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Politically Incorrect
Carl McClanahan

Left Leadership Lamentations

Posted Monday, December 18, 2017, at 3:17 PM
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    Carl, if the measly 5-6 million votes for Shummer mean nothing compared to the 63 million votes for Trump, what does that say about the 66 million votes that Hillary got?

    The worst thing about the widely unpopular republican tax plan is not the fact that it will add 1.5 trillion to the deficit.

    It's that it doesn't help the middle class one bit.

    Studies done by the Tax Policy Center show that 83% of the tax cuts will go to the top 1%.

    And people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut.

    -- Posted by RocketValentine on Mon, Dec 18, 2017, at 8:42 PM
  • You have to give old democrats credit. By instituting progressive taxation, where the rich pay almost all income taxes, future generations of democrats simply scream "tax cuts for the rich!" and never have to actually make an argument.

    -- Posted by quietmike on Tue, Dec 19, 2017, at 6:46 AM
  • Now, poor white people vote Republican, and they are still poor also.

    -- Posted by Grit on Tue, Dec 19, 2017, at 2:08 PM
  • Interesting assertion, Carl. Of course, you have failed to define what you consider to be the "Middle Class." One definition is that the "Middle Class" comprises those whose net worth is above the 20th percentile and below the 80th percentile. That does make a somewhat convenient way to define "Middle Class"... those who are in the *middle*. Another definition of "Middle Class" are households with a net worth between $100,000 and a $1,000,000. Roughly 25% of US households have a net worth over $100,000, and somewhere between 3.5 and 4% are worth $1,000,000 or more. So, interestingly enough, more than 80% of the households defined as "Middle Class" by wealth are actually above "Middle Class" in terms of being in the *middle*.

    The truth is, households in the US own outright about 38% of the Stock Market. When you add in Mutual funds, retirement funds, and insurance holdings, households control about 80% of the stock market. "Households" is not, however, synonymous with "Middle Class." Virtually all of that stock is owned by that top 25%, who are either "Upper Middle Class" or "Affluent," depending on the definition you use.

    Another way to gauge this would be the Hall Income Tax, which is being eliminated to help the "Middle Class." The city of Brentwood has, for many years, not required a property tax to operate, as the City share of the Hall Income Tax has been enough to run their local government. In the City of Shelbyville, the city share of the Hall Income Tax was so minuscule that it did not even effect the property tax rate by a single penny. The elimination of the Hall Income Tax had to be phased in over a 5 year period to allow the wealthy cities to adjust their budgets.

    -- Posted by lazarus on Sat, Dec 23, 2017, at 9:29 PM
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