Um ok so a family of four in Southern California making 150k is middle class. Again, how is raising their taxes to pay for a cut on millionaires a good thing???

THAT'S THE BEAUTY of the TRUMP plan.

MIDDLE CLASS will save $$$$$

Posted by bad_luck on 11/2/2017 10:18:00 PM (view original):
Um ok so a family of four in Southern California making 150k is middle class. Again, how is raising their taxes to pay for a cut on millionaires a good thing???

That's not middle class.... In Los Angeles County middle class ranges from $39k on the low end to $109k on the high end. $150k is wealthy based on today's tax standards.

http://money.cnn.com/interactive/economy/middle-class-calculator/index.html

Posted by moy23 on 11/2/2017 9:57:00 PM (view original):
For BL:

https://www.cnbc.com/2017/03/13/heres-how-much-you-have-to-earn-to-be-considered-middle-class.html

Here's the breakdown of how much you have to earn each year to qualify as middle-income, depending on the size of your family:

Household of one: $24,042 to $72,126

Household of two: $34,000 to $102,001

Household of three: $41,641 to $124,925

Household of four: $48,083 to $144,251

Household of five: $53,759 to $161,277

It is based on this chart...well close...144k.

Posted by moy23 on 11/2/2017 10:50:00 PM (view original):

Posted by bad_luck on 11/2/2017 10:18:00 PM (view original):
Um ok so a family of four in Southern California making 150k is middle class. Again, how is raising their taxes to pay for a cut on millionaires a good thing???

That's not middle class.... In Los Angeles County middle class ranges from $39k on the low end to $109k on the high end. $150k is wealthy based on today's tax standards.

http://money.cnn.com/interactive/economy/middle-class-calculator/index.html

That’s individual not household.

And that's why it's called a tax cut.

You pay less taxes.

There is NO tax increase for the middle class.

Posted by bad_luck on 11/2/2017 10:51:00 PM (view original):

Posted by moy23 on 11/2/2017 9:57:00 PM (view original):
For BL:

https://www.cnbc.com/2017/03/13/heres-how-much-you-have-to-earn-to-be-considered-middle-class.html

Here's the breakdown of how much you have to earn each year to qualify as middle-income, depending on the size of your family:

Household of one: $24,042 to $72,126

Household of two: $34,000 to $102,001

Household of three: $41,641 to $124,925

Household of four: $48,083 to $144,251

Household of five: $53,759 to $161,277

It is based on this chart...well close...144k.

You're still considered wealthy. Even if you said $144,250 that's the highest you can get in the upper middle class..... Its pretty far removed from what REAL middle class is. No?

But it's not only the middle class. As a poor person, my taxes will also go down and I will have more money to spend or save.

Posted by bad_luck on 11/2/2017 10:54:00 PM (view original):

Posted by moy23 on 11/2/2017 10:50:00 PM (view original):

Posted by bad_luck on 11/2/2017 10:18:00 PM (view original):
Um ok so a family of four in Southern California making 150k is middle class. Again, how is raising their taxes to pay for a cut on millionaires a good thing???

That's not middle class.... In Los Angeles County middle class ranges from $39k on the low end to $109k on the high end. $150k is wealthy based on today's tax standards.

http://money.cnn.com/interactive/economy/middle-class-calculator/index.html

That’s individual not household.

No its not.


.
This is from the census bureau for LA County

Income & Poverty
Median household income (in 2015 dollars), 2011-2015	$56,196
Per capita income in past 12 months (in 2015 dollars), 2011-2015	$28,337

.Also - It's based on a 3 person HH, Look:

..Methodology

For this calculator, we define middle class as two-thirds to two times median income for the county. In counties where two-thirds of median income would fall close to the poverty line, we set the lower end of middle class at $28,500, which is 1.5 times the national poverty level for a three-person household.

Posted by DougOut on 11/2/2017 11:00:00 PM (view original):
But it's not only the middle class. As a poor person, my taxes will also go down and I will have more money to spend or save.

Agree... Trumps Tax plan is a HUGE savings for people that don't make a lot of money. I showed it was mathematically about $1000 annually with my examples earlier.


I did some quick math and Trumps plan saves me about $2000.

My boss will now have more money too. He will spend some to replace old equipment. (Those people will make money and keep their jobs and pay taxes) He will spend some to expand. (He will purchase NEW equipment and technology to increase profit) He will hire more people. (They will pay more tax}

Tax cuts increase tax revenue. TRUMP is genius. TRUMP is gold.

I love how BL is trying to pretend he is middle class with a $500k+++ mortgage!!! This is really funny. Then he tries to say $150k HH income is middle class when its in the top 6-7% of all HH incomes. When that's debunked he tries to say it's $75k per person.... not $150k HH income.

Notice he never responded when I asked if I make $75k and my wife makes $20k am I middle class and is she impoverished?

BTW - The Government doesn't make federal tax plans based on California demographics... they make federal tax plans based on the entire country's demographics.

I do think the mortgage interest deduction will be capped at $15,000 when all is said and done and this tax plan becomes law. Afterall, It helps the wealthy and republicans like helping the wealthy.

I think the property tax cap will also be increased to $15,000 from $10,000 in the final version of the bill. Again, good for the wealthy. Definitely would help me pay A LOT less in taxes, as would the mortgage deduction.

I'm actually surprised BL and his merry band of libs are against this.... As is this really DOES help the 69% of tax filers that currently take a standard deduction (i.e. those that don't have a lot). With the top rate staying the same, the caps on mortgage and property tax deductions, and closing all the other deduction loopholes this doesn't do much to help the 1%, unless they die.

What I’m against is raising taxes on people with $X so that people with $X*100 can pay less taxes.

I’m surprised you’re for this considering how much it will add to the debt.