Romney out of touch...thinks middle income is $200,000 - $250,000 per year

Originally posted by sio2yh2o
Once again a distraction from the real question..........

Why does BO and his admin think that 200k + is part of the 1%?

That's easy. - Polling Data -

David Axelrod gives Obama the best sounding numbers.

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It doesn't matter anyway. Obama has his eye on the prize. - Value Added Tax -

Don't be fooled by the smoke screen.

This thread belongs in the rant section. No consistency here.

reply to post by dogstar23


Ive made a middle of the road lower end income by myself for years. Struggle is when you cant be thankful for what you have.

Thank you for taking the time to list the 'prices' of things. I saw some differences in how I would spend my money, but Im certain thats expected.

reply to post by Eurisko2012

When President Mitt Romney is elected then we will probably just go to a flat tax.

Do you have a source where he says that?

Remember the Herman Cain 9 - 9 - 9 ?

Hermain Cain would have been an acceptable candidate.

It's so simple. Everybody can understand it.

Then why doesn’t Mitt tell anyone?

How many people understand the current tax code?

Only people like Romney who know how to exploit it and he will keep it that way so his ultra wealthy friends and himself will get even wealthier.

Sheldon Adelson Stands To Get $2 Billion Tax Cut If Mitt Romney Is Elected.

Adelson has vowed to spend as much as $100 million to help sway the 2012 election.
.

Cut top tax rates, saving Adelson approximately $1.5 million on his annual compensation as chief executive of his casino company.
• Maintain the special low rates on dividends, potentially saving Adelson nearly $120 million on a single year’s worth of dividends, more than enough to recoup his politi- cal donations.

• Maintain the special low rates on capital gains, allowing Adelson to make back his political donations in capital gains tax cuts just by selling a fraction of his stock.

• Provide a tax windfall of an estimated $1.2 billion to Adelson’s company, Las Vegas Sands Corp., on untaxed profits from its Asian casinos, as well as a tax exemption forfuture overseas profits. Adelson’s casinos already enjoy a special foreign tax exemp- tion from the Chinese administrative region of Macau, and Gov. Romney would make those foreign profits exempt from U.S. taxes as well.

• Eliminate the estate tax, potentially providing a staggering $8.9 billion windfall to Adelson’s heirs.

2 Billion Tax Savings

Originally posted by sensfan
In an interview airing on Good Morning America this morning, Romney was asked if the middle income of Americans is $100,000, to which re replied.."No, middle income is $200,000 to $250,000".

Is this guy serious? Is he so out of touch that he really thinks that is what the middle or average income is in the country he wants to be leader of? In fact, the middle income is only around $50,000 but I guess when you are worth billions, the difference between 50 grand and 250 grand isn't that much.

Romney out of touch...AGAIN

This is EXACTLY what the US Congress of the UsA thinks and Romney's handler's have told him.

Poverty levels change depending upon where you live.

In West Texas where I live, $42,000 a year is a good income, but people who work in the oil field make upwards of $100,000.00 or more a year. Poverty level income here is $24,000.00 yr. Many folks in this area live at that level as they do elsewhere as well.

Funny how the Government never adjusts the POVERTY LEVEL INCOME when they increase things like TAXES and MINIMUM WAGE.

reply to post by Grimpachi


The best solution is to simply hire a CPA to fill out you IRS forms.

It's their job.

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The current IRS tax code is a monster that nobody wants to read.

- Make it simple. -

Go with 10 - 10 - 10 and just see what happens.

When the timing looks good then reduce it to 8 - 8 - 8.

reply to post by sensfan


Did you even read the article you linked? Or did you just read the headline?

“No,” Romney replied, “middle income is $200,000 to $250,000 and less.”

Middle Class used to represent the people between the peasants and the Nobility. Considering the fact that even watchmakers, gilders, coach makers, and cooks of all levels were sold like slaves as part of the peasantry, then you would be looking for something beyond these occupations to figure out what the middle class was. Doctors used to perform no surgery - surgeons used to be the local butcher, while doctors gave directions and went to college in their teens. Telling a bunch of poor people they are middle class doesn't make it so, and asking the poor if they belong to the coveted middle class is likewise an act of vanity. Allowing the poor to redefine middle class so that they fit into it makes even less sense.

Now looking at Romney's assessment. Counting in the upcoming inflation of QE Infinity? He is probably correct. 4 Bedroom Houses in Massachusetts don't go for $100,000, more like $400,000-800,000. There are new income brackets to consider as well. You have semi-homeless people making a welfare salary of around $4000. You have minimum wage workers earning $18,000 annual in some places. Firefighters and forest technicians making $30-50k, police making $30-60k, analysts, attorneys, and statisticians making $115,000-$155,000, and medical officers (OB/GYN) making $180,000-$220,000. Many different types of specialist physicians are making $265,000-$385,000.

Wallstreet brokers clear $250,000 regularly. Yet look at the net worth changes over the years. We have people worth:
$1,000,000
$10,000,000
$100,000,000
$1,000,000,000
$10,000,000,000

and a few worth $100,000,000,000 or more. Most of you are familiar with the reports and rumors of the Schiffs, Morgans, Rothschilds, and so forth, who are said to exceed even these figures. Asset managers can command trillions in the name of other Dynasties. In 2011, WSJ reported there were 3,100,000 millionaires in the United States alone during 2010, and a TIME (Moneyland) 2012 report claimed while the number of millionaires in the United States was declining, globally, that number was actually growing. Ironically, TIME reported 5,100,000 millionaires in the United States, a discrepancy of 2 million.

The idea that $200,000 is middle class is normalizing, but the idea that everyone can attain "middle class", or that the jobs and lifestyle they have currently makes them "middle class", and they are supposed to be earning that much money - that itself is somewhat sickening.

Considering the Average national mortgage payment is around $1700/month, the average car payment is $460/month per car (assume 2), the average health insurance payment is $183/month (assume 4), the average private student loan payment for a dream school is about $800/month (assume 2, parents, kids, or a combo), and the average grocery bill for a family of four at Whole Foods is $1074/month. Total this all up and you get:
$1700
$0920
$0732
$1600
$1074
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$6026/month, not counting gas, electricity, heating, internet, car insurance, movies, vacations, speeding tickets, membership at athletic and fraternal organizations, religious or charity donations, or taxes.

Comes to an income of $72,312 annually. The other functions could be handled by a spouse earning a matching salary, putting the total at $144,624 annually for the combined household income. The joint filing of a couple, or as head of household sets the tax rate at 28%. Which means if $144,624 is what you take home after losing 28% (to make it over simplified), you are representing 72% of X. X is $200,866.66.

Mitt Romney is a Mormon. In Mormon households, it is traditional for the man to work as the Bread Winner, while the woman takes care of the ever growing number of children. Therefore Mitt Romney would be assuming the role of a middle class male is to earn enough to fulfill both incomes. Mormons tend to have a high number of Doctors and Lawyers as heads of household compared with other religious family units.

reply to post by MsAphrodite


All I did was quote him.

I provided links to every source.

In an interview on Friday morning with George Stephanopoulos for “Good Morning America,” presidential candidate former Gov. Mitt Romney (R-MA) said that he believes that in the U.S., middle income is $200,000 to $250,000 per year.
Raw Story (s.tt...)

The Raw Story

reply to post by sensfan


Starred and flagged you for an excellent point, and totally true. One can assume you are on another economic level altogether when your racehorse is competing in the Olympics. I have heard him myself suggest that a "small business" to him was under 500* employees.

500 people! A small business! LOL

(*And please don't anyone compare this number with total number of employees in "Global" industries.
Their unlimited spending power creates undue influence, their cutthroat tactics and cheap human exploitation is largely the problem)

What a dummy. He could have freakin made a point that the average American's income has gone DOWN under Obama.

EVERYONE in Washington thinks this way. They feign to care about the poor and the middle class, but if you make less than 200k you don't count to them. That is the problem.

Originally posted by newcovenant
reply to post by sensfan

 

Starred and flagged you for an excellent point, and totally true. One can assume you are on another economic level altogether when your racehorse is competing in the Olympics. I have heard him myself suggest that a "small business" to him was under 500* employees.

500 people! A small business! LOL

(*And please don't anyone compare this number with total number of employees in "Global" industries.
Their unlimited spending power creates undue influence, their cutthroat tactics and cheap human exploitation is largely the problem)

President Mitt Romney is correct about that number.

According to the Small Business Association, small business = 500 employees.

If you go to the SBA to ask for a loan that's the first thing they ask you.

Originally posted by openminded2011
EVERYONE in Washington thinks this way. They feign to care about the poor and the middle class, but if you make less than 200k you don't count to them. That is the problem.

Most people in Washington DC preach the Gospel of Envy.

Fair share - fair shot - fair whatever

It's all about polling data and telling the American people what they want to hear.

Originally posted by D1Useek
$200,000.00 to$250,000.00 “AND LESS” he said! That’s true. What da hell is wrong with you? When did it become a crime to make money? Now a days the low life drugged out gangbanging piece of s@#$ is the one you want to look up to. If $25,000.00 is considered poor now a days then the median level for everyone goes up and the middle class has to go up also. Wake up, you’re not going to get anywhere with your hand out and attacking the people that are paying your bills!

“If you eat the rich there will be no one left to pay your bills!”

Actually this only proves how brain washed you are. You have let the rich elite money grubbers convince you we can not and would not survive without them. The fact is the same thing would happen that happened at the end of the Dark Ages, people would simply rise up and fill the gaps. Necessity is the mother of invention.

Originally posted by SamLuv
Ill make a 10k bet that a family of 4 could live perfectly well on 100k in ANY american city.

How can you expect a snob like Romney to understand REAL money

I lived in Manhattan. My monthly rent was $3000/month and my tuition was more. I had train fees, storage fees, laundry fees, and food to put on the table. If I had two children going to college, would I tell them one is permitted to go to school, and the other is not? Should they fight it out in a pit like Spartans? Should I send my wife or daughter out to prostitute herself to pay her tuition? That doesn't sound like living "Perfectly Well" to me. And what about Taxes? Does the family live on Ramen noodles, or do they drop out of college? Which fits you perfectly well?

Originally posted by Eurisko2012

Originally posted by newcovenant
reply to post by sensfan

 

Starred and flagged you for an excellent point, and totally true. One can assume you are on another economic level altogether when your racehorse is competing in the Olympics. I have heard him myself suggest that a "small business" to him was under 500* employees.

500 people! A small business! LOL

(*And please don't anyone compare this number with total number of employees in "Global" industries.
Their unlimited spending power creates undue influence, their cutthroat tactics and cheap human exploitation is largely the problem)

President Mitt Romney is correct about that number.

According to the Small Business Association, small business = 500 employees.

If you go to the SBA to ask for a loan that's the first thing they ask you.

I don't know about that, realistically I mean though I don't doubt that's what the number technically is but to me that is a pretty large business. President Mitt Romney? Let's hope he gets better at lying. So far people seem to be able to tell.

He actually let the cat out of the bag and is right. With the cost of living today being so high, that is what the middle class income bracket should be adjusted for inflation but, this is something that people in power don't want the average citizen to know. If everyone realized this then we would start to ask why haven't wages increased in the last 30 yrs? That is the reason why we are now a country of debt ridden citizens instead of the country with actual wealth through savings that we used to be those same 30 yrs ago. Meanwhile, CEO's such as Mitt and others continue to reap huge pay and compensation at the top while stagnating and sometimes obliterating the pay and employment of their employees. This is one of the few if not the only time that I actually can agree with the man. They say that a family of four is middle class if they bring in between 30-60k per yr. I challenge you to live in a good neighborhood and feed and clothe two kids on that salary anywhere near a major population center while paying a mortgage. Also, don't forget about the rising cost of fuel which raises the price of everything else you buy. The illusion that there is a middle class is slowly coming to light as it gets beaten and eradicated more and more everyday. Either you have the means to get off the treadmill or you don't....most of us don't and never will the way things are going.

Originally posted by FlyersFan

Originally posted by Ryanssuperman

Originally posted by MsAphrodite
reply to post by Ryanssuperman

 

You clearly know NOTHING about most of the Los Angeles public schools, LoL...

God forbid they aren't spoon fed. Most of us have grown up in difficult environments, its part of life. Unless its a school with shootings and stabbings and rampant bullying ... .

That is exactly what is in many of the Los Angeles public schools... gangs and shootings and stabbings and drugs and WORSE than bullying. So get with the program and actually learn something about the subject before you speak.

ETA - Your comment about people wanting their children to be safe are just 'spoon feeding' them is childish. You don't understand the situation in the cities. You don't understand finances. You don't understand what it's like to be a parent and to care about a child.

Originally posted by Ryanssuperman
If a family over in Africa can survive on $5/day ... you can survive on 100k after taxes.

You really didn't just say that .. did you? Is that the wonderful stuff they teach you in those 'free' Canadian schools? That's just silly. A SEVERE lack of understanding of world economics and financial matters.

edit on 9/15/2012 by FlyersFan because: (no reason given)

Schools arent free in Canada. Now who's the ignorant one? Not sure why you're turning this into a personal attack at every opportunity ... did I touch a soft spot? My comment about Africa was about basic human necessity. You dont need 100k to survive.

This entire conversation was about you saying you cannot survive comfortably off a 100k income. I disagree. I've proven why, and you're apparently hanging on by a thread to prove me wrong. I'm sorry, but you're just ridiculous if you think 100k isn't enough to live off of.

I'm also done conversing with you, since my "free Canadian education" has taught me that you can't debate with ignorance, nor stubbornness.

Here's why $250,000 is still considered Middle Class...

The tax bracket for this amount is 33% in already existing federal taxes and another 7% - 11% in state income tax. Once you deduct 40% - 51% of someone's income, you just placed them in a lower class!