Settlement of Amex Clear Credit Card Debt

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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DoingHomework
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Postby DoingHomework » Sun Jan 05, 2014 10:00 am

MemberSince99 wrote:Me I make a 5 figure income, which puts me in the highest tax bracket at 33%. I have no write offs so they keep most of what they take.


If you make something with 5 figures you are not in the 33% tax bracket. If you are paying 33%, you should be talking to your accountant. You are probably in the 25% marginal bracket and pay an average tax rate of about 20%. That is one of the lowest income tax rates in the developed world. It is also almost the lowest tax rate in the USA in nearly a century. And 33% is not the highest!

As far as writeoffs, you get at least the standard deduction. You are also free to contribute to charity or take out a mortgage, which are among the few remaining "writeoffs" that anyone gets.

But getting back on topic (sort of), I am neither for or against the Affordable Care Act, aka Obamacare. It has its pros and cons. But I stand by my comment that everyone should carry health insurance even though it is expensive. The reason everyone should carry it is to prevent the kind of financial distress a medical situation can cause. We ALL pay for the irresponsibility of those who either are too cheap to pay for insurance or who think they are too good to ever get sick or injured. It really ticks me off when I wee these people whining about the cost of health insurance while the tap away at their expensive iphone, drive anything but the cheapest car, and eat out every day. Pay your insurance first. Skip the phone, car, and brown bag your lunch if you have no money left.


MemberSince99
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Postby MemberSince99 » Sun Jan 05, 2014 11:08 am

According to the tax information I saw, my income puts me in the 33% bracket. Their actual withholding is higher than that, but they keep most of it, so it seems about right. And yes, I'm aware I can adjust my withholding, but in the end it won't change the amount you pay only what they take upfront, let's just not even go there....


If you feel we are undertaxed, I'd invite you to put your money where your mouth is - and give them more. I have no doubt they'll be happy to take it. Between income, FICA, Medicare/Medicaid, state, gas, sales, vehicle, utility taxes, fee this, tariff that, toll here, tax there, it's likely over half what we make. And they STILL aren't happy. I mean holy Christ, do you just want to take it ALL and decide if we should get to keep any of the money we work for, based on if you think we "need" and "deserve" it?


I think we just fundamentality agree about what level of taxation is acceptable but as I mentioned if you feel undertaxed, you know what you can do about it.


As I mentioned, just having health insurance does NOT prevent the same problems. It may help, or it may not. It's not the cure all answer. And in fact this act seems to have made it worse for more than better, though it will be hard to get any facts to support an argument either way right now. I know of no one who benefits from it, but I know personally of people myself included who do not and pay more as a result of it. I know one person who lost his coverage because of it, this the act that was supposed to do the opposite.


I don't trust Obama any farther than I could pick the lug up and throw him. If I had a dollar for every one of his lies, I wouldn't have to worry about the cost of insurance. So I'm not surprised such an atrocious act was foisted on the people. And to those who say the Republicans did not support it, just look at Justice Roberts, a conservative on the Supreme Court who upheld this law. It's a Democratic atrocity, but it was upheld by one of your own, and we are ALL going to pay for that. Now it's ALL our problem.

MemberSince99
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Postby MemberSince99 » Sun Jan 05, 2014 6:18 pm

Maybe we could talk about gardening as a way and the meaning of life for a while? :D

kwrxxx
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Postby kwrxxx » Sun Jan 05, 2014 10:57 pm

Hi, I had health insurance with a 30% deductable. Don't you worry though if ill health ever comes your way you two will be saddled with $50k medical bills.

MemberSince99
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Postby MemberSince99 » Mon Jan 06, 2014 6:37 am

Yeah I have insurance too - so what? I probably will be. I've decided I'll just die, personally, rather than go through that. I despise our system. You can't even walk into a dentist's office and the bastard is demanding x-rays as the price of admission, gotta pay those country club dues I get that, but it's really not my personal problem to support his lifestyle. I just have nothing but contempt for the whole US system I'd rather go to another country for this stuff even the third world couldn't be worse than what we have.

DoingHomework
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Postby DoingHomework » Mon Jan 06, 2014 8:07 am

MemberSince99 wrote:According to the tax information I saw, my income puts me in the 33% bracket.

The 33% bracket starts at $183250 for a single person, more if you are married. Even then, your average tax rate would be about 22%. You also pay SS and medicare of course but those begin being phased out when your income hits about $120,000.

MemberSince99 wrote:If you feel we are undertaxed,

I did not say I think we are undertaxed or that taxes should be raised. I simply pointed out that tax rates in the US are some of the lowest in the world and are about as low as they have ever been. If you think taxes are high, try living somewhere else! And realize it will only get worse. Rates must go up. The only question is where they hit you.

MemberSince99
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Postby MemberSince99 » Mon Jan 06, 2014 4:42 pm

With all the taxes they take from my pay in one form or another, whether you call it tax, tariff, fee, toll, etc, it is totally seriously about half what I make. Granted I live in a high tax state, but nevertheless, that is the truth. (And I don't see a value for it but that's another issue).


I'd say how much higher could my taxes be elsewhere? It's not like I'm rich, I'm sure not Obama or Romney, they make many times what I do, but pay a fraction of my rate. Again another issue, but my point is, I think I'm pretty well damn taxed out. The middle class doesn't have much left to give. How about the guys like Obama and Romney pay their fair share? If it's fair for me to pay the rate I am, I don't see why the rich can't do the same. Or else lower my taxes to their rate. Fair is fair and this system is ANYTHING but fair.


It's like I say when I hear them cry about their tax burden, trade with me - I'll be glad to exchange my rate for yours. Even if they could do it, there wouldn't be any takers in that bracket.


So if you are trying to convince me this system is somehow good, you are failing in an epic way. I pay for the deadbeats who don't want to work AND the upper crust who doesn't pay as high as I do. Enough is enough.


Maybe we should go back to talking about the garden - it's such a peaceful place.

CrazyCatLady14
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Postby CrazyCatLady14 » Wed Jan 08, 2014 1:54 pm

I love reading when someone judges another without knowing the exact situation at hand.

You never know why someone is without health insurance. Not everyone can afford to pay for it along with a roof over their head, a vehicle to get to and from work and food...nevermind utilities. So please save your judgement.

Good for someone that actually skipped the middle man and was able to settle with the credit card company instead of filing BK7 or BK13.

I was lucky enough to have health insurance when I had my surgery back in 2011 and it was still a small fortune with co-pays and deductibles. If I didn't have coverage one of the bills paid by insurance was $256k (and that is what insurance paid not what they would have asked me for) Wanna tell me how I should have paid for that?

If you feel you aren't being taxed enough I am sure the government would be willing to take more of your money as a donation.



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