Tag Archives: middle class

Some seniors will pay a 296% tax increase under “Deep State” deal with media and politicians

Remember the promise of a tax cut primarily for the middle class?

For many Americans that will be a lie, and retired seniors will be hit the hardest, despite the attempted sleight of hand numbers game that “gives” you about double the standard deduction, but doesn’t mention the loss of personal exemptions.

Even worse, the so-called reform means that a couple that used to itemize deductions above $12,700 (under 65) and $15,200 (over 65) will now have to wait until the itemization exceeds $24,000.

The table below shows the current income tax formula for a senior couple with the average Social Security benefit, plus a part-time job, and an RMD. (At age 70 1/2 the government forces you to take out part of your IRA and pay income tax on it every year. If you have stocks or bonds, they must be sold to satisfy the IRS, even if they lost value.)

This average senior couple will pay $1,506 income tax under current law without itemization.

Some might wonder about that tax on Social Security Continue reading →

Fake news portrays American Blacks as lower class, victims in desperate need of help from politicians

Are most American Blacks struggling to someday be as successful as the average White?

If you watch the mainstream media, listen to college professors or pay attention to politicians, you might conclude that Blacks in America are in deep trouble.

The most common fake news is that nearly all Blacks have been denied entry into the middle class for a variety of reasons, and experts (mostly White) are needed to solve this problem.

Endless hours are spent on talk shows and in classrooms arguing about what are the correct solutions to this alleged rampant inequality problem. White privilege is blamed. Slavery is cited. Reparations are urged. The whole country is in a frenzy about Blacks and the middle class. Continue reading →

A Philadelphia public school that beat the preps and the 1940 NYPD class that excelled with no legacies

Every high school class has organizers, those busy, enthusiastic souls who run for student council, plan proms and after they graduate, are drawn to suggesting alumni events. The latest test for me to remember classmate names was on Saturday night at Central High School’s 211th class’ 75th member birthday party.

The original graduating class in 1959 had some 210 students; 46 have died. Ours was not the most remarkable class in the school’s history. A list of notable graduates from all classes is here.

In fact, it was good that some of the 211th weren’t there – Rev. Jeremy Wright, for example, who was rebuked by President Barack Obama. Or Kermit Gosnell, an abortion doctor, justly serving time for hideous acts.

There were special moments. Standing together for a class picture, Classmate Richard Donald Smith, who is blind, entertaining with a flute rendition of our school song. It was that kind of night.

Central was an all boys, public high school in Philadelphia, when I attended. There was a brutal entrance exam, also known as an I.Q. test, and the minimum score was 115, and the average was 125. There were 15 other public highs and 16 Catholic high schools in the city, all of them easier and more fun. We went to Central because our parents “suggested” we compete for entrance, and so we braced ourselves. Continue reading →

$6,000 healthcare deductible lowers birth rate in the U.S. and keeps many from marrying

Some pundits have recently commented on other blogs that the birth rate seems to be declining among middle class citizens.

In my opinion much of this terrible trend is caused by economics – newly minted healthcare insurance plans that no longer just require co-pays, but have a huge first contribution.
When a family has to pay the first $6,000 in healthcare costs in a year – having a baby is suddenly a very expensive proposition, especially if you are below the median $32,000 annual earnings level.
It doesn’t impact Medicaid pregnancies for the poor (virtually no cost), nor do the rich consider $6,000 much more than chump change.
A single plan doesn’t cover any costs of pregnancy. And if you get a family plan when already pregnant, it doesn’t cover childbirth or its complications, if any.
So, it is not just inequality of income that is threatening to destroy the middle class, it is the extreme costs of having a baby, even with insurance.
Another result of this high healthcare pregnancy cost is its affect on marriage rates. A single woman with no income qualifies for Medicaid, which pays for her childbirth at no real cost to her. If married most women would find that their husband’s income raises their family to a level that does not qualify for Medicaid. Not surprisingly, folks figure out what is best for their finances and don’t get married, as shown by declining marriage rates.

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