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Taxing the rich - what is the cutoff?

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Old 06-17-2008, 10:57 AM   #121
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Re: Taxing the rich - what is the cutoff?

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Also how many people making around 250,000 will decide that it does pay to make the 250,000 and instaed make 245,000 and still bring home more money then if they make $250,000. Heres the math. If a person makes 250,000 their additional tax is $7,000 which drops their pay to 243,000 and if they made $245,000 they do not have this additional tax. For people who have their own business they would just change how they pay themself. For the person who said they only work 2 months to pay taxes here is the math. Their tax bracket is around 33% and 33% of 12 months is 3.96 months or around $82,500 if making 250,000. If we jump that an additional 3% now they are working 4.32 months to pay taxes. I just feel thats not fair.
You do realize that it's a progressive tax don't you? In 2008 you pay 33% on anything above $164,550 (you pay .33 on 85K not the entire 250K).
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Old 06-17-2008, 10:58 AM   #122
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Re: Taxing the rich - what is the cutoff?

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I should run that lawyer salary by my lawyer friends around here in Philly. They start out at $60K. Must not be "major" firms.
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These numbers don't include bonuses, which run $15-60k (or higher) depending on hours billed.
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Old 06-17-2008, 11:00 AM   #123
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Re: Taxing the rich - what is the cutoff?

I found my daughters 4 year degree cost use around $60,000 going to an in state school. She just graduated this year and has found her first job making $36,000 plus benefits. So while thats not a ton of money it is giving her a good start. When she was looking at schools I gave her the choice of any in state school (not private) which really helped with cost. In Va. we have pretty good schools and I just did not see an advantage of going out of state but I'm sure thats not true for all people.
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Old 06-17-2008, 11:01 AM   #124
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Re: Taxing the rich - what is the cutoff?

Probably works for the state or government. Them lawyers get squat diddy. But even at major/minor law firms they still don't make enough to warrant 250K education tab.
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Old 06-17-2008, 11:07 AM   #125
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Re: Taxing the rich - what is the cutoff?

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Probably works for the state or government. Them lawyers get squat diddy. But even at major/minor law firms they still don't make enough to warrant 250K education tab.
To be fair, for SGG that included 4 years undergrad, which probably accounts for half of it.
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Old 06-17-2008, 11:11 AM   #126
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Re: Taxing the rich - what is the cutoff?

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These numbers don't include bonuses, which run $15-60k (or higher) depending on hours billed.
OK thanks for that info. I had no idea the average lawyer made so much money.
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Old 06-17-2008, 11:14 AM   #127
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Re: Taxing the rich - what is the cutoff?

I remember a professor I had early on in college pulled me aside once and suggested I should look into going to law school. I should have listened.
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Old 06-17-2008, 11:22 AM   #128
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Re: Taxing the rich - what is the cutoff?

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OK thanks for that info. I had no idea the average lawyer made so much money.
The dilemma is that, in order to get those jobs, you have to either attend a top 10 school (which in most cases will set you back $140k+), or be at the top of your class in a top 50 school (which can still cost you $140k+).
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Old 06-17-2008, 11:26 AM   #129
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Re: Taxing the rich - what is the cutoff?

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The dilemma is that, in order to get those jobs, you have to either attend a top 10 school (which in most cases will set you back $140k+), or be at the top of your class in a top 50 school (which can still cost you $140k+).
OK yeah, now it's starting to make sense.

I found this source for attorney starting salaries in the US, it's definitely not in the 6 figures. I guess to land a job at a "major" firm you need, like you said, top credentials:

PayScale - Lawyer Starting Salaries, Average Salary for a Lawyer

And this chart here seems to indicate why you guys in the DC area would be used to very high lawyer salaries:

PayScale - Attorney / Lawyer Salary, Average Salaries by City
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Old 06-17-2008, 11:32 AM   #130
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Re: Taxing the rich - what is the cutoff?

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OK yeah, now it's starting to make sense.

I found this source for attorney starting salaries in the US, it's definitely not in the 6 figures. I guess to land a job at a "major" firm you need, like you said, top credentials:

PayScale - Lawyer Starting Salaries, Average Salary for a Lawyer

And this chart here seems to indicate why you guys in the DC area would be used to very high lawyer salaries:

PayScale - Attorney / Lawyer Salary, Average Salaries by City
No question. NYC and DC are the lawyer capitals of the country. NYC tends to set prices for the rest of the country, in terms of when salaries increase. Salaries have skyrocketed lately. 10 years ago, starting salary was around $85k in DC.

So, it's possible that my world-view is skewed when it comes to this. About half the people I know fall into the mid-30s, 2 kids, household income over $250k (lawyers, IT, investment banking) category. All of them can afford the increase, but only a few would I categorize as affluent, and none would I describe as "rich" or "wealthy".
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Old 06-17-2008, 11:36 AM   #131
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Re: Taxing the rich - what is the cutoff?

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OK thanks for that info. I had no idea the average lawyer made so much money.
The average lawyer does not make so much money. The notion that anyone can get a $160K job just by graduating law school is dead wrong, and it is the misconception which draws young 22 year olds into the profession. There are about 180 accredited law schools and the big firms tend to hire about 50% of their attorneys from the top 15 schools and the remainder from the top 40 or so. Rarely does a big firm hire a law student from a second tier law school, let alone a third tier law school.

Most 3rd, 2nd, and 1st tier law school grads become public defenders, prosecutors, government lawyers, public interest lawyers, or small firm lawyers. The average law school grad does not work for a 1,000+ attorney firm paying $160K to newly minted attorneys.

Moreover, many big firms pay a lot, but they expect their first years to pay them in blood and with their first born. There is a reason why roughly 50% of those highly paid lawyers leave their jobs within the first 3 years, notwithstanding the fact that they are faced with a mountain of debt.

EDIT - I just read your other post in which you basically said what I noted above.
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Old 06-17-2008, 11:38 AM   #132
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Re: Taxing the rich - what is the cutoff?

750k house with 150k down seems low and high as far as the money goes, especially if they wanted to be close to work.

also, if they actually had to go to a dentist/doctor they'd throw those numbers out of whack as well (besides loans), since PPOs and dental plans just don't pay for everything.

not saying your numbers are completely unreasonable, but it's not the end all, and a dual income household in DC can very easily hit 250k.

the biggest thing is the relative buying power of that 250k isn't nearly as high in DC as it would be in montana, but both households get taxed equally, since there's no CoLA for major cities (of course, it's a bit harder to make 250k/year in montana though).
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Old 06-17-2008, 11:41 AM   #133
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Re: Taxing the rich - what is the cutoff?

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Look on the bright side, it' an investment in yourself and potential earning. Plus your interest is tax deductible, and I'm not sure about this one but couldn't you deduct your loan payment as an educational expense as well?
The interest is deductible, but I still take a huge hit on the interest for my student loans. The student loans are, to my knowledge, not deductible as an educational expense (e.g., a Hope of Lifetime Learning Credit) because I am no longer a student.
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Old 06-17-2008, 11:50 AM   #134
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Re: Taxing the rich - what is the cutoff?

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Moreover, many big firms pay a lot, but they expect their first years to pay them in blood and with their first born. There is a reason why roughly 50% of those highly paid lawyers leave their jobs within the first 3 years, notwithstanding the fact that they are faced with a mountain of debt.
That's an excellent point that I failed to mention.
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Old 06-17-2008, 12:04 PM   #135
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Re: Taxing the rich - what is the cutoff?

You mean to tell me lawyers aren't as rich and flamboyant as they are on tv?
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