Frustrated and angry

[Thalasso]

Re: Frustrated and angry

I would hate to think that this forum is not just for lower i:thumb::thumb:ncome folks with leaky boats. Some of this forum membership have income that is far less than the amount of taxes that the poster has too pay obviously take offense on this point alone. To have nearly 3400 posts in 5+ years tells me that he/she has and is an active contributor to this forum, and to be labelled as "narcissistic" is uncalled for and requires an apology. When you step outside your door you encounter rich and poor. Each have their share of problems, some financial, personal, physical etc. To me, this forum and Dockside Chat allows us a place to vent. The fact that jkust makes a lot of money doesn't mean he has less problems or smaller problems than the rest of us, in fact, probably more. I applaud jkust for his success and assume he has worked hard for it. I appreciate that he pays his fair share of taxes as it pays for the streets. boat launches, bridges,and conveniences that we all use. Those that make a lot of money and pay little or no tax I have more of an issue with. And for you jkust, thanks for contributing, to the forum and the tax base. If your paying more than your fair share, there are methods to fix it. If you are paying your fair share thank you and suck it up pal. We are all in the same boat.

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:thumb:Well put. There is always someone who is going to have a wise crack. Regardless.

 

[kfa4303]

Re: Frustrated and angry

It's a good problem to have in the long run. Not fun, but it could be waaaaay worse. Be thankful for what you have, not what you don't. I know docs that pay more than that in malpractice insurance, but probably make less than you and if they mess up someone dies. (That'll teach 'em to go to medical school and dedicate their life to healing :/ ) Besides, I don't think you'll get a better deal anywhere else. I believe France just implemented a 75% tax for folks in your bracket and it used to be as high as 95% back in England in the 80's. All and all, not so bad. Only thing sure in life is death and taxes.......

 

[agallant80]

Re: Frustrated and angry

To have nearly 3400 posts in 5+ years tells me that he/she has and is an active contributor to this forum, and to be labelled as "narcissistic" is uncalled for and requires an apology. .

Yeah but 2850 of his 3400 posts are just him dropping hints of how much money he allegedly has.

 

[jkust]

Re: Frustrated and angry

Im calling BS on this whole thing. Anyone making what you allegedly make would not be boating in a 2003 Chaparral 183SS. Or is that all you can swing due to your large tax bill?

Fair points. As it turns out, I am very conservative. Where the boat is concerned, I bought it several years back right at the break in point so used only a few times...I'm forgetting but I think it had 20 hours on it. Here in MN we don't do big boats...they just aren't done except on the St. Croix, Minnetonka and a few on the really big lakes. We tend to move up but not go much bigger then. My sig boat as it turns out as well is a surprisingly well put together boat. Other than wanting MPI, it suits my needs. So then I tend to lean toward saving money and really avoid showing off at all.

 

[jkust]

Re: Frustrated and angry

It's a good problem to have in the long run. Not fun, but it could be waaaaay worse. Be thankful for what you have, not what you don't. I know docs that pay more than that in malpractice insurance, but probably make less than you and if they mess up someone dies. (That'll teach 'em to go to medical school and dedicate their life to healing :/ ) Besides, I don't think you'll get a better deal anywhere else. I believe France just implemented a 75% tax for folks in your bracket and it used to be as high as 95% back in England in the 80's. All and all, not so bad. Only thing sure in life is death and taxes.......

Excellent points. That's what I am trying to tell myself. At least in those countries they receive health care for their money (right, wrong or indifferent). I just started another business and unfortunately needed some of that final tax payment to get it going. That's going to have to wait.

 

[bajaunderground]

Re: Frustrated and angry

To me, I have disgust for our crazy tax code, not the need for them. FWIW, I'm all about a flat tax (not to start any kind of argument involving the politics of it, just as a principle!) I understand the need and what taxes pay for. I hate excess in government as much as the next guy. I was sincere in my saying it's a good problem to have as I know many that don't pay much taxes and on the contrary get so many tax deductions that the get back more than they pay in over the year! jkust, by no means was I trying to confront or belittle you, I was merely taught that we don't discuss our personal finances with friends and family specifically because of the feelings it can create. To me it seemed like a backward way to inform the masses of your financial situation? I could be wrong?

I have an uncle who's a very good business man and has reached the sweet spot in his given trade/field. He owns his own businesses (and has for many years) started from scratch at about 40 years of age...he picked up his family of wife, 4 boys and moved from CO to SD to start over...he, like your wife, works hard and deserve whatever money he can earn. I have zero idea how much he actually makes, but I'm pretty sure he pays in taxes annually more than I make?!

 

[jkust]

Re: Frustrated and angry

To me, I have disgust for our crazy tax code, not the need for them. FWIW, I'm all about a flat tax (not to start any kind of argument involving the politics of it, just as a principle!) I understand the need and what taxes pay for. I hate excess in government as much as the next guy. I was sincere in my saying it's a good problem to have as I know many that don't pay much taxes and on the contrary get so many tax deductions that the get back more than they pay in over the year! jkust, by no means was I trying to confront or belittle you, I was merely taught that we don't discuss our personal finances with friends and family specifically because of the feelings it can create. To me it seemed like a backward way to inform the masses of your financial situation? I could be wrong?

I have an uncle who's a very good business man and has reached the sweet spot in his given trade/field. He owns his own businesses (and has for many years) started from scratch at about 40 years of age...he picked up his family of wife, 4 boys and moved from CO to SD to start over...he, like your wife, works hard and deserve whatever money he can earn. I have zero idea how much he actually makes, but I'm pretty sure he pays in taxes annually more than I make?!

I like the fact that everyone has diverse opinions. I expect some to tell me to pound sand and other points of view. Believe it or not, one of my neighbors at the lake won the Power Ball last year. It was $400 something odd million dollars. I would probably not have much sympathy for his gigantic tax bill given it cost him a couple bucks in tickets. (ethics should tell me otherwise) He didn't take any risk to get the money. I enjoy a robust discussion on these types of topics. It almost seems to me that there is a lack of balance in this regard nationally and when there is a lack of balance, things can be discussed. Again, if every hour you worked, you received 50% of your money while the other 50% was given away they you got poked in the eye, numbers aside, I have a suspicion many would be a bit frustrated. As an example, when our leaders her in MN pushed hard to raise taxes (specifically a 4th income tax tier), they did so knowing that it would create a large surplus and was not needed. Their own budged committee told him not to do it. Our main leader's response paraphrased was that it was being implemented for fairness not because the state needed the money for the budget. In addition he did it in the summer but made it retroactive to January 1. Now that excess money is being given to people who never paid the taxes in the first place (this is an ongoing discussion as they are in session currently so don't know the final outcome.)

 

[MTboatguy]

Re: Frustrated and angry

What he drives or what boat he has, does not tell you how much money he makes, I am a retired army officer and have a liveable monthly retirement and don't own new cars, or boats, we have one newer car and the rest of my vehicles are older and heck the boat I use is a 1985 aluminum 14 footer that is only worth a couple of thousand dollars.

I prefer to invest my money in assets that appreciate and not toys that depreciate.

 

[jkust]

Re: Frustrated and angry

Im calling BS on this whole thing. Anyone making what you allegedly make would not be boating in a 2003 Chaparral 183SS. Or is that all you can swing due to your large tax bill?

I didn't mention it because it wasn't germane but instead of a bigger boat I did buy a 6 bedroom lake house on a pretty premier lake in 2013. It was a cash sale if that helps. I will post up the equivalent 2014 boat when I find one (then post up a pic of all of the boats together representing the house and the tax bills for 2013 if that helps. So then my little Chaparral sits on a lift in in front of the lake house. I can go on all day if you wish. The point isn't my little boat.

 

[rbh]

Re: Frustrated and angry

+1 on incorporation

I realize the tax laws are different for us than you, but the thought of paying in the 50%+ bracket instead of the 18%+- corporate bracket just did not make sense to us.
Being a home based business the right offs are great, and if I semi retire, I just keep the corporate company going till all the assets are eaten up (I think??)

 

[jkust]

Re: Frustrated and angry

Ok guys...what am I missing here? The corporate tax rate is only 2 points lower than the personal tax rate at the highest marginal tax bracket? Then I can't pull any income without then being re-taxed at the personal tax rates? Plus then I don't get the liability protection of the LLC. My wife operates at the highest levels of corporate America and the liability protection is important. They won't hesitate to name her in legal action for a single second.

 

[rbh]

Re: Frustrated and angry

Proprietor ship company= just me doing business as XYZ- full personnel tax with right offs.

Corporate company= flat tax of X, full right offs (I draw a pay check from my corporation as an employee)

 

[rbh]

Re: Frustrated and angry

this years tax rates

2013 British Columbia Budget Raises Tax Rates

 

[jkust]

Re: Frustrated and angry

this years tax rates

2013 British Columbia Budget Raises Tax Rates

Interesting, that looks to be a very different animal.

 

[Fishing Dude too]

Re: Frustrated and angry

Death, and Taxes as they say

 

[jkust]

Re: Frustrated and angry

Death, and Taxes as they say

Truer words...

 

[JimS123]

Re: Frustrated and angry

I live in what I would personally consider the boating and fishing and weather capitol of the world. That's my opinion, and for me that's all that matters. I worked for the same company for 30 years in Engineering, Plant services and Field work. I was the "go to" guy in that industry, working my way up to the head of the Engineering Dept. My patents and reputation were well known in the industry. When the company closed my local office I was offered yet another promotion but would have had to relocate to northfreakincarolina. When I toured the area and found I would have to add several $100K and get a mortgage to buy a house I was not happy. But after seeing all the crappy water and having to drive many miles to get there I quit!!!

Within 3 weeks I found employment as a consultant at every single company that was a competitor to my previous company. I charged absorbatent fees and no one complained. For 10 years I was the complainer because of the double taxes I had to pay. Nevertheess, I bought a new boat, car, etc.

When the depression hit in 2008, my business dried up because my industry was closing plants instead of adding new ones. Didn't make a dime for 2 years, so my conservatism while riding high was a good way to be. Now, close to retirement I'm working in a senior level non-management position, but not complaining about taxes anymore....LOL.

Bottom line is that with wherewithall and hard work we can all make it, but always be prepared for the unknown. Pay the piper with high taxes because next year the govt. may do yet more stupid things and your business / income may not require you to pay taxes at all!!!

 

[sublauxation]

Re: Frustrated and angry

From a military standpoint it's safer to have the higher ground. From the sounds of it your office isn't far from mine. If it would make you feel any better I'd be more than happy to meet you at The Union overlooking 8th St. and we can look down and grumble about where all our hard earned money is going! Just make sure you keep your eyes open and cell phone in your pocket until you get to the higher ground. On the other hand, isn't The Union owned by Dayton's kids?

 

[jkust]

Re: Frustrated and angry

From a military standpoint it's safer to have the higher ground. From the sounds of it your office isn't far from mine. If it would make you feel any better I'd be more than happy to meet you at The Union overlooking 8th St. and we can look down and grumble about where all our hard earned money is going! Just make sure you keep your eyes open and cell phone in your pocket until you get to the higher ground. On the other hand, isn't The Union owned by Dayton's kids?

Interesting, I didn't realize the Union was owned by the Dayton family. At least one of them is not high on my list.

 

[CVX20SPRINT]

Re: Frustrated and angry

IMHO the problem with North America is there are too many tax loop holes.We don't need any more taxes,we just need to close the loop holes and level the playiny field.The rich ***** about paying for the poor,but in reality they have enough loop holes that they don't even pay as much tax as the middle class.So quit you whinning and pay up.