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Living paycheck to paycheck is a way of life for majority of US workers Probably not news to this thread, but some highlights: quote:- 78% of U.S. workers live paycheck to paycheck to make ends meet
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Aug 25, 2017 15:29
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I wonder if 'debt' encompasses all debts like mortgages and student loans. Being in debt because you're still paying off your student loans or because you got an affordable 30-year mortgage is very different than someone with maxed cards or even carrying balances on them consistently. Having said that, this is the real killer: quote:18 percent of all workers have reduced their 401k contribution and/or personal savings in the last year, more than a third (38 percent) do not participate in a 401k plan, IRA or comparable retirement plan, and 26 percent have not set aside any savings each month in the last year. 
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Aug 25, 2017 15:46
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https://twitter.com/ryanbeckwith/status/900741265205186560 No way in Hell it'd happen, but this would be supremely BWM and BadWithPolitics
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Aug 25, 2017 15:47
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Turns out the people not putting money in there were on the right track all along!
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Aug 25, 2017 15:52
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pathetic little tramp posted:https://twitter.com/ryanbeckwith/status/900741265205186560 Well, making everybody do a Roth instead would be stealing from the future government, but wouldn't really affect what I do at all.
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Aug 25, 2017 15:53
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gently caress that poo poo.
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Aug 25, 2017 15:53
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If they're going to also decrease tax rates as a whole, eliminate AMT, and eliminate the marriage penalty as in trumps original plan then sure by all means. But I doubt any of it will happen.
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Aug 25, 2017 16:24
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I guess they could the cap your income to get the pre-tax deduction like they do with trad IRAs? Then you'd only be forcing relatively high earners into Roths. Not sure what effects that works have.
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Aug 25, 2017 16:27
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Folly posted:I guess they could the cap your income to get the pre-tax deduction like they do with trad IRAs? More working age people wanting to move to states without state income tax maybe. I know Illinois' recent state tax increase led me to prioritize my 401k over my Roth at this point.
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Aug 25, 2017 16:34
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That's related to a talking point they've used before too: removing the state income tax deduction. That way federal taxes aren't subsidizing states with income taxes and the states can compete more directly on tax policy. (So the theory goes, at least - I'm just reporting)
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Aug 25, 2017 16:39
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Folly posted:That's related to a talking point they've used before too: removing the state income tax deduction. That way federal taxes aren't subsidizing states with income taxes and the states can compete more directly on tax policy. (So the theory goes, at least - I'm just reporting) Eliminate the mortgage interest income tax deduction entirely, eliminate the state income tax deduction, watch Californians do some math and realize how hosed they are.
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Aug 25, 2017 16:42
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It's kind of absurd how the mortgage interest rate deduction is more expensive than cash welfare and federal spending on public housing .... combined.
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Aug 25, 2017 17:00
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It's super regressive, really pretty much the epitome of US tax policy.
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Aug 25, 2017 17:02
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https://taxfoundation.org/history-mortgage-interest-deduction/ I love how it was originally designed for businesses, to treat interest expenses like any other expense they incur and then they'd pay taxes on their net profit. But, uh, this happened. Every few years a presidential candidate runs on the platform of simplifying taxes, like Herman Cain's famous 9/9/9 plan. As it turns out, the stuff that makes taxes complicated are the deductions and determining what counts as taxable income. Those things are actually people's favorite part about taxes! The math is easy, it's keeping track of your exemptions when you're a legally blind railroad pensioner with student loans who has a mortgage and won $10k at a casino.
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Aug 25, 2017 17:10
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Subjunctive posted:It's super regressive, really pretty much the epitome of US tax policy. What's the quick explanation? Lower income people are more likely to rent and thus not benefit from it? If so, the trade off is that landlords would keep the deduction because it's an above the line business expense and thus removing the mortgage deduction may be even more regressive?
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Aug 25, 2017 17:12
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Folly posted:What's the quick explanation? Lower income people are more likely to rent and thus not benefit from it? The mortgage interest deduction means more to people in higher income brackets, because it's a deduction, and is more valuable to people with more expensive houses, and thus have more interest to deduct. I believe that it does phase out at some point, but it has the most value right now to household incomes around $300k in a million dollar house, AKA Bay Area tech people.
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Aug 25, 2017 17:13
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Twerk from Home posted:The mortgage interest deduction means more to people in higher income brackets, because it's a deduction, and is more valuable to people with more expensive houses, and thus have more interest to deduct. I believe that it does phase out at some point, but it has the most value right now to household incomes around $300k in a million dollar house, AKA Bay Area tech people. It starts to phase out after $300k. It's more a tax break for the middle-class, since I think everyone here will agree - you're only rich when you make $300,001. It's pretty interesting stuff, in that the mortgage tax break increases prices and demand at the same time. People buy more expensive homes than they might otherwise, while at the same time increasing demand for houses. I bet a lot more people would rent if it wasn't for that sweet sweet deduction.
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Aug 25, 2017 18:51
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Folly posted:What's the quick explanation? Lower income people are more likely to rent and thus not benefit from it? It only benefits people above the standard deduction, which a lot of people aren't, or wouldn't be if it weren't for their mortgage interest deduction.
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Aug 25, 2017 18:56
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pathetic little tramp posted:https://twitter.com/ryanbeckwith/status/900741265205186560 someone writes this same story every year because someone testified to congress about the idea, or a single Rep with no cosponsors introduced a bill or something.
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Aug 25, 2017 19:16
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brugroffil posted:someone writes this same story every year because someone testified to congress about the idea, or a single Rep with no cosponsors introduced a bill or something. 100% true, but there's something a bit different about this year that makes it a bit more likely for that idea to gain traction  Not enough to have the faintest hope of passing, but maybe enough for that Rep to pick up a cosponsor or two.
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Aug 25, 2017 19:35
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 The first 3 columns are directly from the IRS, the rest are calculated. For the $ tax savings/return I had to cheat and use the average rather than marginal tax rate since this table didn't provide the marginal rates, so it probably undercounts the actual tax savings from the deduction. But it seems that the bulk of the savings, both in absolute and percentage of income terms, goes to the upper middle class. Source: https://www.irs.gov/pub/irs-soi/14in21id.xls
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Aug 25, 2017 19:36
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It effectively moves money from renters to owners. I don't think the relative financial circumstances of those groups would surprise anyone.
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Aug 25, 2017 21:03
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Today at work a supervisor noted out loud that the #1 cause of repatriations of people working foreign billets was getting into consumer debt for stupid poo poo. It started a refreshingly (semi) responsible conversation about personal finance, with some of the older guys lamenting their foolish young ways and encouraging others to live within their means and save the difference. I mentioned opening up an RESP ( think 529 but  ) for my babby, which one guy found mind blowing. He asked how I could afford a whole THREE THOUSAND A YEAR while supporting a family on a single salary while RENTING. Before I could answer he came to the conclusion that I must be living paycheck to paycheck (?) because he wouldn't be able to do it on his higher salary. Dude breaks 100k as well and is obv rich but like 
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Aug 25, 2017 21:09
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Guest2553 posted:He asked how I could afford a whole THREE THOUSAND A YEAR ... In Illinois, a 4 year/8 semester in-state prepaid credit plan is $1,400 a month, or ~$13,000 a year, for five years. Got any more of them socialism's? Could you please share? edit: This plan doesn't pre-pay for the top-tier university, Uni Chicago Urbana. Gotta cough up $16k a year to get the pretty diploma. A Bad King fucked around with this message at 21:56 on Aug 25, 2017 |
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Aug 25, 2017 21:53
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https://www.reddit.com/r/legaladvice/comments/6vsdh6/utah_marriage_annulment_questions_and_property/ This guy's had a busy month. quote:I have been married for 4 weeks and my husband wants an annulment. In those 4 weeks my husband put me in the psyche ward twice. He had me buy a 5th wheel in my name on my credit and has been paying for it, has his truck and the fifth wheel on my insurance (I have no vehicles) ran up two credit cards, sold both of my vehicles and bought horses (one in my name which he has set free). I have property in a storage shed that he has in his name that he is hanging over my head for the fifth wheel...what can I do....oh, and I found out he is still married to another woman.
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Aug 25, 2017 22:52
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A Bad King posted:... In-province tuition at McGill is about $4,600 CAD / Year; out of province is $9,600 CAD. That's considered an expensive university; I think my terminal master cost me like $6,000 all told (At another university, out of province). poo poo my technical college (Think terminal community college / advanced trade school) cost like $600 in tuition, $20k if you include four years of living expense.
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Aug 25, 2017 22:59
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Yeah but what about your freedom?! Checkmate, socialist slave! *Writes $1k monthly check to private student loan company*
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Aug 25, 2017 23:05
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BWM: Taking giant student loans and then being shocked and indignant that you have to pay it back.
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Aug 25, 2017 23:53
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OctaviusBeaver posted:BWM: Taking giant student loans and then being shocked and indignant that you have to pay it back. BWL: Posting ignorance like a loving rear end in a top hat. Now link me to the flipside of your poo poo-opinion coin where you choke on phleghmy outrage at the idea of anyone without a bachelor's degree wanting to earn a living wage, because that train's never late.
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Aug 26, 2017 00:00
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OctaviusBeaver posted:BWM: Taking giant student loans and then being shocked and indignant that you have to pay it back. BWM for a society: financial barriers to education.
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Aug 26, 2017 00:03
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Here we go
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Aug 26, 2017 00:08
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Taking out huge loans with the realization that you will have to pay them back: better Taking out huge loans without the realization you will have to pay them back: worse Now with this tedious restatement of the obvious, I'm sure we'll avoid the five page derail.
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Aug 26, 2017 00:16
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When all the usual BWM stories have been posted over and over again, nothing is left but for the thread to eat itself. And this guy. How can I get a small limit credit card($1000) with the worst credit imaginable? https://www.reddit.com/r/personalfinance/comments/6uovsz/how_can_i_get_a_small_limit_credit_card1000_with/ posted:I am very behind in bills. About $1000 behind in bills. I'm working but it's not enough and I have a baby coming in less than a month. I need a way out of this but my girlfriend and I have such bad credit that every time we've tried to get a loan or credit card, they reject the application. top comment posted:In the last 35 days you were asking about purchasing a large amount of drugs to sell,
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Aug 26, 2017 00:16
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But selling drugs is GWM?
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Aug 26, 2017 00:17
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FrozenVent posted:In-province tuition at McGill is about $4,600 CAD / Year; out of province is $9,600 CAD. That's considered an expensive university; I think my terminal master cost me like $6,000 all told (At another university, out of province). Huh, I thought the US was the only place that did in-state/out-of-state tuition for citizens, learn something new every day. Haifisch posted:Getting treatment for your drug problems is probably the best place to start to have your finances under control. OP, probably posted:no
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Aug 26, 2017 00:20
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Teeter posted:https://www.reddit.com/r/legaladvice/comments/6vsdh6/utah_marriage_annulment_questions_and_property/ quote:sold both of my vehicles and bought horses (one in my name which he has set free) I hope he removed the VIN numbers off that, because if the cops find that horse abandoned she's going to be on the hook for disposal and will probably get a littering ticket
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Aug 26, 2017 00:25
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canyoneer posted:I hope he removed the VIN numbers off that, because if the cops find that horse abandoned she's going to be on the hook for disposal and will probably get a littering ticket Regular horses don't fare very well just being set loose, do they? What if there are bees?
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Aug 26, 2017 00:28
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Freckles surprised them all by being the first in his family to get a college degree & go on to own his own small business, before he died tragically by realizing ants existed.
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Aug 26, 2017 00:34
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Tiny Brontosaurus posted:Regular horses don't fare very well just being set loose, do they? What if there are bees? Horses turn feral in only two weeks out in the wild. Their tusks grow out and they begin foraging and hunting like their primitive ancestors. And because they reproduce by mitosis, one feral horse can quickly become a dozen or more with in a few months. States like Texas have a real feral horse problem where they will destroy farmland and eat pets if they are left out at night. Releasing a horse into the wild isn't just a dick thing to do to the horse. It's a dick thing to do to the environment.
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Aug 26, 2017 00:39
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Haifisch posted:When all the usual BWM stories have been posted over and over again, nothing is left but for the thread to eat itself. Actual quote from the guy quote:It's weird, the normal person.. They haven't a clue of the wonders of psychedelic experiences or drug addiction. I doubt anyone here would even take the time to read about this stuff.
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Aug 26, 2017 05:38
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