According to this, those making 100k (33.6% of Americans) will be getting less money. The 66.4% of Americans will be getting significantly more.
Via zippa
As a programmer and my wife is a doctor, I’m in the upper brackets. But I don’t care. Also happy to see the millionaires losing even more money!
In my eyes, $3000 goes a long way for someone struggling!
I am in upper brackets, too - I’m happy to pay more if someone who is struggling doesn’t have to.
I guess I am too, maybe it’s my nouveau-ness (not that I’m anywhere near “rich”), but I don’t understand why the attitude isn’t “just go make more money”? (Keeping in mind we’re talking about people who don’t need the money for subsistence and are clearly capable of generating cash)
I’m assuming you mean they will be getting a lower portion of the increases? The chart you have here looks more like how many people fall in a given bracket.
It makes plenty of sense to shift things to greater gains on the lower end. A while back there was a study that said somewhere around $75K was the point at which actual income gains start to level off as far as what improvements it makes to your life. At that point you can probably pay your bills and afford to eat without stressing so much over every decision. I forget if that was for a single person or what, but for where I live it would be doable to be sure. Lower than that and you need that extra boost to just meet the basic needs.
The $75k figure is from 2010. The article seems to be https://www.pnas.org/doi/10.1073/pnas.1011492107.
You acknowledge $75k as a living wage in 2010. How would research from 2010 be used for wage suppression today? Was it wage suppression in 2010?
Actually I didn’t specify when. The measure of if a wage is livable is going to vary greatly based on where you are of course. Around here one of the larger employers handing out ‘just basic work’ level jobs starts off at around $40K which is roughly a $10K increase over the last few years according to their persistent hiring sign and it’s regarded locally as being decent pay.
Some very rough math would say that if you made $75K and took home say 60% of that after tax and insurance you would make about 3,750 a month. A rent or mortgage in the $1000-1500 space isn’t too abnormal here leaving $2K+ for your other needs, utilities, food, etc
It’s not a life of luxury level to be sure, but being someone who has gone from “milk to make mac & chz is a luxury” to actually having a few bits extra to buy some nice toys there is a cutoff out there where cash stops being the main stress in life. In my case it was somewhere around the point when I could just go buy a jug of milk without having to check if that was going to leave enough gas money for the rest of the week…
IMO, it should incorporate a logarithmic target at homelessness in the entire nation. Those in the top brackets have no right to obscene wealth while anyone is lying in a gutter or going hungry.
The crazy thing is, there would still be obscenely rich people. They just wouldn’t be quite as obscenely rich.
The real key is, they wouldn’t miss it at all. Yet they hang on every bit of it.
This is what I’m always saying. The more dollars you have, the less each one matters. Going from 40k to 50k is a big jump. Going from 400k to 500k is a bigger jump in absolute numbers, but will make far less of an difference.
I knew a guy who told me that “his family struggled, too” when both parents were bringing home mid six figures. I’m sorry but like what. Learn to budget.
I’d argue, since we are an empire and the world’s super power both militarily and economically, we shouldn’t have any billionaires or even hundred millionaires while people are dying of starvation/malnutrition anywhere in the world.
I hate to break it to you, but as a resident of the former military and economic superpower, having a super wealthy elite class and a dirt-poor underclass is a feature of being said superpower.
A well-fed and housed underclass has no need to volunteer for a large enough military force to be present anywhere in the world within, these days, 48 hours.
And your elite hoarding the wealth in assets they trade and speculate on the stock exchanges gravitates more money into said exchanges from across the world. Without their capital invested in said markets they’d merely be competing with other markets around the world not dominating them.
My advice, enjoy your empire whilst you still have it and do what you can reasonably do to financially prepare for when it starts to dwindle.
Of all the things that have changed since Reagan took office, it’s nice to see that ‘fiscal responsibilty’ still means massive unfunded tax cuts for the people who need them the very least.
They have the most money so they’re the most responsible. Otherwise they wouldn’t have the most money. So the responsible thing is to give them all the money.
Duh.
Republicans making $35k a year: “but wHeRE is The iNcEnTiVE to bE sUcCeSsFuL!!!”
Trump wants me to sell out my country for less than $50k?!? How is that money going to help me when living in the country becomes unbearable and my dollar is worth a fraction of what it does today?
EDIT: The problem is the suburban $139k bracket, living paycheck to paycheck and in debt up to their eyeballs. That $1000 difference might look real juicy to those guys.
How the fuck do you manage to spend 139k a year? People don’t make any god damn sense.
Oh man, it happens without you knowing it. I got caught in that once. Between my wife and I we were making close to $200k and we couldn’t survive two months without a paycheck. Mortgage, car payments, school loans, credit cards payments and taxes for start. Then you want to make yourself feel better because your job and traffic to and from work are sucking the life right out of you, so you start buying shit and decorating so you can have a sanctuary, all the while you are strengthening the chains around your neck.
A slave with a nice car and house is still a slave. They just are less aware of it…until they want to quit and realize that they can’t.
Huh, being raised poor I hardly ever buy anything for myself. I generally fill out my I-9’s with zero dependents so that I get more tax taken out throughout the year and get a little back at tax season. We buy used cars rather than paying interest on car payments. Never had school loans because I knew I wouldn’t make enough in the real world to pay for it. Never had debt on a credit card other than a few periods of unemployment, but paying those off when possible was always a priority.
Never had much support from my parents, and I’m naturally good with numbers and statistics, so I tend to think in terms of value gained for purchases.
But I also could pack everything I own onto a pick-up truck and drive off with it, still wear clothes I bought at my frist job at Sears almost 20 years ago.
Just accepted from an early age I was going to be poor, and really leaned into it.
