Questions about bike hire abroad and everything light bike related. No off-topic chat please
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HammerTime2
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by HammerTime2 on Thu Nov 06, 2008 3:57 am
CaptainWilier wrote:....and the 250,000 was for families, 200,000 for single filers
And approximately 100,000 to get your wealth further distributed on payroll (social security) tax now applying up to infinity dollars per year income.
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2002SaecoReplica
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by 2002SaecoReplica on Thu Nov 06, 2008 6:23 am
HammerTime2 wrote:2002SaecoReplica wrote:Unless you make over 250,000 dollars a year your income taxes will not change.
But your payroll (social security tax) may now have a cut off at infinity - big tax increase for many people - and (almost) twice as big as most people realize due to employer contribution - self-employed people (Joe the Plumber) pay both employer and employee contribution.
Your current social security tax stops at ~100,000 dollars. That means that they take taxes out of your income up to ~100,000 dollars. Anything that you make beyond that amount is not subject to an increase in taxation of any kind. So basically the guys who are making less(80% of the US population makes less than 90,000 dollars) are paying the most.
Sorry, but if you're making enough money to bitch about an increase in taxes, you've got enough money to fund your weight weenie addiction.
- Zipp rims will break if you look at them too hard
- R-Sys wheels will spontaneously explode
- The ZG crankset will never, ever exist
- Everyone needs Lightweights, even if they're fat and old
- Parts actually made of metal are SO 10 years ago
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HammerTime2
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by HammerTime2 on Thu Nov 06, 2008 1:10 pm
So I should pay over half of every additional dollar I make to federal and state income and payroll taxes? I guess I should so I can support some retired rich people driving their Cadillacs (or Serottas) down to the golf course in Florida, getting far more out of social secuirty than they ever put in. But it's fair, because they payroll tax the h**l out of me in exchange for a grand total of jack squat that I'll eventually collect in social security. If you want a welfare program, call it that, and fund it out out of general tax revenues, not as a payroll tax only paid for by labor subject to payroll tax.
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2002SaecoReplica
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by 2002SaecoReplica on Thu Nov 06, 2008 7:00 pm
HammerTime2 wrote:2002SaecoReplica wrote:Unless you make over 250,000 dollars a year your income taxes will not change.
But your payroll (social security tax) may now have a cut off at infinity - big tax increase for many people - and (almost) twice as big as most people realize due to employer contribution - self-employed people (Joe the Plumber) pay both employer and employee contribution.
Joe the plumber?
Joe the I don't have a plumbers license, I owe back taxes, and I was on welfare?
That Joe the plumber?
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- Zipp rims will break if you look at them too hard
- R-Sys wheels will spontaneously explode
- The ZG crankset will never, ever exist
- Everyone needs Lightweights, even if they're fat and old
- Parts actually made of metal are SO 10 years ago
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rustychain
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by rustychain on Thu Nov 06, 2008 8:48 pm
HammerTime2 wrote:So I should pay over half of every additional dollar I make to federal and state income and payroll taxes? I guess I should so I can support some retired rich people driving their Cadillacs (or Serottas) down to the golf course in Florida, getting far more out of social secuirty than they ever put in. But it's fair, because they payroll tax the h**l out of me in exchange for a grand total of jack squat that I'll eventually collect in social security. If you want a welfare program, call it that, and fund it out out of general tax revenues, not as a payroll tax only paid for by labor subject to payroll tax.
Gag. As this is not a political forum and I hope remains so I will refrain from giving you a history lesson and economics 101. Lets instead get back to bikes and parts and work toward the betterment of our fellow cyclists
WW Velocipedist Gargantuan
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HammerTime2
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by HammerTime2 on Fri Nov 07, 2008 4:51 am
I happened to ace doctoral level economics courses at two (one on each coast) of the absolute top tier schools (3 letter acronym on the Charles River, hint, hint; Old La Honda, hint, hint) in economics in the country. This post is about cycling because I sometimes rode my beater bike to class.
This thread invites political commentary given that it's about the impact of the economy on bicycle equipment purchases and given the role politics, and in particular tax policy, plays in affecting the economy and the financial resources available to consumers.
Now, back to our regularly scheduled programming of lamenting how the economic downturn means some of us can't afford to pay $1000 extra to save 20g and get a part which won't last long, work well, or be reliable.
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rustychain
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HammerTime2
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by HammerTime2 on Fri Nov 07, 2008 5:16 am
I'm not an economist, nor did I get a degree in economics, but could have had I desired.
Since the board needs a little levity: An engineer, a physicist, and an economist were stuck on a desert island, and all they had to eat was a giant can of tuna fish, but they did not have a can opener. They each proposed a solution to their dilemma. The engineer proposed building a catapult and smashing the can open. The physicist proposed using a lens to focus the sun's rays to burn a hole in the can. The economist's solution: Assume we have a can opener ...