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taxed on small PM purchases? An interesting look...

MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭
edited June 28, 2019 6:49AM in Precious Metals

Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Soon we will be paying tax on taxes.... :( Cheers, RickO

  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    We are, or at least some are... it’s called social sec... .... .....

  • derrybderryb Posts: 36,111 ✭✭✭✭✭

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    What's earned gets taxed, what's left gets taxed when it is spent, and if you spent it on certain property there's the annual property tax.

    Taxes alone should send money velocity through the roof.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    @Hemispherical said:

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    We are, or at least some are... it’s called social sec... .... .....

    In all fairness, we are only taxed on a portion of S.S. income.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    @OPA said:

    @Hemispherical said:

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    We are, or at least some are... it’s called social sec... .... .....

    In all fairness, we are only taxed on a portion of S.S. income.

    Up to a max of 85%, but still a tax on a tax.

    Forgot the obvious, government employees (that includes any paid politicians).

    Time to go pay a tax on something. ;):D

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    Strange, still no PM tax in the commonwealth, god bless the commonwealth!!!

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭

    vote for me.

  • jmski52jmski52 Posts: 22,302 ✭✭✭✭✭

    I pay Medicare tax, then I pay Medicare premiums. Anyways, I come out ahead by not getting sick - but I still wonder where all that money goes.

    (Actually, I don't wonder. DC is one of the richest locales in America.)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • maplemanmapleman Posts: 1,052 ✭✭✭✭✭

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    Actually it's called social security. Taxes on a tax.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @OPA said:

    @Hemispherical said:

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    We are, or at least some are... it’s called social sec... .... .....

    In all fairness, we are only taxed on a portion of S.S. income.

    You are paying tax on 35% of your SS income that represents your 'contribution' to the system. You have paid income tax on that already - so you are paying tax on a tax. Included in the amount subject to income tax is your Medicare premiums. If you are also working while receiving SS, the SS and Medicare tax you are paying on your current wages are included in income used to calculate if you are subject to the 85% tax on your SS - and those Medicare premiums paid out of your paycheck don't count toward your Medicare premiums taken out of your SS checks.

    and if you are unfortunate enough to die at 64 years 364 days old - you get nothing, despite the fact you paid income tax on those contributions. This demonstrates that the government can tax you on something which you lack any real ownership...

  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    "and if you are unfortunate enough to die at 64 years 364 days old - you get nothing, despite the fact you paid income tax on those contributions."

    On the other hand, if you live to be 100, you'd recouped more than double what you paid in. With the average age life expectancy in the US being around 80 years, most of us will recoup more what was paid in.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭

    i heard that Connecticut wants to tax downloads on your computer now. its only the start :/

  • ShadyDaveShadyDave Posts: 2,186 ✭✭✭✭✭

    @Hemispherical said:

    @ricko said:
    Soon we will be paying tax on taxes.... :( Cheers, RickO

    We are, or at least some are... it’s called social sec... .... .....

    I'm 30 years old and pay into S.S. I highly doubt I will ever see that money when I go to retire.... so enjoy paying taxes on it for me, OK?

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    SS won't disappear. it will shrivel on the vine. something will be left, but not as its former self.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @OPA said:
    On the other hand, if you live to be 100, you'd recouped more than double what you paid in. With the average age life expectancy in the US being around 80 years, most of us will recoup more what was paid in.

    That depends actually. If you were married and only one of you worked, then you are correct. If both of you work, then you would receive less back.

    This assume you ignore the fact that the government is taxing you again on a portion of your payments...

  • morgansforevermorgansforever Posts: 8,428 ✭✭✭✭✭

    @johnny9434 said:
    i heard that Connecticut wants to tax downloads on your computer now. its only the start :/

    Some Dems in Hartford want a food sales tax and a home heating fuel/propane tax and tolls. On top of the sales tax, including all internet transactions, even if it's used goods, fuel tax, income tax and property tax. CT is fast becoming the poster child for oppression and tranny. Unions, pensions and catering to the voter base is priority number one. Proud to say I'm the enemy and NOT part of the voter base.

    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    CT literally is the "just raise taxes" state.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭

    @morgansforever said:

    @johnny9434 said:
    i heard that Connecticut wants to tax downloads on your computer now. its only the start :/

    Some Dems in Hartford want a food sales tax and a home heating fuel/propane tax and tolls. On top of the sales tax, including all internet transactions, even if it's used goods, fuel tax, income tax and property tax. CT is fast becoming the poster child for oppression and tranny. Unions, pensions and catering to the voter base is priority number one. Proud to say I'm the enemy and NOT part of the voter base.

    I am no friend of them either, just saying

  • morgansforevermorgansforever Posts: 8,428 ✭✭✭✭✭
    edited July 11, 2019 4:13PM

    @MsMorrisine said:
    CT literally is the "just raise taxes" state.

    I firmly believe, the committee of 5 would have already formulated a plan to raid and dethrone the one party system here in the Consumption State.

    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • ShadyDaveShadyDave Posts: 2,186 ✭✭✭✭✭

    @johnny9434 said:

    @morgansforever said:

    @johnny9434 said:
    i heard that Connecticut wants to tax downloads on your computer now. its only the start :/

    Some Dems in Hartford want a food sales tax and a home heating fuel/propane tax and tolls. On top of the sales tax, including all internet transactions, even if it's used goods, fuel tax, income tax and property tax. CT is fast becoming the poster child for oppression and tranny. Unions, pensions and catering to the voter base is priority number one. Proud to say I'm the enemy and NOT part of the voter base.

    I am no friend of them either, just saying

    Ditto. Wife is trying to get me to agree to leaving this liberal hellhole and its looking better and better to leave this sinking ship everyday.
    You should also be aware that the home heating oil tax is already in effect... 😬

    Here are a few more new taxes either in effect or soon to be:

    The fee study item made me chuckle. “We need to create a commission to find $50,000,000 in new fees to charge customers.” Maybe we don’t have a revenue problem, maybe we have a spending problem?

    End rant.

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    there is no plastic bag fee

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭

    I don't blame anyone for leaving here. salute >:)

  • ShadyDaveShadyDave Posts: 2,186 ✭✭✭✭✭
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    oops

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • morgansforevermorgansforever Posts: 8,428 ✭✭✭✭✭

    "Ditto. Wife is trying to get me to agree to leaving this liberal hellhole and its looking better and better to leave this sinking ship everyday. You should also be aware that the home heating oil tax is already in effect..."

    Didn't realize the home heating fuel/propane tax was already go, that's .15 cents a gallon correct?
    It's coming down to two options, pitchforks and torches or abandon the state I've lived in for 45 years.

    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • cohodkcohodk Posts: 18,549 ✭✭✭✭✭

    Move.

    Plenty of jobs in areas in areas with increasing populations.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • bigjpstbigjpst Posts: 3,031 ✭✭✭✭✭

    @cohodk said:
    Move.

    Plenty of jobs in areas in areas with increasing populations.

    I tried this a few years ago. Moved from Ca to Nv because I was fed up with the constant tax increases and policies that I no longer wanted to deal with. Unfortunately the jobs created here bring waves of people here from Ca and other states that crush businesses and those people also bring their mindset.
    Nv legislature and Governor just went blue for the first time in years. I see a state income tax in our future.

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