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WTF? No thread on the new tax thingy?

Discussion in 'The Dungeon' started by Metalhead, Sep 28, 2017.

  1. Mongo

    Mongo Administrator

    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.
     
  2. cpettit

    cpettit Well-Known Member

    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.
     
  3. Mongo

    Mongo Administrator

    Rich mofos :D
     
  4. R Acree

    R Acree Banned

    Destroying Roadracing in the US is not lucrative.
     
    badmoon692008 likes this.
  5. 2blueYam

    2blueYam Track Day Addict

    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.
     
  6. Fonda Dix

    Fonda Dix Well-Known Member

    I was living like a king on six figures in Dallas. In Boulder I'm the prince's third cousin.
     
    Metalhead likes this.
  7. brex

    brex Well-Known Member

    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.
     
  8. auminer

    auminer Renaissance Redneck

    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.
     
  9. Hooper

    Hooper Well-Known Member

    Guess again...
    https://www.cnbc.com/2017/05/12/if-you-make-105000-in-san-francisco-youre-considered-low-income.html
     
  10. 2blueYam

    2blueYam Track Day Addict

  11. Mongo

    Mongo Administrator

    75k as a single person is fucking rich. Don't care where you are.
     
    badmoon692008 likes this.
  12. Hooper

    Hooper Well-Known Member

    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! :eek:
     
  13. Metalhead

    Metalhead Dong pilot

    Yes individual basis. Thanks for understanding what I wrote. High five five.
     
    thrak410 likes this.
  14. auminer

    auminer Renaissance Redneck

    No.
     
  15. Lawn Dart

    Lawn Dart Difficult. With a big D.

    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.
     
  16. Newsshooter

    Newsshooter Well-Known Member

    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.
     
  17. pickled egg

    pickled egg Tell me more

    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.
     
  18. Fonda Dix

    Fonda Dix Well-Known Member

    Remember six figures is pretty broad. 100-999k
     
  19. pickled egg

    pickled egg Tell me more

    And the higher the number, the prettier the broad. ;)
     
    badmoon692008, crashman and Fonda Dix like this.
  20. jrsamples

    jrsamples Banned

    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.
     

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