In 1965 median CEO salaries were 20 times their average worker's salaries. In 2023 median CEO pay is 196 times their average worker's salaries. The rich give themselves plenty. They don't need additional tax cuts.
Majority of us would be fine paying taxes if we felt they actually went to helping the community instead of going straight into the wallets of government officials that do nothing.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
The thing about most of these taxes especially Investment ones is that there are a lot of loopholes and literally a lot of money can be saved on them but most people take the passive and conventional approach, which are the "easiest" but way more expensive solutions
Why is everybody so interested? I didn't say I knew how but I found this out after I started using an actual FA for my investments and and saw how much tax they could legally get around while still making you more money than you did on your own
Nice. I've been considering going into this sort of thing for sometime now... Heard its a nice way to make some extra funds... How do you get a good f.a and how expensive are they...
When it comes to taxes, rich people want to keep 90% of the food at the table for themselves and still expect the whole party to split the bill evenly.
@@KennyakaTII, personally, won't be abolishing anything by myself. The masses, so-called by those who hate us, will have to do it. It was implemented by those who hate us with impunity, malice, and prejudice. May I ask, do you worship modern feudal elitism?
@@KennyakaTII disagree with you. Are you referring to the people of other countries, or the el-ites? You make a fair point in regards to other countries. That's not my place. In the case of my own country, it is. We should do better in order to be better. 👁
Some are forced. Like Puerto Rico being a tax haven. They voted to be a state and the US said no. Now they can't file for bankruptcy and limited on paying taxes because the conservatives in office thought it was a good idea
@@wsol80 You're not taking anything in voluntary transactions that create value for consenting parties. It's a creative and peaceful action rather than a primitive and violent action.
The top federal income tax rate was 91% for much of the 1950s. However, this figure is a bit misleading regarding what the wealthy paid. The Tax Foundation explains that the 91% tax rate is only applied to incomes over $200,000, about $2 million in today's dollars.
key words are FEDERAL INCOME - learn the constitution and tax code - your fair share is ZERO if you do not have federal earnings - Google " losthorizons federal income tax in a nutshell " you are tricked into volunteering see pete hendrickson channel - then read " Cracking the code "
another trumpian sheep parroting bumper sticker propaganda without any actual statistics - you know, those pesky little facts that expose your cultish brainwashing
@@christinesmith1499 Apparently you were in a Coma for some time. Between GW Bush and Obama we had lost 60,000 Factories in the United States. Under Trump Policies 12,000 Factories CAME BACK ! Obama had said that " Those jobs are never coming back. How would do that ? You would need a Magic Wand " Under the Biden Inc / Harris regime the Dollar has lost 25% of its Value since 2021. Was math always really hard for you ?
@@thewebdiva5903 no, sweetie, but the government makes the regulations that make the corporations jump through hoops. The government picks winners and losers in the economy. YOU need to look a wee bit deeper than the surface to find out exactly what goes into the prices.
@@thewebdiva5903 INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON. Those who print money are the politicians. If there is inflation it is their responsibility. If there is no emission there is no inflation. Companies can raise or lower the price of products or services, but they cannot generate inflation.
@@theresiamares3170 No. Inflation went down and prices stayed the same and went up even while companies made RECORD BREAKING profits. You're being lied to with the excuse of inflation. They're price gouging you. Companies that do mergers and with minimal competition are literally coordinating price hikes, including using algorithm apps too set those prices. The government is currently investigating these under anti-trust laws. You're falling for corporate price fixing.
Last 5 years average inflation increase 4.76% per year. Last 5 year, average tax bracket range increased only 2.58%. Tax relief is not keeping up with inflation. We only paying more and more inflation adjusted taxes every year.
I bought a fake bag for kislux . I would not spend that money on a real bag. I would rather put the money in the bank. I really appreciate this video. Thanks!
Its not 22% its 22% of every dollar over $48,475. Actual tax rate is lower. Plus the standard deduction increased by $1,000 to $15,000 so for most people they will save a lot there
@@ciello___8307 It’s still way too large of a jump. 12% to 22%. Why not 12 to 15 or 16? They know this is where a ton of their tax revenue comes from. Government has a major spending problem.
If rich people worked for a living and earned an INCOME they would pay INCOME TAX. They don't work 9 to 5 so they don't pay income tax. Income tax is a tax on poor, not rich.
I know everyone is self interested and that this would be a controversial take, but we need to raise taxes and cut spending. Tax cuts the way they are are unsustainable compared to the spending deficit its unsustainable. We have now reached a debt to GDP ratio of over 120 percent and any politician that says they can provide more services with less taxes is a liar. One way or another we will pay for these tax cuts, either in your lifetimes or your children's lifetimes.
@@kenmore01 and this is why nothing will ever change, because no one will sacrifice anything. The whole cut spending and taxes doesn’t work. It’s far more complicated than that.
@@kenmore01 you cant balance a budget if the total amount of money you're making is falling. You have to maximize revenue and minimize expenditures together. The last US president to balance the budget was bill Clinton, and ever since then successive republican presidents have cut taxes and skyrocketed the budget deficit. Cutting taxes does nothing but add debt. its nothing but short term gratification at the expense of our children's futures, and no ones talking about it anymore.
@@nickg4564 They're not talking about it because aging boomers running the country don't CARE about a future they won't be a part of. They're playing a dangerous game of The Winner Takes It All, and it'll be future generations paying for that can being kicked down the road.
The real question is when are they going to change the tax brackets for those receiving Social Security? Seeing that they haven't changed since 1981 when they were implemented. Think about that.
15% across the board, for everyone except those who are below the poverty level. Corporations are people Too, No Exemptions All Pay 15%. We would need fewer IRS Government workers. Trump promised Income Tax Cuts and this is the best solution. We would be able to pay for Social Security, money that you, and your parents are owed. We would be able to pay for Medicare. Hospitals and physicians for the elderly. This is Care that was Earned. This is the Care plan for all of U.S.
What happens if you earn more than $197,300? How much do they take then? Imagine with all this inflation of which cumulatively adds up to 30% over the last 3 years, you earn 30% more, just to realize that you only gonna get 2/3rds of that 30% in your check. In other words Ex: you made 100,000 in 2020 Now you make 130,000 in 2024 That 30k is subject to higher taxes and you only take home 16,500 of it. Did you really keep up with inflation?
Been getting 1k+ return every year but this year only $50. Alot of people will find out when they try to file. Wonder rioting will insue and mass burnings.
People where is it said we should not give back exspeacially if it changes schools abd communities, we start with families they can help communities better themselves its going to be on all of us change needs us to proovide protect and unite for beter schools education, mentally ill families can make change possable with healthy future adults
I’m glad he specified the increment nature at the end The first $11,925 gets taxed at 12% Then anything from $11,926 - $48,475 gets taxed at 22% Then anything from $48,476 - $103,350 gets taxed at 24% Then anything from $103,351 - $197,300 gets taxed at 32% And finally anything above $197,301 gets taxed at 37% (for now) --- For years, even recently, I’ve heard misguided people claim that getting as little as a $2,000 bump in overall pay put them into the next tax bracket and that they effectively made less… they didn’t Pretending that these same figures applied for this year and next… If I make $48,000 on the nose, the first $11,925 get taxed at 12% and the $11,926th dollar to the $48,000th one gets taxed at 22% (couldn’t tell you the combined overall rate, but still) If I managed to earn $50,000 next year, then the only difference is that the last $1,525 would be taxed at 24% and **NOT** the entire income amount I’m still ahead of where I was the prior year by $1,159 overall Tax brackets aren’t as confusing as people think they are, but they definitely aren’t as straightforward as they could/should be 🤔
You're not ahead of where you were the prior year. Inflation in the last 5 years averaged 4.76% per year and the tax brackets range only increased by average of 2.58% per year. So inflation adjusted you have been paying 2.18% more taxes, every year, for the past 5 years. If the government was honest they would have tax brackets always locked in to the rate of inflation and increased the dollar range of those tax brackets by twice what they have on average over the past 5 years just to keep up with the inflation. Inflation is the hidden tax, and they are double-dipping on that hidden tax by also not increasing the tax brackets to keep up with inflation. So you pay for inflation twice, once when you get your paycheck and discover it doesn't buy what it used to because the government has been printing and spending money they don't have. Then again after the company you work for gives you your yearly 5% salary raise, to keep up with inflation, the government fails to increase all the tax bracket range by a corresponding 5%, meaning that you end up paying more in inflation adjusted taxes year over year.
@ I understand that; you’re talking about buying power/strength of the dollar I’m saying that for better or worse, that they still have ~more~ dollars regardless of buying power There’s literally nothing that the working individual can do to change the *value* of the dollar that we possess, so our best strategy is to try and acquire more of said dollar Effectively the government is a reckless 20-something year old that wants everything it sees and just opens up more and more credit cards to achieve their goal, never considering the impact that all that interest (and of course principle) will do to their budget When you try to sit that 20-something year old person down and explain that they need to look at the totality of their spending and only get the things they really need with limited “wants” for a while and that they’d be on a good track to be out of debt eventually, the government effectively says that they’ll stop going out for coffee 1-2 times a week (cut a few billion from important social programs over 2-3 years) but then immediately buys truck-nuts and foam dice for their hoverboard… and a new hoverboard even though there’s nothing wrong with their current one… But I digress, when I hear people say “oh man, I got a small raise and now I make ~LESS~ money after taxes”, I roll my eyes… Going $100 into the next tax bracket only taxes that $100 at the higher rate, but a shocking amount of people think that it means that the total that they’ve earned is taxed at the higher bracket (I also thought that until about 10 years ago) If I can get even $1k-$2k more a year, while not much… I’d still literally have more than the previous year of total available money to put towards expenses and wants. *HOW FAR* that money can go (buying power) is of course a valid variable, but I’d still have more of it than if I didn’t get a raise/bonus. That was the entire point; not buying power, but you’re not wrong about that
This could be a double edge sword especially with the cost of living still high. If anyone needs help navigating their taxes and implementing tax strategies to lower their tax bill book a consultation with me (website link on channel)
Trump openly declared he wanted to terminate the Constitution - saying that, and/or supporting a presidential candidate that says that, is literally as unamerican as you can get. The Constitution is the USA, it is the document that formed it and defines it, and how it operates. Btw, if we actually cared about the Constitution Trump's aforementioned statement would disqualify him - since he is constitutionally mandated to take an oath to protect and defend the precepts of the document he wants to terminate.
listen to what this expert said (lowest increase in inflation) they spin to win in DC. inflation is through the roof and still climbing, just not as much last month. DC wants us dependent
@@bui3415 the IRS is nothing but an extortion racket and by doing a flat tax you put a check on wasteful government spending and ensuring the Democrat argument of “everyone paying their fair share”
@right now the current system is causing just what you described, how can the average American worker make it when they’re already taxed based on an income bracket (even when they’re barely getting or not getting by at all they “make too much”) the current system is crippling if not killing those who aren’t earning 200K a year and thats just to be middle class. At least with a flat tax there’d have to reign in on government spending and call for spending cuts on nonessential spending while also no driving deep into taxpayer’s pockets
It means the minimum and maximum amounts of the bracket is raised meaning you might pay less? If you make 48k now you'll pay 12% instead of 22% as an example. I recommend looking up the list
We give them MONEY
They give us DEBT 💸
In 1965 median CEO salaries were 20 times their average worker's salaries. In 2023 median CEO pay is 196 times their average worker's salaries. The rich give themselves plenty. They don't need additional tax cuts.
Bingo 🎉
That’s why I’m voting for kamila
If you raise taxes on the rich they will try to keep more of their money. Taxes don’t go to workers
Majority of us would be fine paying taxes if we felt they actually went to helping the community instead of going straight into the wallets of government officials that do nothing.
Don’t forget corporations that lobby these politicians. They make billions while we subsidize the income of their severely underpaid workforce.
You can pay more taxes
I don't want to
You mean defence contractors right?
AI must immediately run the money. Humans are too easily corrupted. To your point
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
he appears to be well-educated and well-read. I ran a Google search for his name and came across his website; thank you for sharing.
The thing about most of these taxes especially Investment ones is that there are a lot of loopholes and literally a lot of money can be saved on them but most people take the passive and conventional approach, which are the "easiest" but way more expensive solutions
How though?
any tips man?
I feel this way too sometimes. how do you do it
Why is everybody so interested? I didn't say I knew how but I found this out after I started using an actual FA for my investments and and saw how much tax they could legally get around while still making you more money than you did on your own
Nice. I've been considering going into this sort of thing for sometime now... Heard its a nice way to make some extra funds... How do you get a good f.a and how expensive are they...
When it comes to taxes, rich people want to keep 90% of the food at the table for themselves and still expect the whole party to split the bill evenly.
Top 10% pay 66% of income taxes. Bottom 51% of earners literally pay ZERO income tax.
Read a book.
Inflation is cooling but everything is still expensive. Weird.
Abolish offshore tax havens. Trillions drained from countries all across the globe floating out to sea.
How can you just abolish? Are you gonna force those tax haven countries to abolish it?
@@KennyakaTII, personally, won't be abolishing anything by myself. The masses, so-called by those who hate us, will have to do it. It was implemented by those who hate us with impunity, malice, and prejudice. May I ask, do you worship modern feudal elitism?
@richcampus no but you're basically saying other countries have to change their tax laws to appease you. It's just unrealistic
@@KennyakaTII disagree with you. Are you referring to the people of other countries, or the el-ites? You make a fair point in regards to other countries. That's not my place. In the case of my own country, it is. We should do better in order to be better. 👁
Some are forced. Like Puerto Rico being a tax haven. They voted to be a state and the US said no. Now they can't file for bankruptcy and limited on paying taxes because the conservatives in office thought it was a good idea
The more you make the more they take. “New theft brackets” fixed it for you.
The more you take the more they take. Fixed your fix.
@wsol80 Quit bootlicking.
@@wsol80 You're not taking anything in voluntary transactions that create value for consenting parties. It's a creative and peaceful action rather than a primitive and violent action.
@@wsol80 The more you " Take" ??? You mean the more that you EARN. What part of that confused you so much ?
Republicans are freeloaders burdening the youth of our nation with their debt.
Oh awesome, can't wait to be poorer next year. Maybe for Christmas I'll get an orange and a stick.
Probably just the stick unless you vote Trump and he wins.
@ It also means voting against all the crap we pay for on the DOGE site
Lol lol. Sol salty.
I earned $150,000 last year and paid $40,000 in federal and state taxes. Still owed the federal $9 and got $600 state tax return in 2023. 🤦♂️🤦♂️.
Do it properly and pay it then instead of wasting people's time processing all that information
The top federal income tax rate was 91% for much of the 1950s. However, this figure is a bit misleading regarding what the wealthy paid. The Tax Foundation explains that the 91% tax rate is only applied to incomes over $200,000, about $2 million in today's dollars.
The rich don't have "income." What do you think Jobs as CEO of Apple was only paid $1/yr.?
key words are FEDERAL INCOME - learn the constitution and tax code - your fair share is ZERO if you do not have federal earnings - Google " losthorizons federal income tax in a nutshell " you are tricked into volunteering see pete hendrickson channel - then read " Cracking the code "
Abolish income tax
Are you kidding? Recession cooling? Couldn't be farther from the truth.
another trumpian sheep parroting bumper sticker propaganda without any actual statistics - you know, those pesky little facts that expose your cultish brainwashing
@@jimcatanzaro7808 it's called capitalism
@@jimcatanzaro7808 Companies monopolizing and price gouging
Yes, but about the workers who didn’t get a raise?
Don’t even ask that, what about the workers that got laid off under Biden and Kamala
@@emgo-at7398 Trump cost 40,000 AT&T jobs after promising 200k
2.8% yet inflation was 20% for the last 3.5 years. 😂😂😂
Which is not a bad rate
Oligarchs get to pay no taxes and then brag about it. They also do not serve time when convicted...
The government spent 3 trillion on endless wars that got us nothing but death and you are worried about trump 😂
Yeah ... T=Rump.
But no personal exemption!
Thank god they repealed the Individual Mandate, no more paying penalties for not having health insurance.
Would be nice if you also reported HOH brackets.
What happened to 2024 tax bracket????
We're living it!
@Breezykarma816 I know that. Why would anyone be interested in 2025 tax bracket when 2025 is not over yet?
Renew the Trump tax cuts and do not tax unrealized capital gains for the wealthy!
That will lead to more layoffs
Don’t believe the lies
@@christinesmith1499 Apparently you were in a Coma for some time.
Between GW Bush and Obama we had lost 60,000 Factories in the United States. Under Trump Policies 12,000 Factories CAME BACK !
Obama had said that " Those jobs are never coming back. How would do that ? You would need a Magic Wand "
Under the Biden Inc / Harris regime the Dollar has lost 25% of its Value since 2021. Was math always really hard for you ?
Trump tax cuts don't help middle class. Trickle down economics has literally never worked. The wealthy do not share their wealth, they hoard it
Republicans are freeloaders burdening the youth of our nation with their debt.
Trump's tax cuts only helped the richest, he's a crook. You can lie to yourself but not me.
Inflation is cooling? Someone forgot to tell the prices.
The government doesn’t set prices. The corporations who are now people don’t care if you can’t afford food.
@@thewebdiva5903 no, sweetie, but the government makes the regulations that make the corporations jump through hoops. The government picks winners and losers in the economy. YOU need to look a wee bit deeper than the surface to find out exactly what goes into the prices.
@@thewebdiva5903 INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON. Those who print money are the politicians. If there is inflation it is their responsibility. If there is no emission there is no inflation. Companies can raise or lower the price of products or services, but they cannot generate inflation.
@@theresiamares3170 No. Inflation went down and prices stayed the same and went up even while companies made RECORD BREAKING profits. You're being lied to with the excuse of inflation. They're price gouging you. Companies that do mergers and with minimal competition are literally coordinating price hikes, including using algorithm apps too set those prices. The government is currently investigating these under anti-trust laws. You're falling for corporate price fixing.
Last 5 years average inflation increase 4.76% per year. Last 5 year, average tax bracket range increased only 2.58%. Tax relief is not keeping up with inflation. We only paying more and more inflation adjusted taxes every year.
I bought a fake bag for kislux . I would not spend that money on a real bag. I would rather put the money in the bank. I really appreciate this video. Thanks!
The jump from 12% to 22% happens way too early on the income scale. 48k is still struggling. Why put such a big jump there?
Its not 22% its 22% of every dollar over $48,475. Actual tax rate is lower. Plus the standard deduction increased by $1,000 to $15,000 so for most people they will save a lot there
You pay less taxes
@@ciello___8307
It’s still way too large of a jump. 12% to 22%. Why not 12 to 15 or 16? They know this is where a ton of their tax revenue comes from. Government has a major spending problem.
Can the IRS authorizied the bank to closed the account of an individual if they neglect to pay his taxes ?
The rich need to pay their fair share!!!!
Vote for KAMALA HARRIS! 🔵🎉
Who do you think is going to reimburse them for their increased fair share? Us!!!
Yeah let’s give more money to a company(government) that put us 36 trillion in debt
They already do. Go get a job and contribute yourself. Not our job to support you
If rich people worked for a living and earned an INCOME they would pay INCOME TAX. They don't work 9 to 5 so they don't pay income tax. Income tax is a tax on poor, not rich.
I know everyone is self interested and that this would be a controversial take, but we need to raise taxes and cut spending. Tax cuts the way they are are unsustainable compared to the spending deficit its unsustainable. We have now reached a debt to GDP ratio of over 120 percent and any politician that says they can provide more services with less taxes is a liar. One way or another we will pay for these tax cuts, either in your lifetimes or your children's lifetimes.
I noticed no one else liked your hard truth, which is why politicians shy away from this. Pay now or pay later…👍
Just cut spending money they don't have. Don't you balance a budget?
@@kenmore01 and this is why nothing will ever change, because no one will sacrifice anything. The whole cut spending and taxes doesn’t work. It’s far more complicated than that.
@@kenmore01 you cant balance a budget if the total amount of money you're making is falling. You have to maximize revenue and minimize expenditures together. The last US president to balance the budget was bill Clinton, and ever since then successive republican presidents have cut taxes and skyrocketed the budget deficit. Cutting taxes does nothing but add debt. its nothing but short term gratification at the expense of our children's futures, and no ones talking about it anymore.
@@nickg4564 They're not talking about it because aging boomers running the country don't CARE about a future they won't be a part of. They're playing a dangerous game of The Winner Takes It All, and it'll be future generations paying for that can being kicked down the road.
I bet our taxes will be so high in 2025 😅
It won't be
2025 tax tables are available
The real question is when are they going to change the tax brackets for those receiving Social Security? Seeing that they haven't changed since 1981 when they were implemented. Think about that.
I lost all respect for this as soon as they promoted Kamala's agenda. Wasnt this supposed to be about next year's taxes?
15% across the board, for everyone except those who are below the poverty level.
Corporations are people Too,
No Exemptions All Pay 15%.
We would need fewer IRS Government workers.
Trump promised Income Tax Cuts and this is the best solution. We would be able to pay for Social Security, money that you, and your parents are owed.
We would be able to pay for Medicare. Hospitals and physicians for the elderly. This is Care that was Earned. This is the Care plan for all of U.S.
Where's kushners tax returns?!?! 🤔
Even though it's low, I think it could be lower than two point five
Whatever the reason, my point is: nothing is worth ten thousand dollars. The end of the story. I will kislux continue to buy my bag
So they already taxed the middle class but during the campaign spins like they’re not going to
What happens if you earn more than $197,300? How much do they take then?
Imagine with all this inflation of which cumulatively adds up to 30% over the last 3 years, you earn 30% more, just to realize that you only gonna get 2/3rds of that 30% in your check.
In other words
Ex: you made 100,000 in 2020
Now you make 130,000 in 2024
That 30k is subject to higher taxes and you only take home 16,500 of it.
Did you really keep up with inflation?
2:11 ROFL 😂 u don’t leave that tax bracket up very long
Hit the pause button. You pay less.
I still have not received my 2023 refund
Why did I see
ISIS as the title
Because Republicans are freeloaders.
I'm not paying more taxes.
You're not
10% $0-$11,600 $0-$11,925
12% $11,601-$47,150 $11,926-$48,475
22% $47,151-$100,525 $48,476-$103,350
24% $100,526-$191,950 $103,351-$197,300
32% $191,951-$243,725 $197,301-$250,525
35% $243,726-$609,350 $250,526-$626,350
37% $609,351 and up $626,351 and up
With 87,000 IRS agents on the dole good luck with that
Someone explain this for dummies
When does Trump's no tax on social security??
She needs to retire, old news 🙄
Boohoo to Trumps tax cuts for the rich ending. The rich benefited hard from the tax cuts, not us plebs.
Trump cut taxes for everyone.
Been getting 1k+ return every year but this year only $50. Alot of people will find out when they try to file. Wonder rioting will insue and mass burnings.
You're still screwing the single person aren't you why don't we just give you a check and then you give us back what's left
People where is it said we should not give back exspeacially if it changes schools abd communities, we start with families they can help communities better themselves its going to be on all of us change needs us to proovide protect and unite for beter schools education, mentally ill families can make change possable with healthy future adults
Its not new its just going back to what it was before trump lower it in 2017.🤦🏾♂️🤦🏾♂️
Thanks caleb.. that makes me feel great.. lol
I’m glad he specified the increment nature at the end
The first $11,925 gets taxed at 12%
Then anything from $11,926 - $48,475 gets taxed at 22%
Then anything from $48,476 - $103,350 gets taxed at 24%
Then anything from $103,351 - $197,300 gets taxed at 32%
And finally anything above $197,301 gets taxed at 37% (for now)
---
For years, even recently, I’ve heard misguided people claim that getting as little as a $2,000 bump in overall pay put them into the next tax bracket and that they effectively made less… they didn’t
Pretending that these same figures applied for this year and next… If I make $48,000 on the nose, the first $11,925 get taxed at 12% and the $11,926th dollar to the $48,000th one gets taxed at 22% (couldn’t tell you the combined overall rate, but still)
If I managed to earn $50,000 next year, then the only difference is that the last $1,525 would be taxed at 24% and **NOT** the entire income amount
I’m still ahead of where I was the prior year by $1,159 overall
Tax brackets aren’t as confusing as people think they are, but they definitely aren’t as straightforward as they could/should be 🤔
You're not ahead of where you were the prior year. Inflation in the last 5 years averaged 4.76% per year and the tax brackets range only increased by average of 2.58% per year. So inflation adjusted you have been paying 2.18% more taxes, every year, for the past 5 years. If the government was honest they would have tax brackets always locked in to the rate of inflation and increased the dollar range of those tax brackets by twice what they have on average over the past 5 years just to keep up with the inflation. Inflation is the hidden tax, and they are double-dipping on that hidden tax by also not increasing the tax brackets to keep up with inflation. So you pay for inflation twice, once when you get your paycheck and discover it doesn't buy what it used to because the government has been printing and spending money they don't have. Then again after the company you work for gives you your yearly 5% salary raise, to keep up with inflation, the government fails to increase all the tax bracket range by a corresponding 5%, meaning that you end up paying more in inflation adjusted taxes year over year.
@
I understand that; you’re talking about buying power/strength of the dollar
I’m saying that for better or worse, that they still have ~more~ dollars regardless of buying power
There’s literally nothing that the working individual can do to change the *value* of the dollar that we possess, so our best strategy is to try and acquire more of said dollar
Effectively the government is a reckless 20-something year old that wants everything it sees and just opens up more and more credit cards to achieve their goal, never considering the impact that all that interest (and of course principle) will do to their budget
When you try to sit that 20-something year old person down and explain that they need to look at the totality of their spending and only get the things they really need with limited “wants” for a while and that they’d be on a good track to be out of debt eventually, the government effectively says that they’ll stop going out for coffee 1-2 times a week (cut a few billion from important social programs over 2-3 years) but then immediately buys truck-nuts and foam dice for their hoverboard… and a new hoverboard even though there’s nothing wrong with their current one…
But I digress, when I hear people say “oh man, I got a small raise and now I make ~LESS~ money after taxes”, I roll my eyes…
Going $100 into the next tax bracket only taxes that $100 at the higher rate, but a shocking amount of people think that it means that the total that they’ve earned is taxed at the higher bracket (I also thought that until about 10 years ago)
If I can get even $1k-$2k more a year, while not much… I’d still literally have more than the previous year of total available money to put towards expenses and wants. *HOW FAR* that money can go (buying power) is of course a valid variable, but I’d still have more of it than if I didn’t get a raise/bonus. That was the entire point; not buying power, but you’re not wrong about that
This could be a double edge sword especially with the cost of living still high. If anyone needs help navigating their taxes and implementing tax strategies to lower their tax bill book a consultation with me (website link on channel)
The IRS can get bent. Everybody who PAYS taxes (not withholdings) should stop paying. Period. Bring the gov't to its knees. No more.
Republicans are freeloaders burdening the youth of our nation with their debt.
you go first
Change diapers for T=Rump ...
Don’t worry Kamala will will still give billions to other countries till we eat dirt 😂😂
The rich wants you to feel that way.
The purge
If you people vote Democrat enjoy what you get. 😂
Republicans are freeloaders burdening the youth of our nation with their debt.
I will certainly enjoy not choosing a wannabe dictator who worships other dictators.😊
Trump openly declared he wanted to terminate the Constitution - saying that, and/or supporting a presidential candidate that says that, is literally as unamerican as you can get. The Constitution is the USA, it is the document that formed it and defines it, and how it operates. Btw, if we actually cared about the Constitution Trump's aforementioned statement would disqualify him - since he is constitutionally mandated to take an oath to protect and defend the precepts of the document he wants to terminate.
@@duncandonuts_gi”keep your enemies close.” We can all get along with standards, 0 wars under trump. Remember.
I think you forgot this is Trumps tax plan that doesn’t expire until 2025 lol
I believe its time to move to belieze, i will not pay 39%
Might be believable if you could spell Belize
Lol.. I pay WAY more than that...
The majority is killing us
Child suppneed to be considered income!
listen to what this expert said (lowest increase in inflation) they spin to win in DC. inflation is through the roof and still climbing, just not as much last month. DC wants us dependent
No it's not.
Two kinds of conservatives; the uber rich and uber stupid. You can tell by the comments.
Says a democrat😂
@@RynosWorld82 Why call me that? I'd say what I am but, you couldn't possibly understand with a right wing education.
@@optimalprimidius7295 why would you assume im right wing lol. Id say what i am, BUT you couldnt possibly understand with left wing indoctrination.
@@RynosWorld82 He said right wing educated. Jesus christ dude
@@optimalprimidius7295
Says the poor
🎉 🎉🎉 Hello ❤❤❤🎉🎉🎉🎉
🎉❤❤❤❤❤❤🎉🎉🎉🎉🎉
Can’t trust Harris
SHES A SNAKE!!!!
Dude just abolish the IRS and implement the 5% flat tax system
No. The IRS brings in more revenue after they finally got the billions the wealthy were literally not paying and owed.
@@bui3415 the IRS is nothing but an extortion racket and by doing a flat tax you put a check on wasteful government spending and ensuring the Democrat argument of “everyone paying their fair share”
Nope, that would create even MORE poverty and homelessness. Which would result in MORE dependency on the government, possibly even a UBI.
@right now the current system is causing just what you described, how can the average American worker make it when they’re already taxed based on an income bracket (even when they’re barely getting or not getting by at all they “make too much”) the current system is crippling if not killing those who aren’t earning 200K a year and thats just to be middle class. At least with a flat tax there’d have to reign in on government spending and call for spending cuts on nonessential spending while also no driving deep into taxpayer’s pockets
Wow! Please God we can’t afford Kamala in office. So I’ll be paying more for what?
Hows that for Biden and Harris providing relief to us Americans, where its needed
It means the minimum and maximum amounts of the bracket is raised meaning you might pay less? If you make 48k now you'll pay 12% instead of 22% as an example. I recommend looking up the list
😂😆🤣😅😂🍊🤡😆🤣😅😂
TRUMP 2024 MAGA 🇺🇸
Republicans are freeloaders burdening the youth of our nation with their debt.