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Impending new tax loopholesFollow

#1 Nov 06 2008 at 8:58 AM Rating: Default
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Due to recent events, Cadillacs, grape soda, red KoolAid, fried chicken, malt liquor, menthol cigarettes, watermelon, spinners, and gold teeth will be tax exempt.

Now back to your regularly scheduled self congratulatory back slapping.

Totem
#2 Nov 06 2008 at 9:00 AM Rating: Default
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Lol, that got defaulted quick. Heheh, thin skinned much?

Totem
#3 Nov 06 2008 at 9:00 AM Rating: Excellent
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Haha, I get it.

It's because Obama is black, right?

I get jokes.
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#4 Nov 06 2008 at 9:02 AM Rating: Excellent
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Totem wrote:
Due to recent events, Cadillacs, grape soda, red KoolAid, fried chicken, malt liquor, menthol cigarettes, watermelon, spinners, and gold teeth will be tax exempt.

Now back to your regularly scheduled self congratulatory back slapping.

Totem
Now here's a post destined for sub-defaulthood. Smiley: rolleyes

Although, I have to admit, I found myself chuckling at the prospect of Obama dropping the politician routine, adopting an urban accent, and seriously blacking up the White House. Appearing on "Cribs." Putting spinners on all the limos.

I'd watch that show.
#5 Nov 06 2008 at 9:42 AM Rating: Excellent
Naw, that'd only happen if Will Smith turned out to be his nephew.

#6 Nov 06 2008 at 11:53 AM Rating: Decent
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Hahah, I posted this thread and it got rated down to sub-default by the time my page refreshed. Seriously.

Too funny.
*************************************************************************

The reality of the situation is I'm about to get boned however.

2000 Pre-Bush Tax Cut Rates

AGI $150,000 Married Filing Jointly
$23,965.50 + ((31% x ($150,000 - $105,950)) = $37,621.00 tax

AGI $250,000 Married Filing Jointly
$41,170.50 + ((36% x ($250,000 - $161,450)) = $73,048.50 tax

AGI $350,000 Married Filing Jointly
$86,854.50 + ((39.6% x ($350,000 - $288,350)) = $111,267.90 tax

AGI $450,000 Married Filing Jointly
$86,854.50 + ((39.6% x ($450,000 - $288,350)) = $150,867.90 tax


2007 Post-Bush Tax Cut Rates

AGI $150,000 Married Filing Jointly
$24,972.50 + ((28% x ($150,000 - $128,500)) = $30,992.50 tax

AGI $250,000 Married Filing Jointly
$43,830.50 + ((33% x ($250,000 - $195,850)) = $61,700.00 tax

AGI $350,000 Married Filing Jointly
$94,601.00 + ((35% x ($350,000 - $349,700)) = $94,706.00 tax

AGI $350,000 Married Filing Jointly
$94,601.00 + ((35% x ($450,000 - $349,700)) = $129,706.00 tax


Difference in Tax Due Between Pre-Bush Tax Rates and Post-Bush Tax Rates

$150,000 AGI Increase: $6,628.50
$250,000 AGI Increase: $11,348.50
$350,000 AGI Increase: $16,561.90
$450,000 AGI Increase: $21,161.90

If the tax break expires my taxes will rise considerably-- not that I expect you guys to particularly care...

Totem
#7 Nov 06 2008 at 11:58 AM Rating: Default
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The thing I'm really worried about is if the cap is removed on the Social Security portion of payroll taxes. If you are self employed like I will soon be, you don't have an employer to pay 1/2 of these taxes. You pay the the full amount. The rate is 15.3% (12.4% for Social Security and 2.9% for Medicare). But presently, the Social Security portion is capped on the first $102,000 of income. You still have to pay the 2.9% on every dollar. If that cap on the Social Security portion of payroll taxes is removed, as Obama has said he wants to do, my tax burden will go up another 12.4% on every dollar past $102,000.

If your AGI is $150,000, it is an increase of $5,952.00
If your AGI is $250,000, it is an increase of $18,352.00
If your AGI is $350,000, it is an increase of $30,752.00
If your AGI is $450,000, it is an increase of $43,152.00

Ow.

Totem
#8 Nov 06 2008 at 11:58 AM Rating: Excellent
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Totem wrote:
If the tax break expires my taxes will rise considerably-- not that I expect you guys to particularly care...
Not even in the slightest. I don't even care about my own taxes.
#9 Nov 06 2008 at 12:00 PM Rating: Excellent
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Quote:
$150,000 AGI Increase: $6,628.50
$250,000 AGI Increase: $11,348.50
$350,000 AGI Increase: $16,561.90
$450,000 AGI Increase: $21,161.90


Yeah. Wow.

Looks like those people making $450,000 a year are really screwed. What will they do to survive this administration? I mean if they only have $429,000 after taxes then they are in reeeaaaalllly bad shape. Maybe we should give them another tax cut.
#10 Nov 06 2008 at 12:02 PM Rating: Excellent
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soulshaver wrote:
Quote:
$150,000 AGI Increase: $6,628.50
$250,000 AGI Increase: $11,348.50
$350,000 AGI Increase: $16,561.90
$450,000 AGI Increase: $21,161.90


Yeah. Wow.

Looks like those people making $450,000 a year are really screwed. What will they do to survive this administration? I mean if they only have $429,000 after taxes then they are in reeeaaaalllly bad shape. Maybe we should give them another tax cut.
You've done your math wrong but the point remains.
#11 Nov 06 2008 at 12:19 PM Rating: Excellent
Totem wrote:
Due to recent events, Cadillacs, grape soda, red KoolAid, fried chicken, malt liquor, menthol cigarettes, watermelon, spinners, and gold teeth will be tax exempt.

Now back to your regularly scheduled self congratulatory back slapping.

Totem


Your forgot about tightly fitting leopard skin pants. God I love me some junk in the trunk Smiley: oyvey

Come on Totem, its over.
#12 Nov 06 2008 at 12:22 PM Rating: Default
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C'mon, political correctness aside, racially tinged jokes are still some of the funniest, right up there with marital relations, in-laws, sex, and ancestory. If there weren't a hint of truth to them they wouldn't appeal to people's fun-nay bone, right?

Totem
#13 Nov 06 2008 at 12:27 PM Rating: Excellent
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Totem, I'll vow to not make any more Bush/McCain/Palin jokes until January the 20th if you do the same about Obama. Smiley: thumbsup
#14 Nov 06 2008 at 12:31 PM Rating: Excellent
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Wait, Obama is black?
#15 Nov 06 2008 at 12:31 PM Rating: Good
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Totem wrote:
C'mon, political correctness aside, racially tinged jokes are still some of the funniest, right up there with marital relations, in-laws,

If you're in the Catskill Mountains in the 1950's maybe...

#16 Nov 06 2008 at 12:33 PM Rating: Excellent
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Next, you'll be telling Totem that the "Arrow through the head" gag is passé.


Unless you're Steve Martin
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Wow. Regular ol' Joph fan club in here.
#17 Nov 06 2008 at 12:41 PM Rating: Excellent
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Huh. there is an amusing occurance in the rateing where someone not an admin appears to have somehow managed to rate you twice. But I can't tell you who. nonetheless, it was highly amusing!
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#18 Nov 06 2008 at 12:46 PM Rating: Default
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If you don't find mother-in-law jokes fun-nay, then you either aren't married or haven't been. Believe me, mine is your prototypical mom-in-law and everything that entails.

Totem
#19 Nov 06 2008 at 1:35 PM Rating: Good
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If you don't find mother-in-law jokes fun-nay, then you either aren't married or haven't been. Believe me, mine is your prototypical mom-in-law and everything that entails.


I read that as

Quote:
If you don't find mother-in-law jokes fun-nay, then you either aren't married or haven't been. Believe me, mine is your prototypical mom-in-law and everything that entrails.


I just assumed that everyone gutted their mother-in-law.
#20 Nov 06 2008 at 1:37 PM Rating: Decent
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Totem wrote:
If you don't find mother-in-law jokes fun-nay, then you either aren't married or haven't been. Believe me, mine is your prototypical mom-in-law and everything that entails.

I'm still awaiting the opportunity to go bail my mother-in-law out of jail for drunk driving and possession...yeah mom-in-law jokes I can deal with. Which is fine, since my wife's mother-in-law is a crazy cat lady who lives alone in a big house with over a dozen semi-feral cats.
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#21REDACTED, Posted: Nov 06 2008 at 1:47 PM, Rating: Sub-Default, (Expand Post) Would some admin please post a list of the twats that sub-def'ed this post and then perma-ban them? It's the f'ucking asylum. What the hell is going on here?
#22 Nov 06 2008 at 1:58 PM Rating: Excellent
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NephthysWanderer wrote:
Would some admin please post a list of the twats that sub-def'ed this post and then perma-ban them? It's the f'ucking asylum. What the hell is going on here?
Karma Kry!!! Smiley: laugh
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Belkira wrote:
Wow. Regular ol' Joph fan club in here.
#23 Nov 06 2008 at 2:21 PM Rating: Excellent
Right. It's the Asylum.

Post something interesting (or tits) or GTFO.

#24 Nov 06 2008 at 2:25 PM Rating: Good
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I DID have the world's smallest violin. Lost the bugger somewhere... it's probably in my pack of Golden Virginia.
#25 Nov 06 2008 at 3:31 PM Rating: Decent
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If the tax break expires my taxes will rise considerably-- not that I expect you guys to particularly care...


Me too. Oh wait, I get paid in bags of cash and report whatever I feel like.

Ahahahahahahaha. Seriously, though, unless there's a serious overhaul of the tax code, it's trivially easy to shelter for someone in your situation unless you really need every dollar to be liquid immediately.



Edited, Nov 6th 2008 6:31pm by Smasharoo
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