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And massive spending that sent the economy into the tank by the time is successor was left holding the bag. It is the Economy Stupid was the phase that made Bush Sr. a one term President.
Looks like we will get more of the same, deficits will rise Trillions more and we will be further in debt, more money will be printed, and the value of the dollar will shrink further, meaning what you may have will be worth less and the Nation will continue it's slide downward.
You can claim anything you want but this tax Bill is Exactly what everyone knew it would be, a tax cut for the rich while everyone else gets shafted. The GOP are their own worst enemy, by the time the 2020 elections come around and people are hurting bad enough due to the GOP actions you are toast if you have an R behind your name on a ballot. That is what happen when One Party has all the power, either you make things better and get the praise or you make things worse and you have no one to blame but yourselves. Enjoy..............
What Bush Sr. did has noting to do with Reagan.
Funny you don't seem to have a problem with Obama doubling the debt.
You're now bringing in other parts of the world? That's a nonsensical approach. But if you want to go there, yes, compared to other countries and how most people live throughout the world....our middle class would indeed be considered upper class.
For example, for the most part, even our poor are living in apartments, get fed daily and have healthcare. For many in other parts of the world truly living in poverty, YES, they would balk at the idea that our poor consider themselves....poor.
Middle class is defined as just that, those earning in the mid range, within that state. You can't drill it down to wealthy neighboorhoods and then look at who earns in the middle in those area...and then call that middle class.
By no stretch of the imagination, is 150k considered lower end of middle class in america. If you're struggling to make ends meet with over 10k take home a month, then you're NOT living in a middle class neighborhood. 10k take home a month can get you a million dollar home, and still leave you with plenty of cash left over.
If you consider homes over a million dollars to be "middle class" homes, then you have a twisted concept of what "middle" means.
I use the world to illustrate the absurdity of your claim that "middle class" does not include a New York family making $150k. New York is a large city, not a neighborhood. A family with gross income of $150k is probably not taking home $10k/month. I think a million dollar home on $150k (with more than one mouth to feed) is not prudent. But I also think that there are places where a million dollar home is a working class home (like Berkeley, California, for example).
Quote:
Originally Posted by 1grin_g0
Ok, so married couple with 2 young children with a combined gross income of $114,000 and claiming the standard deduction: Does that household benefit more under the GOP plan, or the current tax system?
The current system. Even without recognizing that this couple would likely itemize within a few years (when they buy a house), four personal exemptions plus the standard deduction would be $28,900 in deductions/exemptions. Under the proposal, they take $24k standard.
Current law: $85,100 taxable income
Proposed law: 90,000 taxable income
Current law: $12,752.50 federal taxes
Proposed law: $7,920 on the first $66k (12% bracket); 6,000 on the remaining $24k (25% bracket)--$13,920 in federal taxes
no- it actually ends up less for a married family with two kids...you know the backbone of our nation....
no it doesn't in most cases
1. only 29% of middleclass even itemize....71% take the std ded
2. even though they will lose the personal exemptions (4 in the case of a married couple with 2 kids)...their taxable income will be in a lower bracket...therefore less taxes owed
The current system. Even without recognizing that this couple would likely itemize within a few years (when they buy a house), four personal exemptions plus the standard deduction would be $28,900 in deductions/exemptions. Under the proposal, they take $24k standard.
Current law: $85,100 taxable income
Proposed law: 90,000 taxable income
Current law: $12,752.50 federal taxes
Proposed law: $7,920 on the first $66k (12% bracket); 6,000 on the remaining $24k (25% bracket)--$13,920 in federal taxes
The 12 percent bracket: This rate applies to single filers starting at $12,000 up to $45,000. For married joint filers, this applies after the $24,000 deduction up to $90,000.
LOL, still not link. I showed you how it can be different for different small business owners but all you want to do is repeat talking points and make a blanket statement as if one size fits all. It will be helpful for many small businesses for a multitude of reasons, others will get less benefit but how much they benefit depends on many factors. Stop repeating blanket talking points lol
Owners of S-corps are required to pay themselves a "reasonable” wage" that is a typical salary for what they do. They have guidelines and if you try to under pay yourself then you could end up in trouble. As it stands now all money salary and profit (pass through) is paid at the owners personal tax rate. So with the change, the salary would be paid and taxed at a personal tax rate while profit would be paid at the lower tax rate.
In other words, not all money is paid at the owners personal tax rate (as it is now) and with the change no all money would be paid at a corporate rate and that's the way it should be.
Like I said, time will tell. The removal of deductions will probably cause many to pay more taxes than they pay today. I am an S-Corp, and my effective rate has been 18%. We'll what it is after this change. The initial promise was to cut it to 15%, then to 20%, and now it's up to 35%.
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