@misti3046@_JHokanson I would explain to the five year old that one time we did it when the numbers were 5 and 19 and miraculously won a championship in spite of it.
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Self-employment tax on small taxpayers making under $75k is up there with some of the worst tax policy.
At this income range, your federal rate is effectively 15%.
Self-employment tax doubles this for an effective 30% - which is what married couples making $400k+ pay.
And the standard deduction doesn't offset this tax, so even if you pay $0 federal tax you're still on the hook for this.
I help a handful of musician family and friends with their taxes, and they pay more in self-employment tax than federal.
Social Security is 12.4% of the 15.3% and is taxed from $0 to $176,100 before it drops off.
This $176k range should be moved up by $75k where the first $75k is SS tax-free and then it stays in effect up to $250k.
@unusual_whales Regular folks been out here using extraordinary measures for a while. Might want to try something especially extraordinary and spend less.
@AntiWokeMemes@libsoftiktok@nytimes I just don’t understand the failure to evaluate and internalize this meme, which is a perfect depiction. Good journalists, bad journalism.
Have you heard the Vivek and Tucker podcast about government workforce reduction? An example given was a workforce reduction of the Fed from 22,000 employees to 2,000 and moving the department of agriculture to the Midwest along with requiring a RTO for all federal employees. They are thinking very big. Personally, I like it, but the talk is about a complete remake of the unelected bureaucratic branch of the government. They didn’t mention the IRS. They didn’t mention taxes. I imagine any campaign tax talk was window dressing. I get the idea Washington is in for something it hasn’t experienced, but I could be wrapped up in the rhetoric.
@Unfilteredboss1@ByronDonalds@ScottforFlorida Definitely agree, but the other choices are much worse. Rick Scott will get in line with his constituents, which is a real mandate in Florida.
REPORTER: "The administration has money to send to Lebanon without Congress coming back, but Congress does have to come back to approve money to be sent to people in North Carolina?"
KJP: "Thanks everyone"
*Quickly walks out of the room without answering*
Nobody wants 4 more years of this