Dad2three
Gold Member
There is no pie.Well, there you go. (-: One can make good arguments that Reaganomics really did result in more wealth overall, and our houses and tvs are lot bigger, to say nothing of greater consumer choice. But at the same time, you have guys like skull pilot parroting how the top quintile (or whatever) pay 47% of income tax, while conveniently ignoring just not that their income/wealth increased much more than the tax bite, but also that property and local sales tax bites have risen on the working class faster than their incomes rose.Conservatives don't say we need to give the rich money.
Sure they don't Bubba, sure. What do you think 30+ years of trickle down Reaganomics does again???
Taxes aren't fair. They never were supposed to be. We want to tax as little as possible, but we also need a society to deliver basic education and healthcare so as to maintain a middle class. And the middle class was largely a creation of the GI bill ....or govt intervention.
I said the bottom 47% pay zero income taxes.
Yep, that 45% of the pie of federal revenues, and you are using old numbers. It's about 43%, mostly younger workers who will pay income taxes in the future, the elderly who already paid or the disabled. But let me guess, the bottom HAL;F of US who get 11% of the pie aren't paying enough? lol
You can get as much as you want because no one is stopping you from getting it
except you.
Conservative damagogues like Limbaugh have been able to convince the public that the huge incomes of the wealthiest Americans are irrelevant to those who make moderate-to-low incomes. They even suggest that the more money the wealthiest Americans make, the more wealth will trickle down to the lower classes.
If you've swallowed this line of conservative garbage, get ready to vomit. As all conservative economists know, and deny to the public that they know, wealth is a zero-sum game. That is true at both the front end—when income is divided up, and the back end—when it is spent.
The Front End of Zero-Sum: Dividing the Loot
There is only so much corporate income in a given year. The more of that income that is used to pay workers, the less profit the corporation makes. The less profit, the less the stock goes up. The less the stock goes up, the less the CEO and the investors make. It’s as simple as that. Profit equals income minus expenses. No more, no less. Subtract the right side of the equation from the left side and the answer is always zero. Hence the term, “zero-sum.”
So, to the extent a corporation can keep from sharing the wealth with workers—the ones who created the wealth to begin with—investors and executives get a bigger slice of the income pie and become richer.
The Zero-sum Nature of economics
The Top 0.1% Of The Nation Earn Half Of All Capital Gains (includes dividends) 1/10th of 1% of US
The Top 0.1 Of The Nation Earn Half Of All Capital Gains - Forbes
Capital Gains Tax Cuts ‘By Far’ The Biggest Contributor To Growth In Income Inequality, Study Finds
Capital gains and other investment income was taxed as regular wage income from 1986 until 1996, when the capital gains rate was reduced. It was further reduced as part of the Bush tax cuts, and over the last decade, it has reversed the equalizing effects of taxes and allowed for massive income gains for the wealthy that translated directly into increased income inequality:
By far, the largest contributor to this increase was changes in income from capital gains and dividends.