Comments on: Personal Balance Sheet, Net Worth, Income, and Expenses, April 2009 http://www.consumerismcommentary.com/personal-balance-sheet-net-worth-income-and-expenses-april-2009/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Wed, 30 May 2012 21:29:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Flexo http://www.consumerismcommentary.com/personal-balance-sheet-net-worth-income-and-expenses-april-2009/comment-page-1/#comment-193341 Flexo Mon, 04 May 2009 18:54:03 +0000 http://www.consumerismcommentary.com/?p=6125#comment-193341 Dan: That's the thing about tax rates -- they are marginal. So if the highest tax rate were 60%, you'd only be paying that rate for the amount you've earned that falls into that highest tax bracket. Sounds like that might be a good concept to review in another "money basics" post. Some who misunderstand this often try to keep their income from reaching the next tax bracket, as if it would have an adverse effect on the rest of their income. Thanks for continuing to read! Dan: That’s the thing about tax rates — they are marginal. So if the highest tax rate were 60%, you’d only be paying that rate for the amount you’ve earned that falls into that highest tax bracket. Sounds like that might be a good concept to review in another “money basics” post. Some who misunderstand this often try to keep their income from reaching the next tax bracket, as if it would have an adverse effect on the rest of their income.

Thanks for continuing to read!

]]> By: Dan http://www.consumerismcommentary.com/personal-balance-sheet-net-worth-income-and-expenses-april-2009/comment-page-1/#comment-193340 Dan Mon, 04 May 2009 18:12:30 +0000 http://www.consumerismcommentary.com/?p=6125#comment-193340 I love your statement "A large tax bill means I’ve been doing something right." I hear a lot of people complain about paying higher taxes, but even if the tax rate on income over $200K was 60%, you'd still be netting more income if you made $250K than if you made $200K. As a play on words: you'd only get to keep 40 cents for every extra dollar you earned, but you'd still be making 40 cents for every extra dollar you produced. P.S. Flexo, on your last income statement posting I made some comments that were rather crass and demeaning to you and new bloggers. I have no excuse for that. Sometimes I'm just a grumpy old jerk. I think anyone who is embarking on the adventure of starting a new business, blog or otherwise, is both brave and industrious. As Flexo, JD, and others have said, with hard work and perseverance, you may become successful at it and I wish you all the best. In fact, as long as you define success as providing useful information that can entertain and help people, then you will be successful regardless of whether you ever see a dime from your work. To Flexo and the other successful bloggers in the personal finance area, most of the time I prefer to read your words than those written by traditional media and I wish you continued success in your business. I love your statement “A large tax bill means I’ve been doing something right.” I hear a lot of people complain about paying higher taxes, but even if the tax rate on income over $200K was 60%, you’d still be netting more income if you made $250K than if you made $200K. As a play on words: you’d only get to keep 40 cents for every extra dollar you earned, but you’d still be making 40 cents for every extra dollar you produced.

P.S. Flexo, on your last income statement posting I made some comments that were rather crass and demeaning to you and new bloggers. I have no excuse for that. Sometimes I’m just a grumpy old jerk. I think anyone who is embarking on the adventure of starting a new business, blog or otherwise, is both brave and industrious. As Flexo, JD, and others have said, with hard work and perseverance, you may become successful at it and I wish you all the best. In fact, as long as you define success as providing useful information that can entertain and help people, then you will be successful regardless of whether you ever see a dime from your work. To Flexo and the other successful bloggers in the personal finance area, most of the time I prefer to read your words than those written by traditional media and I wish you continued success in your business.

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