Taxes, I can't wait until Hillary or Barak - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

BYU71 · 02-11-2008, 02:29 PM

raise mine.

Usually I just throw my stuff together and send it off to my CPA.

This year I got some money out of my deferred comp plan and decided to see how it affected things.

I have found out a couple of things and it is such a bummer I am going to quit looking at the details.

For instance, my standard exemption like everyone else's is $3,400. I didn't realize that because of the amount of money I make, my exemption gets cut in half. Clever. It doesn't show up in the tax tables, it is in some little formula you have to go through on page 33.

Because there are deductions based on a percentage times your AGI, I have never been able to take medical deductions. It also reduces the business expense I can claim.

I know no one feels sorry for me and I am not asking for any pity. My point is to point to the tax tables and talk about the progressive tax rate as if that represents how added income will hurt is bull crap.

As far as Warren Buffet's claim that he pays less in taxes than his secretary, I wish someone would have looked into that. Buffet must take all his income as a dividend or capital gain. To act like that is how all so called rich people are paid is just bull crap and misleading. No wonder he is a democrat.

02-11-2008, 02:29 PM	#1
BYU71 Senior Member Join Date: Jan 2006 Posts: 5,084	Taxes, I can't wait until Hillary or Barak raise mine. Usually I just throw my stuff together and send it off to my CPA. This year I got some money out of my deferred comp plan and decided to see how it affected things. I have found out a couple of things and it is such a bummer I am going to quit looking at the details. For instance, my standard exemption like everyone else's is $3,400. I didn't realize that because of the amount of money I make, my exemption gets cut in half. Clever. It doesn't show up in the tax tables, it is in some little formula you have to go through on page 33. Because there are deductions based on a percentage times your AGI, I have never been able to take medical deductions. It also reduces the business expense I can claim. I know no one feels sorry for me and I am not asking for any pity. My point is to point to the tax tables and talk about the progressive tax rate as if that represents how added income will hurt is bull crap. As far as Warren Buffet's claim that he pays less in taxes than his secretary, I wish someone would have looked into that. Buffet must take all his income as a dividend or capital gain. To act like that is how all so called rich people are paid is just bull crap and misleading. No wonder he is a democrat.