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kavips
Just another Delaware WordPress.com weblog
kavips 
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February 3, 2012 at 8:13 am
anonymous
More bad math.
On one hour’s earnings, middle America, pays 35% wage tax.
Rmoney earns $7,500.00 an hour, paying a 14% tax rate.
Whereas, the 1%ers would have average republican voter ignore their own 35% rate vs the 14% rate of someone who makes multi millions each year.
Yet, the thought that an American who works hard at minimum wage might earn another dollar an hour, the 1%ers coach (through Rush, et al) the average republican voter to react negatively and immediately to that extra dollar.
Let’s see. $7,500 vs. $1. Hmm. Yes.. republicans attack that poor mimimum wage worker.
The low wage earner, still pays a gas tax, city tax school tax, even trailer park property tax, beverage tax, highway tax, phone line tax, energy tax, etc.and would spend any remaining a part of that dollar, locally.
Whereas, the highest income earners in the country, cut American jobs opportunities, invests overseas, spents around the world, in ways and places mr. average republicans can’t even dream about.
February 3, 2012 at 11:59 pm
kavips
One quick note… most working Americans do not pay 35% wage tax. That is for the highest income earners fitting into the top marginal rate category….
The actual rates are as follows….
For 2012, there will be six tax rates of:
10%,
15%,
25%,
28%,
33%, and
35%.
In the married filing jointly, the categories break down such….
10% on taxable income from $0 to $17,400, plus
15% on taxable income over $17,400 to $70,700, plus
25% on taxable income over $70,700 to $142,700, plus
28% on taxable income over $142,700 to $217,450, plus
33% on taxable income over $217,450 to $388,350, plus
35% on taxable income over $388,350.
So it is right to fault the lower income rates being paid by the wealthy, (but who can blame them for trying to pay less taxes) but it is probably not right to use the false comparison that poor people actually pay 35% of their income in Federal Wage Tax…..
🙂
February 4, 2012 at 8:31 am
anonymous
An important question might be, who does Rmoney consider to be poor – or middle class?
Romney ‘rakes in more money per day than average American earns in one year’ quote Yahoo News. I guess that should read, Romney rakes in twice as much money per day than average American earns in one year.
Who’s Rmoney talking about, when he refers to ‘middle America?”
Not – Average Joe, Jane – approx. $32,000.
Not – Median household income by state:
Mississippi $36,646, Delaware 56,800, Maryland 69,200.
Not – Median household income, $50,000.
Romney said, “I’m concerned about the very heart of America,” adding later: “My focus is on middle-income Americans.” “Heart of America,” what’s that? Republican votes?
Romney proposes to eliminate all interest, dividend and capital-gains taxes for people earning less than $200,000. That’s a lot of lost revenue from those who aren’t “middle income.”
Kindly explain that spike at the end of above chart ($200,000.00+)
I guess something interesting to compare might be, American income earned by “working” to “investing” and how it is taxed.
PS The republicans caused poor and average Joe/Jane’s investment in their average home, to go down, 33% (generally speaking,) if they didn’t lose it in foreclosure, that is.
What compensation does one get if the government allows the ultra rich to rob the poor and middle class of their investment?
What’s Rmoney propose for them? I think it sounds like this: “I’m not concerned about the very poor.”
February 5, 2012 at 12:42 am
kavips
That chart shows exactly what my next post rambles on about…
If the people who voted actually represented the country, then a 50-50 electorate would be the incomes below $50,000 versus those above $50.,000..
If the demographics were honest, then to win Elections, Republicans would not be catering to the rich, but to those people between $45,000 and $80,000…
The trick is to get enough normal people to vote, and the Too Rich To Fail party withers on the vine….
February 5, 2012 at 7:35 pm
anonymous
It is accurate to say the ‘poor’ guy earning $17,400 paid a higher tax rate than Rmoney in 2010.
What about the above average income guys paying 35% ?
Regarding income levels, make more, the tax rates kick in, taking some, than more, until one has money for investments beyond necessity, than taxes on investments, etc. can fall back below the rate a $17,400 to $70,700 wage earner would pay.
On a tax chart, 15% is the rate on taxable income from $17,400 to $70,700. Romney paid 13.9 per cent on the 21.7 million dollars he made in 2010 and 15.3% in 2011.
17,400 – 15%
2l,700,000 – 13.9%
That blows a bloody hole through those who earn $70,700 to $388,350, and pay 25% to 35%.