I'm gonna do a quick mini-rant. Used to live in a medium-sized southern city. I worked 40-50 hours construction in the summer in residential houses before the AC was in the house. Trimming out the whole house and hardware. 1 or 2 a day, sometimes 6 days a week. Developed a foot fungus because of the sweat.
Started doing DoorDash and Grubhub delivery apps for about 15-30 hours a week on top of that for extra money. I could pull in about 18 an hour pre-taxes. Paychecks were nice.
I'd bust my ass doing trim with no AC, then go work the apps for 3-5 hours a night. It hit me one night while I was delivering to the damn projects two blocks away from my expensive ass apartment. Smelling weed everywhere. Nobody's working because you can smell weed at literally any time of day. 11 AM, 3 PM, midnight. Weed. I deliver to these projects on the first of the month. Answering the door with beers and weed smoke. No tip. I'm busting my ass and my hard work if supplementing their lives. They live in a destination city with expensive ass houses and apartments everywhere. They don't contribute. They live off the working man like leeches. And they don't even give me a dollar tip of my own money back.
I still get pissed thinking about it, obviously. Didn't really have to work that much at the time but two paychecks is sweet. Now I'm making much more so my side work nowadays is not as common but higher paying. I'm gonna go drink a beer.
Coming from a college-grad in STEM. I see this from a slightly different perspective.
I worked my (insert word for posterior) off to get my loan paid ($100k - thank you hazard pay temp assignment) and now I see tons of people just wanting to vote for their student loans to be forgiven. And I've worked with some of these people, they drive new cars, spend money frivolously, and ignore their financial obligations. It hurts to see that my hard work could mean nothing if they get those loans forgiven.
Here's the positive side though. We are better prepared at life. When things go bad, when things collapse, we'll be better prepared to weather the storm and/or benefit. When COVID happened, I had saved a small chunk of money (started saving since I recently paid my loans off) and threw it all into the stock market. I can't exactly buy a fancy car with it, but it's extremely encouraging.
I'm hoping I can have enough money saved to buy some property / a house when land values drop. Everyone is buying land / houses like crazy (and far above value) right now and it seems unsustainable. Interest rates are currently very low.
I'd be fine with ditching both time and a half with payroll taxes. Limiting most people to 40 hours a week is bogus. How much time you spend and how much you get paid for it is between you and your employer.
When was 40 hours a limit? It isn't, it just means they have to pay me more if I go over that threshold. And I'm fine with that. Places like Wal-Mart would schedule people seven days a fucking week if they could work them without worrying about paying OT.
how about get rid of the employee side payroll tax, and reduce the bottom 3 tax brackets by 4 percent.
so you would pay 6% up to $10k, 8% from 10k to 40k and 18% from 40k to 85k
that would push your effective tax rate ignoring any deductions and assuming you make around the median closer to 10% total for federal. for most people that would be huge.
especially if you live in a low income tax state.
new yorkers and californians would still be pretty boned, but just more reason to move out of the shitholes. then basic economics will require those states to cut taxes to entice people to live there, and of course spend more conservatively, making for a smaller less intrusive state government.
winning all around.
I still want time and a half for overtime though, at minimum. lots of people really depend on those overtime hours. theres a huge difference between 60 hours and 70 hours a week. If you are relying on that overtime pay the option to just work more hours isn't really viable for people who need it most, those with a family and both parents working.
Maybe phase out overtime pay or legal protection for it at multiples of the median wage, that way it won't be exploited by overpaid government goons as it is now, or union contracts for $150/hr "prevailing wage" that is actually over a hundred dollars per hour more than any private sector job before overtime!
anyway, I trust the Trump, lower taxes for the masses, it encourages and rewards workers the way it should be.
Playing devil’s advocate here, if you’re an employee why wouldn’t you limit the work week to 40 if you get the same pay? If your coworker works 65 hours for the same pay as you, that will start to become the expectation for all employees, so employees would be working for less, due to working more hours for the same pay.
Of course it does. Work harder and pay more. Someone has to pay for the leeches of society. It’s by the politician design. Make more pay more, Trump needs to push flat tax next term.
Hear hear! Had a disagreement with a left of centre friend who was ranting about taxes, soaking the “rich” the “greedy rich clutching on to all the money” and that they should pay more etc.
I replied that IM considered “rich” compared to some in the world. That the “rich” do pay more, because the more you earn, the more you pay. Even on a flat tax, because well.... that’s how percentages WORK?! That I paid more in income tax than the human I was dating at the time was earning, full time, and how was that fair? So I bust my arse, working 35, 50, 60 hours a week, and the more successful and harder I work, the more the government punishes me and takes off me?
Flat tax, now.
Next thing they will be taxing the air.
Oh.... wait...they did that already (carbon tax). If carbon tax really was as legit and as dangerous as they say it is, why haven’t the gov fitted everyone up with mandated personal necklace mouth Co2 monitors!?
“ANTI CITIZEN #443245 ATTENTION PLEASE! YOU HAVE USED UP YOUR MAXIMUM ALLOTMENT OF GREENHOUSE GASES. NON MASK WEARING NOTED. CIVIL PROTECTION TEAMS TO SECTOR ALPHA GAMMA 23. CONTAIN....PACIFY...NEUTRALISE...CAUTERISE...”
I work for the State of NY. One paycheck I worked 9 hours of OT, the next paycheck I had 27 hours of OT.
9 hour of OT paycheck was $1,105 after benefits and retirement taken out. 27 hour of OT paycheck was $1,380 after taxes, benefits, and retirement. I felt like an idiot, had I known I'd only make $200-300 more for two times the amount of OT, I'd have never worked that much to begin with.
You want to hear even worse - in California if you want to buy silver for investment, the state charges you nearly 10% tax going in. Then they tax you on your investment if you ever make any profit.
You know, if BLM changed its name to Tax Lives Matter, people would be banging on their doors to join.
This isn't completely accurate. When you make more the calculations assume you moved up a pay bracket as if you would always make that much on a paycheck and withhold a higher percentage. You tax liability will remain the same and you will likely get a larger refund at the end of the year because that assumption meant they took too much out in taxes.
I was wondering if I was losing my mind or if everyone on here had suddenly gotten reddit hivemind disease. Good to see the ot is taxed higher people are wrong.
Its 51 hours in texas before you are taxed at, above your hourly rate.. I did 80-90 making someone else rich. It no longer pays to work hard. You make less due to taxes than your hourly wage after 50 hours a week.
If you work 20 hours of OT every single week then you are simply being taxed at the progressive rate of a person in the next tax bracket pays.
If you only work OT a few weeks of the year then eat it the fuck up because those weeks where the accounting believes you are being paid a high salary will eventually return when filing taxes.
The "diminished" pay is just the effects of a progressive tax system. You get paid a lot so they take more.
Self employed here. Here in Florida I had to pay $136 just to say that nothing changed my business in the last year, my uncle has been in business whole life responded to my question about it like this,: you're a business owner so people assume you have money so they think they can take it from you
Ain't that a bitch? You do it all yourself, gibs moar!
Write off as much as you can is all I can say...If I had a business my garage would be a $1500/mo warehouse rental to be deducted...
That works right? 😏
I want overtime to be tax-free, because I'm a selfish son of a bitch. I bust out 50-60 hours a week and that OT pay just diminishes.
Yeah the extra on OT makes zero sense.
I'm gonna do a quick mini-rant. Used to live in a medium-sized southern city. I worked 40-50 hours construction in the summer in residential houses before the AC was in the house. Trimming out the whole house and hardware. 1 or 2 a day, sometimes 6 days a week. Developed a foot fungus because of the sweat.
Started doing DoorDash and Grubhub delivery apps for about 15-30 hours a week on top of that for extra money. I could pull in about 18 an hour pre-taxes. Paychecks were nice.
I'd bust my ass doing trim with no AC, then go work the apps for 3-5 hours a night. It hit me one night while I was delivering to the damn projects two blocks away from my expensive ass apartment. Smelling weed everywhere. Nobody's working because you can smell weed at literally any time of day. 11 AM, 3 PM, midnight. Weed. I deliver to these projects on the first of the month. Answering the door with beers and weed smoke. No tip. I'm busting my ass and my hard work if supplementing their lives. They live in a destination city with expensive ass houses and apartments everywhere. They don't contribute. They live off the working man like leeches. And they don't even give me a dollar tip of my own money back.
I still get pissed thinking about it, obviously. Didn't really have to work that much at the time but two paychecks is sweet. Now I'm making much more so my side work nowadays is not as common but higher paying. I'm gonna go drink a beer.
Fuck those roaches!!!! Blacks go my restaurant to be racist to and demean me, that’s part of why I had to quit
drug testing for welfare.
Ill pop a cold one with you, pede.
One thing that I really wish would happen in Term 2 is cut welfare.
Or just drug testing for welfare.
Potheads can buy their weed on their own dime.
Coming from a college-grad in STEM. I see this from a slightly different perspective.
I worked my (insert word for posterior) off to get my loan paid ($100k - thank you hazard pay temp assignment) and now I see tons of people just wanting to vote for their student loans to be forgiven. And I've worked with some of these people, they drive new cars, spend money frivolously, and ignore their financial obligations. It hurts to see that my hard work could mean nothing if they get those loans forgiven.
Here's the positive side though. We are better prepared at life. When things go bad, when things collapse, we'll be better prepared to weather the storm and/or benefit. When COVID happened, I had saved a small chunk of money (started saving since I recently paid my loans off) and threw it all into the stock market. I can't exactly buy a fancy car with it, but it's extremely encouraging.
I'm hoping I can have enough money saved to buy some property / a house when land values drop. Everyone is buying land / houses like crazy (and far above value) right now and it seems unsustainable. Interest rates are currently very low.
I'd be fine with ditching both time and a half with payroll taxes. Limiting most people to 40 hours a week is bogus. How much time you spend and how much you get paid for it is between you and your employer.
When was 40 hours a limit? It isn't, it just means they have to pay me more if I go over that threshold. And I'm fine with that. Places like Wal-Mart would schedule people seven days a fucking week if they could work them without worrying about paying OT.
how about get rid of the employee side payroll tax, and reduce the bottom 3 tax brackets by 4 percent.
so you would pay 6% up to $10k, 8% from 10k to 40k and 18% from 40k to 85k
that would push your effective tax rate ignoring any deductions and assuming you make around the median closer to 10% total for federal. for most people that would be huge.
especially if you live in a low income tax state.
new yorkers and californians would still be pretty boned, but just more reason to move out of the shitholes. then basic economics will require those states to cut taxes to entice people to live there, and of course spend more conservatively, making for a smaller less intrusive state government.
winning all around.
I still want time and a half for overtime though, at minimum. lots of people really depend on those overtime hours. theres a huge difference between 60 hours and 70 hours a week. If you are relying on that overtime pay the option to just work more hours isn't really viable for people who need it most, those with a family and both parents working.
Maybe phase out overtime pay or legal protection for it at multiples of the median wage, that way it won't be exploited by overpaid government goons as it is now, or union contracts for $150/hr "prevailing wage" that is actually over a hundred dollars per hour more than any private sector job before overtime!
anyway, I trust the Trump, lower taxes for the masses, it encourages and rewards workers the way it should be.
Playing devil’s advocate here, if you’re an employee why wouldn’t you limit the work week to 40 if you get the same pay? If your coworker works 65 hours for the same pay as you, that will start to become the expectation for all employees, so employees would be working for less, due to working more hours for the same pay.
Tax rate on OT punishes productivity. It's such bullshit.
Of course it does. Work harder and pay more. Someone has to pay for the leeches of society. It’s by the politician design. Make more pay more, Trump needs to push flat tax next term.
Hear hear! Had a disagreement with a left of centre friend who was ranting about taxes, soaking the “rich” the “greedy rich clutching on to all the money” and that they should pay more etc.
I replied that IM considered “rich” compared to some in the world. That the “rich” do pay more, because the more you earn, the more you pay. Even on a flat tax, because well.... that’s how percentages WORK?! That I paid more in income tax than the human I was dating at the time was earning, full time, and how was that fair? So I bust my arse, working 35, 50, 60 hours a week, and the more successful and harder I work, the more the government punishes me and takes off me?
Flat tax, now.
Next thing they will be taxing the air.
Oh.... wait...they did that already (carbon tax). If carbon tax really was as legit and as dangerous as they say it is, why haven’t the gov fitted everyone up with mandated personal necklace mouth Co2 monitors!?
“ANTI CITIZEN #443245 ATTENTION PLEASE! YOU HAVE USED UP YOUR MAXIMUM ALLOTMENT OF GREENHOUSE GASES. NON MASK WEARING NOTED. CIVIL PROTECTION TEAMS TO SECTOR ALPHA GAMMA 23. CONTAIN....PACIFY...NEUTRALISE...CAUTERISE...”
I work for the State of NY. One paycheck I worked 9 hours of OT, the next paycheck I had 27 hours of OT.
9 hour of OT paycheck was $1,105 after benefits and retirement taken out. 27 hour of OT paycheck was $1,380 after taxes, benefits, and retirement. I felt like an idiot, had I known I'd only make $200-300 more for two times the amount of OT, I'd have never worked that much to begin with.
That's crazy. At least your tax money goes to a good purpose. Oh wait.
All these taxes go to paying some lazy ass's salary in the government.
I want one of those lazy ass salary government jobs. Why can't we get those?
You want to hear even worse - in California if you want to buy silver for investment, the state charges you nearly 10% tax going in. Then they tax you on your investment if you ever make any profit. You know, if BLM changed its name to Tax Lives Matter, people would be banging on their doors to join.
Would be great if we were able to choose where our tax money goes within the government.
This isn't completely accurate. When you make more the calculations assume you moved up a pay bracket as if you would always make that much on a paycheck and withhold a higher percentage. You tax liability will remain the same and you will likely get a larger refund at the end of the year because that assumption meant they took too much out in taxes.
I was wondering if I was losing my mind or if everyone on here had suddenly gotten reddit hivemind disease. Good to see the ot is taxed higher people are wrong.
Correct
It should also be pointed out that the way tax brackets are calculated changed in the Tax bill.
The previous tax code used the CPI-U measure to adjust the brackets, while the new code uses the C-CPI-U measure.
This rises slower, so as you get pay rises you're going to get into the next bracket sooner.
https://fredblog.stlouisfed.org/2018/01/new-tax-code-new-price-index-new-tax-bracket-adjustments/
And a video about it
https://youtu.be/RA8PX_T1Suw
Yup. Sayin goes: you’re better off working at McyDs than OTs thanks to the government.
They want to ruin our work ethic and make us depend on them!
There comes a point of diminishing returns..you have to know what that point is.
Its 51 hours in texas before you are taxed at, above your hourly rate.. I did 80-90 making someone else rich. It no longer pays to work hard. You make less due to taxes than your hourly wage after 50 hours a week.
Yeah i work in NY and the rule of thumb is to not fo over 10hrs of OT. UNLESS you can dump extra into a 401 or somehwere you wont get taxed
That's such a mischaracterization.
If you work 20 hours of OT every single week then you are simply being taxed at the progressive rate of a person in the next tax bracket pays.
If you only work OT a few weeks of the year then eat it the fuck up because those weeks where the accounting believes you are being paid a high salary will eventually return when filing taxes.
The "diminished" pay is just the effects of a progressive tax system. You get paid a lot so they take more.
Yep. Same for my 10% semi annual bonus. Oh cool I got $1000? i'll see around $600-ish.
Incentive bonuses should be exempt. It's bullshit that the government gets a part of your rewards for success
You work 50-60 AND make OT? Damn. Truckers gotta start demanding more pay. Especially those poor SOBs driving flatbeds. 🤔
Truckers make insane money as long as they aren't company men.
Source: I am a dispatcher for owner operators. When the economy is bumping, some guys bring home $4k+ a week.
Also, if you have an employee you get to pay the missing half of his payroll taxes. Sneaky taxes are the best of all taxes
It can but it's gotta be real
Looks outside
Yep, the garage is really there. I put stuff in it even!
Self employed here. Here in Florida I had to pay $136 just to say that nothing changed my business in the last year, my uncle has been in business whole life responded to my question about it like this,: you're a business owner so people assume you have money so they think they can take it from you