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Taxing Rich Doctors?
We pay $350k a year in taxes and can’t afford a house.
AOC wants to tax the rich. She also denies that she’s levying a tax on doctors.
Democrats want to raise taxes on couples making above $450k a year. My wife and I are both doctors. That would certainly increase our tax burden. We already pay about $350k a year in federal and state taxes (not including our insane gas tax). We aren’t starving, so this isn’t a call for pity. However, despite us making enough to garner such a large tax bill, we still can’t afford to buy a house.
Clearly part of our problem is the extraordinarily high cost of living in our chosen area. We currently rent a place that has a leaking roof, a mouse infestation, and appliances which occasionally function as intended.
I didn’t become a doctor to become rich. With the amount of time and training I’ve invested, the effort would have had a much bigger ROI in finance, tech or some other sector.
Still, I’d like to be able to afford a house. That quintessential part of the American Dream.
So, yeah, stick it to us rich folks. That’ll show us for wanting to own extravagant things like a single-family home…
Published in Economics
FICA
Yeah, I guess FDIC has been on my mind a lot lately.
LOL this is another amazing topic I haven’t brought up yet.
Do you know what the FDIC is? They have some extra bank examiners that are basically redundant to everything else but the insurance is like 2% of all of the deposits. It’s really the Fed at this point.
Such a stupid system.
Let’s put it this way. If a bank goes bankrupt, where do its deposits go? And if the FDIC reimburses, where does the money come from?
The FDIC money that they have on hand is from “premiums”( or whatever you want to call it) is from the banks.
If it’s a small bank it goes to another bank.
The real FDIC is the Federal Reserve. Anything that the average person thinks of as money, like a money market or a deposit at the bank is going to be covered. They have an out on the $250,000 limit but I’m not sure the dynamics of that mean much.
There may have been a time when the FDIC was a more serious concept, but now it’s a joke.
Is it? what makes it “unfair”? what makes it “crazy”?
If the government is paying for anything except actual, strictly defined, public goods, it is unfair one way or another. There shouldn’t be any central planning with the tax code. It either doesn’t work or it’s just a system for ripping each other off. If you are going to have an income tax, it should be a flat tax. There is no value added at Congress guessing at tax brackets and deductions and shoving them down our throats.
A hedge fund guy on Twitter wants told me that our system is really Congress pointing a gun at everybody’s head to participate in an auction on what the tax code looks like.
Surveys show that most people are willing to explicitly pay $10/year to fight climate change. In reality, they spend $2000/year in higher utility costs because of the Green Scam and don’t see it and don’t complain. People are easily fooled.
Biden wants to hire 80,000 more IRS agents.
All of this is just pure waste.
It used to be that people starting banks had to put up cash and they had real skin in the game. In fact shareholders had a double liability. That ended, when all the banks went belly up in the Great Depression, because only the US taxpayer can backstop systemic risk. I guess that might be true, but I’d like the bankers to pay up first:)
Five banks control everything and then throw in Black Rock or whatever. Too big to fail. They hold all of us hostage now.
None of this is producing more democratized credit that increases productivity and prosperity in a dispersed way like it used to.
The other thing is, investment banks should not go public. All of that money needs to be personally on the hook. It’s like ridiculous compound finance. Lehman Brothers was leveraged 43 to 1 on mortgages before they collapsed. Dick Fuld still has all of his homes.
No value added.
Good luck with that. Almost every business in the country has “Now Hiring” signs out.
Because only 1 cent of every 5 cents would go to roads.
You think that much?
Because the tax code is so complicated, Biden erased his FICA tax. What good is this? It’s all arbitrary BS. It’s as fake and unreal as anything Soviets thought up. It has nothing to do with more productivity, more opportunity, and more output disbursed fairly
Why don’t we ask enough fundamental questions?
He’s got to owe more than that. I doubt he’s been reporting the income on the 10% share for the Big Guy, assuming the returns he makes public are the ones he filed.
The aim of Progressives is to eliminate single family dwellings owned by single families. They are trying to abolish the suburbs. You will soon be forced into renting a duplex or multiple family dwelling (high rise, other?) along with otters families. The American dream, along with the American traditional family, is in the cross-hairs of the Progressives. Not to be allowed.
Well this is a bombshell! This is the first I’ve heard of this. How much lower will the Biden Presidency fall? He’s got incoming missiles on all fronts, and the Press’s Maginot Line is crumbling posthaste.
I will not under any any circumstances conform to living with otters!
Oprah’s Montecito mansion would make a spectacular low income, multi-family residence.
Is that a wall I see? I thought they didn’t work.
Their dream was probably shattered with covid, cities hardest hit.
Holy crap! Looks like a country club..
Golly. She must have a really big family…
It looks like some palaces I’ve seen on the internet. (And of course, on the Beverly Hillbillies.)
I would support seizing the nickels in the gas tax already earmarked for transportation and using them to pay for better roads.