Trump's Tax Plan

[bluehenbillk]

Color me unimpressed with Trump's plan. In reality it's more of the same, close to some of the other candidate's visions.... I guess if I'm no longer paying 25% I'm getting somewhat of a break...

[kalm]

Dude...
You're absolutely NOT the research analyst to be blathering on about what is poverty

Ok smart guy, what income levels = poverty?

Growing up in the 80's and also stealing from one or both of the Roosevelts, a middle class living provided for health care, home ownership, children's education, and a retirement with dignity.

Then along came iphones, flat screens, mcmansions, computers, xbox, cable, and internet that created a ton of wealth. That coincided with the idea that if we allowed the top earners and corporations (who benefited from said wealth creation) to keep more of their money, they'd in turn pay the middle class more in wages and tax receipts would increase.

It's been a perfect storm.

[Gil Dobie]

No income tax on:
Individuals <$25k
Couples <$50k

Reduce highest bracket from 39.6% to 25%

15% Corporate tax
10% one-time tax on overseas profits


Where does the middle class win in this again?

20% tax rate

[Ibanez]

I get what you're saying but damn.

Bob and Mary, make $50k.

Minus 25% for Fed. Tax : $12,500 (head of household)
Avg cost of health insurance for 2 non smokers is about $4.500/yr. For dental/vision let's round up to $5,000
Highest State income tax: California @ 13.3%: $6,500
Let's say that roughly 6% of the $50k is taken pretax 401(k) contributions ( approx. $3k)

So, they earn $47,000 minus $17,860 in Fed/State Income Tax minus approx. $5,000 for insurance.

Wait, 6.2% is SS and Medicare: another approx $3k.

So before you get your money, you're down approx. $25k

$50,000 in earnings equals to approx. $21,000 in take home pay. In this scenario. I chose California b/c of the large population.

That couple in California, has $21k to work with during the year. That's pretty low.


I did this math in my head, so if it isn't right, get over it. You get the idea.

No DINKs making 50k are paying remotely close to 25% fed income on top of FICA & a double digit state.
If they don't itemize there is the standard deduction (2015 $12,600 if filing jointly, $6,300 if separate).
If they do itemize their are deductions like state income tax, property taxes & mortagage interest if they own, health care premiums, etc
So their TAXABLE income is going to be far less than 50k. At most would be $37400 if took standard deduction, less if they itemized. On top of that, the 1st $9225 of taxable income is in the 10% bracket. Taxable income between $9225 and $37,450 is in the 15% bracket. So at most they are going to be paying around 13%.
http://www.moneychimp.com/features/tax_brackets.htm" onclick="window.open(this.href);return false;

That couple isn't paying close to 13.3% CA. Try more like 4%-6%
http://www.tax-rates.org/California/income-tax" onclick="window.open(this.href);return false;

So no they have far more than 21k take home to work with during the year. More like low-mid 30s k.

Did you not see where I said I did that in my head using vague/ last known information? Fucking putz.

Low 30s...wow. They must be rolling in the dough.

[BDKJMU]

No DINKs making 50k are paying remotely close to 25% fed income on top of FICA & a double digit state.
If they don't itemize there is the standard deduction (2015 $12,600 if filing jointly, $6,300 if separate).
If they do itemize their are deductions like state income tax, property taxes & mortagage interest if they own, health care premiums, etc
So their TAXABLE income is going to be far less than 50k. At most would be $37400 if took standard deduction, less if they itemized. On top of that, the 1st $9225 of taxable income is in the 10% bracket. Taxable income between $9225 and $37,450 is in the 15% bracket. So at most they are going to be paying around 13%.
http://www.moneychimp.com/features/tax_brackets.htm" onclick="window.open(this.href);return false;

That couple isn't paying close to 13.3% CA. Try more like 4%-6%
http://www.tax-rates.org/California/income-tax" onclick="window.open(this.href);return false;

So no they have far more than 21k take home to work with during the year. More like low-mid 30s k.

Did you not see where I said I did that in my head using vague/ last known information? **** putz.

Low 30s...wow. They must be rolling in the dough.

You weren't using last known information, and you were so far off it wasn't funny..**** putz.. For 2 people low to MID 30s take home after taxes/401k/health care I wouldn't call comfortable in a high cost of living state, but its still not poverty..

[kalm]

Did you not see where I said I did that in my head using vague/ last known information? **** putz.

Low 30s...wow. They must be rolling in the dough.

You weren't using last known information, and you were so far off it wasn't funny..**** putz.. For 2 people low to MID 30s take home after taxes/401k/health care I wouldn't call comfortable in a high cost of living state, but its still not poverty..

How much are they saving for retirement and catastrophic healthcare costs?

[Ibanez]

Did you not see where I said I did that in my head using vague/ last known information? **** putz.

Low 30s...wow. They must be rolling in the dough.

You weren't using last known information, and you were so far off it wasn't funny..**** putz.. For 2 people low to MID 30s take home after taxes/401k/health care I wouldn't call comfortable in a high cost of living state, but its still not poverty..

It was vague/last info I had so yea, I did. Regardless, your panties are in a bunch. No, $30k doesn't fit the definition of poverty. But that isn't what 93 said. To HIM, meaning, in his opinion, $50k for a family of 2 is low income. For all your taxes, FICA, etc... you didn't factor in the housing market and other cost of living factors. Take home is $30k, how much of that is spent on housing followed by food. Then you have transportation costs, insurance, etc... I'm guessing that $30k, once you've taken the cost of living out is far closer to $20k.

[clenz]

All I take away from this is I clearly make WAY less than any of you fucks.

Hell, TBH and I combined make WAY less than any of you individually apparently.

I don't consider us to be in poverty, but it's pretty clear none of you know how to budget when both make less than 40k pretax.

Mortgage/rent
Insurance
Car
Car insurance
Gas/up keep
Food
Utilities
Student loans
Etc...

There's no, almost no, room for catastrophic medial funds, retirement, future college funds, etc...

[kalm]

All o take away from this is I clearly make WAY less than any of you fucks.

Hell, TBH and I combined make WAY less than any of you individually apparently.

I don't consider us to be on poverty, bit it's pretty clear none of you know how to budget when both make less than 40k pretax.

Mortgage/rent
Insurance
Car
Car insurance
Gas/up keep
Food
Utilities
Student loans
Etc...

There's no, almost no, room for catastrophic medial funds, retirement, future college funds, etc...

My point.

Those things used to be included in a definition of the middle class.

[93henfan]

All o take away from this is I clearly make WAY less than any of you fucks.

Hell, TBH and I combined make WAY less than any of you individually apparently.

I don't consider us to be on poverty, bit it's pretty clear none of you know how to budget when both make less than 40k pretax.

Mortgage/rent
Insurance
Car
Car insurance
Gas/up keep
Food
Utilities
Student loans
Etc...

There's no, almost no, room for catastrophic medial funds, retirement, future college funds, etc...

My point.

Those things used to be included in a definition of the middle class.

Now I do make a nice non-lawyer/non-surgeon salary, but after I take care of all the things Cleanse mentions and pay child support, there's barely enough left for hookers and blow.

[Ibanez]

My point.

Those things used to be included in a definition of the middle class.

Now I do make a nice non-lawyer/non-surgeon salary, but after I take care of all the things Cleanse mentions and pay child support, there's barely enough left for hookers and blow.

Are you buying pure blow it is it mixed with baking soda?

[kalm]

My point.

Those things used to be included in a definition of the middle class.

Now I do make a nice non-lawyer/non-surgeon salary, but after I take care of all the things Cleanse mentions and pay child support, there's barely enough left for hookers and blow.

As a result the hookers and dealers take a hit as well. It's a vicious cycle I tell ya.

[Ivytalk]

Now I do make a nice non-lawyer/non-surgeon salary, but after I take care of all the things Cleanse mentions and pay child support, there's barely enough left for hookers and blow.

As a result the hookers and dealers take a hit as well. It's a vicious cycle I tell ya.

Trickle-down is a beyotch!

[Ibanez]

As a result the hookers and dealers take a hit as well. It's a vicious cycle I tell ya.

Trickle-down is a beyotch!

I'm sure 93 pays extra for trickle down.

[BDKJMU]

You weren't using last known information, and you were so far off it wasn't funny..**** putz.. For 2 people low to MID 30s take home after taxes/401k/health care I wouldn't call comfortable in a high cost of living state, but its still not poverty..

It was vague/last info I had so yea, I did. Regardless, your panties are in a bunch.

It may have been last info you had but it wasn't even remotely close to reality. You're the one who's panties are in a bunch.

No, $30k doesn't fit the definition of poverty. But that isn't what 93 said. To HIM, meaning, in his opinion, $50k for a family of 2 is low income.

A couple making <$50k is essentially in poverty in my book.

For all your taxes, FICA, etc... you didn't factor in the housing market and other cost of living factors. Take home is $30k, how much of that is spent on housing followed by food. Then you have transportation costs, insurance, etc... I'm guessing that $30k, once you've taken the cost of living out is far closer to $20k.

At 1st you said I said low 30s. I didn't. Now you're saying I said 30k. I didn't. I said several times LOW to MID 30s...You might want to brush up on your reading comprehension..

[AZGrizFan]

No DINKs making 50k are paying remotely close to 25% fed income on top of FICA & a double digit state.
If they don't itemize there is the standard deduction (2015 $12,600 if filing jointly, $6,300 if separate).
If they do itemize their are deductions like state income tax, property taxes & mortagage interest if they own, health care premiums, etc
So their TAXABLE income is going to be far less than 50k. At most would be $37400 if took standard deduction, less if they itemized. On top of that, the 1st $9225 of taxable income is in the 10% bracket. Taxable income between $9225 and $37,450 is in the 15% bracket. So at most they are going to be paying around 13%.
http://www.moneychimp.com/features/tax_brackets.htm" onclick="window.open(this.href);return false;

That couple isn't paying close to 13.3% CA. Try more like 4%-6%
http://www.tax-rates.org/California/income-tax" onclick="window.open(this.href);return false;

So no they have far more than 21k take home to work with during the year. More like low-mid 30s k.

Did you not see where I said I did that in my head using vague/ last known information? Fucking putz.

Low 30s...wow. They must be rolling in the dough.

a) If they make $50k TOGETHER, then they are two highly unmotivated individuals
b) If they make $50k together, they get every dime back in taxes they paid.
c) If they make $50k together AND they live in California, then they must be on welfare, because it's damned tough to make only $25k in that state
d) There are many, many, MANY jobs out there that cover the cost of employees health insurance. If they don't have that at their employer(s) they should look elsewhere. It ain't that hard to replace $25k income.
e) If they make $50k together, they'd better be about 20-23 years old. If not, I have very little sympathy for them and they (and their behaviors/actions) growing up probably are the root cause of why they're making so little now.

[YoUDeeMan]

Did you not see where I said I did that in my head using vague/ last known information? Fucking putz.

Low 30s...wow. They must be rolling in the dough.

a) If they make $50k TOGETHER, then they are two highly unmotivated individuals
b) If they make $50k together, they get every dime back in taxes they paid.
c) If they make $50k together AND they live in California, then they must be on welfare, because it's damned tough to make only $25k in that state
d) There are many, many, MANY jobs out there that cover the cost of employees health insurance. If they don't have that at their employer(s) they should look elsewhere. It ain't that hard to replace $25k income.
e) If they make $50k together, they'd better be about 20-23 years old. If not, I have very little sympathy for them and they (and their behaviors/actions) growing up probably are the root cause of why they're making so little now.

WINNER!

[Ibanez]

You weren't using last known information, and you were so far off it wasn't funny..**** putz.. For 2 people low to MID 30s take home after taxes/401k/health care I wouldn't call comfortable in a high cost of living state, but its still not poverty..

It was vague/last info I had so yea, I did. Regardless, your panties are in a bunch.

It may have been last info you had but it wasn't even remotely close to reality. You're the one who's panties are in a bunch.

No, $30k doesn't fit the definition of poverty. But that isn't what 93 said. To HIM, meaning, in his opinion, $50k for a family of 2 is low income.

A couple making <$50k is essentially in poverty in my book.

For all your taxes, FICA, etc... you didn't factor in the housing market and other cost of living factors. Take home is $30k, how much of that is spent on housing followed by food. Then you have transportation costs, insurance, etc... I'm guessing that $30k, once you've taken the cost of living out is far closer to $20k.

At 1st you said I said low 30s. I didn't. Now you're saying I said 30k. I didn't. I said several times LOW to MID 30s...You might want to brush up on your reading comprehension..

Isn't 30k in the low 30s? If i had said $31,690 you'd get pissy because you didn't say it. Sorry I didn't give a range. But if that upsets you, fuck you. \

[YoUDeeMan]

All o take away from this is I clearly make WAY less than any of you fucks.

Hell, TBH and I combined make WAY less than any of you individually apparently.

I don't consider us to be on poverty, bit it's pretty clear none of you know how to budget when both make less than 40k pretax.

Mortgage/rent
Insurance
Car
Car insurance
Gas/up keep
Food
Utilities
Student loans
Etc...

There's no, almost no, room for catastrophic medial funds, retirement, future college funds, etc...

My point.

Those things used to be included in a definition of the middle class.

Look, if you and your spouse are making only 50K, then your children's schooling will be at a significant discount with all of the available aid. Furthermore, how many middle class people were actually sending their kids to college? Universities have grown (as has tuition...but that is another story) and they are now simply a marketing person's wet dream. The American Dream? Where else can you pay $160,000 for the privilege of living in posh dorms while studying Shakespeare (with TA's...because the actual professor is only teaching 2 classes per week as they use their other time to write books and bilk the government for their travel) for four years...and then get out into the working world with no real skills?

C'mon kalm, America's middle class isn't really the same these days....middle class children don't want to work.

[Ibanez]

Did you not see where I said I did that in my head using vague/ last known information? Fucking putz.

Low 30s...wow. They must be rolling in the dough.

a) If they make $50k TOGETHER, then they are two highly unmotivated individuals
b) If they make $50k together, they get every dime back in taxes they paid.
c) If they make $50k together AND they live in California, then they must be on welfare, because it's damned tough to make only $25k in that state
d) There are many, many, MANY jobs out there that cover the cost of employees health insurance. If they don't have that at their employer(s) they should look elsewhere. It ain't that hard to replace $25k income.
e) If they make $50k together, they'd better be about 20-23 years old. If not, I have very little sympathy for them and they (and their behaviors/actions) growing up probably are the root cause of why they're making so little now.

Correction to b). They'll get MORE back than what they paid.

[Ibanez]

My point.

Those things used to be included in a definition of the middle class.

Look, if you and your spouse are making only 50K, then your children's schooling will be at a significant discount with all of the available aid. Furthermore, how many middle class people were actually sending their kids to college? Universities have grown (as has tuition...but that is another story) and they are now simply a marketing person's wet dream. The American Dream? Where else can you pay $160,000 for the privilege of living in posh dorms while studying Shakespeare (with TA's...because the actual professor is only teaching 2 classes per week as they use their other time to write books and bilk the government for their travel) for four years...and then get out into the working world with no real skills?

C'mon kalm, America's middle class isn't really the same these days....middle class children don't want to work.

Boom!!!!!!!!!!!

[kalm]

My point.

Those things used to be included in a definition of the middle class.

Look, if you and your spouse are making only 50K, then your children's schooling will be at a significant discount with all of the available aid. Furthermore, how many middle class people were actually sending their kids to college? Universities have grown (as has tuition...but that is another story) and they are now simply a marketing person's wet dream. The American Dream? Where else can you pay $160,000 for the privilege of living in posh dorms while studying Shakespeare (with TA's...because the actual professor is only teaching 2 classes per week as they use their other time to write books and bilk the government for their travel) for four years...and then get out into the working world with no real skills?

C'mon kalm, America's middle class isn't really the same these days....middle class children don't want to work.

Yes, they should quit going to college and hurry up making more money so we don't have to pay for them going to college.

[Chizzang]

a) If they make $50k TOGETHER, then they are two highly unmotivated individuals
b) If they make $50k together, they get every dime back in taxes they paid.
c) If they make $50k together AND they live in California, then they must be on welfare, because it's damned tough to make only $25k in that state
d) There are many, many, MANY jobs out there that cover the cost of employees health insurance. If they don't have that at their employer(s) they should look elsewhere. It ain't that hard to replace $25k income.
e) If they make $50k together, they'd better be about 20-23 years old. If not, I have very little sympathy for them and they (and their behaviors/actions) growing up probably are the root cause of why they're making so little now.

I find this attitude ^ fascinating... it is simply stuffed with self conceit and judgment
How do we know the circumstances of every couple in America making $50K ..?

Without question a percentage of them are under achievers - no doubt
But to throw a garbage can lid over millions of Americans as just lazy crappy bottom feeders...!!!

WOW!

I've been incredibly lucky in my life and had so many opportunities to succeed
I hope I never get to the place where I simply dehumanize a huge percentage of the population like AZ

Everybody below this line is LAZY

[kalm]

[clenz]

As someone who changed jobs 2 years ago this is still fresh in my head as I looked at jobs