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View Diary: MILLIONAIRE INVESTOR: "If the Rich Were Job Creators, We'd be Drowning in Jobs Today." (86 comments)

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  •  100% tax after any amount (0+ / 0-)

    is retarded... it would stifle the economy in no time flat... even Roosevelt realized that. People wouldn't try to earn the money.

    Here is what I was getting at.

    $40k = $3333.33/month gross
    25% withholding = $833.33 (taxes and insurance)
    $3333.33 - $833.33 = $2500 NET

    I live in a 1700 sq ft 3 BR 2 1/2 BA townhouse apt. in a decent area of town here in Rock Hill, SC - right behind the mall.

    Here is MY budget (roughly):
    Rent: $950 + $10 pet rent
    Electric: $200/month average
    Internet: $75 (upgraded)
    Dish: $84
    Water: $35
    Car Insurance: $160 (two cars - full coverage)
    Food: $400 (incl 2 meals out per month @ Cracker Barrel)
    Gas: $250
    Renters Insurance: $32
    -----------------------------
    Total Bills: $2196
    Discretionary: $304

    That isn't poverty. I have many luxuries including upgraded internet and 2 cars. If my guess at withholding percentage above is low or something let me know. I haven't collected that kind of paycheck from an employer in 11 years so you will have to help me out if I am wrong. I remember when I was making $50k/year at a job my withholding was about $800/month.

    I am self employed and earn much more than $40k... I can't afford health insurance and have considered taking a job on a few occasions because of it... instead I bought a hospitalization plan and started an HSA to cover the deductible.

    Sure... it's a tight budget and it is certainly living paycheck to paycheck... but I also have supported a family on $10/hour before... and I was poor as shit. I would have LOVED to make $40k/year then.

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