Taxes: A Question for Kerry Supporters - Page 10

MMMMMM · #91 10-13-2004, 08:00 AM

Thank you Irish Hand. The excerpts seem to support my position.

I agree that the class distinction is somewhat artificial, especially today. My purpose in arguing this thread goes back to my criticism of Kerry for claiming his tax cut rollbacks would affect the "rich only", which I feel is very disingenous since earning 200K does not automatically make one "rich" (or "upper-class").

tolbiny · #92 10-13-2004, 10:14 AM

If there is an Upper middle, middle middle, a nd lower middle,
then why can't there be an Upp Upper, Middle Upper and lower Upper?

MMMMMM · #93 10-13-2004, 01:16 PM

[ QUOTE ]
If there is an Upper middle, middle middle, a nd lower middle,
then why can't there be an Upp Upper, Middle Upper and lower Upper?

[/ QUOTE ]

There can. Earning say 500K/yr. is lower-upper. Being worth say 10 million is middle-upper. Being worth say 50 million or more is upper-upper.

Cashcow · #94 10-13-2004, 01:54 PM

This discussion is very interesting.

[ QUOTE ]
I really don't see how 50K a year is a LOT of money

[/ QUOTE ]

I would love to make that much. My wife and I make about $40k between the two of us, and we have a 6 month old to feed and cloth. We are getting by ok, but we would get by much much easier with $10k more. Think of what that $10k can do...pay our rent for the year.

You also make a very goo point though. If you live in a major metropolitin are, you are not going to make it nearly as easily on what we make. We live in the Cincinnati area and prices aren't bad at all compared to areas like N.Y. and L.A.

I would think that the class issue has to be dependant on your local economy.

andyfox · #95 10-13-2004, 02:16 PM

George Bush believes a person making $400,000, a person making $4,000,000 and a person making $40,000,000 deserved the same percentage tax cut as you did.

adios · #96 10-13-2004, 02:22 PM

I can certainly appreciate your viewpoint. You wrote:

[ QUOTE ]
I would think that the class issue has to be dependant on your local economy.

[/ QUOTE ]

I agree with your statement. Yet the standard deduction is the same for everyone. It's the same for someone living in LA as it is for someone living in Tulsa. What is up with that? My understanding is that the original idea of the income tax was to tax income available for discretionary spending. Apparently the government is stating that everyone should be able to get by on $10,000 a year which is approximately the standard deduction and the personal expemption total. Every $ earned after that is available for discretionary spending? I doubt that in very many cases. Just my take. Yeah you can deduct mortgage intereset but of course not everyone owns their home and now we're really talking about different prices for different areas. There used to be a time when you could deduct all interest paid as well as sales tax paid. All these rules for what gets taxed and what doesn't seems arbitrary to me.

Cashcow · #97 10-13-2004, 04:02 PM

Do you not think that there is a huge gap between $50k and $200k?

Cashcow · #98 10-13-2004, 04:14 PM

[ QUOTE ]
Earning say 500K/yr. is lower-upper. Being worth say 10 million is middle-upper. Being worth say 50 million or more is upper-upper.

[/ QUOTE ]

50k (middle class) to 200k (still middle class)400%increase
200k(middle class) to 500k (upper class) 150% increase
Whey does the math not work?

I think you need to re evaluate what you are saying. If you make more money than 97% of the population, would you not be in the upper portion of the population. If you are in the 40% - 60% range, income wise, are you not in the middle?
Just because you may not be rich (200k), does not meen that you are not in the upper class.

MMMMMM · #99 10-13-2004, 05:59 PM

[ QUOTE ]
Do you not think that there is a huge gap between $50k and $200k?

[/ QUOTE ]

There is a significant difference but it is not as great as the gap between 200K and being wealthy, or the gap between 50K and being poor.

MMMMMM · #**100** 10-13-2004, 06:04 PM

[ QUOTE ]
50k (middle class) to 200k (still middle class)400%increase
200k(middle class) to 500k (upper class) 150% increase
Whey does the math not work?

[/ QUOTE ]

Because at 500K+ you get a significant amount of money which you can invest and become a multimillionaire on. At 200K, especially with kids, most of the money will just be spent on living fairly well and on a higher level of necessities and taxes. At 500K+ you can accumulate net assets far more rapidly, and it is net worth that makes the biggest difference.