America’s wealthiest families smash income ceiling, middle-class left far behind

[Ame®icano]

Average Effective Income Tax Rates for Different Income Groups 2007


Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

The top 1 and what they pay - Apr. 4 2014

Those are not effective tax rates. At least that's not what law says.

What they pay is effective tax rate (by the law) minus deductions.

 

[Ame®icano]

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

He has no clue...

Lefties love using big words. They're screaming how corporations are avoiding to pay taxes. But when you ask them what law(s) they've broken, you hear crickets.

Btw, inversion doesn't equal tax avoidance. In fact, inversion is perfectly legal. Unless law change, lefties should calmly STFU.

 

[SwimExpert]

The answer is less taxes.

For the middle class!! NOT for the super rich 1%!!! We should make shifting their money away from taxes illegal. Anyone found doing it should go to prison.

Less taxes for a great many. Eliminate income taxes for the bottom 95% of income earners. That would benefit...well, 95% of Americans.

 

[Dad2three]

For the middle class!! NOT for the super rich 1%!!! We should make shifting their money away from taxes illegal. Anyone found doing it should go to prison.

We should make shifting their money away from taxes illegal.

Can you explain what you mean by "shifting their money away from taxes "?

To another country in order to avoid paying the taxes...

That's already illegal.

Liar. Never heard of inversion or double Irish huh? lol

The double Irish arrangement is a tax avoidance strategy that some multinational corporations use to lower their corporate tax liability. The strategy uses payments between related entities in a corporate structure to shift income from a higher-tax country to a lower-tax country. It relies on the fact that Irish tax law does not include US transfer pricing rules. Specifically, Ireland has territorial taxation, and hence does not levy taxes on income booked in subsidiaries of Irish companies that are outside the state.

Double Irish arrangement - Wikipedia the free encyclopedia

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

Now who do you 'think' benefits from Corps doing that again? lol

You are NEVER honest Bubba

 

[mudwhistle]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

How's that Hope & Change working for you???

 

[Dad2three]

The fortunate 400

400 tax returns reporting the highest incomes in 2009.

Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each.

another 110 families paid 15 percent or less in federal income taxes.
The fortunate 400 David Cay Johnston Reuters

The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam(but 55% in 1955).


Overall, the top 400 paid an average income tax rate of 19.9 percent, the same rate paid by a single worker who made $110,000 in 2009. The top 400 earned five times that much every day.

Just 82 of the top 400 were taxed in accord with the Buffett rule, which proposes a minimum tax of 30 percent on annual incomes greater than $1 million.

From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones


It's the Inequality, Stupid

Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each.

Do you feel they broke the law? Which law?

another 110 families paid 15 percent or less in federal income taxes.

Do you feel they broke the law? Which law?

Overall, the top 400 paid an average income tax rate of 19.9 percent

How much income did the 400 richest Americans actually earn?

FORGOT YOUR ORIGINAL POSIT HUH?

LET ME HELP YOU BUBBA

"But the rich are paying a higher percentage than the non-rich.
Why would you lower what the rich pay?"

The rich are paying a higher percentage.

Pick any range of income.
$5,000,000-$10,000,000
$1,000,000-5,000,000
$500,000-$1,000,000
$100,000-$500,000
$50,000-$100,000

Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!

"Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!"

STILL dishonest AND stupid I see

Average Effective Income Tax Rates for Different Income Groups 2007


Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

The top 1 and what they pay - Apr. 4 2014




From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

Those aren't ranges. LOL!

"But the rich are paying a higher percentage than the non-rich.

Still true.

Bzz. Wrong


When someone makes $20 million and $22 million in 2 consecutive years, and pays less than 15% FEDERAL tax burden (Mittens), about half of what a self employed carpenter, plumber or insurance agent does, somethings wrong!

 

[Dad2three]

Average Effective Income Tax Rates for Different Income Groups 2007


Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

The top 1 and what they pay - Apr. 4 2014

Those are not effective tax rates. At least that's not what law says.

What they pay is effective tax rate (by the law) minus deductions.

Don't know how effective tax rates are measured huh? Must be a right winger *shaking head*

 

[Dad2three]

Yep,

The 1% can afford to pay more. They use our roads, infrastructure and police so they certainly should.

We'd be better off with a larger middle class.

Of course they can afford to pay more. Should they? I think not. They already are paying most of taxes.

To be correct, they use much less of our... eerrr their roads, infrastructure and police they average fella.

Also, just to mention...

Federal spending in 2000: $1.7 trillion
Federal spending in 2009: $3.6 trillion


Now tell me that throwing more money at the government is the solution.

9 Things The Rich Don't Want You To Know About Taxes


1. Poor Americans do pay taxes.


2. The wealthiest Americans don’t carry the burden.
It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners.




3. In fact, the wealthy are paying less taxes.

4. Many of the very richest pay no current income taxes at all.


5. And (surprise!) since Reagan, only the wealthy have gained significant income.

http://www.wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

 

[Dad2three]

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

He has no clue...

Lefties love using big words. They're screaming how corporations are avoiding to pay taxes. But when you ask them what law(s) they've broken, you hear crickets.

Btw, inversion doesn't equal tax avoidance. In fact, inversion is perfectly legal. Unless law change, lefties should calmly STFU.

Who claims illegality? The 'job creators' have the best laws money can buy!


David Stockman was Ronald Reagan's Budget Director. He publicly stated that "trickle-down" economics was a myth. He was punished because he was brave enough to point out that "the emperor had no clothes."

 

[Dad2three]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

How's that Hope & Change working for you???

You mean AFTER 8 years of Dubya/GOP 'job creator' policies? lol

 

[mudwhistle]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

How's that Hope & Change working for you???

You mean AFTER 8 years of Dubya/GOP 'job creator' policies? lol

No, 6 years of Hopey Changey

 

[mudwhistle]

Obama is slower than snails fucking.

You still want to blame Bush for Obama's failures.

 

[Toddsterpatriot]

We should make shifting their money away from taxes illegal.

Can you explain what you mean by "shifting their money away from taxes "?

To another country in order to avoid paying the taxes...

That's already illegal.

Liar. Never heard of inversion or double Irish huh? lol

The double Irish arrangement is a tax avoidance strategy that some multinational corporations use to lower their corporate tax liability. The strategy uses payments between related entities in a corporate structure to shift income from a higher-tax country to a lower-tax country. It relies on the fact that Irish tax law does not include US transfer pricing rules. Specifically, Ireland has territorial taxation, and hence does not levy taxes on income booked in subsidiaries of Irish companies that are outside the state.

Double Irish arrangement - Wikipedia the free encyclopedia

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

Now who do you 'think' benefits from Corps doing that again? lol

You are NEVER honest Bubba

Now who do you 'think' benefits from Corps doing that again?

Workers, pension funds, mutual fund owners, stock holders.
People who pay more taxes on the higher dividends and larger capital gains.

 

[Toddsterpatriot]

Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each.

Do you feel they broke the law? Which law?

another 110 families paid 15 percent or less in federal income taxes.

Do you feel they broke the law? Which law?

Overall, the top 400 paid an average income tax rate of 19.9 percent

How much income did the 400 richest Americans actually earn?

FORGOT YOUR ORIGINAL POSIT HUH?

LET ME HELP YOU BUBBA

"But the rich are paying a higher percentage than the non-rich.
Why would you lower what the rich pay?"

The rich are paying a higher percentage.

Pick any range of income.
$5,000,000-$10,000,000
$1,000,000-5,000,000
$500,000-$1,000,000
$100,000-$500,000
$50,000-$100,000

Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!

"Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!"

STILL dishonest AND stupid I see

Average Effective Income Tax Rates for Different Income Groups 2007


Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

The top 1 and what they pay - Apr. 4 2014




From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

Those aren't ranges. LOL!

"But the rich are paying a higher percentage than the non-rich.

Still true.

Bzz. Wrong


When someone makes $20 million and $22 million in 2 consecutive years, and pays less than 15% FEDERAL tax burden (Mittens), about half of what a self employed carpenter, plumber or insurance agent does, somethings wrong!

When someone makes $20 million and $22 million in 2 consecutive years, and pays less than 15% FEDERAL tax burden

If you earn $20 million in long term capital gains and donate a few million to charity, of course your tax burden was less than 15%. And?
I'm not interested in a few examples, I'm interested in ranges.
People who claim the non-rich pay more than the rich are just being silly.

about half of what a self employed carpenter, plumber or insurance agent does

How much does one of these self-employed people make to pay 30%?

 

[Toddsterpatriot]

Yep,

The 1% can afford to pay more. They use our roads, infrastructure and police so they certainly should.

We'd be better off with a larger middle class.

Of course they can afford to pay more. Should they? I think not. They already are paying most of taxes.

To be correct, they use much less of our... eerrr their roads, infrastructure and police they average fella.

Also, just to mention...

Federal spending in 2000: $1.7 trillion
Federal spending in 2009: $3.6 trillion


Now tell me that throwing more money at the government is the solution.

9 Things The Rich Don't Want You To Know About Taxes


1. Poor Americans do pay taxes.


2. The wealthiest Americans don’t carry the burden.
It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners.




3. In fact, the wealthy are paying less taxes.

4. Many of the very richest pay no current income taxes at all.


5. And (surprise!) since Reagan, only the wealthy have gained significant income.

http://www.wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

The wealthiest Americans don’t carry the burden.It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008

Irony is ironic.

 

[Toddsterpatriot]

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

He has no clue...

Lefties love using big words. They're screaming how corporations are avoiding to pay taxes. But when you ask them what law(s) they've broken, you hear crickets.

Btw, inversion doesn't equal tax avoidance. In fact, inversion is perfectly legal. Unless law change, lefties should calmly STFU.

Who claims illegality? The 'job creators' have the best laws money can buy!


David Stockman was Ronald Reagan's Budget Director. He publicly stated that "trickle-down" economics was a myth. He was punished because he was brave enough to point out that "the emperor had no clothes."

He publicly stated that "trickle-down" economics was a myth.

I agree. The liberal mischaracterization of supply side economics is a myth.
And Stockman has been a whiny bitch ever since he got canned. LOL!

 

[Dad2three]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

How's that Hope & Change working for you???

You mean AFTER 8 years of Dubya/GOP 'job creator' policies? lol

No, 6 years of Hopey Changey

You mean when a NET of 7+ million PRIVATE sector jobs were created (11+ million since hitting Bush';s bottom Feb 2010), AFTER DUBYA LOST 1+ MILLION PRIVATE SECTOR JOBS IN 8 YEARS? lol

 

[Dad2three]

To another country in order to avoid paying the taxes...

That's already illegal.

Liar. Never heard of inversion or double Irish huh? lol

The double Irish arrangement is a tax avoidance strategy that some multinational corporations use to lower their corporate tax liability. The strategy uses payments between related entities in a corporate structure to shift income from a higher-tax country to a lower-tax country. It relies on the fact that Irish tax law does not include US transfer pricing rules. Specifically, Ireland has territorial taxation, and hence does not levy taxes on income booked in subsidiaries of Irish companies that are outside the state.

Double Irish arrangement - Wikipedia the free encyclopedia

Never heard of inversion or double Irish huh?

Great, I'll invert my personal taxes ASAP.

a tax avoidance strategy that some multinational corporations

Darn it, your excellent suggestion doesn't work for the 1%, only corporations.

Now who do you 'think' benefits from Corps doing that again? lol

You are NEVER honest Bubba

Now who do you 'think' benefits from Corps doing that again?

Workers, pension funds, mutual fund owners, stock holders.
People who pay more taxes on the higher dividends and larger capital gains.

SUre, sure

lol

The Top 0.1% Of The Nation Earn Half Of All Capital Gains

The Top 0.1 Of The Nation Earn Half Of All Capital Gains - Forbes



It’s crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.

The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again , in 1981, at the start of the Reagan era, it was reduced again to 20%– raised back to 28% in 1987, on the eve of the October 19 th– 23% crash in the market. In 1997 Clinton agreed to reduce it back to 20%, which move was an inducement for the explosion in the formation of multi-billion dollar hedge funds and private equity firms– the most “rapidly rising cohort within the top 1 per cent, according to a recent paper by Laura D’Andrea Tyson, Univ. of California economist.”





In 2011, the top 1 percent of households by cash income received a whopping 75.1 percent of the benefit from the preferential treatment of capital gains and dividends. The broad middle class—defined here as the middle 60 percent of households by cash income—received only 3.9 percent of that benefit.

The tax expenditure of the 1 Economic Policy Institute

MYTHS AND LIES IS ALL YOU HAVE BUBBA

 

[Dad2three]

FORGOT YOUR ORIGINAL POSIT HUH?

LET ME HELP YOU BUBBA

"But the rich are paying a higher percentage than the non-rich.
Why would you lower what the rich pay?"

The rich are paying a higher percentage.

Pick any range of income.
$5,000,000-$10,000,000
$1,000,000-5,000,000
$500,000-$1,000,000
$100,000-$500,000
$50,000-$100,000

Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!

"Do you really feel any of those lower ranges pays a higher percentage than any of those higher ranges? LOL!"

STILL dishonest AND stupid I see

Average Effective Income Tax Rates for Different Income Groups 2007


Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

The top 1 and what they pay - Apr. 4 2014




From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

Top 5% $611,200 20.9%

Top 1% $1,873,000 20.6%

Those aren't ranges. LOL!

"But the rich are paying a higher percentage than the non-rich.

Still true.

Bzz. Wrong


When someone makes $20 million and $22 million in 2 consecutive years, and pays less than 15% FEDERAL tax burden (Mittens), about half of what a self employed carpenter, plumber or insurance agent does, somethings wrong!

When someone makes $20 million and $22 million in 2 consecutive years, and pays less than 15% FEDERAL tax burden

If you earn $20 million in long term capital gains and donate a few million to charity, of course your tax burden was less than 15%. And?
I'm not interested in a few examples, I'm interested in ranges.
People who claim the non-rich pay more than the rich are just being silly.

about half of what a self employed carpenter, plumber or insurance agent does

How much does one of these self-employed people make to pay 30%?

So NO, you don't know how effective rates are measured. Got it

 

[Dad2three]

Yep,

The 1% can afford to pay more. They use our roads, infrastructure and police so they certainly should.

We'd be better off with a larger middle class.

Of course they can afford to pay more. Should they? I think not. They already are paying most of taxes.

To be correct, they use much less of our... eerrr their roads, infrastructure and police they average fella.

Also, just to mention...

Federal spending in 2000: $1.7 trillion
Federal spending in 2009: $3.6 trillion


Now tell me that throwing more money at the government is the solution.

9 Things The Rich Don't Want You To Know About Taxes


1. Poor Americans do pay taxes.


2. The wealthiest Americans don’t carry the burden.
It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners.




3. In fact, the wealthy are paying less taxes.

4. Many of the very richest pay no current income taxes at all.


5. And (surprise!) since Reagan, only the wealthy have gained significant income.

http://www.wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

From 1992 to 2007 the top 400 earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%

It s the Inequality Stupid Mother Jones

The wealthiest Americans don’t carry the burden.It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008

Irony is ironic.

Dishonesty from you isn't

"But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government."