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It's really a slap in the face to all the people that are still working in lower wage ($12/hr or less) people with similar previous earnings who are not working receive much more. And the people not working have reduced expenses.
But it really isn't about low wage workers getting a little extra in a pandemic but the problems it will create if the economy is trying to restart before the supplement expires. Many of them will be seeing a drop in income by returning to work and there will be a strong disincentive to working. Prosperity comes from production not printing money.
My bet is the UI supplement gets extended if unemployment numbers aren't dropping like a rock by mid-July.
It's a gamble... You can also lose it all at the snap of a finger. One has to manage these investments, and it isn't as cut-and-dry as it may seem. A lot of investors are currently in very precarious situations.
You are pushing lies again.
The average diversified fund investment is not a gamble.
You'd need to try HARD by deviating from the norm.... into a form of gambling for this to occur.
No one needs to manage any funds for you. Let it be, it manages ITSELF
Address the wealthier and their lack of paying taxes on their CAPITAL GAINS dollars to 37K single, or 75K couple Address why when they finally do pay after their free 37-75K, , they pay a LOWER TAX RATE. WHY DON'T they pay taxes into Medicare?? SS?
Address why the wealthier are offered 401k's to save up TAX FREE DOLLARS while the common poor worker is not offered it.
No more mooching off the gravy train for a while. They are now eating bon bons sitting on the couch.
Minimum wage employees working 40 hrs a work earn $24,960 per year here.
The Federal Standard Deduction for a single person is $12,200
The remaining is what the minimum wage worker pays tax on.
$24960
-#12,200
-----------
$12,760 is what they will pay FEDERAL TAX ON
They also pay STATE tax on this amt here too
PLUS more into medicare
Federal minimum wage is $7.25 x 40 hours x 52 weeks is a tad over $15k. Not $25k. that would bring taxable income at $2800.
Tax rates at that level is 10%. So $1276 with your numbers or $280 with mine. But then many get the refundable $2000/child CTC and the EITC and head of household. Many people not only pay zero federal tax but get back thousands more.
Address why the wealthier are offered 401k's to save up TAX FREE DOLLARS while the common poor worker is not offered it.
This is something that needs to be addressed with the employer. Then again, which employer doesn't offer a 401k? Every low-wage job I've ever had, from concrete laborer to Circle K cashier to Lube Tech (oil change shop) offered a 401k, or an IRA.
Quote:
Originally Posted by SaraR.
Address the wealthier and their lack of paying taxes on their CAPITAL GAINS dollars to 37K single, or 75K couple Address why when they finally do pay after their free 37-75K, , they pay a LOWER TAX RATE. WHY DON'T they pay taxes into Medicare?? SS?
Address why the wealthier are offered 401k's to save up TAX FREE DOLLARS while the common poor worker is not offered it.
Why would capital gains pay into Medicare and SS?
If you sell your car to your neighbor, should you give some of that money to Medicare and SS?
It's really a slap in the face to all the people that are still working in lower wage ($12/hr or less) people with similar previous earnings who are not working receive much more. And the people not working have reduced expenses.
Yes. We need to let the workers have a break and start taxing the wealthier who do not work, on their LT Capital Gains. Low wage workers are not getting a little extra, they are getting more of what they earned.
Not charging regular income tax to LT Capital gains taxes 37-75K is a HUGE disincentive to working.
Someone can earn about 25% more money and STILL Not pay taxes on it. What a joke
Quote:
My bet is the UI supplement gets extended if unemployment numbers aren't dropping like a rock by mid-July.
It should't be extended. THose who have been mooching off the gravy train for decades need to fork it over to those who they stole from. Who keep working despite it. And those who are working now, need to also get a little from these moochers who don't pay rightful taxes for their effort of risking sickness/death.
LT CAP GAINS Folks are paid to sit on their ass long-term. Get them off their butts and working instead, or at least paying into this mess.
Want to see a fair working class system? Check out Denmark. The happiest country on earth.
This is something that needs to be addressed with the employer. Then again, which employer doesn't offer a 401k? Every low-wage job I've ever had, from concrete laborer to Circle K cashier to Lube Tech (oil change shop) offered a 401k, or an IRA.
Why would capital gains pay into Medicare and SS?
If you sell your car to your neighbor, should you give some of that money to Medicare and SS?
When you didn't pay taxes on that money so now you can afford a car with all that extra untaxed money...then you don't pay taxes again upon selling it...well you cannot be serious.
\Do you always promote mooching?
I suggest you stand on your own two feed instead of promoting stealing from low wage workers.
I am still waiting to find out why the dollar earned thru investing LTC GAINS to 27-75K ISN"T TAXED. Explain that to me why they earn FREE MONEY yet expect those who are close to indigent to pay for them. Don't worry about the gravy train, next post make it address what I've bolded
When you didn't pay taxes on that money so now you can afford a car...then you don't pay taxes again upon selling it...well how gravy train of you. Do you always promote mooching? I suggest you stop that mentality.
I suggest you stand on your own two feed instead of promoting stealing from low wage workers.
LOL. What? So only those evil wealthy folks can afford cars now, because they don't pay what you deem "fair" tax rates?
And how are they stealing from low-wage workers again? A lot of Said low-wage workers pay no federal taxes at all.
As for the 401k, from the article:
"Trump pointed out the strong performance of the stock market, saying it has led to Americans’ savings accounts going “through the roof.” At companies that offer 401(k) plans, less than half of employees participate."
Seems like the low-wage employees don't want to participate in a 401k, even if offered...
And if the company doesn't offer one, again, just open an IRA.
Please do not call people evil. Whether it's the wealthy or less fortunate.
Calling someone a moocher is fine when that is the case.
They are not paying taxes on their earned dollar vs someone else who earns a dollar who is
Keep the debate HONEST please
Sure. But the issue here is that a lot of the low-wage earners are similarly not paying any taxes, and are "mooching" just as much, off of the ones who ARE paying taxes: The middle class -- the engineers, the nurses, the teachers, etc. Those thousands upon thousands of dollars given during tax season are coming from somewhere.
If you're single, with no dependents.
Claim 1 dependent (other than self) and that tax is down to $0.
Anyway, we're beating a dead horse here: we are clearly in disagreement over the matter, and that's fine. My opinion won't change, and clearly, yours won't either.
NO. Please stop pushing lies.
Singles and Married people go off of the standard deduction ONLY. No Dependents, it's included within the standard deduction amt. Also there are online calculators which you can use.
No more deviations or untruths by you please
Why do the LTC Gainers get off not paying regular income taxes up to 37K for a single persons yet someone who actually earned their money must pay out 10% FED TAX, State tax to 3%., and into about 2% into Medicare despite already paying plenty into it to reap the benefits. By the way, they cannot just contriubute that 2% for medicare.
You keep avoiding this question.
Answer the question
Last edited by SaraR.; 04-27-2020 at 05:58 PM..
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