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As Buzzard said earlier, the largest portion on the chart on page one that the low income benefit from is Medicaid (which was said isn't income.) Beyond that, the flaw is that someone earning $60K a year is likely to get employer paid health care. Yet, there is a $0 in the column for health care. That's a sizable omission. My HC is probably worth $16K too. I also get health insurance, a pension, flexible spending, etc.
I conclude this thread is:
Because most employers dont pay 100% of the premium.
The $60k/yr person most likely pays at least a couple thousand a year for their insurance on top of what their employer pays.
Because most employers dont pay 100% of the premium.
The $60k/yr person most likely pays at least a couple thousand a year for their insurance on top of what their employer pays.
About 70% on average is paid by the employer. Some industries pay more, some much less.
^^Speaking for myself, and my friends IRL would laugh at the idea of calling me a "leftist", I care. However, this "math" is "vodoo math". As has been pointed out, if you are counting Medicaid as disposable income, you have to count the employer's share of health insurance as same, also the employer's share of 401K, and any other employer-paid benefits such as profit-sharing, etc. Someone who rarely gets sick would get far less out of Medicaid than is stated in this blog.
Why are they the same?
If someone is getting govt supplied healthcare for free it is not the same as most people paying who have employers contribute to their healthcare as a 100% employer provided insurance policy is rare.
Now if the employer pays $8k throughout the year and the employee pays $4k, then you can count the extra $4k as the same as the money the $3500/yr family is getting.
How many times do you need to hear the Blogger made stuff up and it is a lie.
1) the tax calculation is bogus. Someone making $60k does NOT pay 22.5% of their income in federal taxes. Their EFFECTIVE TAX RATE for that income level would be 7% to 9% at worst. IN OTHER WORDS THE BLOGGER DOUBLED THEIR TAX LIABILITY. From $5k to $6k range they would pay to the bogus amount of $13,500.
2) Tax tables that show a higher combined effective rate INCLUDE THE EMPLOYERS' SHARE OF PAYROLL TAXES. To include that as a payment it needs to be included as income on the top line.
3) Blogger failed to include the employer provided health care insurance as a in kind benefit. Including health care for one family while ignoring another flaws any results.
4) Including $16,500 in POTENTIAL health care benefit as disposable income is highly flawed on many levels. One, no assurance low income earns will use that arbitrary benefit amount, if any. Two, it is NOT DISPOSABLE INCOME.
5) Blogger failed to include in kind and employee benefits that $60k family enjoy. Possible child care/day care center, 401k benefits, health care.....
6) Blogger over stated SNAP (food stamps) benefits by $108 a month possibly more depending on Mississippi policies.
I could go on, but you haven't dealth with these issue yet....
About 70% on average is paid by the employer. Some industries pay more, some much less.
Mine is paying 50% but that's because I picked the no deductible, highest premium plan. They contribute the same for any of the 3 plans offered so if I went with the high-deductible plan it would work out to about 70% employer funded.
Well that benefit replaces money you would have had to spend and now you don't have to spend it so it is more money in your pocket.
Food stamps/school lunch program would come to several hundred dollars per month that you don't have to spend.
That's the disposable income that allows one to buy designer shoes and iPhones.
I mean when you see a 12 year old wearing Air Jordans and getting the free lunch you just know something is not right.
They don't get it.. Sadly they just dont get it.. Remember who we are talking to here.. we could try to explain this several different ways but it's never going to happen.
Well, maybe they should think of it this way. Someone has to pay cash to provide the Medicaid services. If someone is paying out cash on their behalf then they are the recipient of the value of that cash or service. Therefor, they don't have to pay out of pocket which gives them more disposable income.
Yet, if the program was eliminated, the children would be without medical coverage, as the parents couldn't afford private care.
Quote:
Originally Posted by Skydive Outlaw
The kids would still get care. And the parents would get a bill.
Which is precisely what I was saying; except in your mind, the poor have ample money to send their children to doctors and pay out-of-pocket. Maybe poor parents will fly their kids in their private jet to the Mayo Clinic?
The reality, of course, will be that the children of the poor will get no medical car, exactly the way it was before Medicaid.
I did mine a few weeks ago.
Single, no kids, no mortgage.
Grossed $73k (minus 401k and insurance) = taxable wages were ~$68k.
I paid ~$11k in fed taxes throughout the year and broke even.
Effective federal rate was 16.2%
Add to that the almost $10k in state tax, SS and medicare.
First off, your experience as a single person family has zero to do with a comparison of families of four.
You should hire someone to advise you and/or do your taxes. You're paying way too much.
Using turbotax a family of four with $60,000 in wages would pay $4,186 in federal taxes.
Using your $68,000 in taxable income FOR A FAMILY OF FOUR, would have a $5,386 in federal tax.
Seek help, you don't know how to file out that 1040.
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we could try to explain this several different ways but it's never going to happen.
