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Taxes on most of the middle class working population in the US are high enough
Here is a sample of what I pay
35% federal
6% state
SS 6%
1% on property value/yr
4.5 % PPT (Car Tax/yr)
5.1% on gas
7% sales tax
of course I get credits that reduce the Fed rate to maybe 22% but by any measure that is quite enough in taxes and hat does not include the tolls I pay to drive to work ($6/day)
I prefer not to be in Europe where folks regularly pay 50% income taxes and on top of that they get VAT of 15-20% put on most purchases (not usually food in a grocery store). Although, one could argue the tax burden is similar compared to CA, NY or some high tax places.
I find it interesting when people post stuff like this. So...35%. 1 million in income as has been pointed out.
ss 6%. OK social security is 6.2% not 6%. A minor quibble. BUT. Heres the important part. It applies twice-once to you, and then matched by your employer. Arguably that money would otherwise go to you, so 12.4%. I know, you're thinking SEE! Now the part thats a crock. At a 1 million income you are only paying about 7k in social security, and another 7 from your employer....representing a grand total of 14K (roughly). or..about 1.4% of your income. And thats being generous. But by golly you represent it as 6% despite the fact that it only applies to your first 115K or so in income. But apparently you seem ok with it applying to all of your income, I mean thats what you imply when you say taking 6% is enough.
But guess what? that guy making only 100K? He's paying the full 12.4% (6.2% direct, 6.2% indirect), AND a federal tax rate that he probably can't reduce as much as you do. Odds are you are paying less as a % of income then that guy making 100K. Funny that.
And thats why so many in the middle are angry. People making a million complain. Usually they are smart enough to stick with just federal taxes, as pretty much every other one screws the middle class.
This HITS the nail on the head and is the exact reason why more aren't up in arms. In fact, there are those duped into thinking they actually 'get' money from the government in the form of tax refunds. Somehow they missed catching on what refund means. It does not mean gift. It means the government took too much of YOUR money, freely used it, and is forced to give some back. I can only wish we got refunds. Once again, after having all monies taken out that we thought would keep us about even (and zero dependents), we owe $$$$.
It's the same mentality we see the car salesmen hawking... Payment per month instead of looking at the total cost of a car. Actually, it's the whole credit card mentality. But again, that's a whole 'nother thread.
LOL, yep!
Car Salesman = Politician = Car Salesman = Politician...
They know how to manipulate and spin the numbers to sell it to people who are dazzled with the wrong numbers.
It's highly location dependent. Try the exercise in a VHCOL area like San Francisco and see the renters laugh all the way to the bank...
Landlords can only charge what the market can bear, whether it covers their costs or not.
I can assure you they pay it every month.
Unless there's rent control in place. I always find it amusing how rent control apartments end up in the hands of friends. Best mismatch is a power couple that does about $300K a year paying $900 a month for their place in North Beach. Don't get me wrong, renters still pay it, but it's just the new renters have to pay their share and their wealthy neighbors.
This whole discussion rides on the meaning of the term "middle class" as used in America. The angry middle class in the news--Trump voters--is in fact a (formerly) affluent proletariat, now fallen on hard times via globalization and automation. Kudlow as a hack and professional propagandist depends for his rhetorical attack on confusion between the interests of this class (immigration restriction, trade restriction) and the interests of the class he's paid to represent--the real middle class, in the classical sense of the term.
It has been a privilege to watch as a huge body of Republican voters repudiates decades of GOP economic orthodoxy. Something I never thought I'd see in my lifetime.
This whole discussion rides on the meaning of the term "middle class" as used in America. The angry middle class in the news--Trump voters--is in fact a (formerly) affluent proletariat, now fallen on hard times via globalization and automation. Kudlow as a hack and professional propagandist depends for his rhetorical attack on confusion between the interests of this class (immigration restriction, trade restriction) and the interests of the class he's paid to represent--the real middle class, in the classical sense of the term.
It has been a privilege to watch as a huge body of Republican voters repudiates decades of GOP economic orthodoxy. Something I never thought I'd see in my lifetime.
I thought Kudlow retired a couple years ago.
No he did not promote "the handout" so I guess that made him a propagandist to some who want that kind of talk.
Why angry? Simple. Less and less working people paying the full freight for more and more non working people. Gonna be crude but honest here. Hey poor people, I got my own probs ok?!
I'm middle class and I'm not angry. I believe people need to work for the things they want and need in life. If you're not willing to get off your butt and do something, then shut up. I have NO pity for you unless you're disabled, elderly, or a child.
Unless there's rent control in place. I always find it amusing how rent control apartments end up in the hands of friends. Best mismatch is a power couple that does about $300K a year paying $900 a month for their place in North Beach. Don't get me wrong, renters still pay it, but it's just the new renters have to pay their share and their wealthy neighbors.
I can assure you that you messed up your calculation or left something out.
Why angry? Simple. Less and less working people paying the full freight for more and more non working people. Gonna be crude but honest here. Hey poor people, I got my own probs ok?!
I'm one of the people who've been paying full freight while more and more don't. I'm in my 50's and just getting too damn tired to keep pulling other people. Maybe I should throw in the towel, vote for basic income and let the young get what they want, they can pay my way, let them.
I'm one of the people who've been paying full freight while more and more don't. I'm in my 50's and just getting too damn tired to keep pulling other people. Maybe I should throw in the towel, vote for basic income and let the young get what they want, they can pay my way, let them.
Demand for labor is off, over supply (underpaid), fix that and you won't have to carry anyone.
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