Michael Steele: "Trust me, after taxes, a million dollars is not a lot of money,"

[beowolfe]

A million dollars is a fuckton of money if you look at it from a realistic standpoint.

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

But in Steele's case, all he's done is fly around the country and give speeches. Not that I'm knocking giving speeches, but trying to show how not all people who make millions have to jump through those hoops you've described.

 

[paperview]

He's a dumbass but he's right.

Right how though?

I mean, if we're talking lifetime then a million is a lot of money. But we're talking yearly income. I think most people on this board would be quite happy to make even half of that a year, never mind $1,000,000.

Maybe I'm not getting it, I dunno.

It depends on your perspective, I guess. I mean, sure, just winning a million dollars would change the life of the average American.

But when you take a step back and take a look at the grand scheme of things it's peanuts.

What's 20x the median really?

Annually? Really?

 

[NYcarbineer]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

I don't think anyone pays 328,000 in income taxes on a million dollars gross income.

 

[paperview]

People who make that kind of money account for less that 2% of the population, so it might not seem like a lot to some, but it sure is to most Americans.

 

[Modbert]

I don't think anyone pays 328,000 in income taxes on a million dollars gross income.

That's my point. I'm just saying that if you take the most you could ever pay in income taxes on a million dollars gross income, that's what you get.

 

[potter 58]

Hey 15 , how old are you and the meduim when ? in 64 , 65 a buck and hour to start and maybe in 10 or 12 years you may be making 3 on average, now how does that play out these days when the medium is close to 40k a year

 

[Oddball]

And Dude before you RIP on me consider HOW MANY MILLIONAIRES never worked a DAY IN THEIR LIVES. I guess when 99% of the wealth is controlled by .1% of the populace you will be HAPPY! We will basically have a ROYAL family of EXTREMELY WEALTHY who hand down their fortunes from GENERATION to GENERATION NEVER having worked a DAY IN THEIR LIVES, is THAT what you WANT!!!???

That number is under 5%.

Most millionaires made their own money.

We're all self-made men and women...It's only the successful ones who will admit it.

 

[Old Rocks]

A million dollars is a fuckton of money if you look at it from a realistic standpoint.

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

Although the best I have done is to make only a bit more than a tenth of that in one year, I thought the tax system was very fair to me. Now it would have been even fairer had I been paying at the same tax rate as most millionaires.

When an F-15 blasts out of PDX practicing protecting my ass against those that would harm us, I envy the jock riding that dangerous beast. I also thank him, say a silent prayer for him, even though I am an agnostic, and appreciate that my taxes and those of my fellow workers pay for that jet.

When I am stopped beside the road with a vehicle that has suddenly ceased to function, and a State Trooper stops and checks what is going on, and offer help, I also appreciate where my state taxes are going.

There are many, many things that our taxes buy that we take for granted, and the more the system gives you, the more you should appreciate the protection that the system provides you.

 

[Article 15]

People who make that kind of money account for less that 2% of the population, so it might not seem like a lot to some, but it sure is to most Americans.

Of course it is does.

I'm just looking at the bigger picture here.

 

[Old Rocks]

And Dude before you RIP on me consider HOW MANY MILLIONAIRES never worked a DAY IN THEIR LIVES. I guess when 99% of the wealth is controlled by .1% of the populace you will be HAPPY! We will basically have a ROYAL family of EXTREMELY WEALTHY who hand down their fortunes from GENERATION to GENERATION NEVER having worked a DAY IN THEIR LIVES, is THAT what you WANT!!!???

That number is under 5%.

Most millionaires made their own money.

We're all self-made men and women...It's only the successful ones who will admit it.

Day in the Life of Joe Middle-Class Republican
By John Gray – Published by TvNewsLies.org – July, 2004
Article link: Day in the Life of Joe Middle-Class Republican
Joe gets up at 6:00am to prepare his morning coffee. He fills his pot full of good
clean drinking water because some liberal fought for minimum water quality standards.
He takes his daily medication with his first swallow of coffee. His medications are safe
to take because some liberal fought to insure their safety and work as advertised.
All but $10.00 of his medications are paid for by his employers medical plan because
some liberal union workers fought the ir employers for paid medical insurance, now Joe
gets it too. He prepares his morning breakfast, bacon and eggs this day. Joe’s bacon is
safe to eat because some liberal fought for laws to regulate the meat packing
industry.
Joe takes his morning shower reaching for his shampoo; His bottle is properly labeled
with every ingredient and the amount of its contents because some liberal fought for his
right to know what he was putting on his body and how much it contained. Joe dresses,
walks outside and takes a deep breath. The air he breathes is clean because some tree
hugging liberal fought for laws to stop industries from polluting our air. He walks to the
subway station for his government subsidized ride to work; it saves him considerable
money in parking and transportation fees. You see, some liberal fought for affordable
public transportation, which gives everyone the opportunity to be a contributor.
Joe begins his work day; he has a good job with excellent pay, medicals benefits,
retirement, paid holidays and vacation because some liberal union members fought and
died for these working standards. Joe’s employer pays these standards because Joe’s
employer doesn’t want his employees to call the union. If Joe is hurt on the job or
becomes unemployed he’ll get a worker compensation or unemployment check
because some liberal didn’t think he should loose his home because of his temporary
misfortune.
Its noon time, Joe needs to make a Bank Deposit so he can pay some bills. Joe’s deposit
is federally insured by the FSLIC because some liberal wanted to protect Joe’s
money from unscrupulous bankers who ruined the banking system before the
depression.
Joe has to pay his Fannie Mae underwritten Mortgage and his below market federal
student loan because some stupid liberal decided that Joe and the government
would be better off if he was educated and earned more money over his life-time.
Joe is home from work, he plans to visit his father this evening at his farm home in the
country. He gets in his car for the drive to dads; his car is among the safest in the world
because some liberal fought for car safety standards. He arrives at his boyhood home. He
was the third generation to live in the house financed by Farmers Home Administration
because bankers didn’t want to make rural loans. The house didn’t have electric until
some big government liberal stuck his nose where it didn’t belong and demanded
rural electrification. (Those rural Republican’s would still be sitting in the dark)
He is happy to see his dad who is now retired. His dad lives on Social Security and his
union pension because some liberal made sure he could take care of himself so Joe
wouldn’t have to. After his visit with dad he gets back in his car for the ride home.
He turns on a radio talk show, the host’s keeps saying that liberals are bad and
conservatives are good. (He doesn’t tell Joe that his beloved Republicans have fought
against every protection and benefit Joe enjoys throughout his day) Joe agrees, “We
don’t need those big government liberals ruining our lives; after all, I’m a self made man
who believes everyone should take care of themselves, just like I have”.
By John Gray

 

[NYcarbineer]

I don't think anyone pays 328,000 in income taxes on a million dollars gross income.

That's my point. I'm just saying that if you take the most you could ever pay in income taxes on a million dollars gross income, that's what you get.

You only pay the top rate on the money you make over a certain amount.

 

[Cold Fusion38]

I don't think anyone pays 328,000 in income taxes on a million dollars gross income.

That's my point. I'm just saying that if you take the most you could ever pay in income taxes on a million dollars gross income, that's what you get.

You only pay the top rate on the money you make over a certain amount.

AND you don't pay SS tax over 100K!

 

[Modbert]

You only pay the top rate on the money you make over a certain amount.

Right.

I think the thread itself though is turning more into a tax argument, where it's not. (This doesn't apply to you NY.)

Even after all the taxes that someone pays who makes a million, they're still better off than the majority of Americans. Which is why I consider it insensitive to say that you don't make a lot of money. Sure, if you look at it a certain perspective then you're not. However, to the majority of Americans, a million dollars before taxes a year is something they'd give a lot for if they could.

 

[NYcarbineer]

You only pay the top rate on the money you make over a certain amount.

Right.

I think the thread itself though is turning more into a tax argument, where it's not. (This doesn't apply to you NY.)

Even after all the taxes that someone pays who makes a million, they're still better off than the majority of Americans. Which is why I consider it insensitive to say that you don't make a lot of money. Sure, if you look at it a certain perspective then you're not. However, to the majority of Americans, a million dollars before taxes a year is something they'd give a lot for if they could.

I for one would much rather make a million a year at a 50% tax rate, than 30,000 a year at a 10% tax rate.

 

[Political Junky]

Steele talks big while he makes a mediocre salary.

 

[Modbert]

I for one would much rather make a million a year at a 50% tax rate, than 30,000 a year at a 10% tax rate.

Yep. And even in perspective, the tax rate is not nearly anywhere near what it once was. Unless someone considers being taxed 90% in the past is better than being taxed at whatever highest rate now.

 

[beowolfe]

Hey 15 , how old are you and the meduim when ? in 64 , 65 a buck and hour to start and maybe in 10 or 12 years you may be making 3 on average, now how does that play out these days when the medium is close to 40k a year

2009 Median income in the US for households with the following number of people.


1 - $43,6311 2 - $56,818 3 - $64,597 4 - $75,718


It would seem that a million dollars would mean a lot to most in either of these groups.

 

[Xenophon]

I want to chime in, but am a little confused as to what point you are trying to make with this post, Dogbert?

Well obviously I was being a bit sarcastic (post may drip). A million dollars is a fuckton of money if you look at it from a realistic standpoint.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

Not if you are a small business owner and have to pay for a lot of things, like salaries, insurance and so on.

In fact, many such people end up spending 500,000 or more in that overhead and end up with an effective salary of under 100,000 and often a lot less then that.

 

[Modbert]

Not if you are a small business owner and have to pay for a lot of things, like salaries, insurance and so on.

In fact, many such people end up spending 500,000 or more in that overhead and end up with an effective salary of under 100,000 and often a lot less then that.

As I said previously, it's all about how you look at it and which perspective.

However, I think we can generally agree that if you make $1,000,000 a year that you're not doing too bad for yourself no?

 

[Xenophon]

Not if you are a small business owner and have to pay for a lot of things, like salaries, insurance and so on.

In fact, many such people end up spending 500,000 or more in that overhead and end up with an effective salary of under 100,000 and often a lot less then that.

As I said previously, it's all about how you look at it and which perspective.

However, I think we can generally agree that if you make $1,000,000 a year that you're not doing too bad for yourself no?

Unless you are a small business owner.

Barry makes it sound like they all sitting on park ave lighting cigars with 50$ bills.

In the real world they are the people that create jobs and keep the ecomony moving, when you squeeze them you cost jobs, something the government does not seem to understand.