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Joe's Middle Class Family out $1294+ Next Year
Self | October 3, 2012 | Self

Posted on 10/03/2012 4:23:49 AM PDT by sr4402

Joe's middle class family has a taxable income of a meager $17,399 and he barely gets by. So he was dismayed to find out he was getting a 50% Federal Tax rate increase. On top of this, he learned there was to be a 30% increase in his social security tax payments. But he really began to cry when he saw his bare bones medical insurance premium skyrocket due to Obama's "Affordable" Care Act" (PPACA). Joe really wants everyone to let the Democrats know how he feels this November.


TOPICS: News/Current Events
KEYWORDS: allisvanity; notnews; obamacare; taxes; vanity
2013 Tax Rate increase on the Working Poor

Social Security Tax Rate Increase in 2013

Obamacare Dramatically Increase Premiums for Young Workers

Please let the Democrats know how Joe feels at the ballot box this November.

1 posted on 10/03/2012 4:23:56 AM PDT by sr4402
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To: sr4402

If Joe has a family and makes less than $18K, he is not getting a tax increase, he is getting a decrease in how much taxpayer money the govt gives him as a “credit”

Big difference

But Joe will vote democrat to keep his handouts maximized


2 posted on 10/03/2012 4:36:24 AM PDT by silverleaf
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To: sr4402
There should be and one day shall be, no tax on income.
3 posted on 10/03/2012 4:51:28 AM PDT by Nuc 1.1 (Nuc 1 Liberals aren't Patriots. Remember 1789!)
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To: sr4402

As long as the Raiders win, Joe don’t care.


4 posted on 10/03/2012 5:00:05 AM PDT by Darteaus94025
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To: sr4402

If he only has $17k in taxable income, how can he be described as “middle class”? If we did have an income based class system, which we do not, that would clearly be considered lower class. The premise of the article is false.


5 posted on 10/03/2012 5:46:15 AM PDT by wolfman23601
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To: silverleaf
If Joe has a family and makes less than $18K, he is not getting a tax increase, he is getting a decrease in how much taxpayer money the govt gives him as a “credit”

Go ahead, I'll bite. How does this work on a "taxable income of a meager $17,399". Go ahead, show me.

6 posted on 10/03/2012 6:31:23 AM PDT by sr4402
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To: Darteaus94025
As long as the Raiders win, Joe don’t care.

Joe doesn't care that he's out about 2294$ if his healthcare premium goes up $1000? Interesting way to care about the poor.

7 posted on 10/03/2012 6:32:46 AM PDT by sr4402
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To: wolfman23601
The premise of the article is false.

Ah yes, for a dollar he can dream about it. But not with all these higher taxes and the premium increase.

But Joe is a good neighbor and thinks about his friend in the middle class bracket who will pay the $1294 and a bit more with SS taxes going up 30%.

8 posted on 10/03/2012 6:36:31 AM PDT by sr4402
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To: wolfman23601

I pulled up a recent return (2008) - mine was less and I’m definitely in the middle class.

Line 43 of the 1040 is labeled Taxable Income. It is the amount after subtracting the standard deduction (or itemized) and the $3500 per person exemptions. After subtracting $10,900 and $28000 ($3500 X 8) I was below $17k.


9 posted on 10/03/2012 6:38:39 AM PDT by Gil4 (Progressives - Trying to repeal the Law of Supply and Demand since 1848)
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To: Gil4

OK, where’s the decrease?


10 posted on 10/03/2012 6:43:15 AM PDT by sr4402
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To: sr4402

Joe is a suburban closet racist who doesn’t live in ‘our’ neighborhood.


11 posted on 10/03/2012 6:55:38 AM PDT by relictele
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To: sr4402

If the Bush tax cuts are allowed to expire the current lowest rate of 10% will no longer exist and the new (or even older) 15% will be in effect.


12 posted on 10/03/2012 6:56:56 AM PDT by Bob Buchholz
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To: sr4402; Darteaus94025; Gil4; relictele

So interesting watching folks try to justify the tax increases. Nobody is biting on the premium increases yet. Wonder who will do that?


13 posted on 10/03/2012 6:59:41 AM PDT by sr4402
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To: sr4402

If Joe has a family (say, a wife and 2 kids), with that income level, he is not paying income taxes. By the time the deductions for each dependent are taken, plus anything else he can itemize, 401(k) contributions, etc., he will be below the income level needed to pay taxes. But he is probably using earned income credit (gives money back), and/or things like child/dependent care coverage credits, which will possibly be reduced. I think the earned income credit can actually pay cash to the “taxpayer”. I don’t know whether this EIC is reduced under the new taxes structure. (I am not an accountant but I once pretended to be one.) Joe may not actually have a decrease in how much money he gets from us.


14 posted on 10/03/2012 7:07:29 AM PDT by NEMDF
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To: NEMDF

Think, no kids, just a wife, TAXABLE INCOME (that actual taxes will be paid on).


15 posted on 10/03/2012 9:14:13 AM PDT by sr4402
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To: NEMDF
Think, no kids, just a wife, TAXABLE INCOME (that actual taxes will be paid on).

Good try obfuscating the lower bracket tax increases.

16 posted on 10/03/2012 9:14:54 AM PDT by sr4402
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To: sr4402

It’s Bush’s fault!


17 posted on 10/03/2012 9:21:28 AM PDT by Darteaus94025
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To: sr4402

http://keithhennessey.com/2010/04/15/off-the-rolls/

If “Joe” has a family (kids) he can make almost up to $50K and pay no taxes and actually get money back in the form of additonal “credits” for his children.

Joe is definitley in the 47%, pal. And he probably is voting for obama.


18 posted on 10/03/2012 9:31:16 AM PDT by silverleaf
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To: sr4402

I was answering this question:
“If he only has $17k in taxable income, how can he be described as “middle class”? “

I was pointing out that the $17 taxable income is after deductions, which means a total income of at least $34,900 if he’s married with no kids, $41,900 with 2 kids, $48,900 with 4 kids, etc. I would put that in the middle class.


19 posted on 10/03/2012 10:06:12 AM PDT by Gil4 (Progressives - Trying to repeal the Law of Supply and Demand since 1848)
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To: sr4402

Now I’ll try your question. If FICA is a benefit we pay for, than refunding FICA is a handout. If one’s tax is zero (withholding is all refunded) and one receives a refund of about $5K in FICA as well (while still receiving credit for paying FICA), then one has received a $5k handout from the taxpayers. The per-child tax credit makes it possible to get there.

Any “tax increase” on this person that is less than $5K is not a tax increase, it is a reduction in the handout from the taxpayers.

There have been programs that allowed the handout to exceed even the FICA premium - the Making Work Pay was one, and I believe EIC can also do it (although I’m not sure.)

Is there a “reduction in handout” coming up? I don’t know, but I’m sure they will try to call it a tax increase.


20 posted on 10/03/2012 10:46:18 AM PDT by Gil4 (Progressives - Trying to repeal the Law of Supply and Demand since 1848)
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To: Gil4
FICA or Social Security Tax is going up from 4.2% to 6.2% on both of the lower tax bracket ranges.

Nice Try.

21 posted on 10/03/2012 11:47:24 AM PDT by sr4402
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