The tax consequences of a shrinking middle class – Nearly half of Americans do not pay income taxes because they earn too little or are flat out on Social Security.
Recently the topic of taxes has been put on center stage again. Aside from the political bickering the data shows us an even more disturbing trend. The middle class is demonstrably shrinking at a time that the government is spending money it doesn’t have while the Fed is digitally printing money to save its allied [...]
American incomes and low wage America – top 1 percent earn above $343,927, top 5 percent above $154,643, top 10 percent above $112,124, top 25 percent above $66,193, top 50 percent above $32,396 – Over 68,500,000 tax filers, 50 percent of the country, make $32,000 a year or less. Food stamp usage peaks at over 46 million.
A recent report regarding income has thrown a few people off. I think many Americans fail to realize how many people are barely making it day to day financially. Do people realize that we still have 46,000,000+ Americans on food stamps and this coincides perfectly with the booming market in dollar stores? These are not [...]
The glory of debt spending and casino financial markets. What is the typical income, tax situation, and household income for Americans? Americans claiming student loan deduction surges from 4 million to 10 million in roughly one decade. According to IRS AGI needs to be above $1 million to qualify for top one percent.
This weekend I spent time digging through IRS and Social Security data to get a better perspective on working and middle class Americans. I find it amazing that in a consumer driven economy, meaning we live to spend in some respect that the media never even bothers to focus on household incomes. Even on self [...]
How the mortgage interest deduction subsidizes the spending of wealthy families at the expense of middle class families. Average California mortgage deduction for filers is over $18,000 versus $9,900 in Texas.
One of the sacred cows of our economy revolves around the mortgage interest tax deduction. Home buying is heavily subsidized in the United States. The Federal Reserve has injected trillions of dollars in purchasing mortgage backed securities and other questionable assets all for the purpose of keeping interest rates low. Yet this is one area [...]