No taxes on OT!!!! To good to be true!

[sapper83]

I assume you work for a company as an employee, Under the umbrella of a Union Contract.

Yeah, i see the way they treat company people and it is terrible. We used to jump over after years but no one does anymore. Our contract is odd bc we have different sections to it depending on your job classification.

 

[foszoe]

I’d take that near million I have paid in over my life.

This thread has constant reminders of how poor I am.

TAX the RICH!

 

[sapper83]

lmk

So quick google fu and asking a few coworkers they all said it was a proposed bill. It was a stand alone proposal that was supposed to piggy back social security reform. Part of it was MyRA.gov which failed. A union guy sent this.

Executive Overreach: Replacing 401(k)s and IRAs with “Obamacare for Retirement” – Ways and Means

waysandmeans.house.gov

 

[sapper83]

This thread has constant reminders of how poor I am.

TAX the RICH!

Got to do flat tax to make that happen!

 

[foszoe]

Got to do flat tax to make that happen!

Ok....TAX INGOMike!

 

[sapper83]

Ok....TAX INGOMike!

He does talk like a billionaire!

 

[foszoe]

He does talk like a billionaire!

I think he is exaggerating a little

Unless there is something I don't know. Which there are a lot of things I don't know. He woulda had to max out SS earnings for like 100 years even if he was self employed

 

[firecadet613]

That is why they keep raising the damn age!!! It will 85 before I can collect if it is still there!

I say give me back what i paid with a modest interest of 4% compounded!!! Write me the check! And i will be set

Making all that money you speak of and you can't retire without SS?!

Something isn't adding up...

 

[Creedmoor]

Making all that money you speak of and you can't retire without SS?!

Something isn't adding up...

I easily live on my Union pension and my SS, odds are I will never spend any of my 401 and annuity money. I know a few others that live on the same as me.

 

[sapper83]

Making all that money you speak of and you can't retire without SS?!

Something isn't adding up...

Im definitely not counting on social security! I can retire now, really. I just think it is bullcrap i pay into something and probably won't see the fruits of MY labor.

People always make so many assumptions instead of asking I would love to talk to people about my feild. I preach i hit the bluecollar lottery.

 

[sapper83]

I easily live on my Union pension and my SS, odds are I will never spend any of my 401 and annuity money. I know a few others that live on the same as me.

Juat bc we are salty about paying into a BS system we are broke and on "welfare"

 

[firecadet613]

I just think it is bullcrap i pay into something and probably won't see the fruits of MY labor.

You and everyone else...

 

[firecadet613]

I easily live on my Union pension and my SS, odds are I will never spend any of my 401 and annuity money. I know a few others that live on the same as me.

Up your spending! Help boost the economy!

 

[Creedmoor]

Im definitely not counting on social security! I can retire now, really. I just think it is bullcrap i pay into something and probably won't see the fruits of MY labor.

I heard all of that since I was a kid, it will still be there when you retire.
So much of our population only has SS to live on, to many people just made endless bad decisions. A huge part of our population will implode without a monthly SS or SSDI check coming in being there only income.

 

[sapper83]

I heard all of that since I was a kid. It will still be there when you retire.
So much of our population only has SS to live on. too many people just made endless bad decisions. A huge part of our population will implode without a monthly SS or SSDI check coming in being their only income.

I know some people you can give millions to and they will **** it away.

I work with a guy, complete facts here, he is 58, and he has under 100k in his 401k bc he keeps taking loans to pay credit cards or buy toys!

 

[racegunz]

I know some people you can give millions to and they will **** it away.

I work with a guy, complete facts here, he is 58, and he has under 100k in his 401k bc he keeps taking loans to pay credit cards or buy toys!

Don’t be too hard on him, I’m running out of fingers to count my shop co-workers that died before they retired. Their wives are doing pretty good, don’t wait too long, if you can retire and you have things you want to do you better do it! Tomorrow is not guaranteed.

 

[WebSnyper]

And don't forget bonuses are taxed at a flat 22%, not factored with marginal rates.

When the bonus is paid, but that's not how it works when you file your taxes. Bonus is income... Taxed like any other income when filing taxes.

 

[sapper83]

Don’t be too hard on him, I’m running out of fingers to count my shop co-workers that died before they retired. Their wives are doing pretty good, don’t wait too long, if you can retire and you have things you want to do you better do it! Tomorrow is not guaranteed.

Amen to that!!!! I plan to retire at 55 and we live it up now!

There is a few guys that wont retire, funny thing is they are the most miserable people. One guy is 70 has 50 years! He is loosing money working!

 

[HoosierLife]

That is your top marginal rate for income between $47,151 to $100,525. Everything under $47K is taxed at 10%-12%. Bonuses are a flat 22% on the whole thing.

No lol. 23-24% is my marginal. I know. I just paid my quarterly tax bill smh.

I understand our progressive tax rate system.

My marginal tax rate would be a lot higher. But I have a lot of itemized deductions.

 

[Timjoebillybob]

No taxes on OT has me asking a few questions.

So i max out my roth 401k and a roth IRA. The percentage comes out of my over all income not just 40 hour base? Now how would I contribute? Companies would have to do more book keeping.

Companies wouldn't have more bookkeeping, you might. 401k investments are pretax.

I feel property tax, sales tax, registration fees, even state taxes will sky rocket to make up the difference. Will this cause inflation? The middle class pays most the taxes.

All of those are state taxes, why would they go up due to a decrease in fed taxes?

And no, just no. The middle class doesn't pay the most in fed income taxes. The top 1% pay around 46% of total tax revenue, top 5% put in 65%.

Summary of the Latest Federal Income Tax Data, 2024 Update

The Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.

taxfoundation.org

Also does the standard and itemization now go off base wages???

Both of those aren't based on income, but yes it could and probably would increase difficulty in tax prep.