If you can't quantify it with a dollar amount then how do you quantify how the new tax proposal will hurt the middle class? Taxes aren't based on insurance costs.
I'd say middle class is somewhere in the $75k - $150k a year household income range either side of that could be considered lower middle or upper middle.
A lot of this will depend on where you live and the cost of living there. $75k might be lower middle class in San Francisco but would certainly be upper or upper middle class for a small town in Iowa.
The "class system" is simply for whining purposes. It is not quantifiable or to be used for anything other than complaining that "the middle class" is getting shit on. By everyone.
We're in the 6 figure range in DFW... Kinghood is definitely not how I'd describe our lifestyle. Not pauperhood, certainly, but not Kinghood.
Guess again... https://www.cnbc.com/2017/05/12/if-you-make-105000-in-san-francisco-youre-considered-low-income.html
Well, I did say "might be" and also that is for a family of 4. $75k might be lower middle class if you are single in SF. This all points back to the fact that you really just can't quantify this stuff. How about someone with their house paid off? They probably wouldn't need nearly as much income to live a middle class lifestyle.
I agree with all that. Your previous post just reminded me of that $105k number for "lower class" because I remember being kind of shocked when I first heard it. And I live the Bay Area!
The articles I've seen mention dropping the tax rate (25%) for people who own businesses. Now, I don't remember reading that it was only for certain types, but that doesn't mean its not. I need to do more research. Also, S-Corp is a great way to take advantage of corporate tax loopholes. The problem is that you have to do two tax returns, but part of your personal return is a K-1 containing the gains or losses. I did this for about 3 years or so.
hahahahah, lower middle class in San Francisco, As of September 2017, the average apartment rent in San Francisco, CA is $2,199 for a studio, $2,830 for one bedroom, $3,922 for two bedrooms, and $4,742 for three bedrooms. Apartment rent in San Francisco has increased by 3.2% in the past year.
I haven't looked at the latest stupidity, but AFAIK the idea is to deep six the double taxation on C-Corps. You know, like the rest of the world. Currently a C-Corp pays taxes on its profits and dividends paid, and the recipient of the dividend pays taxes on the dividend. Double taxation.
Just like the death tax. Sure wish there was equality in this country. The bills are $________ and divide that by the number of people _______. I have a feeling that the hoards would demand fiscal responsibility for a change.