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American Capital Agency Corp. Message Board

  • hgff101 hgff101 Nov 16, 2012 9:24 AM Flag

    Gary_kain

    Why cant right wing bagholders even frame simple arguments without getting the facts wrong?

    What you say about 250k comes from the alternate republican universe.

    Dont you even know what a marginal rate is? Thats primary school economics.

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    • Hey Onion,

      You have made a lot of very useful post on this board and I value your experience and insights greatly. However, I would not use you as my tax man.

      A person with a wife and kid who makes $250K per year would have a lot of deductions which would bring his taxable income significantly below $250K. But for the sake of example lets say his deductions come to $30K so his taxable income is $220K. The following are the tax rates and brackets.

      0 - 17,900 @ 10% = 1,790
      17,900 - 72,500 @ 15% = 8,190
      72,500 - 146,400 @ 25% = 18,475
      146,400 - 220,000 @ 28% = 20,608
      Total = 49,063

      A decent tax accountant could get that down even further. If this person had his own business and his total income was $250K there would be even more deduction and ways to shelter his income so that his taxes would be closer to $25K. I'm not an accountant, but I was a small business owner and job creator and the small business owner has significant tax benefits over the average employee. Just saying.

      RIM

    • Depends on who you are. I'm a single guy with no kids and no plans on having a family. Cheap/frugal. I can live off 25k a year, so 250k in assets would be enough to set me up for life. (10% yield)

    • I dont think he is talking about tax rates. I think he means that 250k shouldnt be considered rich.
      Whatever his point I do agree about what he says 250k buys in our economy.

 
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