Tags: middle class | taxes | help | wealthy

Who Is Really Helping the Middle Class?

By    |   Friday, 15 Feb 2013 07:41 AM

Listen to what a famous Democratic president said during his state of the union speech “The lessons of history … show conclusively that continued dependence upon relief induces a spiritual and moral disintegration fundamentally destructive to the national fiber. To dole out relief in this way is to administer a narcotic, a subtle destroyer of the human spirit.”

No of course that wasn't President Barack Obama, but in fact it was President Franklin Delano Roosevelt in his 1935 State of the Union address.

Earlier this week, the recently re-elected president gave us his State of the Union address, wherein he claimed he wants to help the middle class.

Editor's Note:
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The middle class in America, according to the Census Bureau, is defined as those with a median income of $50,000. That means half of the families are above that level, and half are below it.

Well, let’s look at the people who are above the middle-class threshold and those who are below the threshold to see how the middle class could be helped by both groups.

In 2012, the cost to U.S. taxpayers of the food-stamp program hit $78 billion. The number of recipients and the cost of the program have exploded. However, the president won't mention this.

A large reason is the disintegration of the family. Over 40 percent of all children in America were now born out of wedlock in 2011. Among Hispanics, it was 53 percent, while among African Americans, it was 73 percent.

Food stamps are feeding children abandoned by their own fathers, and taxpayers are taking up the slack for America’s deadbeat dads.

Imagine if every middle-class family could share that $78 billion.

Of course, I didn’t hear anyone blame those who have burdened the system by having children out of wedlock.

Instead, I heard about the wealthy needing to pay their fair share.

The fact is a family of four with an income of $50,000 pays federal income tax of $729, which is a 1.4585 rate.

A family of four with an income of $148,000 pays of federal tax of $18,563, which is a rate of 12.54, almost nine times higher.

And a family with an income of $350,000 pays federal tax of $81,481, which is a rate of 23.28 percent, more than 16 times higher the tax rate of the middle-class folks who make $50,000.

Editor's Note:
Small-Town Ohio Accountant Uses Simple Forgotten Secret to Help Investors Pocket Millions


The fact is those who earn $50,000 per year have children who will more than likely qualify for a large amount of financial aid if they decide to attend college, whereas the higher-earning families have to pay the full amount for their children.

After hearing all these “facts,” I have one simple question.

Which group is paying their fair share to help the middle class?

About the Author: Bill Spetrino
Bill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of the Dividend Machine. Discover more by Clicking Here Now.

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BillSpetrino
Earlier this week, the recently re-elected president gave us his State of the Union address, wherein he claimed he wants to help the middle class.
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2013-41-15
Friday, 15 Feb 2013 07:41 AM
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