Saturday, November 11, 2017

GOP's proposed Tax Rates compared to 2017 Tax Rates

This post makes the argument using . . .

Social Security Wage Statistics

. . . from Social Security to show that the GOP's newly proposed tax plan will not save the "middle-class" very much money (but will save the rich VERY MUCH by eliminating the estate tax and save big corporations and hedge funds VERY MUCH by lowering the corporate tax from 35% to 20%).

And this post also shows that the Republicans and Democrats have NO CLUE AT ALL (either that, or they have been lying to us all along) what the middle-class really is or where it's supposed to be today.

You don't have to believe the recent article in the New York Times, — or what Fox News, CNN, the Republicans or the Democrats have to say about whether or not you'll get a tax cut under the GOP's new tax plan. Just compare the income brackets and the tax rates they propose (and also to see WHO'S getting the BIGGEST tax cuts) by comparing the current tax brackets to the proposed tax brackets (chart directly below). Then look at wage data from the Social Security Administration (which is also in the info-graphic below that) to see where your income falls in the big scheme of things (and also to see where the TRUE "middle-class" currently stands).

* NOTE: The Senate's new version NOW includes the income levels (per CNN). In this version, those earning between $60,000 and $91,900 will see no change (at 25%), but like everyone else, will get an addition $1,600 in standard deduction. (Current tax deduction: $10,400 = $6,350 standard deduction + $4,050 personal exemption. Tax deduction under new plan: $12,000 = $12,000 standard deduction but no $4,050 personal exemption ... which is $1,600 more.)

Comparing current 2017 tax brackets to Trump's tax plan.

* Click on the info-graphic that I created below to enlarge to see important notes I've made regarding the wage data from Social Security and how it defines the TRUE middle-class.

Wage data for 2016 from Social Security. Click graphic to enlarge.

Below in an info-graphic from Fox and Friends (on Fox News) this morning using data from that New York Times article to show how much people will save with the GOP Senate version of their tax plan (for the poor, not much . . . but a lot for the rich.)

Single MEDIAN income earners will save about $600 a year under GOP Senate tax plan.

Below is a graph from the St. Louis Federal Reserve for the MEDIAN WEEKLY WAGE (for a full-time worker), which hasn't budged for almost 40 years. The REAL weekly wage after taxes and accounting for inflation is $385 a week. (Because of the drastic decline in unions since that time, workers no longer have bargaining power to demand raises, so most of the profits now go to the CEOs, board of directors and the shareholders.)

* MEDIAN wage means 50% of wage earners make LESS than the MEDIAN (the exact middle) and 50% of wage earners make MORE than that.

* NOTE: One person making ONE MILLION DOLLARS A YEAR skews the "average" and makes it appear as though most people are making more, so we use the "median" wage, not the "average" wage.

Weekly median earnings in US since 1980

The Estate Tax is NOT a "death tax" - - - it's just a slogan to fool average Americans to accept a windfall for rich people.

The estate tax is NOT a death tax. Dead people don't pay taxes!

Who does the GOP think they're fooling? We're on to them. Both Republicans and Democrats know a con/scam when they see one. Republicans look like a bunch fools on TV trying to sell us this pile of crap. Snake oil salesmen are much more convincing than Paul RYan & Co. - - - so it's no wonder they can't pass any bills.

* All images are my creation except for the screen shots from Fox News and FRED — and the Social Security logo.

Happy Veterans Day! (Especially to my dad.)

* NOTE: I could have named this post GOP TAX PLAN vs GOP TAX SCAM

Friday, October 13, 2017

Politicians refuse to define "Middle-Class"

* Here is an Update to the Update on November 11, 2017: The new Senate tax brackets per CNN shows those earning between $60,000 and $91,900 (the real MIDDLE-CLASS for single tax filers) will see no change in tax rate at 25%
Current Tax brackets The new House Tax Plan The new Senate Tax Plan
Income Tax Rate (single) Income  Tax Rate (Single) Income Tax Rate (single)
$0 to $9,325 10%  0 - $12,000 0 $0 to $9,525 10%
$9,325 to $37,950 15% $12,000 to $45,000 12% $9,525 to $38,700 12%
$37,950 to $91,900 25% $45,000 to $200,000 25% $38,700 to $60,000 22.5%
$91,900 to $191,650 28% $200,000 to $500,000 35% $60,000 to $170,000 25%
$191,650 to $416,700 33% Over $500,000 39.6% $170,000 to $200,000 32.5%
$416,700 to $418,400 35% - - $200,000 to $500,000 35%
Over $418,400 39.6% - - Over $500,000 38.5%

End to the Update to the Update . . .


Tuesday, September 5, 2017

Trump Derangement Syndrome — TDS defined

One of the very first victims of TDS was the former presidential candidate Mitt Romney.

Mitt Romney has TDS

Trump Derangement Syndrome (TDS) is mental dysfunction causing President Donald Trump's detractors to have constant hateful thoughts and feelings. They always appear to be on the verge of becoming totally unhinged. To date, there is no known cure or treatment for this acute and irrational condition, other than death.

Thursday, August 24, 2017

Why America needs Fox News, now more than ever

How Donald Trump and Bernie Sanders drove me away from MSNBC and CNN — and into the arms of Fox News.

Sunday, August 20, 2017

Translating Trumpenese for Trump

The one and only thing I could find in all of Trump's comments about Charlottesville Virginia (that could be misconstrued as controversial in any way) was when he had said:

Dallas Counter-Protesters: "Oink, oink, bang bang!"

Trump haters

This is the hate speech of anti-police "counter-protesters" in Texas that CNN and MSNBC will never mention, because they also hate cops and Trump.

Tuesday, August 15, 2017

NEW REPORT: DNC Docs were Leaked, not Hacked

There was no Russian hack. The leaked DNC documents last summer (posted on Wikileaks) came from inside leaks, not hacks. The leakers were motivated by disgust at the corruption of the Clinton Foundation -- and also because of the tilting of the primary election playing field against Bernie Sanders.

Monday, August 7, 2017

Jason Chaffetz blasts Trump's Deputy AG Rod Rosenstein

August 7, 2017 - On Fox News former House Oversight Committee Chairman Rep. Jason Chaffetz blasted Trump's Deputy AG Rod Rosenstein for saying he'd arrest leakers but not Clintons.

Sunday, July 16, 2017

The GOP's Repeal and Replace Act (Explained)

Under the GOP's "repeal and replace" healthcare bill, the CBO says about 22 million will "lose" healthcare insurance. But what is misunderstood (or is not properly explained) is:

Thursday, July 6, 2017

Ripped off by Cox Cable (as usual) for TV and Internet

Cox Communications

After hours of research I found (what I thought was) the lowest priced cable TV/internet package currently available to first-time customers in Las Vegas; it's called the BRONZE BUNDLE from Cox, and it comes with a landline phone (which I really didn't need).