35% Taken Out Of Paycheck For Taxes?!

Hi I just graduated college and got my first paycheck last week. Maybe it's because I'm new and naïve to the working world, but I had a rude awakening when I looked at my net pay vs. my gross. It feels like so much has been taken out for state and federal income tax, social security, medicare (i think?) it was roughly 35%. I get that usually I'll get some money back in state and federal withholding but it was bitter to realize how many thousands of dollars less it is I can actually put into my personal savings/investments. 

This is probably more of a rant than a question but I am P I S S E D 

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Comments (201)

Aug 25, 2021 - 2:52pm

thebrofessor

welcome to the world friend, now try and not get too terribly jaded so that you're a bore at cocktail parties

also, always always always think in terms of net net, gross is a mirage

I would say people need to read up on taxes. It would relief so many people of this type of comments posted here.

SafariJoe, wins again!
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Aug 3, 2021 - 5:05pm

Yes it is a lot 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • Analyst 1 in IB - Cov
Aug 3, 2021 - 5:17pm

This is what leads so many people to move to TX and FL even with the minimal finance jobs in FL and issues with energy in TX. 

Aug 5, 2021 - 11:16am

"Issues with energy" is really something everybody from outside of Texas loves to ridicule Texas about while conveniently forgetting that PG&E had been causing rolling blackouts in California only a year or so ago and that the largest widespread blackout in recent history was the August 2002 3-day northeastern seaboard blackout. Despite those states being on the grid.

Most Helpful
Aug 3, 2021 - 5:26pm

Remember this feeling and never make the mistake of voting for a democrat

I come from down in the valley, where mister when you're young, they bring you up to do like your daddy done

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Controversial
Aug 3, 2021 - 10:22pm

Friendly reminder that Trumps Tax Cuts and Jobs Act will actually INCREASE YOUR TAXES. But yes DemocRATS are the reason YOU GOP IDIOTS ARE FUCKING STUPID

https://taxfoundation.org/no-stealth-tax-increases-in-2021-republican-b…

here is a source from taxfoundation.org or you can simply google it and realize you know nothing about politics and you misguidedly consider yourself conservative because you're an insecure and overprivileged loser that is stuck spouting our conservative propaganda sourced by fox news, etc and delivered to you via instagram or some other low quality medium

Aug 3, 2021 - 10:25pm

I don't subscribe to the Failing New York Times

I come from down in the valley, where mister when you're young, they bring you up to do like your daddy done

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Aug 4, 2021 - 1:58pm

My father is an elected official and he's Republican so I had been all my short life so I can vote for him in the primaries but I recently considered switching to Independent. After I got that paycheck I was like hell no I'm staying red lmao

Aug 4, 2021 - 9:03pm

This is literally what voting come down to for most upper class people.  "How much money is this person taking out of my pocket vs. the other?"

It's all fun and games until your own wallet gets hit.

Aug 3, 2021 - 5:40pm

All jokes aside unless you had other income, you will get a lot of it back during tax return season especially as a new analyst. Not sure if you're in NYC, but at least your federal effective tax rate likely won't be over 20% all in.
 

Federal tax rates are honestly at historical lows (again certain city taxes like NYC screw with that), it's really only once you get above that 170k+ mark where you actually start to get fucked hard

Array
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Aug 3, 2021 - 10:04pm

if you mean he'll get some money back cause he didn't work a full year, then yes. otherwise no, the next full year he works, he ain't getting anything back. I pay like 40% in taxes - never saw it back. on opposite, got charged extra in taxes this year, and interest on student loans is not deductible. sad shit.

Aug 3, 2021 - 10:09pm

Yes that's what I mean it's only a half year worth of taxes for 2021 even with like 100k base and a 10k signing over 6months that's barely any tax paid for 2021

Array
Aug 5, 2021 - 12:30pm

Definitely be careful in the downtown area in Baltimore. The one time I stayed at a hotel in Baltimore downtown there was a massive fight in a bar next door with broken glass strewed about right outside the hotel. Cops had to be called in to resolve the issue. That was the only place I've been to where I actually felt uncomfortable walking out post sunset. Then again this was pre-pandemic and I've heard crime and violence has risen everywhere so maybe this is the norm now and I'm just old. 

Array

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Aug 3, 2021 - 9:58pm

yeah, I had the same reaction the first time. I still don't understand why there are state taxes - how do states without state taxes operate then? also, why don't federal taxes cover social security and medicare - aren't those the things federal government is doing (paying pensions and helping poor with healthcare)? in that case they should use federal taxes for that, why is there a separate tax? just reconsider your priorities and restructure the budget, don't just charge me an additional tax to do what you're supposed to do.

so, yeah, third to half of paychecks goes straight to government in a country of the richest men with by far the largest economy, and we're still seeing homeless ppl everywhere, no free / government-funded education or healthcare, dirty streets, roads full of holes, etc. it feels like the government just burns our money. and some people want to give them more.

Aug 3, 2021 - 10:19pm

That's because your government spends a massive % of GDP on military, which is almost necessary now due to stirring up shit in the rest of the world for decades.

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  • Analyst 1 in IB - Cov
Aug 3, 2021 - 10:24pm

Lol. The military is less than a third of our total budget, and dismantling it entirely wouldn't come close to balancing our budget. You're welcome though. I imagine your country would probably be speaking russian, chinese, or German had the US matched your military spending/GDP.

Aug 3, 2021 - 10:52pm

Most military spending is on jets and tanks and the technology needed to develop them.  Counter-terrorism was never a majority of the defense spending even at the height of the Iraq war

https://www.businessinsider.com/how-the-us-military-spends-its-billions…

In 2015, the majority of military spending was towards paying soldiers and operating equipment in the USA.  I'd imagine that percentage is higher now because there are less soldiers in combat today.

Aug 18, 2021 - 12:37pm

States like FL/TX that don't have income tax make up for it in other ways, I know TX has higher property taxes, FL has toll roads, etc. etc. Also I think FL may have found a way to monetize their vacationers more so that their residents don't have to pay high taxes. Each state has their own, at the end of the day though Uncle Sam is going to get his slice. 

Your other point is actually one the bigger arguments against socialism/communism/expansion of government etc. The government is HORRIBLY incompetent at effectively budgeting and allocating the trillions of dollars they wield, and is generally either out of touch with or indifferent to the greater needs of the country's citizens at large. To add to this, most politicians don't have the slightest clue about how the things they legislate actually work. This is, and will remain, a reality no matter what form of government we have (republic, democracy, communist etc.). There's a quote that says "if you evenly distributed all the money in the world to everyone, it would eventually end up back in the same hands." Well, the same goes for power, and not necessarily due to merit or competence in leadership, as those are only a (possibly not even necessary) part of what it takes to gain power/influence. The best one can do is try to create your own personal wealth, both monetary and real, avoid having it leave your pockets, and build upon it for generations. Governments will come and go, but the idea of generational self-sufficiency is a lasting one that will minimize the amount you get screwed at the will of those in power. 

Aug 4, 2021 - 3:23pm

How are you automatically assuming I vote Democrat? I voted Republican my whole life lol. And you boys say women are the ones that jump to conclusions smh...

Aug 6, 2021 - 9:28am

you're retarded friends from college 

I mean someone had to point this out...

In all seriousness, voting for higher taxes isn't in and of itself a stupid decision.  Taxes are merely a tool or source of funding - the real argument is over what the tool or funding is used for.   

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Aug 6, 2021 - 3:21pm

On you with that - there's a lot of fiscal mismanagement in government. And a lot of elected officials don't come from a business background so they don't fully understand how to run things efficiently and instead ask for more money to solve the problem through raising taxes and issuing munis. Also the outrageous pension plans government employees get, omg we're literally bankrupting ourselves

Aug 4, 2021 - 6:03am

The US govt has to throw something like 8 bn a year in diversity and inclusion. Also attempting to bully Hungary or Russia for not wanting to do the same. But that's nothing compared to making sure that government buildings in Kabul fly the transgender flag.That stuff is expensive.

You get what you fucking deserve.

Never discuss with idiots, first they drag you at their level, then they beat you with experience.

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Aug 4, 2021 - 9:23am

Yup, welcome to the world. Who else is going to pay for all the homeless, single mothers with 8 children and people who don't want to work? You're a man, you're disposable and a piece of shit according to society. 

Aug 4, 2021 - 4:23pm

I can't comment to the balance on who gets a better deal, but there is a lot that people benefit from the government without fully realizing it (or at least without acknowledging it):

- Infrastructure: This is a big one, ports (material consumption), airports (leisure travel), roads (fairly self-explanatory), civil infrastructure (like sewer, water mains, etc.) are all supported by government investment and are often heavily subsidized for areas like the suburbs. 

- Tax incentives: Mortgage interest deduction, 529 plans, 401k plans, etc. all benefit wealthier people who are able to take advantage of these tax breaks. Not saying poor people don't have access to these, but the existence of a mortgage deduction is moot if the poor can't afford to buy a house. 

- Public Universities: Maybe the WSO crowd doesn't take so much advantage of this, but a lot of the middle/upper-middle class that goes to public universities are all taking advantage of state subsidy of education. 

- Bit of a stretch, but the US Navy: This ties into the "ports" I mentioned in the infrastructure point. While I am no defense hawk, our Navy has a global presence which has had an incredible calming effect on the international waters allowing for global trade. Maintaining stability in global trade not only supports an ever-increasing global economy (which mostly bolsters the information economy) but also allows for increased material consumption due to access and reduced costs to more markets. 

- Strong (business) judicial system: While it may be more esoteric, having strong property rights/enforcement, contract enforcement, transparent capital markets, etc. all mostly benefit the jobs and livelihoods of the upper classes. 

I'm sure there are others I can't think of off the top of my mind, but there is a lot the government is responsible for that the upper-middle/upper classes benefit from.

Aug 4, 2021 - 12:56pm

Let us be clear. Both parties take your money but in differents ways, using different names! Take a few taxes courses to identify ways to limit your exposure and be thankful you do not need to rely on public assistance! 

  • Analyst 1 in S&T - Equities
Aug 4, 2021 - 1:51pm

Let's be extra clear: one party takes more than the other. If you refute that then there is no hope for you. 

Aug 4, 2021 - 2:32pm

Not sure about that... I have property (and businesses) in multiple states. Some call is taxes other call it user/operational/development fees!

Hehe... There is no free lunch even though you may not pay until after you go to the bathroom. 

  • Analyst 1 in S&T - Equities
Aug 4, 2021 - 11:17pm

One party is pitching ~50% cap gains and similar FIT for the top bracket lol give me a break. If you're trying to tell me that republicans and democrats view taxes in the same way I can't even have this conversation. 

Aug 5, 2021 - 1:19pm

Taxation is theft. nuff said

I once again commend all your heroes that never use public transportation, roads, police, fire, grow all of your own food and medicine to avoid the FDA, and volunteer to fight ISIS by yourself without the help of the tax-payer funded American armed forces.

you didn't make good choices; you had good choices

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Aug 5, 2021 - 1:37pm

Income taxation* is theft.  It should be a mix of public/private partnership and sales/use taxes.  Taking a certain portion of your earned income just for earning it is theft.  Your statement is a nice dem talking point, but in a perfect world:

  • Transportation would be run like a private company.  The fact that bus stops are every 2 blocks in NY and Chicago is insanity and no sane business would ever promote that inefficiency.  Also, would give people more opportunity to get where they actually need to be instead of running empty busses/trains.  
  • Roads should be funded by people who use them .  Whether you toll, tax based on mileage driven by corporations and citizens, or find another way to do it, a farmer in rural NY shouldn't be pitching in for the NY transit authority.
  • This one doesn't make sense to me.  Abolish the FDA and let free commerce govern. 
  • Real shocker that the armed forces were able to exist before income tax was passed.

Government is shockingly bloated and no one seems to care.  The federal government is extremely oversized and inefficient.  Social Security is bankrupt and no one is interested in solving that problem.  But sure, keep throwing out the "well this terribly funded government needs your money and there's no other way of doing it!" instead of maybe thinking there just *might* be a better way of doing it.

  • Analyst 1 in IB - Gen
Aug 5, 2021 - 2:22pm

The government has ONE tool at its disposal that private corporations do not, and that is compulsion / force.

Therefore, every service the government provides is either 1. them taking your money to provide a service to you, or 2. them taking your money to provide a service to someone besides you.

The 1st is totally legitimate, but corporations can also provide #1. Further, corporations have a profit incentive, which means they compete with each other to offer better service at a lower cost and can innovate more effectively than a bureaucratic government with no profit incentive. So in the case of #1, those things should be privatized. An example of this might be public transportation.

The 2nd thing is theft. To be clear, nobody disputes that social security or medicare helps people. But I believe theft is wrong regardless. If I steal your wallet, that is wrong. If I steal your wallet and then donate it to charity, that is still wrong. Even if you were planning on using that money to do something useless, like buy loads of candy, and I stole it from you to feed homeless people, that would still be theft and still be wrong. Even though I redirected that capital to a cause which is unarguably more noble or useful, it is still wrong because it violates your right to property.

One of the few roles of the government, in my view, is to provide the necessary products/services for a functioning society that a corporation cannot effectively provide. These are public goods. Examples are military and police, and MAYBE roads. In the case of public goods, compulsion is necessary because of freeloaders. Since we cannot deny access to military, police, or roads, everyone benefits from them, everyone must pay for them. A corporation could theoretically operate a private military, but they couldn't compel you to pay for it even though it benefits you, so that is why the government must compel you to pay taxes for military. Roads may actually be an exception since private companies could build roads and charge tolls, fixing the freeloader issue, as the person above me noted. There it may actually just be a matter of regulating these road companies to prevent monopolies.

Among other roles of government are to defend individual rights of life, liberty, and property. I.e. force people to go to prison that violate these rights. And to regulate externalities from the free market. Examples being regulating that toasters don't explode (referencing someone else's comment) and regulating pollution, which I still believe are a legitimate role of government within the regulating externalities framework.

Genuinely don't mean to start an argument but thought I'd put my view out there since when people hear 'taxes are theft' they think we mean 'there should be no taxes'. I can't help but disagree with people who say "taxes aren't theft". Taxes most definitely are taking peoples property without their consent, which is theft. It's just a matter of in what circumstances is it acceptable to compel with force someone to pay for something, and I say it is acceptable to provide public goods, defend human rights, and to regulate externalities.

Aug 4, 2021 - 5:09pm

Yeah I remember hundreds being taken out during my crappy summer job and now it's thousands being taken out :'( When people are flexing they make a 100k out of college now I'll calculate how much the actual take home is because it's significantly different

  • Investment Manager in HF - Other
Aug 4, 2021 - 6:04pm

I hear similar complaints frequently, but I'm a bit surprised you (and others) didn't just calculate your net pay when getting ready for the post collegiate world. How did you budget for rent, etc? 

I understand the complaints against tax rates and debates about what people do and don't agree with. But I'm surprised that with all the free calculators and data available that anyone is surprised by their net vs gross pay. 

Highly recommend you do that as you think through what it'll take to buy a place, retire, etc or if you want to know what you can afford at the associate, VP level, etc. 

Aug 4, 2021 - 9:02pm

Whatever your salary is, just cut it in half and come to grips with it.  You'll never be disappointed if you train yourself to think that way.  Taxes, social security, Medicare, insurance, parking, _____, ______, ______, ______. etc.

Aug 5, 2021 - 1:41pm

johnny-mnemonic

Fuck it, abolish taxes and privatize everything. would be better that way

But then what happens to the poor/middle class? I think privatization is necessary with education but low/middle income people would still need government funded school vouchers. Without a proper education they have no hope of coming up in life. And what about police? If only the elite have a private police force, crime would completely obliterate poor neighborhoods and we would turn into a Brazil. And I could go on and on and on. 

Array

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  • Analyst 1 in IB - Gen
Aug 5, 2021 - 3:12pm

Distinction between public goods and private goods. Police force and military should be funded with taxes since they are public goods.

Education is not a public good in the economic sense. It's not like education is free anyway, people are just paying for it through taxes like property taxes. Plus, poor people could also access education through financing by corporations through loans or income share agreements. If a lender who is in the business of making money on good investments is not willing to finance a degree in gender studies, that is probably a sign that that is not a good investment for the student either. And it is also a sign that it would not be a good investment if the government funded it either. To be an engineer or doctor or finance guy, heck yeah banks will finance education for those degrees all day every day, and at a relatively low interest rate too. 

  • Prospect in IB - Gen
Aug 8, 2021 - 10:42pm

Look up night watchman state. Government is there to protect our rights and only that. It's not there to redistribute the pie. We only need funding for a military and courts system. I think these are the only things the federal government should be collecting taxes for. Remember state governments could have Medicare or Social security or vouchers (which I heavily support for privatizing education). It's only unconstitutional for the federal government.  And no income taxes, that's a violation of private property rights. Only consumption/sales taxes. Even the police can be handled on a state by state basis. Same thing with roads and infrastructure. The whole US taxpayer base shouldn't be responsible for funding some bridge that only benefits Californians for example. Personally, I think more private toll ways would benefit the quality of our transportation. These government roads are still shit and have potholes and are broken down despite throwing countless dollars at it. 

And no matter what politician you vote for, they are still taxing you. No democrat or republican will ever cut government spending, which is the only true way to have a tax cut. Trump "cut taxes" on paper but didn't decrease spending and just blew up the debt even worse than Obama. That deficit spending was monetized by the federal reserve, which created inflation. Inflation is just another way of taxing citizens. It's more a dishonest way, but it's still a tax nonetheless. Instead of taking more money from you directly, the value of currency is depreciating and our money can't buy as many real goods and services. The Fed is creating massive inflation to monetize Biden's deficits, which is why we're seeing a large increase in prices.

The only way to get back to actual prosperity in this country is to radically shrink government and taxes. Cut social security, Medicare, department of education, FDA, TSA, Homeland Security, Department of Energy, NASA, and the EPA. There's definitely a lot more departments to cut, but this would be a good start. And yes free markets would incentivize safe products, even without an FDA. Companies have a reputation at stake and would never be able to stand again if any of their products were faulty and hurt people, especially with the proliferation of social media and Internet. Grocery stores and doctors would not even agree to sell products/drugs without proof of at least safety as it also would damage their reputation. There are various incentives that promote the right outcome. Free markets work. Government bureaucracy doesn't.

  • Associate 2 in IB-M&A
Aug 5, 2021 - 12:04am

Jarstar1's comment is the only good comment on this thread.
 

Most of the others are knee-jerk reactions reflecting the retardation that is modern political discussion. 

Can't these dolts just stfu about your politics (blue or red, who gives a damn) and explain to this 22 year old kid how to understand his taxes. It's easy - Just acknowledge that every society needs taxes. Say that some countries tax income more than the US (Canada, UK) while some tax less (Dubai). Say that some tax spend may not be efficient (HC), some is very efficient (infra?), and some you may not even think about (ensuring companies don't sell you toasters that spontaneously cause fires without being accountable, or ensuring we will stop at nothing to kill Osama Bin Laden even if it takes a few years to find him). Explain diff states rely on income, sales, or property taxes to get their money but one way or another they get their money. Or suggest that OP check his filing status and withholding he arranged for his W-2 with the bank, understanding that he can basically pay now or pay later. Maybe even explain that this is one reason why people love capital gains taxes since you keep more of that money than what you may earn through income, and thus the tax system incentivized wealth creation through the market than through income (same for real estate ownership, etc). 
 

But please don't drag your own political views into this. He never asked! No one cares about your squawk box. Let OP form his own views by giving him an unbiased bit of knowledge. Then STFU because this country really doesn't need more polarizing discussions…

  • Associate 2 in IB-M&A
Aug 5, 2021 - 12:52am

TLDR: can you walk, drive or fly everywhere you wanna go with reasonable efficiency?

longer answer: Notice the question mark. 
 

honestly was just trying to give the govt the benefit of the doubt that there's something they do a good job at. Tbh I couldn't think of one I felt confident on, hence question mark. and quite honestly I'm not going to conduct research or spend a lot of time to remove that question mark. I've never had trouble driving or flying to places in the US unless it's with Spirit Airlines so was a fair guess  

OP should also consider how much of tax revenue should be split between corporate taxes and income taxes. That impacts the 35% he's seeing as a 22 year old…

Aug 5, 2021 - 10:00am

Hey thank you! I'm in the commercial real estate industry and know that it's way better to be the investor and not the W2 earner (don't have the capital or experience to be doing that just yet). I want to have stronger perspective on tax strategies like you mentioned, do you recommend any books/websites to go to learn more about this? (also I'm a she - I know WSO is mainly male dominated but hope we can get more female representation here/ in finance) 

Aug 5, 2021 - 1:31pm

mef

 I know WSO is mainly male dominated but hope we can get more female representation here/ in finance) 

What is the purpose of this comment? If females choose to come here they will and if they choose to work in finance they will as well. Males and females are naturally genetically different and as a result certain industries have a broader appeal to males, while other industries have a broader appeal to females.

Regarding this site, I have no doubt in my mind that the conservative lean of this site (particularly the off-topic forum) is typically an extreme turn off to the very liberal  ivy league educated elite female from the NY/CHI area, hence the poor representation of females on this site. Personally I don't understand how politics is so lopsided among supposedly educated people from a big city, but the fact is it is and as long as it is this way this site will be dominated by males. 

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Aug 5, 2021 - 12:00pm

You're wrong about Canada. My effective tax rate after finalizing a bit of work with my new tax attorneys and accounting firm will be around 3%.

100% legal, not even grey. 

Canada is actually considered a tax haven due to the lax way the law deals with offshore entities tied to Canadian citizens.

The above is not possible regardless of how you earn your income for Americans. 

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  • Associate 2 in IB-M&A
Aug 5, 2021 - 1:58pm

Okay…congratulations. we're all very proud and hope you write a DIY book  

I was obviously speaking at a high level (income tax? Capital gains tax? Corporate tax? Tax on foreign income?)  

point still stands: world needs to stop polarizing itself through asinine discussions

Aug 5, 2021 - 1:14pm

Had the exact same reaction as you. Talked with my partner who doesn't work in banking who got really offended that I am not "satisfied" with my after-tax paycheck in banking. Also a woman here :) 

Aug 6, 2021 - 3:35pm

Glad you did! :) Had a female colleague at my firm that was hired the same time, had the same qualifications, and same exact job as her male co-worker and she found out she was making 22% less than he was. She had that tough conversation with her boss and was able to renegotiate. Glad you had that conversation with your partner; hope women willing be doing that more

Aug 7, 2021 - 2:50am

she means partner as boyfriend, not partner as Partner of the firm. also, her message has nothing to do with unequal pay (which by the way is much more rare than it's talked about, and in most instances the difference is justified because the man works more/harder/better/achieves better results).

Aug 5, 2021 - 1:47pm

There's a reason why the golden rule for rent is that your base salary is at least 40X rent. 

Array

Aug 5, 2021 - 1:47pm

Imagine not having a job until you graduate college. Kids these days, I swear. 

Commercial Real Estate Developer

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Aug 6, 2021 - 3:36pm

I've worked multiple jobs since I was 16 were hundreds were taken out of my paycheck until now it's thousands. Nice try assuming I've never worked before, bud.

Aug 13, 2021 - 3:11pm

mef

I've worked multiple jobs since I was 16 were hundreds were taken out of my paycheck until now it's thousands. Nice try assuming I've never worked before, bud.

Then it's even dumber on your end, Bud. 
 

Taxes on minimum wage are less than taxes at a full time job - imagine!

Commercial Real Estate Developer

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Aug 6, 2021 - 12:57pm

Well I hear even those tax payer dollars are being "re-allocated" to social workers now. 

Array

  • Analyst 3+ in AM - Equities
Aug 5, 2021 - 9:08pm

I like how all you clowns in the comments are trying to one-up talking about your high-school and college jobs, lmao.

Try working your way through school and paying it down with no help from Uncle Sam/College/Parents...bums. 

Aug 5, 2021 - 11:45pm

Now fast forward a few years and you're at a bbq with some old friends and tax rates enter the conversation. You sit there holding your tongue as you hear they're paying 25-30%. Meanwhile here we all are. 

Aug 6, 2021 - 3:41pm

Well Hong Kong is the most expensive real estate market relative to average income partially due to this reason, so not sure that's exactly a win.

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  • Consultant in Consulting
Aug 6, 2021 - 6:46pm

Roads, schools, police, firefighters, and global hegemony for US trade, guaranteed through the pointy end of 10 Carrier Strike Groups - you benefit from a lot of shit that costs a lot of money. 

Whether this is all run by the government or by a bunch of corporations, you're going to need to pony up one way or another. Cost of doing business.

Also - the whole idea that corporations would run things so much more efficiently and cheaply for the end consumer is naive to the point of stupidity. They might - and I emphasize might - be more efficient than the government, but they sure as shit won't be sharing the benefits of that efficiency with plebes like 99% of the people in this thread. That all goes to the shareholders. You'll still be forking out 35% of your paycheck all right, 'cept now you'll have a choice between three identical megacorps to fork it out to. Amazing!

Aug 7, 2021 - 1:04pm

Private schools are not corporations but typically run individually. The performance of the students is much higher than the public schools. Sure you can argue that there are other factors for this performance (better support at home, etc.), but when kids coming out of the NYC public schools can barely even read, I'm sure any private school with a tuition of $25k/year can produce far better results. The bar any private school would need to be higher than is embarrassingly low. 

A similar argument can be made for police as they run at the local level. Elite neighborhoods have in fact been hiring private forces to maintain their neighborhoods as the police provided by the city was inadequate (and this was before all the defunding nonsense), and these private forces perform their job well. The only issue with a complete privatization is of course that poor people wouldn't have police which would only widen the gap between the poor and rich and turn the big cities into Rio 2.0. 

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  • Consultant in Consulting
Aug 7, 2021 - 4:10pm

Don't see how this relates to the issue.

OP is complaining about 35% of her paycheck being taken away to pay for basic services. Replacing public schools with private schools and city police departments with private police isn't going to necessarily reduce that burden, unless you're arguing that private players will not only do the same job for a lot cheaper, but also pass on those cost benefits to the consumer.

Aug 9, 2021 - 1:12pm

Income tax did not exist until the civil war. It was spearheaded to pay for the war effort. But, like almost everything in the government you give them an inch they take a mile. Now that the civil war is over we are still paying income tax. 

This is why I always hate new tax legislation. It always starts out with the rich and then the government slowly integrates the higher tax rates on the lower classes over the course of 10-15 years. 

Aug 13, 2021 - 4:38am

Maxime et itaque aliquid aut qui. Asperiores non qui et non similique et aut. Ut doloribus vitae tempore quod tenetur.

Aug 13, 2021 - 1:42pm

Quas nobis eligendi quia voluptas. Et neque quia iusto aut explicabo consequuntur maiores. Et dolor eius aut incidunt fugiat ipsum.

Id sunt eum inventore et eum recusandae cupiditate inventore. Aut excepturi reprehenderit nemo accusamus nisi vel. Voluptas at cupiditate occaecati corporis qui sit. Ut laudantium quos quasi numquam sed a laboriosam labore.

Aug 24, 2021 - 10:00am

Consequuntur rem quia quisquam doloribus. Quia consequuntur sint optio harum illum. Ut quas iusto nemo. Quis cumque maxime sit sunt omnis quia. Fugit magni eum rerum reiciendis dolor quia.

Similique non tenetur et nostrum iusto eos. Doloribus voluptas voluptatem minus voluptatem quasi doloremque aut. Sit quia similique sint doloribus fugit velit cumque.

Ut laudantium vel voluptas consequatur culpa incidunt. Amet voluptatem non vel ex quia.

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Total Avg Compensation

September 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (220) $232
  • 2nd Year Analyst (134) $154
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (103) $143
  • 1st Year Analyst (486) $135
  • Intern/Summer Analyst (377) $82