we live in California. Out of that we paid almost $3,000 a month for an apartment (3BR since we have 2 kids), $1,200 a month for 2 cars and insurance, $1,300 a month in student loans, and another $2,500 a month for utilities, groceries, gas and what-not. That adds up to $96,000 a year, and we certainly weren't living like royalty. We netted about $120,000 after taxes, which leaves us with only $24,000 in a year to save for retirement or spoil our kids with, certainly not what I would view as wealthy!
So imagine my surprise when I find out that the IRS won't let me claim my student loan interest or the child tax credit because I "make too much." I can only imagine what will happen once I have to pay for government health care.
Here's my question, am I rich? |
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firstam2008
|
Ah my dear fellow American, to a politician you most certainly are when it comes to taxes.
However, as you see, when you do the math in the REAL world those of us not in elected office must live in, not really.
You're actually doing well though--most folks don't have anywhere near $2K a month cushion in their lives--frankly most folks don't have $200 a month cushion in their lives.
One reason for that, as you saw, is that with all those TAXES, your income gets chewed on hard. As the bulk of all taxes we pay is bogus--entitlements prohibited by the Constitution (someone please read Amendments IX and X--preferably to those in office)--the government has grown accustomed to trying to morph into a nanny state (oddly while many parts of the world are trying to fully shed that idiocy!).
That is why they have to turn to folks like you who are paying your own way and steal from you so they can continue to keep their various poverty industries alive.
You're just going to have to keep an eye on them and current events and use the one thing we still have power over--the vote--and demand they start moving towards a Constitutional sized government and some sense.
Good book you'd probably agree with:
Save America, Save the World by Cassandra Nathan--it's searchable on Amazon.com
As you brought up health care, you might like her thoughts on reforming the MILLIONS on the different government health programs now while ending the problem of the uninsured--NO mandates, no employer payments, no increase in taxes--it can be done.
QUALITY, ACCESSIBLE, AFFORDABLE health care for all.
That means preventative care (physical with follow up). Real medication (no Medicare "donut holes" the really ill are ripped off again.) No bogus ridiculously low "caps" on needed medical procedures. No abuse of the ER. No paying for the silly with the sniffles to go to the doc for free. No more bankruptcies over medical bills. I want THIS plan that ends abuse of the taxpayer, takes the burden off employers, provides price transparency, and ends the rip-off of the US taxpayer at the hands of greedy insurance CEOs (which has been repeatedly documented).
http://www.booklocker.com/books/3068.html
Read the PDF, not the blurb, for the bulk of the plan. Book is searchable on Amazon.com
Cassandra Nathan's Save America, Save the World |
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Judy1
|
Compared to some, even in CA, you probably are - but actually in CA you're probably middle or upper middle income, but certainly not rich. But the laws are the same for the whole country - and most places, you'd be very well off at $160K. |
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bostonianinmo
|
You chose the Left Coast so you get to pay for the "privilege". Move to KC and make 2/3 as much, own your own home and have more to spoil the kids with. |
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wartz
|
IRS doesn't have to think you are rich or not. It doesn't make the rules. If you think you should get a better break, for 41 cents, a uniformed representative of the US government will hand deliver your written opinion to your elected representative. |
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Brian J
 |
I feel your pain.
Interesting, how the top one percent of tax filers pay near the highest share of income taxes in decades: http://www.house.gov/jec/news/2007/October/pr110-24.pdf
At the same time, the middle-income tax burden is near it's lowest levels in decades: http://www.house.gov/jec/news/2008/Feb/pr110-35.pdf |
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mikeeyman
 |
People who make less than you will say you are rich...
The government considers me rich also... I don't feel it... I set money aside every year to donate to my favorite charities... But after doing my taxes, and realizing we have been phased out of many of our deductions... We now owe the IRS $15,000... We only had $2,000 set aside for our charities... Now I have to come up with $13,000 extra... But I am rich, so shouldn't it be in my bank account? But its not! I had to pay my student loan interest which they won't let me deduct... I had to pay my son's medical bill, which isn't more than 7.5% of my AGI, so therefore, also not deductible! I could go on all day... But I have to get to my second job!
BUT I'M RICH... WOOHOO! |
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Count Your Blessings
 |
You'd be wise to start thinking about how to use the tax code to your advantage. I just saved a fellow $1,420, for example, by getting him to convert his newly opened Roth IRA to a Traditional IRA.
You're giving up a mortgage interest/property tax deduction because you decided to rent an apt vs buy a home or condo. Entirely your decision, but there are tax consequences for the decisions we make. You could sell one of the cars -- $1200 a month is huge -- and replace it with a junker (liability only)...put the difference into a home or investments.
Have you considered putting some of that $160k into a 401k to cut your taxable income?
Forget the philosophy about "rich or not rich," get with a good tax professional in your area and do some intelligent planning. The fees are deductible, if you itemize. |
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bud68
|
You have nothing to rant about. Perhaps its your budget that needs trimming. |
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Ms. Angel..
 |
Do you think you are rich? Did IRS write you a letter and stated "YOU ARE RICH".
Yes you are rich "in debt"/. |
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spicertax
 |
You have a rich income but live in an expensive state. Your income would go farther in Arkansas. But rich is normally defined by net worth. Since you have an apartment instead of a big house my answer is no you are not. |
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Useful Idiot
|
I feel your pain dude! I would tell you, however, if you are shelling out 3K a month for an apartment...it ought to be mighty fine.
The great depression taught folks some things about sustenance. When hungry...move to where the food is. I thought it comical prior to the dot.com bust...all the techies turned their noses up at Government jobs.
After the bust...they couldn't wait to get their hands on a nice steady paycheck from the feds. So...my advice to you...move to where the "food" is. Making that kind of money...I'll bet you have skills we can't find here in Washington DC.
Again...just commiserating with you....but might be time to think outside your box to improve your lot. |
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kckid2
|
What you need is some good long term financial planning advice. It will help you manage your taxes better and steer you in directions that will increase your wealth and avoid the unpleasant surprise you mentioned in you rant.
While I would agree that these restrictions are frustrating, I would also argue that a great many would happily trade places with you. Our tax system, by design, penalizes the high income folks and subsidises the low income people. Some might argue that Stalin would be proud.
I'm not going to offer my political take on it since I feel it's a waste of time. But I will tell you that good long term planning will go a long way to offset the bumps in your road. |
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Diane
|
There are families whose ENTIRE earnings in a year is 24,000. And they live in an expensive town, just like you. So yes, you are well off. |
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dewkisses02
|
in any other part of the country, yes you'd be rich. |
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Big Woof
|
You friend are classified as upper class. Methinks ye rant too mucheth. |
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