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Bad News If You Make $150,000 to $300,000: Higher Taxes for Many (wsj.com)
From a WSJ report: If President Donald Trump sticks to what he has said, Americans earning between $149,400 and $307,900 are most likely to see an increase in their taxes as a result of tax reform (Editor's note: the link could be paywalled). Those figures come from a recent study by the Tax Policy Center, a nonpartisan group in Washington, and are based on Mr. Trump's statements and proposals. The study concludes that nearly one-third of about 19 million households in that income range could see tax increases averaging from $3,000 to $4,000 a year. By contrast, less than 10% of households earning the least or the most -- below $25,000 or above $733,000 -- would owe more after a tax overhaul. Over all, the study found that about 20% of taxpayers would owe more after tax reform than before it. The issue of tax reform's winners and losers has resurfaced after top congressional Republicans and the Trump administration released a set of broad principles for tax policy on Thursday containing few details.
You forgot to mention the set of people who don't have HC will go to the Emergency room. ERs have to help people who have a immediate life threatening condition. So this very expensive service is passed onto that one hospital's customer base. But normally because the condition is so far along, the results are poor and people still die.
Those with a future appt with death can't use ERs and need to rely on charity. Which also has really poor results because again they can't do preventative, ongoing, and stable treatments in that financial situation.
This is a story about raising taxes on the wealthy. Which is the Democratic Party position. So in fact the 60 million "dirt poor" that voted for Trump would be helped.
Do you see how your bullshit post just fell apart?
It is the Democratic position as a rich man only needs to buy how many toasters to boost the economy. You tax the poor folks and they stop spending which causes employers to cut jobs which then cuts from sales taxes.
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Middle class isn't a function purely of wage in the US, since income, and cost of living varies wildly across the country.
In the UK, someone earning £80,000 is pretty much going to be well off whether they're living in Dundee, or London - though they're going to be more well off in Dundee.
In the US, someone earning $150,000 will be very well off if they live in Birmingham, but be pretty badly off if they live in the SF bay area (which is likely, because that's where all the jobs that pay $150-300k are).
The rich do pay capital gains taxes. Short term capital gains are taxed as regular income. Long term capital gains are still taxed once you make more than $40K per year. And the long term capital gains tax rate starts at a rate equivalent to the average tax rate of the top 50% - surprisingly close to where that $40K income would put you...
Income is at (about) 40%, long term capital gains is %20, right? That's a huge break for people who have enough capital to live on the capital gains. Nobody thinks capital gains are not taxed at all, but that the relative rates favor the very wealthy.
The more people I meet, the better I like my dog.
You are aware that the US has some of the worst average health outcomes of the industrialized nations, right? Even if bankruptcy were no big deal (which, of course it is, and Trump has never gone personally bankrupt) the US health care system is absurdly expensive, on top of poor outcomes.
The world's burning. Moped Jesus spotted on I50. Details at 11.