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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 all voted for conservative politicians in the States who ran on cut now pay later starting with Reagan and vodoo economics.
Later is here! No it is not Obama's fault. It is yours and your parents. The banks need their money and it is not fair for the rest of us to pay higher taxes and no services for things like healthcare. Pay the piper man and in 30 years we can pay off the interest and $19,000,000,000,000!
Oh and lets blame it on the liberals so you can keep your nice home? Well expect a dollar crash and Great Depression 2.0 as the value of the dollar is nothing because the credit built on a house of cards for tax cuts and spending increases comes crashing once bankers start demanding a return on their money.
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As a higher earner (well, when I'm not in startup mode), I don't actually have a problem with being taxed more - provided those that earn even more than me are not able to avoid the tax. The thing is, once you earn over about $100k, pretty much all your extra money is just going into bidding up the prices of a limited pool of assets such as housing. This doesn't benefit you or your fellow high earners, because if we can't build more, say, London housing when a rickety Victorian hovel costs over $1 million, then bidding up the prices to even more ridiculous levels isn't going to deal with the fundamental supply issue. All that happens is a parasite class forms around these things, consisting of speculators, gamblers and real estate agents. The same houses are still being traded between the same pool of high earners.
If we had higher taxes, then it would help to curb speculation activity by preventing this form of asset inflation, and governments could use the money to redirect economic resources towards, say, actually creating new housing supply through transport infrastructure or training new engineers and doctors. Of course there is a big if there, because the government could also just use those resources to create more bureaucracy, but that is probably still better than real estate agents.
The big problem, though, is that once you move into the 0.1% nobody is paying any taxes. I mean, the wealthy are even quite open about this - its not some sort of conspiracy. The problem then is that if you just tax the upper middle income earners more, all you do is allow the ultra rich to hoover up all the assets off them even faster than they are doing now. It is a one way road towards neo-feudalism.
There is no easy solution. Probably a land tax would help, but that is almost impossible to achieve politically. France tried a wealth tax, and London is now stuffed full of rich French people. An aggressive death tax is probably the best solution, but again this is incredibly hard to achieve politically. Of course the natural solution is a revolution where the masses just confiscate everything. I really hope we can avoid this.
The rich don't have income, they have capital gains. The rich also never learn. This will end badly. Very badly.
middle class?!
fucks sake i make less than 50.000$ a year in Sweden an pay 33â... of that in taxes!!! and i try to consider myself middle class.
anyone with a salary of that kind should pay a minimum of 60% in taxes and yeap, for that kind of taxes free health care, child support, free education for children, excellent roads on winter time and so on.
you guys in America are waay gone, have people living in New York going suicide for not affording health care but still refuse to pay more taxes, geez..
It's called "trickle-down economy". You asked for it, you got it. Staying rich becomes easier, getting rich harder.
"Small government" is just rule by the rich. We've tried that already. In fact, it's the thing we've spent most of human history trying. It's a terrible system for everybody except the few people at the very top. Honestly, I don't think there's anything less "out of the box" than "let's let all the rich people make the rules and not try to constrain them in any way". Why is it that no conservatives have any working knowledge of history?
The vast majority of people would benefit from a larger government funded by higher tax rates. The rich fight this tooth and nail because they think it will be worse for them and they do not care at all whether it's better for everybody else, which is just selfish and evil, but the most important part is that it's not even true. A society in which public infrastructure is more effective and plentiful benefits EVERYBODY, including the people paying for the largest portion of it. It's incredibly obvious, but selfishness has a powerful ability to blind, it seems.
$150K-$300K isn't middle class. That's fucking rich. Yes, I know, you whine about the cost of living when you chose to live in a rich neighborhood. Howeveer, that's your choice for living in a rich neighborhood.
So you get to decide what is morally right and force your views...interesting indeed.
That is a very concise explanation of laws.
Either way I've seen what happens when poor Americans get ill.
Since they can't afford healthcare they have to rely on handouts.
In that situation there are two kind of people. Good ones that cares for others and that pays up a small sum so no-one has to die, and then there are people that keeps their money to themselves.
So, the choice is between a society where:
1) people dies in the street.
2) good people have to pay for everyone healthcare and uncaring people can keep their money.
3) everyone is taxed so that people don't have to die and good people don't have to pay for everything themselves.
You may not like paying taxes but you are defending a situation that benefits psychopaths more than anyone else.
Well, mission accomplished. We're all arguing about whether $150K is rich or middle class - and not talking about the fact that the pain stops at $300K - which, coincidentally, is probably where the most egregious tax inequities start. It's pretty hard to make >$300K a year without a lot of that being in the form of tax-preferred passive income like dividends and capital gains. There are more Americans than you'd think in this income bracket, and a truly disproportion of total US income is attributable to that group.
So Trump has us middle-to-upper-middle classers arguing about whether or not we're really rich, and the truly rich are getting to keep all the bounty. Kind of a clever trick for a moron like Trump. But then again, the summary starts with "If Trump sticks to what he has said", and Trump has never stuck to anything he's said, so why are we even discussing this. We were supposed to have "a great and beautiful healthcare system with lower cost and far better coverage" by now. "And it'll be really easy, believe me"...
Posted from my Android phone. Oh, I can change this? There, that's better...
Well, mission accomplished. We're all arguing about whether $150K is rich or middle class - and not talking about the fact that the pain stops at $300K - which, coincidentally, is probably where the most egregious tax inequities start.
Nearly the entire Republican party is built upon a foundation of people who resent professionals (engineers, doctors, lawyers, managers) but idolize the wealthy. People are more likely to see $600k McMansions near where they live and resent those who can afford them, but they more rarely see the $6 million dollar homes of the rich. They assume those who gather extreme wealth are the best among us and deserve every penny, but those in the upper middle class are just pompous liberals who never had a hard days work in their life.
Class warfare is alive and well, and the wealthy are winning by a large margin.
-- All that is necessary for the triumph of evil is that good men do nothing. -- Edmund Burke