Has the economy affected you and your tractors?

[dave1949]

Interesting. I have never had a 401K but so many of my friends do (they are definitely not rich) that it was always one of those curiosity things for me. My understanding was that the employer would match your contribution up to a given amount.

PS can't blame rich people for wanting to avoid taxes. When you look at what the ratios for what the rich pay versus those of us not so rich, it is freaking amazing. My thoughts are, thank goodness for the rich. What is it, the top 5% pay over 50% of the taxes? WoW, that's amazing. I am not so sure its a good thing to be rich, I'd be mad!!! :laughing:... So happy to be mediocre.


Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

That's a pretty convenient presentation of numbers So, how did the income share of the wealthiest 1% more than double while they were paying all those onerous taxes? I notice the writer very studiously avoided the numbers for percentage of income paid in taxes. A percentage is a percentage, folks need to get over it. But they don't, once that percentage looks like big money, they start talking absolute amounts and shedding crocodille tears.

Does the state of California knock off a few percentage points of sales tax when a below median wage earner buys a new tractor? Heck no. A percentage is a percentage. Don't be fooled. The income distribution in the US has shifted dramatically in the past 20 years. I don't know what it means for the future, but if I were a billionaire I think I could deal with it, traumatic as it may be :laughing:.
Dave.

 

[300UGUY]

Interesting. I have never had a 401K but so many of my friends do (they are definitely not rich) that it was always one of those curiosity things for me. My understanding was that the employer would match your contribution up to a given amount.

PS can't blame rich people for wanting to avoid taxes. When you look at what the ratios for what the rich pay versus those of us not so rich, it is freaking amazing. My thoughts are, thank goodness for the rich. What is it, the top 5% pay over 50% of the taxes? WoW, that's amazing. I am not so sure its a good thing to be rich, I'd be mad!!! :laughing:... So happy to be mediocre.


Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

The employer can match your contribution. They don't have too. Mine never did. But I did get a pension. The income disparity in this country has grown over the years. The tax code has changed, basically the people on the lower end on the scale - under 30K? pay little in income tax. So the higher income folks are paying a greater % of the total, but the rates have gone down, and the top % are making more income.

 

[300UGUY]

That's a pretty convenient presentation of numbers So, how did the income share of the wealthiest 1% more than double while they were paying all those onerous taxes? I notice the writer very studiously avoided the numbers for percentage of income paid in taxes. A percentage is a percentage, folks need to get over it. But they don't, once that percentage looks like big money, they start talking absolute amounts and shedding crocodille tears.

Does the state of California knock off a few percentage points of sales tax when a below median wage earner buys a new tractor? Heck no. A percentage is a percentage. Don't be fooled. The income distribution in the US has shifted dramatically in the past 20 years. I don't know what it means for the future, but if I were a billionaire I think I could deal with it, traumatic as it may be :laughing:.
Dave.

You analysed that article better than I did. Good job.

 

[txdon]

my old Kubota L4850 that did two sommersaults and horizontal side slide before the pine tree stopped it.

You are still posting so I guess the ROPS did their job!

The economy is coming closer to affecting me. Just received notice of a 49% increase in health insurance. (Wasn't it suppose to go down 3,000%.)

 

[FallbrookFarmer]

That's a pretty convenient presentation of numbers So, how did the income share of the wealthiest 1% more than double while they were paying all those onerous taxes? I notice the writer very studiously avoided the numbers for percentage of income paid in taxes. A percentage is a percentage, folks need to get over it. But they don't, once that percentage looks like big money, they start talking absolute amounts and shedding crocodille tears.

Does the state of California knock off a few percentage points of sales tax when a below median wage earner buys a new tractor? Heck no. A percentage is a percentage. Don't be fooled. The income distribution in the US has shifted dramatically in the past 20 years. I don't know what it means for the future, but if I were a billionaire I think I could deal with it, traumatic as it may be :laughing:.
Dave.

So I take it you would be favor of a flat tax rate for everyone?
And as to "income share", I'm not sure exactly what you're referring to, but if you are talking absolute numbers, one explaination might be, is that the economy grew, hence more dollars.

 

[buckeyefarmer]

I was told today by some friends that their company announced that their healthcare was going to go up 40%, the increase caused by new taxes in the new health care bill. I was wanting to upgrade my tractor this year, but won't if I don't sell one of my existing tractors at a reasonable loss.

 

[timswi]

So far the economy has had more of a mental rather than a financial impact in my case. My company is doing very well, and over the years I have created a "go-to" position for myself. I'm the only one who understands or can do what goes on in my corner of the world. What the heck, management allowed it.

Gotta do what you gotta do nowadays. Face it, we're all private contractors. Even in Fortune 500 companies.

 

[dave1949]

So I take it you would be favor of a flat tax rate for everyone?
And as to "income share", I'm not sure exactly what you're referring to, but if you are talking absolute numbers, one explaination might be, is that the economy grew, hence more dollars.

You can't get blood out of a turnip, so a flat tax for everyone doesn't make a lot of sense at low income/poverty levels. I'm sure our tax code needs to be simplified, it is packed full of special cases, exceptions, give aways, etc. I would say clean it up first and then see where we stand.

It costs real money to be poor in this country. Live in a crudy neighborhood, but responsibly within your means - you will pay higher loan interest rates and all types of insurance rates will be higher. Can only afford 50 gal. of heating oil in one delivery? - pay a delivery surcharge. Your children will likely not be attending great schools nor get the same opportunities for post-secondary education. Can only afford a very used car? - no warranty to speak of, maybe 30 days not worth the paper it's written on. When renting, low income people rarely receive equivalent/proportional value for their rent dollars. Every once in a while I spot these little facts of life. People don't generally realize how expensive it is to be poor. If you watch, you may see them also.

The article is 'over impressing' on the amount of the total taxes paid by the wealthiest 10%. Have any of them taken up Warren Buffet's challenge a few years back? $1million to any CEO who pays a higher percentage of income (in income taxes) than Warren Buffet's secretary. If our tax rates were truly progressive, that would be an easy million.

The bottom line is, the economy grew, a relatively low number of people benefited enormously and they have tax bills accordingly. The majority of people did not benefit, even went backwards. Some of them are now Tea Party attendees vigorously blaming mostly the wrong people.
Dave.

 

[_RaT_]

The employer can match your contribution. They don't have too. Mine never did. But I did get a pension. The income disparity in this country has grown over the years. The tax code has changed, basically the people on the lower end on the scale - under 30K? pay little in income tax. So the higher income folks are paying a greater % of the total, but the rates have gone down, and the top % are making more income.

Rates have gone down as the loop holes closed. You could have a cow on 1000 acres and be a rancher. What I would call all hat and no cowboy. Dave makes an argument I simply do not buy. I only did a very quick perusal of Google about who pays what. Go to the IRS.gov website. Bottomline, those with money pay and pay dearly. Increase the cost of a gallon of gas (or diesel) and we all pay the same, poor or rich, make some money and you will redistribute that wealth very, very quickly. Wonder why the musiicans from England no longer live in England....? Sorry Dave, I simply do not buy your reasoning.

 

[timswi]

Love ya Dave, but have to disagree. If Buffet wanted to pony up, he could bypass all of the legal tax loopholes that he uses and just pay on what he made. He doesn't.

Besides, most of these really rich guys are paying 15% on dividends and capital gains. Their salaries are small in comparison to their invesment income, by design(Read the proxies)...All legal. Straight salary can be as high as 39% (I believe).

I'm not rich, but I'm starting to feel the pinch as I creep towards a certain income level....Punishment for success isn't what we're about.

Also, some clown on TV said that all bonuses should be taxed at 50%...Trust me, they have been doing that for decades.