I'm paying already 25% in taxes on a retired salary and it will go up to 31% if we go over the cliff

[bigdarryl]

MOTHERFUCKERS!!!!!

[geek tragedy]

1. the 25% tax bracket would become a 28% tax bracket.

And that's only for money above and beyond $70K/year.

[hoboken123]

15. Yeah, nothing seems to make sense about the OP

'I'm banking six figures while retired, but have the wrong figures and don't understand marginal tax rates'.

I'm guess they're not a retired CPA...

[jeff47]

2. Congratulations on your success. (nt)

[CreekDog]

17. if he's in NYC or San Francisco, it's barely enough to pay the rent of an apartment

well, unless you want food or something.

many have it worse, but 70k in some urban centers. means that $2000/month for rent is a lot less possible, especially for retirees that don't have health benefits.

[Yavin4]

19. If You're on Fixed Income, You Don't Live in NYC or SF

That's just nuts.

[CreekDog]

20. That's the stupidest thing i've ever heard

As someone who was born in SF with family hete the idea that people who stay or who MUST stay being dtupid is a clueless and heartless thing to say.

[Yavin4]

31. I Live in NYC, and There's Nooo Way I'm Retiring Here

Inflation is outrageous here. No matter how careful you plan, the cost of living here will outstrip your income. I also lived in SF, and can say the same thing about that city as well.

It may be heartless to say, but it's the truth. You cannot survive in certain cities on a fixed income unless it's an extremely high fixed income amount.

[CreekDog]

21. Where are they supposed to move?

By the way?

What if they dont drive and depend local family and familiar public transit.

[pnwmom]

27. The majority of retirees retire in place -- or as near as they can manage.

And there are lots of advantages for retirees in large cities -- good transportation, good access to doctors -- besides the fact that most want to stay near their families.

[jeff47]

22. That's nice. He's still doing better than about 80% of seniors.

Including lots of residents of NYC and SF.

[CreekDog]

23. i thought we were all agreed that taxes on people in this range, the middle class, shouldn't go up

as someone with significant health expenses, living in an expensive area because i was born here and have family to look out for here and who is in that same tax bracket as the OP, the 25% i mean, i sometimes feel like the enemy to many DUers because of where i live, though my house is underwater and i cannot move --even though i had a downpayment, i'm underwater and can't refinance. but to some people i'm just the enemy, i'm not rich, i'm middle class and working to stay that way.

but i get the whole shaking finger in my direction, even though i constantly post, give, advocate and do work off DU to end poverty.

there are lots of families in my neighborhood that make 75k per year and who cares what they are ranked nationally, for a family here making that amount, they are often barely able to send their kids to school with lunch money because rent is 2500 per month --and this isn't a rich area, it's an immigrant area where a lot of new families to the US have a network that helps them out.

and many two income households live in small places without enough to have a savings account only to get treated like they are some rich Warren Buffet by folks like Yavin or even, perhaps you.

if you want those people, who voted for Obama with upwards of 80 or 90 percent of their votes --if you want those people to feel ashamed for being so rich and feel like you, the rest of America, is mad at their non-white faces and children --go for it.

let's see where that gets us.

[jeff47]

24. You forgot to include the violin solo.

Look, the current battle is not against us. I'm also in the same bracket. But my taxes are only going to go up if the Republicans continue to fight for those over 250k.

How about this: What, exactly, do you want liberals to do that they aren't already doing?

Not "don't forget about me", or "I don't have it super easy". What EXACTLY do you want liberals to actually do about tax rates that we are not already doing? 'Cause we're fighting like hell against the Republicans, and we're not interested in you saying "woe is me" while we do it. And if you want woe, you're gonna have to compete against people in far worse situations.

'Cause this looks an awful lot like a pity party instead of something useful.

[CreekDog]

25. If you're suggesting I want yours or anybody's pity, Get Lost.

I don't want pity and I don't want it for other people.

I don't want what I have or what other people have misrepresented.

It's about the *truth*.

I don't want your pity, I want you to respect the truth.

[jeff47]

26. Then why waste everyone's time with your story?

If you're not seeking pity, why the lengthy story about how tough it is? What's the point?

Btw, you forgot to mention what exactly you think liberals are not doing to fix this. So what, exactly, should be done differently?

[CreekDog]

32. look, if you're going to misrepresent what i've said, then i won't stop your fun

but you'll have to do it on your own.

i am a liberal, i support liberals and liberal policies, and there probably is not a single tax that i've voted against.

so whatever is in your head, if that helps you get through the day, go for it.

i'm moving on.

[jeff47]

33. Still not gonna answer the question then? (nt)

[CreekDog]

34. not until you treat me honestly

if you're going to misrepresent what i say, then you don't need me to answer your questions, you obviously can just make up whatever you want me to have said.

[pnwmom]

28. +1. n/y

[Recursion]

3. You're retired and making more than 70K?

Good for you.

[bunnies]

5. ^^ this ^^

takes me three years of physical labor to make that much. sigh.

[jenmito]

36. And he's only 53! n/t

[MannyGoldstein]

4. The good news is that the super-rich will pay one-third less than you

Actually, they'll pay one-third less even if we go with Obama's proposal and don't go over the "cliff".

Eventually, if we give the job creators enough money, they'll create a job. Possibly sometime in 2018.

[jberryhill]

6. No, it won't.

First of all, congratulations on your success and good fortune. I also make a very good income, due largely to the opportunities afforded me by institutions of learning which are funded by the public. I am proud to have done well in such an environment, and equally proud to maintain it so that others may also prosper.

Secondly, now that you have done so well, it is time for you to understand how marginal rates work.

[Autumn]

7. Paying taxes is something that we ALL need to do. Taxes pay for

services we need.

[HERVEPA]

8. Uhm, you do know what a marginal rate is, right?

[SheilaT]

9. I sure as heck wish I earned enough money

to be in that tax bracket.

[LiberalFighter]

14. Same here.

Before I (single) retired my top income tax bracket would be 25% and I would have to more than double my income to get into the 28% rate. I'm retired and doing fine financially.

[Sunlei]

10. how did you survive before the Bush tax breaks?

[RC]

29. Shhhh....

We're not supposed to remember that part.
My taxes only went down by something like $35 a month with the bu$h tax cuts. This $2500 figure is scare mongering for most people with anywhere around the average income.

[nolabels]

11. Maybe you can get some of my retirement pay when i kick over

I plan on never retiring but the union and few others seem content on setting up such accounts on my behalf. Mostly what i see is that a good majority of the people who retire die or go back to work within the first five years so whats the use and i see no need for it.

The trick to learn is either "Do it" or "get it done to you". That middle ground in between those actions is just a place where things go to die.

[xxxsdesdexxx]

12. What do you make annually if you don't mind me asking?

[LiberalFighter]

13. Do research on how taxes are applied on your income.

A very simple exercise to see the effects of the federal income tax on your income is to the do the following.

Dig up you 2011 tax return.

Multiply your tax by 100 and divide by your gross adjusted income for the year. Your tax does not include any refund you may receive because you paid too much in federal tax.

You now have your effective tax rate.

By the way, if your top tax bracket is 25% it will revert back to 28%. Not 31%.

[Avalux]

16. We must go over the cliff. My taxes will go up too.... BUT.....

ALL tax cuts will expire (including those on the wealthy) and shortly after the first of the year, a deal will be made. I'm willing to suffer a temporary hike to get what we want. A deal later is much better for the middle class than a deal now.

[tarheelsunc]

18. The Republicans seriously fight like 5 year olds

"Since the rich can't get their tax cuts, NO ONE gets them. There, that will show you! HRMPH."

[subterranean]

30. Are you paying 25% on your entire salary?

Or just the part above $70,700? In either case, you are doing pretty well for yourself in retirement. Congratulations. I'm sure you'll still be doing quite well if we go over the fiscal "cliff."

[Filibuster Harry]

35. The 25% rate increases to 28%. Assuming you are single here are the rates in your

tax bracket:

Current 2012: Over $ 35,350 but not over $ 85,650 ; the tax is $ 4,867.50 plus 25% of the excess
over $ 35,350.-


2013 Projection: Over $ 36,250 but not over $ 87,850; the tax is $ 4,991.25 plus 25% of the excess over
$ 36,250.-


But if we hit the fiscal cliff:
Over $ 36,250 but not over $ 87,850; the tax is $ 5,437.50 plus 28% of the excess over $ 36,250.-