PatriotsReign

First, let's define middle class.

Our friends in Washington say the middle class ends at $75K if you're single. and that may be true in certain parts of the nation, but not here in the Northeast, Massachusetts in particular.

In summary, if you make over $75,000 (singles) or $150,000 (couples), you did not receive a stimulus check last year and you will not recieve one under Obama's plan. Let's get another thing straight also...couples making $150K are a LOT wealthier than a single person making $75K. A frikkn' LOT wealthier!

Now, as part of Obama's stimulus, there's a new $7,500 tax credit for first time home buyers that won't have to be paid back...and guess what? If you're single and make over $75K, you're not eligible! but if you're married and make $148K, you're eligible.

I guess I'm wondering what happened to Obama's definition of wealthy being over $200K? He said he would increase taxes only upon those earning over that amount which is an admission that is his definition of wealthy. Yet nothing he has done or plans to do will help anyone earning over $75K if you're single (which I am).

So what do people like me get for the much higher tax rate we pay? It would seem, not much. My taxes are going to go to rebuild schools, pay for others stimulus checks and credits to help them buy homes. But they're telling people like me we don't need any help. Never mind the fact that 12 years ago I was making $32K a year. So I have little accumulated wealth built up.

I'm sure there are many others like me but we don't represent a large enough constituency to be counted. If anyone else is in a similar positon, it makes me feel my gov't is flipping me the bird and saying tough sh1t.

Oh, here's a couple more tidbits for people earning over $75k;

1. They have their 401K's capped at 2% above their co.'s average. which is 6% annually for me
2. They can't contribute to Roth IRA's or any other tax deferred retirement program at all

I guess I need to find a good accountant/investment advisor to show me how I can screw the IRS back. I've never wanted to go that route, but if they want to forget about me, I'm going to try me best to give them as little of my money as possible.

DarrylS

Given the unemployment rate is approaching double digits, and many folks I know are facing income reductions.. consider yourself a lucky person.. not really sure if you need a stimulus check.. not sure how many people included in this whole group need stimulus checks.. I agree most of this stuff favors married folks including our current tax system..

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"Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.

MrBigglesWorth

it is very simple.

the top 1% reaps the most benefits and accumulates the most wealth.

the lower class is given scraps and middle class some too. From what I've seen people from the middle class are outraged at the scraps given to the lower class. This outrage serves as a distraction to both the middle and lower which deflects the true problem.

Keep the peasants fighting amongst themselves and the anger will not be focused on the king.

In the end the house always wins.

__________________
"There are two categories of superbowl participants that nobody remembers:

The team that lost the game and the team that only won one." Dwight White- Steelers

MrBigglesWorth

I often wonder if this was the same propaganda that the colonials faced right before the Boston Tea Party. "You have enough to survive" "You have land and a roof over your head"

__________________
"There are two categories of superbowl participants that nobody remembers:

The team that lost the game and the team that only won one." Dwight White- Steelers

DarrylS

Not sure it is propaganda, if you disclose you are doing well in this economy good for you.. but you are lucky considering how things are going.. not at all minimizing PR's sitz, but questioning will any of these "small checks" make a difference.. personally $1200, did not mean a whole lot to us last year.. we filled up the oil tank & paid some taxes.

Right now RI is @ 10% unemployment, not including those whose benefits who have run out or discouraged workers... 1 in 14 homeowners are behind on their mortgage payments..something like 1 in 7 are upside down in their mortgages.. it goes on and on.. not sure if anyone gets $600 or $1200 will do much of anything except makes us feel all warm and fuzzy for about 2 minutes, then reality hits and our grandchildren are facing another bill to pay.

__________________
"Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.

sdaniels7114

First thing you need to do is get that way of thinking out of your head. They made the rules. Hiring an accountant to take full advantage of them is what they expect you to do. Are the Pats screwing the NFL when they use all 4 downs to get 10 yards as opposed to punting on 4th?

Second thing you should do is find some hottie who makes $74,500 and is willing to cook and do your laundry.

BelichickFan

"need". Is the stimulus welfare based on need or a check for people to spend money ? I thought it was the latter. You'd have to go a good bit about $75K before a $600 or whatever check would just be tossed on the bank and not a dime of it spent. If it were based solely on need, as opposed to wanting to buy yourself something you want but don't really need, then it would just be welfare.

I'm not sure I buy that. My wife and I both work and our second income is taxed at the high rate from the first dollar. We also can't contribute to a Roth IRA, nor get tax benefits from a Traditional IRA, at all; we both make low enough individually to do them but the limit for married people is less than twice the limit for single (it's something like 150%) so although we could both do a Roth IRA if we were single, neither of us can married and that's a big deal, Roth IRAs are very good.

PatriotsReign

That's the question, who says who "needs" what? I've been throught 5 mergers/acquisitions, I've been laid off for a year and I made peanuts up until lately. I've never been able to afford a home (until now) and I didn't make enought (until recently) to save much for retirement. But none of these things are ever considered...why is that?

And why does and should our country "favor" married people? Isn't that in itself prejudiced?

PatriotsReign

Hey, your advice will actually make me feel patriotic AND I'll get to take home more of my hard-earned money.

Getting the "hottie" will mean...gulp...m-m-marriage, if I want it to help save me on the tax front. I'll stay singe for a while longer but nothing wrong with hotties, though.

BelichickFan

I'm not sure it does but if it does the reason would be that in the past a married couple would be living off one income, generally also with kids. So a single income single's person would go a lot further than a single income married person's income as they're supporting one person vs. 2, 3, 4 or more.

Of course that has changed with a lot of two income married couples; whose effect is lessened by needing to pay high daycare costs. What's fair ? Who knows.

But the tax system is prejudiced everywhere. The rich pay more. Property owners pay more. Etc, etc.