Government / Tax

Definition of the Middle Class


Definition of the Middle Class
After watching the Presidential debate last night, I now realize the difference between the two presidential candidates when it comes to the definition of middle class.
Romney must think that anyone who does not have a zero to the left of the decimal point is middle class. That is, people whose income ranks them at 1.0% or higher is middle class while 0.9% or less is upper-class.  I loved Romney’s remarks last night that his tax plan would mean that middle class families would not have to pay tax on capital gains, interest or dividends.
Does he really think this is a problem for the middle class? While many middle class families have  investments, they are mostly in retirement accounts that are not taxed.  His plan is very generous from someone who pays almost nothing on income from investments.  You have to keep in mind that the 14% he paid last year was on the investment he made in his own trust.  It did not count the gains he made in his massive IRA, the trust he has for his children or probably off-shore accounts.  It is also just the realized capital gains,  the gains from actually selling stuff that went up.  His net-worth probably grew much more.
Obama thinks you are wealthy if your family earns $250,000 or more. I doubt that families in California or New York with two wage-earners, child care and a big mortgage, consider themselves wealthy.  Obama wants to increase the tax on those making more than $250,000 but seems to forget that he already did that with the 3.8% Medicare surtax on wages and investment earnings above $250,000.  If the Bush tax cuts expire for those making over $250,000, the marginal tax rate in a state like California will be close to 50%.
I have an idea that will benefit the middle class.  Let’s get out of Afghanistan and cut back on our military budget.

3 thoughts on “Definition of the Middle Class

  1. Does anyone remember why we are still in Afghanistan? Is it going to be like Korea where we help defend south Korea one of the riches nations in the world against North Korea one of the worlds poorest, Obama believes by his superior genetic composition he is inherently a member of the Upper Glass. RomNY KNOWS you can be boor into the upper class or that you can earn your way in. Obama does not want any more people to be in the upper glass Romney welcomes them. A couple that is a police Lieutenant and an assistant Principal make $250,000. These people have absolutely no economic power. wharever power they have is by being member of groups like unions that negotiate wages with the people who they put in office/ Most of the people who are THEYN THINK are middle class are actually clerks and laborers. the upper class uses it capital to make money. The middle class uses their mind to make a living and the lower class work with their hands. You and I were born into middle class but worked hard enough (a goat a little lucky) to make it into thee upper class. BE LOYAL TO YOUR CLASS BUT KEEEP THE LABORERS BUSY. IT IS THE UPPER CLASS RESPONSIBILITY to create jobs for the middle class. The lower classes are generally hopeless since they have been able to acquire the intelligence and learning of the middle class. Some of the lower clases could make it out but do not have the ability intelligence to make it out.

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  2. You did not comment on my response. I take these things serially. The idea of 2/3 done is absolutely brilliant! I am openly jealous. What can i do; 7/10s done and in five months it sou;d be 71% I think that we will both live past 100, but acknolowging my response will help me get to that goal and may even help you.

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  3. I think there are people in the defense industry that know why we are still in Afghanistan because they buy off the politicians that keep us there. Not sure I understood much of the rest of your post and probably would not agree with it, if I did. Frankly, I wish we did not have to talk about classes. The situation is much more complicated then that. Today, I visited Target. I was amazed at how cheap the products were. Everything I looked at was made in the China. Most of the people shopping were part of what Romney calls the 47%. I am sure if you asked most of them if they would rather the products were built in the USA even if that meant they would cost 20% more because that would reduce unemployment by 4%, they would say “fuck the 4%”.

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