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republican house members think a $450K salary is middle class

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  • republican house members think a $450K salary is middle class

    On Thursday, House Republicans issued a fact sheet about their new tax cut plan that referred to Americans earning $450,000 a year as “low- and middle-income” — even though that income level would put those taxpayers in the top 0.05% of all individual Americans.

    http://www.newsweek.com/tax-cuts-rep...s-trump-701094

    i thought obama had killed the middle class, at $450k a year they seem to be doing ok.
    {O,O}
    (__(\
    " "

  • #2
    Perfect
    Originally posted by RobRoy
    There is an "honest grit" to his lying.
    _____________
    I'd get up
    If I knew I fell

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    • #3
      Here's the actual document. It would seem the the OP is more than a bit misleading. One thing in particular to note is the reduction of the home mortgage deduction from $1M to $500k. $500K won't buy a decent middle-class family home in some parts of the nation, much less a mansion, so I think it's pretty hard to say that this was a total giveaway to the higher incomes..
      Attached Files
      Last edited by SteinbergerHack; 11-03-2017, 04:50 PM.
      "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

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      • #4
        Originally posted by SteinbergerHack View Post
        Here's the actual document. It would seem the the OP is more than a bit misleading. One thing in particular to note is the reduction of the home mortgage deduction from $1M to $500k. $500K won't buy a decent middle-class family home in some parts of the nation, much less a mansion, so I think it's pretty hard to say that this was a total giveaway to the higher incomes..
        Thank you so much for posting that, I didn't realize there is so much good in this policy. I hope they can get this done quickly.
        Happy Camper

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        • #5
          Originally posted by SteinbergerHack View Post
          Here's the actual document. It would seem the the OP is more than a bit misleading. One thing in particular to note is the reduction of the home mortgage deduction from $1M to $500k. $500K won't buy a decent middle-class family home in some parts of the nation, much less a mansion, so I think it's pretty hard to say that this was a total giveaway to the higher incomes..
          It's not misleading to point out that the fact sheet refers to those in the new 35% tax bracket as middle income and those in the 39.6% bracket as high income. That's literally what it says.

          The $500K limit for mortgage interest deduction was carefully selected to have maximum impact on voters in places like LA and the Bay Area where a 1200 sq ft starter home is $650K+.

          Comment


          • #6
            Originally posted by Zooey View Post

            It's not misleading to point out that the fact sheet refers to those in the new 35% tax bracket as middle income and those in the 39.6% bracket as high income. That's literally what it says.
            1) Where does it show where the 35% bracket starts?
            2) What is the median household income in the locations you mention below?

            The $500K limit for mortgage interest deduction was carefully selected to have maximum impact on voters in places like LA and the Bay Area where a 1200 sq ft starter home is $650K+.
            I find this particularly interesting, having seen liberal posters here refer to the mortgage deduction as a giveaway to "the rich". Which is it? Is the former $1M limit a rich person's mansion or a middle class home? If that is a middle class home, what income level is required to make that mortgage payment? Is that income level "middle class" if it only buys a small family home in LA or SF?
            Last edited by SteinbergerHack; 11-03-2017, 05:11 PM.
            "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

            Comment


            • #7
              The housing market is out of control in California, here is what 350K will get you in San Fran. I hope it doesn't reflect the rest of the country.

              According to the brokers, it's the cheapest home in San Francisco, and it's a decomposing wooden shack.
              Happy Camper

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              • #8
                Originally posted by Zooey View Post

                It's not misleading to point out that the fact sheet refers to those in the new 35% tax bracket as middle income and those in the 39.6% bracket as high income. That's literally what it says.

                Take another quick look. What happened to the 33% bracket that starts at $191K? It looks as if they have collapsed the 33 and 35 brackets into one, so that 35% starts at less than 200k, but with increased exemptions, increased child credit and no AMT.

                I don't know where you live, but there are a lot of areas where $200k household income is definitely middle class - and it certainly is not anywhere near the top 0.05 percent as the OP tries to state.
                "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                Comment


                • #9
                  Originally posted by SteinbergerHack View Post

                  Take another quick look. What happened to the 33% bracket that starts at $191K? It looks as if they have collapsed the 33 and 35 brackets into one, so that 35% starts at less than 200k, but with increased exemptions, increased child credit and no AMT.

                  I don't know where you live, but there are a lot of areas where $200k household income is definitely middle class - and it certainly is not anywhere near the top 0.05 percent as the OP tries to state.
                  I thought your argument was that the Newsweek article is misleading because the income levels aren't in the fact sheet, but in a different GOP document. But if you want to discuss this instead, OK. According to this, the 35% bracket starts at $260K and it goes up to $1M. See: https://www.washingtonpost.com/graph...-bill-q-and-a/

                  So the Newsweek article is correct in that the fact sheet refers to an income of $450K as low or middle income.

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                  • #10
                    I see it eliminates the estate tax, so I'm sure the benefactors of the 80 estates that it will exempt are grateful.

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                    • #11
                      401K stays as is
                      Happy Camper

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                      • #12
                        Originally posted by Zooey View Post

                        I thought your argument was that the Newsweek article is misleading because the income levels aren't in the fact sheet, but in a different GOP document. But if you want to discuss this instead, OK. According to this, the 35% bracket starts at $260K and it goes up to $1M. See: https://www.washingtonpost.com/graph...-bill-q-and-a/

                        So the Newsweek article is correct in that the fact sheet refers to an income of $450K as low or middle income.
                        Misleading in the extreme. Whay is the number $450k relevant, other than to create some stupid talking point?

                        Next, where did that 0.05% BS come from? $260K isn't even in the top 1%, and $450k is right at the 1% level.

                        Sorry, but that "article" bears little relation to reality, and is yellow journalism at best.

                        BTW, do you have a link to the other document? The WaPo link is to a pay site.....
                        Last edited by SteinbergerHack; 11-03-2017, 07:10 PM.
                        "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                        Comment


                        • #13
                          Originally posted by BadDaddy View Post
                          I see it eliminates the estate tax, so I'm sure the benefactors of the 80 estates that it will exempt are grateful.
                          The employees of those inherited businesses certainly will prefer keeping their jobs to having their company sold off to vulture capitalists like Bain in order to pay the tax bill
                          "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                          Comment


                          • #14
                            Originally posted by SteinbergerHack View Post
                            BTW, do you have a link to the other document? The WaPo link is to a pay site.....
                            It shows up for me. I routinely clear cookies and it seems to reset the counter for how many articles I can view.

                            As for why Newsweek chose $450K instead of $260K or $990K, I don't know. It doesn't correspond to the starting point of any current or proposed bracket. Probably they chose it because it denotes the 1%, which the Republican fact sheet refers to as middle income.

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                            • #15
                              450 grand wouldn't buy lunch in this town.

                              Who are you trying to kid?
                              flip the phase

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