Posted on 09/28/2015 8:18:50 AM PDT by Helicondelta
“Incorrect. You’d only have to pay the tax on the amount that puts you into the tax bracket.”
I hope you are right. Now, the present tax chart isn’t like what you say. There are brackets that have, “x” amount of tax up to an amount, and the next bracket has more “x” amount of tax for one dollar over that amount of the last bracket.
For example: Say there is a $10 tax up to $50, but if you make $51, that puts you in the next bracket which is $15. That one dollar costs you $5 more in tax. That is the way it is now.
that line was the Laffer Curve, and it was talking about when taxes became counter productive - on the high side.
My biggest problem with the Trump Plan is that 50% pay no income tax. I’m not sure that’s a good thing. It is gets rid of earned income tax credits, that’s a good thing. Also, the class warfare rhetoric is worrisome.
This is kabookie theater like Herman Cain’s 9-9-9.
But the less informed doesn’t care that it has no chance with congress being the body to legislate tax reform - not the president. Way too much money lining pockets with current tax code.
But what if Trump gets all these $20-30/hr jobs back to America and wages rise? Wouldn’t a lot more people find themselves with skin in the game by hitting a paying tax bracket? This isn’t a quick fix plan but a long term stratigic vision. Also gets people off the streets, In a factory and worn out so they go home and sleep instead of wandering around causing havoc.
I don’t distinguish between amounts of money taken from your pay by the government. For those under the SS and MED threshold that is an extra 8% or so from their pay going to the government. We have known for forever that it goes into the same pot. The so-called 47% pay that tax. It might be decades if ever before it’s their turn to get it back. The impact on their household in the here and now is that it is a tax.
I don’t see any stats on how many dual-income households there are over the years. I don’t know if that would only count married couples or co-habitors.
This article, though, shows basically the same thing based on individual wages that the other one I linked showed on households. Basically, after inflation, we’re earning about the same as we did in the early ‘70s.
If you don’t think our educational system is a big part of the reason it’s not better, then I would say you’re naive. Anyone who is able to go a good school as a child and get a good education in a useful higher education major will go well beyond this median. If you don’t do that, you will lag behind. And we have many people who are not getting a good education, as our public schools rank poorly on the world stage.
http://bud-meyers.blogspot.com/2012/05/two-income-households-mean-and-median.html
In fact, in real terms the average wage peaked more than 40 years ago: The $4.03-an-hour rate recorded in January 1973 has the same purchasing power as $22.41 would today. [2012]
If you can get the public behind something, you can maybe force Congress to push it through. I’m not sure if Trump’s plan has any magic in it that would get the public excited about it though. At least conservatives would be excited about a flat tax plan.
not sure I follow......(brain dead this afternoon)
When Paul Krugman ends up against the plan I’ll know it’s solid
Sigh, are you really really trying to argue that the US is not largely a 2 income household nation compared to a the single income household of the 1970s, there is little point in continuing this conversation because you are in denial, well under 10% of all households are married couples with single incomes, in the 70s this was in the 80-90% when you filtered out retired folks.
Today the typical household is double income, and the median household income is virtually the same as it was in the 70s, so we as a nation are being robbed blind, and have been for decades. It takes 2 people working on average to make the same actual wealth per year as it did 40 years ago.. if you think otherwise you really need to look around.
I am not saying folks shouldn’t get an education, but that’s not the problem with our economy today. The system has been destroyed and wealth has been given away by the oligarchy who care not about America but only themselves.
Not surprising. I’m not a lousy writer, but I better keep my day job. What I wrote isn’t very clear now that I go back and look at it.
Ted’s tax plan? What tax plan? Show us Ted’s tax plan!! Ted saying he supports a Fair Tax or a Flat tax is not a plan!
Mr. Joe Perfectcandidate will be out any day now with his Perfect Tax Plan, so let’s reject Trump’s plan which lowers taxes for individuals and corporations and gets rid of the death tax while bringing corporate investment back to America.
Can he get this passed? Maybe maybe not. Would it better if lower income paid some income tax? Yes.
How about billions in cuts of federal spending?
True, the Fair Tax is actually a sales tax but to the extent you have to have either wealth or income to buy things, it turns out to be a tax on both income AND wealth. True, everyone gets the same prebate, but what if someone’s income is less than the prebate? That’s where the worms come in.
Don’t know til I see the details but if limits to 25% likely yes
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Mr perfect candidate is Ted Cruz, since he is intent on fixing the only thing that is truly wrong: Legislation from the Bench.
Until that is fixed nothing else can be, since the courts will simply negate the fix, whatever it may be.
As for taxes, only congress can change them.
As for illegal aliens, only jailing their employers will get rid of them, but the courts will have to be bound by congress to keep their evil hands out of it.
Is it a problem if we get a tax break? I’m tired of paying exorbitant tax rates while others pay nothing or actually get back more than they pay in. I work as hard for my money as anyone else
And thank you for your sacrifices as well. People don’t realize how long it takes to catch up not to mention paying off years more student loans
On straight $50k for a married couple filing joint, Federal is $6,578. So it definitely would help a lot of people. That is around $525/month. In some areas of the country, that is a house payment.
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