Tax the poor (insurance, mortgage, home)

[urbanlife78]

Originally Posted by mathjak107

1 million is about right.. 250k is a typical professional or professional couple income.

after the amt is done with you and state and local taxes about a good 35-40% is gone..

It should be based on region or state by state cause in nyc it is a typical professional, but in other states you are pretty rich with $250K.

[mathjak107]

you really cant because its federal tax and has to be country wide. state and local governments are left to dealing with who they call rich. it wouldnt make sense to go by where you live. the wealthy can live anywhere and call it a primary residence. where their income comes from is a different issue as many dont do the work themselves but own companies in any state they choose .

they would just live in a low tax federal state, by your reasoning.

[urbanlife78]

Originally Posted by mathjak107

you really cant because its federal tax and has to be country wide. state and local governments are left to dealing with who they call rich. it wouldnt make sense to go by where you live. the wealthy can live anywhere and call it a primary residence. where their income comes from is a different issue as many dont do the work themselves but own companies in any state they choose .

they would just live in a low tax federal state, by your reasoning.

Very true, then by that logic, nyc just has to deal with $250K being considered wealthy.

[mathjak107]

just wait for some more devaluing of our dollars. that will be a middle class wage for middle america.

[hilltopjay]

Originally Posted by mathjak107

just wait for some more devaluing of our dollars. that will be a middle class wage for middle america.

That's right. The more the federal reserve keeps printing money at will, the LESS your money will be worth.

[wawaweewa]

Originally Posted by hilltopjay

That's right. The more the federal reserve keeps printing money at will, the LESS your money will be worth.

Currency debasement (coupled with wage deflation) is a huge tax on the middle class and to a certain extent on the poor.
The wealthy can afford to diversify their currency/hard asset holdings to weather devaluations.

[mathjak107]

the truth is though with all this printing of money the money has not really created any problems at all.

its not in our hands to spend,its not in the banks hands being loaned, it hasnt shown up in the hands of workers.

its really been sitting in the federal reserve bank.

its not inflation i fear right now ,its a recession again or worse deflation .

all our money thats supposed to feed other areas of our economy is sucked away into food and energy. for an economy that counts on consumer spending for 70% of its gdp its this shortage of spending money all of us have doesnt look good and appear to be the seeds of deflation far more than any inflation..

inflation is when we all have money to spend and unemployment is low and we can all afford to buy this and that.

today with no additional money coming in we are all reduced to buying this or that.

just looking at europe, the central banks are going to eventually have to sell lots of other assets to raise cash for bail outss. selling assets in that kind of numbers is also deflationary.

looks like once again the bond markets are calling the future right again. with long term rates at 2.8% or so they are predicting pretty low growth and overall low inflation.

that really goes against the grain of what we all believe but the fact is just think about the fact that most of america isnt spending that much more they are just spending what they have differently with the bulk going for food and energy at the expense of other things we might have bought.

[WildCardSteve]

Originally Posted by hilltopjay

My vote goes for Ray Kelly if he were to run. Hope he does. Quinn, De Blasio, and Thomas all blow and would undo any progress Guilliani and Bloomberg have done.

Have a happy life on Staten Island with the rest of the up tight honkies. You really all oughta move to Singapore.

[WildCardSteve]

Originally Posted by availableusername

Really the thread title should read "tax the middle class".

What "middle class?" I was part of it till it ceased to exist.

[WildCardSteve]

Originally Posted by hilltopjay

Spoken like a true bleeding heart liberal. Smh

So, you're all in favor of those cops who gave me a ticket for "disorderly conduct" cause I was cooking some chicken in the park?

"Bleeding heart liberal" = someone who has sympathy for the rights of working poor people.

Move to Singapore.