4 ms·

What lettergram wrote is very beautiful and moving prose in the abstract, but as you note, the reality of life in America if you are poor is incredibly ugly and

What lettergram wrote is very beautiful and moving prose in the abstract, but as you note, the reality of life in America if you are poor is incredibly ugly and painful (and not in a "healthy" way that spurs growth, unless you are very very lucky)

MisterBastahrd 5y ago
lettergram is also a guy who believe he pays over 60% in taxes, which is something that is damned near impossible to do even if you're trying to, so take him seriously at your own risk.
- lettergram 5y ago
  > lettergram is also a guy who believe he pays over 60% in taxes I'm sorry, but it's not a belief, I've estimated it fairly accurately and you can as well. Effective tax rate (from my income): Income Tax: - 26.72% Federal - 4.33% Social Security & Medicaid - 4.95% State Investments: - Investments 15-45% (EDIT: on capital gains) Additional Tax Burden: - Sales: 10% (of goods purchased) - Property: 2.35% (of home value) - Inflation 4% (of wealth maintained) Then there's all these others fees & excise taxes: licenses, fuel, tolls, alcohol, tobacco, firearms, etc, etc. Finally, you have import duties on any goods you or any company producing goods for you are importing, typically 0-10%. You may think tolls are something cheap, but it's $3-5 per toll (I pass 200-500 a year). Licenses for my vehicle(s): $500. Fuel: $0.392 tax per gallon. Fuel Taxes: https://www2.illinois.gov/rev/research/taxrates/Pages/motorfuel.aspx https://www2.illinois.gov/rev/research/taxrates/Pages/motorf... Toll Rates (cars): https://turnpikeinfo.com/toll-calculator.php?road_name=tri-state-tollway&state=illinois https://turnpikeinfo.com/toll-calculator.php?road_name=tri-s... Toll Rates (trucks): https://www.illinoistollway.com/documents/20184/86147/2020+Truck+Toll+Rates/a86403b9-7818-419f-a9e5-3c7c0220a0c6 https://www.illinoistollway.com/documents/20184/86147/2020+T... Freight Duties Estimator: https://www.freightos.com/freight-resources/import-duty-calculator/ https://www.freightos.com/freight-resources/import-duty-calc... EDIT: Previously said: "on investment revenue"
  - vmception 5y ago
    Investment income rolls over into total income tax, it is not possible to add those separately. Why are you calling it investment revenue? Its either income or a capital gain or its stuck inside of a C Corporation and doesn't really have to be paid to you? You are also adding inflation as a separate line item. Wow. And on everything else, even Illinois isn't that complicated. You are being penalized because you aren't paying attention to the market and somehow doing the most inefficient things. I'm guessing a pass through LLC designated as an S-Corp importing humans from a sanctioned country and making them pay rent in your house after ferrying them up the Mississippi river all the way to Chicago and driving them in your pre-catalytic converter truck to the suburbs. Have you tried SaaS?
    - lettergram 5y ago
      > Why are you calling it investment revenue? Fair, will edit to make capital gains. It's late, tired -_- > You are also adding inflation as a separate line item. Wow. Inflation is a separate line item and it's effectively a tax. Since 2000, the dollar has lost >35% of it's value, i.e. you can purchase 35% less. They've also changed the way inflation is calculated in that time, it's likely even higher. As an exercise: If you gave someone land, but every year took x% of it -- they'd call that a tax. > You are being penalized because you aren't paying attention to the market and somehow doing the most inefficient things. Not really sure what you mean, if it's regarding taxes, I was pointing out how I could be paying 60%+ in taxes. I know there are rebates, discounts, etc but (A) a lot of people don't know these and (B) when you earn enough that disappears. The general point was 60+% taxes is real.
      - vmception 5y ago
        Yeah we got that, anyone that talks about inflation that way is talking about it that way. As it not something you pay to the state, why not add your healthcare premiums while you’re at it. If you have assets look into charitable contributions. You can donate a portion highly valued illiquid business interests to any charity that will take it and reduce your own taxes for years.

MisterBastahrd 5y ago

lettergram is also a guy who believe he pays over 60% in taxes, which is something that is damned near impossible to do even if you're trying to, so take him seriously at your own risk.

lettergram 5y ago
> lettergram is also a guy who believe he pays over 60% in taxes I'm sorry, but it's not a belief, I've estimated it fairly accurately and you can as well. Effective tax rate (from my income): Income Tax: - 26.72% Federal - 4.33% Social Security & Medicaid - 4.95% State Investments: - Investments 15-45% (EDIT: on capital gains) Additional Tax Burden: - Sales: 10% (of goods purchased) - Property: 2.35% (of home value) - Inflation 4% (of wealth maintained) Then there's all these others fees & excise taxes: licenses, fuel, tolls, alcohol, tobacco, firearms, etc, etc. Finally, you have import duties on any goods you or any company producing goods for you are importing, typically 0-10%. You may think tolls are something cheap, but it's $3-5 per toll (I pass 200-500 a year). Licenses for my vehicle(s): $500. Fuel: $0.392 tax per gallon. Fuel Taxes: https://www2.illinois.gov/rev/research/taxrates/Pages/motorfuel.aspx https://www2.illinois.gov/rev/research/taxrates/Pages/motorf... Toll Rates (cars): https://turnpikeinfo.com/toll-calculator.php?road_name=tri-state-tollway&state=illinois https://turnpikeinfo.com/toll-calculator.php?road_name=tri-s... Toll Rates (trucks): https://www.illinoistollway.com/documents/20184/86147/2020+Truck+Toll+Rates/a86403b9-7818-419f-a9e5-3c7c0220a0c6 https://www.illinoistollway.com/documents/20184/86147/2020+T... Freight Duties Estimator: https://www.freightos.com/freight-resources/import-duty-calculator/ https://www.freightos.com/freight-resources/import-duty-calc... EDIT: Previously said: "on investment revenue"
- vmception 5y ago
  Investment income rolls over into total income tax, it is not possible to add those separately. Why are you calling it investment revenue? Its either income or a capital gain or its stuck inside of a C Corporation and doesn't really have to be paid to you? You are also adding inflation as a separate line item. Wow. And on everything else, even Illinois isn't that complicated. You are being penalized because you aren't paying attention to the market and somehow doing the most inefficient things. I'm guessing a pass through LLC designated as an S-Corp importing humans from a sanctioned country and making them pay rent in your house after ferrying them up the Mississippi river all the way to Chicago and driving them in your pre-catalytic converter truck to the suburbs. Have you tried SaaS?
  - lettergram 5y ago
    > Why are you calling it investment revenue? Fair, will edit to make capital gains. It's late, tired -_- > You are also adding inflation as a separate line item. Wow. Inflation is a separate line item and it's effectively a tax. Since 2000, the dollar has lost >35% of it's value, i.e. you can purchase 35% less. They've also changed the way inflation is calculated in that time, it's likely even higher. As an exercise: If you gave someone land, but every year took x% of it -- they'd call that a tax. > You are being penalized because you aren't paying attention to the market and somehow doing the most inefficient things. Not really sure what you mean, if it's regarding taxes, I was pointing out how I could be paying 60%+ in taxes. I know there are rebates, discounts, etc but (A) a lot of people don't know these and (B) when you earn enough that disappears. The general point was 60+% taxes is real.
    - vmception 5y ago
      Yeah we got that, anyone that talks about inflation that way is talking about it that way. As it not something you pay to the state, why not add your healthcare premiums while you’re at it. If you have assets look into charitable contributions. You can donate a portion highly valued illiquid business interests to any charity that will take it and reduce your own taxes for years.