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Old Today, 07:50 AM
 
9,619 posts, read 2,368,596 times
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A lot of people reading this may think they are middle class, but actually are just five paychecks away from defaulting on a mortgage payment. That's not middle class.

Catastrophic illness can strike any family, and often it ends badly for the victim, leaving the family with horrendous medical bills.
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Old Today, 07:54 AM
 
66,738 posts, read 30,489,232 times
Reputation: 8718
Quote:
Originally Posted by serger View Post
On stocks: does this even affect the 401k's?
Yes. All pension funds, 401Ks, IRAs, etc. trade stock equities, bonds, and even derivatives (under the proposal, ALL would be taxed). In fact, US workers and retirees have $28 trillion worth of such investments held in their pensions and/or retirement accounts. Dems just can't wait to get their hands on that $28 trillion of untouched money that US workers/retirees count on being there when they need it in their retirement, to tax it.

71% of those age 55+ have a pension and/or some form of a retirement account.

As for that tax, it's even worse than it seems at first glance. Each TRADE is taxed. Therefore, each investment is taxed TWICE. Once when it is bought for the pension/retirement account portfolio, and then AGAIN when it is sold to provide liquidity for pension/retirement account draws/payouts.
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Old Today, 07:57 AM
 
Location: Boston
8,096 posts, read 2,351,194 times
Reputation: 5782
Quote:
Originally Posted by Hesychios View Post
A lot of people reading this may think they are middle class, but actually are just five paychecks away from defaulting on a mortgage payment. That's not middle class.

Catastrophic illness can strike any family, and often it ends badly for the victim, leaving the family with horrendous medical bills.
At least half the people that consider themselves middle class are dirt poor, it's amusing.
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Old Today, 07:58 AM
 
7,147 posts, read 2,636,591 times
Reputation: 2834
Quote:
Originally Posted by k374 View Post
So how does Kamala Harris intend to pay for her Medicare For All plan? Tax households making $100k or more (which is squarely middle class in most HCOL areas) and charge taxes on stock trades which is again arbitrary theft from many hardworking middle class folks who are diligently trying to save in their 401k and other accounts for retirement. Disgusting and despicable!

https://www.foxbusiness.com/politics...ill-pay-for-it

"Harris’ rollout is a 3-part plan covering all medical essentials exempting households below $100,000, a higher income threshold for middle-class families living in high-cost areas"

$100,000/yr is NOT high income in high-cost areas!! Is this woman on drugs?

"To pay for these changes, she will tax Wall Street stock trades at 0.2%, bond trades at 0.1%, and derivative transactions at 0.002%."

Yeah, let's become another Europe where the government just steals and pillages from private enterprises and business, look how well it's worked for them... record unemployment, record negative business activity, horrible economies that they have not been able to jumpstart in decades.
You need to read your article again. 100K is for people not in HCOL areas. The threshold will be higher for people in HCOL.
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Old Today, 08:04 AM
 
66,738 posts, read 30,489,232 times
Reputation: 8718
Quote:
Originally Posted by whogo View Post
Any large entitlement program must be largely paid by the middle class.
100% correct, and this is the point most people are missing. Collectively, the middle class earns the bulk of the income. There are not enough 1%-ers, and they do not earn enough to pay enough in taxes to foot the bill for all 327 million in the US.
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Old Today, 08:06 AM
 
2,043 posts, read 2,253,265 times
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She doesnt need to do this, as we were told, Obamacare if passed would be a beacon of a healthcare system for the world to envy


Someone remind her


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Old Today, 09:59 AM
 
941 posts, read 204,447 times
Reputation: 1473
Quote:
Originally Posted by StillwaterTownie View Post
Why not? Can't you accept that health care isn't free? Or are you fortunate enought to be on the Republican Health Care Plan--DON'T GET SICK!?
Of course it isn't free. And it's health INSURANCE, not health care.
I do pay for insurance. But I'm not rich enough to be supporting everyone else besides me.
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Old Today, 11:06 AM
 
1,821 posts, read 1,001,363 times
Reputation: 888
Quote:
Originally Posted by InformedConsent View Post
Yes. All pension funds, 401Ks, IRAs, etc. trade stock equities, bonds, and even derivatives (under the proposal, ALL would be taxed). In fact, US workers and retirees have $28 trillion worth of such investments held in their pensions and/or retirement accounts. Dems just can't wait to get their hands on that $28 trillion of untouched money that US workers/retirees count on being there when they need it in their retirement, to tax it.

71% of those age 55+ have a pension and/or some form of a retirement account.

As for that tax, it's even worse than it seems at first glance. Each TRADE is taxed. Therefore, each investment is taxed TWICE. Once when it is bought for the pension/retirement account portfolio, and then AGAIN when it is sold to provide liquidity for pension/retirement account draws/payouts.



I'll need a link. And, please, not a faux-like one. I did look, and I did not find any reliable information on that, the details of an actual implementation are not described.
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Old Today, 11:07 AM
 
Location: Brackenwood
3,475 posts, read 1,362,181 times
Reputation: 7025
Assuming the basic premise of the thread title is true... at least she's honest enough to tell the middle class they'd have to pony up too instead of promising them that "millionaires and billionaires" will pay for everything.
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Old Today, 11:14 AM
 
1,821 posts, read 1,001,363 times
Reputation: 888
Quote:
Originally Posted by InformedConsent View Post
100% correct, and this is the point most people are missing. Collectively, the middle class earns the bulk of the income. There are not enough 1%-ers, and they do not earn enough to pay enough in taxes to foot the bill for all 327 million in the US.





The total of my family insurance premiums (both employer and employee contributions) is about 18k a year.

If the total income were 100k (random number, inclusive of employer contributions to premiums), that's equivalent to a 18% tax, if the total income were 200k, that's a 9% tax.

So, currently the equivalent burden is huge on the middle class, if we assume that 100k is middle class, and 200k is middle class. There is not even a point in discussing the situation with low incomes.



So, everything is in the implementation. What the percentages are, and what the income cutoffs are (floor, if any; maximum, if any).
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