Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
start a business to compensateSame. We both make good money and other than the house, we have no deductions. It's disgusting how much we pay in and don't get back.
With all that free time we’ve got right?
14% would put about $10K a year back in my pocket vs the current situation. Which would be welcome. I don’t think any administration is going to cut any tax burden that much. They are trillions in debt and are asking for more not less.
That wouldn't work in my industry. I have no idea what time I'm getting off everyday. It's usually around the same time but sometimes stuff happens and I get out late. After I drop underground, I have about a 25 min drive to get to my unit. If a ride breaks down, I'm not waiting for another one without being paid. I'm damn sure not coming in on an idle Saturday to get caught up on maintenance without getting OT for it.
I would get taxed at almost 32 percent on my OT...fyi
There's a number somewhere around that which doesn't change the government's income. I remember years ago it was online calculated around 11%.
Laffer Curve.
No, he's talking about the flat rate that would result in .gov getting about the same revenue as it does under the current tax structure. The Laffer curve is about finding a tax rate that minimizes taxation while maximizing tax revenue. We may or may not currently be anywhere near the Laffer peak, I have no idea.
I’m gonna go out on a limb and say majority of people commenting in this thread have no concept of what the oilfield is actually like. I’ve been in it since 2005 and I can’t remember a time in hitch that I’ve worked less than 80 hours/week. That’s even consulting or doing things similar to you keeping wells online. It’s all part of the deal and if you stay in it longer than 2 years there’s probably something wrong with your head. I’ll freely admit I’m not going anywhere because it’s my jam. The other side is we get a rotating schedule even though this year from April to September I only took 10 days off total, stacked some cash tho. Some people are built for it, some aren’t.
winner.
OT, I get.
It's income. Most states don't tax but some do.
at least one person understands how it works
Talked to my tax guy about that and the way he explains it, it never seems to work out the way everyone thinks it does. Its not free money.
who is setting that certain minimum? where? 10K 15K 20K ??? total household income below 10K? NO income tax? welfare? food stamps?
A flat tax is wildly regressive. A big personal deduction would help, obviously. It would need to be enough to cover basic expenses like food, clothing, rent/mortgage, reasonable transportation costs, etc. I don't think anybody should have to pay tax on money they need for basic shit. I consider that the same idea as business expenses. But even with a deduction big enough to cover that stuff, it's still very regressive. And of course, with something like a $25K deduction, a lot of people wouldn't pay any income tax, leaving the rest of us to pay a higher flat percentage on what we do pay tax on. Meanwhile, people making 1/2 a million or more per year barely even feel the tax hit. Ya know, regressive. And, if there's a personal deduction, then we're basically right back to where we are now. Tax returns and reporting and all the bullshit I hate most about the status quo. Might as well just leave it alone.
Had no idea. Always assumed zero tax on it. Makes no sense for the gov to hand you a dollar and tax you 10 cents on it. Why not just hand over 90 cents instead?
