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

[Dad2three]

It's not a stupid question. But neither is asking how a vulture like Mitt Romney gets away paying the same rate as a venture capitalist.

Romney is a vulture for paying millions and millions in taxes?? The liberal mind is perfectly stupid!!

Yeah, a lower effective tax rate than ANY self employed person in the US with his $20+ million income!

 

[bendog]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

 

[Toddsterpatriot]

If they lost $300 million in 2008 and made $200 million in 2009,
what tax rate should they pay?

I wonder why you ask such stupid fucking questions? Is it the best you can do? You got nothing better to offer?
What's up Todd?

How else should I respond to that dipshit?
If he thinks they broke the law, he should tell Obama.
And whine some more. That'll fix it.

 

[EdwardBaiamonte]

Republicans only seem to have one solution to any problem - make life harder for those on the bottom.

.

dear, China switched to capitalism and instantly eliminated 40% of world poverty. What makes you think it would not work here. For 6th time are you a communist??

 

[Toddsterpatriot]

Republicans only seem to have one solution to any problem - make life harder for those on the bottom.

I'm willing to make their life easier, but Obama won't seal the border and boot the illegals.
He must hate the poor.

 

[Dad2three]

They bought into "trickle down" thanks to the right wing think tanks they created in those nations like they started in the US in the 1970's!

I think its more an effect of globalization. At one time, on a board with a union organizer who also had an economics degree, I thought perhaps the answer was electing people on the basis of their being willing to pass laws providing for taxes on the very very rich to pay for things .... like more support for education and healthcare.

But, it turns out that even the dems want workers to help pay for others care under the ACA and free tuition to community college with no requirement for gpa or even graduation.

IT'S GOV'T POLICY. Either bad or good, and conservatives/GOP have pushed it bad for 30+ years now

Grove Norquist stating "I want to make government so small, I could drown it in a bathtub."

Republicans have hordes of people more than willing to vote against their own best interest in the deluded belief that if they support the 1%ers they will magically become one of them some day in the not so distant future!!

But even the dems chose to tax workers for the ACA. Even Krugman doesn't see anything wrong with that, but he'd like the top rate back to 70 or 90%

And people running multi-nationals don't get some kinky joy out of cutting benefits.

"But even the dems chose to tax workers for the ACA. "


You mean they want to PAY for something, unlike the GOP? Shocking

Something like 95% of costs fall on the top 5% of US

New Report: For 95% Of Americans, Obamacare Will Cost Much Less Than Expected

I'm not sure how you equate states expanding Medicaid doesn't cost workers.

You mean Dems want to pay so almost 20+ million more of health insurance? Shocking. perhaps they should've just put it on the credit card like the GOP did with Medicare part D that cost as much as Obamacares this decade????

 

[EdwardBaiamonte]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

dear why is your liberal solution always so violent. You want to steal from the rich at the point of a gun! Why not just stop buying from them. Suppose Steve Jobs used the govt to steal back his phones and didn't give you the money back. Liberalism turns govt into a violent thief. Are you proud of that?

 

[Toddsterpatriot]

Top 1% who TAKE over 20% of ALL US income

Top 1% who EARN over 20% of ALL US income.
So what?

SO what you ask? Your stupidity is showing again.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

All the time we have to hear about how much the top earners pay in taxes.

And now you know why, They make all the money.

But I am positive that you will be back in the hour complaining about how the top pays 40 and the bottom pays none bullshit.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

Yup, they earn 20% of the income and pay 40% of the taxes.

 

[Dad2three]

You mean as their tax rates collapsed, their incomes skyrocketed and their effective tax rates on those incomes also plummeted AS the share of fed revenues coming from individual income taxes hit near post WW2 share of fed revenues??

the top 1% pay 40% of federal income taxes bottom 45% pay nothing

Top 1% who TAKE over 20% of ALL US income versus the bottom HALF of US with 11% of the entire pie BUT pay other forms of federals taxes? Horrible

Top 1% who TAKE over 20% of ALL US income

Top 1% who EARN over 20% of ALL US income.
So what?

Sure they do!

Did they take it from you?

In 1980 the top 1% earned 8.5% of total income. In 2007 they earned 23%.

In 1980 the bottom 90% earned 68% of total income. In 2007 they earned 53%.

Summary of Latest Federal Income Tax Data Tax Foundation

GOV'T POLICY MATTERS !!!


"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." - Louis D. Brandeis


Warren Buffet said it perfectly when he said "There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."

And when he said "there’s been class warfare going on for the last 20 years, and my class has won."

And when he said "if this is a war – I wouldn’t call it a war, I’d call it a struggle – but, if this is a war, my side has had the nuclear bomb. We’ve got K-Street, we’ve got lobbyists, we’ve got money on our side".

Warren Buffet is very smart and observant.

 

[RandallFlagg]

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.

This might help your case a little....

 

[Dad2three]

Top 1% who TAKE over 20% of ALL US income

Top 1% who EARN over 20% of ALL US income.
So what?

SO what you ask? Your stupidity is showing again.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

All the time we have to hear about how much the top earners pay in taxes.

And now you know why, They make all the money.

But I am positive that you will be back in the hour complaining about how the top pays 40 and the bottom pays none bullshit.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

Yup, they earn 20% of the income and pay 40% of the taxes.

Nonsense. It's 37% of INCOME taxes they pay


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

2. The wealthiest Americans don’t carry the burden.

This is one of those oft-used canards. Sen. Rand Paul, the tea party favorite from Kentucky, told David Letterman recently that “the wealthy do pay most of the taxes in this country.”

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

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. That’s because, once you reach $106,800 of income, you pay no more for Social Security, though the much smaller Medicare tax applies to all wages. Warren Buffett pays the exact same amount of Social Security taxes as someone who earns $106,800.
http://wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

 

[RKMBrown]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

The rates are much higher on the "super rich." Cap gains went up last year and are taxed at a MUCH HIGHER RATE FOR THE "super rich." Married folk making less than 75k don't even pay capital gains. Our tax system is completely screwed up. Only the upper middle income and super rich are being taxed to any significant degree. So yeah it's really easy to sit back and say hey screw those rich people when you don't have government taking 60% of your income from you.

You want to raise tax rates? Fine but you better raise everyone's tax rates to the same tax rate, cause this upper middle class guy is getting ready to go postal on the 50% that don't pay ANY TAXES WHATSOEVER but still sit back and point fingers saying raise those taxes I want more benefits.

 

[Dad2three]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

The rates are much higher on the "super rich." Cap gains went up last year and are taxed at a MUCH HIGHER RATE FOR THE "super rich." Married folk making less than 75k don't even pay capital gains. Our tax system is completely screwed up. Only the upper middle income and super rich are being taxed to any significant degree. So yeah it's really easy to sit back and say hey screw those rich people when you don't have government taking 60% of your income from you.

lol, NONSENSE

CAP GAINS WENT FROM 15% TO 20%. LOL




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).

Never in the history of this country have we started a war, let alone two wars and cut taxes. Until......................

 

[Dad2three]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

The rates are much higher on the "super rich." Cap gains went up last year and are taxed at a MUCH HIGHER RATE FOR THE "super rich." Married folk making less than 75k don't even pay capital gains. Our tax system is completely screwed up. Only the upper middle income and super rich are being taxed to any significant degree. So yeah it's really easy to sit back and say hey screw those rich people when you don't have government taking 60% of your income from you.

You want to raise tax rates? Fine but you better raise everyone's tax rates to the same tax rate, cause this upper middle class guy is getting ready to go postal on the 50% that don't pay ANY TAXES WHATSOEVER but still sit back and point fingers saying raise those taxes I want more benefits.

Capital Gains Tax Cuts ‘By Far’ The Biggest Contributor To Growth In Income Inequality, Study Finds


By far, the largest contributor to this increase was changes in income from capital gains and dividends. Changes in wages had an equalizing effect over this period as did changes in taxes. Most of the equalizing effect of taxes took place after the 1993 tax hike; most of the equalizing effect, however, was reversed after the 2001 and 2003 Bush-era tax cuts. […]

The large increase in the contribution of capital gains and dividends to the Gini coefficient, however, is due to the large increase in the share of after-tax income from capital gains and dividends, and to the increase in the correlation of this income source with after-tax income.

Hungerford’s findings are similar to a study he produced for the Congressional Research Service in 2011, which found that while income grew 25 percent from 1996 to 2006 for all Americans, it grew 74 percent for the top 1 percent and 96 percent for the top 0.1 percent. That study also found that tax cuts on capital gains were the biggest driver of the disparity.

 

[Toddsterpatriot]

Top 1% who TAKE over 20% of ALL US income

Top 1% who EARN over 20% of ALL US income.
So what?

SO what you ask? Your stupidity is showing again.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

All the time we have to hear about how much the top earners pay in taxes.

And now you know why, They make all the money.

But I am positive that you will be back in the hour complaining about how the top pays 40 and the bottom pays none bullshit.

That large percentage of income the top 1% gets, thats the fucking reason they pay so much of the taxes that assholes like you freak out about.

Yup, they earn 20% of the income and pay 40% of the taxes.

Nonsense. It's 37% of INCOME taxes they pay


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

2. The wealthiest Americans don’t carry the burden.

This is one of those oft-used canards. Sen. Rand Paul, the tea party favorite from Kentucky, told David Letterman recently that “the wealthy do pay most of the taxes in this country.”

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

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. That’s because, once you reach $106,800 of income, you pay no more for Social Security, though the much smaller Medicare tax applies to all wages. Warren Buffett pays the exact same amount of Social Security taxes as someone who earns $106,800.
http://wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

Nonsense. It's 37% of INCOME taxes they pay

How much should they pay, comrade?

 

[Toddsterpatriot]

Growing income disparity is not only a problem here.

Report Income inequality rising in most developed countries - The Washington Post

You're confused the problem is assets not income.

It's both. The increase in assets is largely an increase in the value of biz, which the very very rich own. Increasing the estate tax on them would affect that, but again, the dems aren't uniformly for that. Personally, I think the rates should be much higher on the super rich, and passive income or cap gains should be taxed at the same rate as income.

With the proceeds only going to the deficits.

The rates are much higher on the "super rich." Cap gains went up last year and are taxed at a MUCH HIGHER RATE FOR THE "super rich." Married folk making less than 75k don't even pay capital gains. Our tax system is completely screwed up. Only the upper middle income and super rich are being taxed to any significant degree. So yeah it's really easy to sit back and say hey screw those rich people when you don't have government taking 60% of your income from you.

lol, NONSENSE

CAP GAINS WENT FROM 15% TO 20%. LOL




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).

Never in the history of this country have we started a war, let alone two wars and cut taxes. Until......................

Never in the history of this country have we started a war, let alone two wars and cut taxes. Until......................

Never in the history of this country have we hired an idiot, half black President.

 

[Toddsterpatriot]

If they lost $300 million in 2008 and made $200 million in 2009,
what tax rate should they pay?

I wonder why you ask such stupid fucking questions? Is it the best you can do? You got nothing better to offer?
What's up Todd?

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

 

[zeke]

Never in the history of this country have we started a war, let alone two wars and cut taxes. Until......................

Never in the history of this country have we hired an idiot, half black President.

There you go again. Stupid stupid stupid.

 

[EdwardBaiamonte]

[
That study also found that tax cuts on capital gains were the biggest driver of the disparity.

actually dear taxing the rich 100% won't bring back one of the 50 million jobs that liberal taxes, unions, and deficits drove off shore or give our poor people one of the 20 milion jobs liberal illegals took. Are you a communist??

 

[zeke]

Tell you what, zeke, explain to the whiney dipshit dad how those nasty rich people made over $200 million and paid no taxes, then we can all decide how outraged we should be.
Unless you're too stupid to figure it out?

Like I give a flying fuck about how much tax you think someone should have paid on 200 million dollars.
Here a big news item for you dude. Real rich people like those making 200 million, they pay tax accountants to figure that our for them.

They don't ask middle class people like me and you how much their taxes are. I know, shocking isn't it?