Tuesday, December 19, 2017

GOP tax plan saves us $20 a week

Paul Ryan

Median wage earners (half of all workers in America) will save a measly 20 bucks a week (or less) with the new GOP tax plan.

Per Social Security wage data: the "median" income in the U.S. is a little over $30,000 a year for wage earners.

The new tax plan lowers the tax rate from 15% to 12% on income over $9,525 up to $38,700 --- so median income earners making $30,000 a year will save $900 from the new tax rate.

Median wage tax rates (old and new)

The new tax plan will also raise the standard deduction from $6,350 to $12,000 (almost double); but it also eliminates the $4,050 personal exemption --- for a difference of $1,600 less that you'd have to pay tax on.

12% tax (on income over $9,525 up to $38,700) = $192 saved for median income earners making $30,000 a year. ($192 = 12% of $1,600

Save a whopping $21 with new GOP tax plan!

(Below) Old tax brackets scheduled for 2018 (Blue shade is the "median" bracket)

Old 2018 tax brackets

(Below) New tax brackets scheduled for 2018 (Blue shade is the "median" bracket)

New 2018 tax brackets

* Based on single filers with no children.

Friday, December 15, 2017

Turning 18 years old in America during the Trump Era

If Trump and the Republicans raised the minimum wage, they'd make 8 years of Obama look like a waste of time for the working-class.

Turning 18 years old in America during the Trump Era

Let's say you just turned 18 years old and that you have just graduated from high school (and now your parents want you to leave the nest). Here's what the Republicans think you can live on every month . . .

$750 One-bedroom apartment (no furniture, household goods or cable TV). Tiny and more affordable 1-room efficiency apartments are very hard to find, just ask an old single man. If you're lucky, utilities such as heat and electricity are included.
$310 Food: $10 a day for fast food and/or groceries . . no steak and lobster, more like canned beans and Whoppers (And this is far more than what food stamps offer single "able-bodied" people without children.)
$100 Car payment (your parents had good credit and co-signed a loan for an old $1,500 car for you so you can drive to work and the grocery store)
$100 Basic auto insurance (no collision, just enough to be street legal. It's very expensive for teens and those in their early 20s).
$20 Basic cellphone plan (cheaper than a landline without cable TV and internet package)
$0 No healthcare or dental insurance (GOP wants to cut Medicaid); no clothing allowance; and no college tuition. (Gas and maintenance for your old car will come from the food budget.)

= $1,280 total per month for basic living expenses (VERY basic!)

One would need to take home (NET) $7.38 an hour AFTER all payroll taxes are deducted (which is more than the current minimum wage) --- AND they would need to work at least 40 hours a week and work every week of the year with no vacations, holidays and sick days (because the GOP made sure that union jobs are almost obsolete).

But Wal-Mart, Amazon and McDonalds (American's biggest job creators) don't even pay that much — or offer enough hours (mostly part-time jobs). You'd be better off joining the U.S. military (school, healthcare, job security, team affiliation, pension, etc.)

So how does the GOP expect our young people to live? The very lucky ones come from very well-to-do (or even middle-class) families that can give them a better start in life. Others are lucky enough to find a room-mate to help them split expenses. But how are the rest (the majority) of these young people expected to survive . . . let alone get ahead in life?

. . . and never mind going to college, buying a house or getting married and having children. It's no wonder most of them voted for Bernie Sanders (not Clinton or Trump) and hate Republicans!

We need a $15 an hour MINIMUM WAGE - - - especially since the GOP has been bragging about how well the stock market and companies have been doing since Trump was elected. George W. Bush was the last President to raise the minimum wage. Trump should not be like Obama and not sign a minimum wage bill for our young the people (who are the future of our country). Trump should raise the minimum wage (even to $10 a hour) if he wants the GOP to win more elections.

And maybe then less young people will stop rioting in the streets, setting police cars on fire and looting stores.

* FYI: Old people trying to live on Social Security have a similar problem because the GOP killed labor unions that offered pensions to supplement their Social Security benefits (and real estate investors are flipping properties and driving up the cost of housing for poor people.)

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.