The godawful truth and irony about the deficit.

[Woodznutz]

2019 budget was $4.4T.
2024 budget was $6.8T

Why can' we just go back to 2019 spending levels and save two and a half trillion dollars?

That would mean my income would have to return to that year as well. I wouldn't like that.

 

[Woodznutz]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

I don't know what "meager" is, but I only pay 17.6 percent Federal and State on AGI of $113,000. 14.3 Fed, 3.3 State (not including SS/Medicare which if added would total 24 percent).

 

[Crepitus]

I assume that you are including SS and Medicare deductions.

I looked up the tax bracket for my AGI.

So no.

 

[Crepitus]

Elmo pays 0.4% on his multiple billions.

He doesn't pay 0.4% on his income.

Probably even less.

 

[Toddsterpatriot]

I looked up the tax bracket for my AGI.

So no.

You don't pay 24% on your entire income.

 

[Toddsterpatriot]

Probably even less.

Your liberal math is weak.

 

[Crepitus]

You don't pay 24% on your entire income.

Most of it. I have very few deductions at the moment.

 

[Crepitus]

I don't know what "meager" is, but I only pay 17.6 percent Federal and State on AGI of $113,000. 14.3 Fed, 3.3 State (not including SS/Medicare which if added would total 24 percent).

I am currently coasting on savings and the occasional consulting gig. Only brought in around 150K this year.

Sold my business just under 2 years ago.

 

[Woodznutz]

I am currently coasting on savings and the occasional consulting gig. Only brought in around 150K this year.

Sold my business just under 2 years ago.

I thought 150K was about your income, not what I'd call meager. Tax bracket notwithstanding your effective tax rate is what you actually pay divided by your AGI.

 

[Rawley]

That would mean my income would have to return to that year as well. I wouldn't like that.

?? Why do you think your income affects the level of Federal spending?

 

[Crepitus]

I thought 150K was about your income, not what I'd call meager.

Compared to musk's, which is the other side of this discussion, it's chickenfeed. This isn't about me against you, it's about how what we pay compared to what billionaires do.

 

[Woodznutz]

Compared to musk's, which is the other side of this discussion, it's chickenfeed. This isn't about me against you, it's about how what we pay compared to what billionaires do.

Billionaires rarely hold much of their wealth in cash. I have about a $million four invested, but I only keep about $10,000 in my checking account and about a $thousand in actual cash.

It is said that Howard Hughs never had cash on him and was always borrowing from friends to pay for dinners etc. He rarely owned a car and often forgot where he parked it.

 

[Crepitus]

Billionaires rarely hold much of their wealth in cash. I have about a $million four invested, but I only keep about $10,000 in my checking account and about a $thousand in actual cash.

totally irrelevant to the conversation. We are talking about monies made last year.

 

[Woodznutz]

totally irrelevant to the conversation. We are talking about monies made last year.

We can dive deeper into that as well. The money billionaires "made" last year might not even be taxable if it was just appreciation of assets. I have money earning interest in MYGAs (annuities) that weren't taxed last year.

 

[BluesLegend]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

Fool the rounding error on the amount of taxes Musk pays is more than you will pay in your entire lifetime. How about we just equally divide the cost of government per citizen and YOU can pay your fair share moocher!

 

[Crepitus]

We can dive deeper into that as well. The money billionaires "made" last year might not even be taxable if it was just appreciation of assets. I have money earning interest in MYGAs (annuities) that weren't taxed last year.

And there are the shelters I spoke about. Not taxed until cashed in, and then at lower rates. Us mere mortals can do it on a small scale, but not like a billionaire.

 

[BluesLegend]

NOTHING is going to change until you deal with the core problem, government spends and borrows and spends like there's no tomorrow. Spending every last dime it takes in then borrows trillions more to spend.

DID YOU KNOW...that government charged $40 BILLION on government credit cards? Care to guess how much the credit card interest was on that HOLY SHIT!!!!

 

[Crepitus]

Fool the rounding error on the amount of taxes Musk pays is more than you will pay in your entire lifetime. How about we just equally divide the cost of government per citizen and YOU can pay your fair share moocher!

Nope, he pays almost nothing comparatively

We don't pay taxes on a per person basis. We pay them based on income.

Elmo is the moocher, not me or even you.

 

[BluesLegend]

Nope, he pays almost nothing comparatively

We don't pay taxes on a per person basis. We pay them based on income.

Elmo is the moocher, not me or even you.

^^^ paid less than .0001% of what Musk paid in taxes. Moocher who doesn't pay his fair share.

 

[Toddsterpatriot]

Most of it. I have very few deductions at the moment.

Your understanding of tax brackets is weak.