Top 1 percent took record share of US income in 2012

[Chris]

The top 1% of earners in the U.S. pulled in 19.3% of total household income in 2012....

And they paid 37% of total taxes.

The top 1% are getting screwed.

The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

There was, in fact, only one time that capital gains were taxed at the same rates that were paid by people who earned their money by working. That was during the years 1988 to 1990, as a result of the Tax Reform Act of 1986 — a law championed by President Ronald Reagan.

" We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory some of those loophole were understandable, but in practice, they sometimes made it possible for millionaires to pay nothing." ~ Ronald Reagan.

 

[TemplarKormac]

It's not even surprising that rightwing nuts would think this is a good thing.

The plantation is the Republican ideal.

“The Republicans believe in the minimum wage — the more the minimum, the better.” - Harry Truman

Winston Churchill once said "that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."

Liberals? Got your buckets ready? Good luck!

 

[auditor0007]

Late getting your e-mailed talking points about that ever-present finite-sized pie?



http://www.usmessageboard.com/econo...took-record-share-of-us-income-in-2012-a.html


"Search" Function: Use it

Having such a large percentage of wealth concentrated among so few makes it much more difficult for the pie to grow. You should know this. The increase of wealth held by the super rich is not happening because they are using their wealth to expand the economy; it's happening because they are using their wealth to buy out one business after another, and when they do, they actually dump employees and transfer jobs overseas further reducing the pie.

While funding for the growth of many new businesses may come in part from the top, the vast majority of economic growth takes place from the bottom and middle up. When you reduce the wealth of the middle, you reduce the opportunity for the pie to grow.

 

[auditor0007]

The top 1% of earners in the U.S. pulled in 19.3% of total household income in 2012....

And they paid 37% of total taxes.

The top 1% are getting screwed.

The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

There was, in fact, only one time that capital gains were taxed at the same rates that were paid by people who earned their money by working. That was during the years 1988 to 1990, as a result of the Tax Reform Act of 1986 — a law championed by President Ronald Reagan.

" We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory some of those loophole were understandable, but in practice, they sometimes made it possible for millionaires to pay nothing." ~ Ronald Reagan.

Very few remember this about Reagan. Despite the fact most libs hate him, he was actually a pragmatist who understood the need to fund the government. His defense spending got him in trouble as it ended up being the biggest driving force behind all of his deficits.

The taxation thing is an issue that needs to be addressed, but it isn't our biggest problem. Our biggest problem is that average workers are being underpayed while those at the top are reaping extraordinary compensation. It's the reason our economy is not growing, and because there is no growth in the job market, it's possible to continue dropping pay for workers even when they're productivity continues to increase and profits are going through the roof for many companies. The problem with all of this is that we are going to hit a breaking point and then it will all come crashing down. The backlash is going to be ugly as tax rates on the wealthy are going to go way up.

Remember, when things get really really bad, guess who everyone goes after? Yea, the ones who don't have it so bad. Hopefully we don't get to that point, but I'm starting to believe that is where we are headed. Eventually, many of these self-righteous cons are going to be screaming for blood when they too find themselves without employment and losing their homes.

 

[Old Rocks]

I have yet to see anybody dispute any of this;

[ame=http://www.youtube.com/watch?v=f0ehzfQ4hAQ]Wealth distribution In America - YouTube[/ame]

 

[ScienceRocks]

More education = smaller difference

 

[ba1614]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

 

[Seawytch]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

It's a myopic idiot that doesn't see the ever increasing income inequality in the United States as a fucking problem.

US Inequality Now Literally Off the Chart

 

[JoeB131]

It's not even surprising that rightwing nuts would think this is a good thing.

The plantation is the Republican ideal.

“The Republicans believe in the minimum wage — the more the minimum, the better.” - Harry Truman

Winston Churchill once said "that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."

Liberals? Got your buckets ready? Good luck!

The Brits couldn't throw Churchill out of office fast enough. They didn't even wait for the war to end.

 

[ba1614]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

It's a myopic idiot that doesn't see the ever increasing income inequality in the United States as a fucking problem.

US Inequality Now Literally Off the Chart

Keep using that excuse if you want, I don't give a fuck, the income of another has no impact on my life, none, not a bit, zip, nadda.

 

[martybegan]

Think about the title of the post. What does the word "took" really mean in this context? You could say that the legendary 1% actually produced income in spite of the president's anti-capitalist agenda. What might happen when the 1% fail to produce? I don't want to think about it.

Actually economies usually do very well in the aftermath of the top 1% fleeing the country, being killed, or having their power and toys taken away. America after the revolution and the Tory exodus, France after abolishing the monarchy, Britain after the political reforms of 1832, Hungary after expanding the franchise, and so forth. Too bad you read only fascist and monarchist views of history. Seriously, Obama anti-capitalist? He's been the best thing for Wall Street in American political history.

Yeah, the Reign of Terror in France was soooo much fun for the proletariat.....

In The american revolution the leaders of the revolt WERE the 1%. There was no "old money" in the colonies, because why would some british lord who was nice and posh over in england risk a 1-2 month sea voyage and unknown odds in the colonies?

 

[Old Rocks]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

It's a myopic idiot that doesn't see the ever increasing income inequality in the United States as a fucking problem.

US Inequality Now Literally Off the Chart

Keep using that excuse if you want, I don't give a fuck, the income of another has no impact on my life, none, not a bit, zip, nadda.

LOL. Oh well.

 

[Seawytch]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

It's a myopic idiot that doesn't see the ever increasing income inequality in the United States as a fucking problem.

US Inequality Now Literally Off the Chart

Keep using that excuse if you want, I don't give a fuck, the income of another has no impact on my life, none, not a bit, zip, nadda.

You should...it's going to matter a great deal to everyone.

Do you know what happens in societies where the income inequality gets out of control like it is here?

 

[theHawk]

Let me get this straight, you liberals are still bitching about the top 1% not paying enough taxes, even after Obama and the Dems had full control of the government and kept the tax code exactly the same.

Take it up with the Hussein, these are the "Obama tax cuts" after all.

 

[JoeB131]

Let me get this straight, you liberals are still bitching about the top 1% not paying enough taxes, even after Obama and the Dems had full control of the government and kept the tax code exactly the same.

Take it up with the Hussein, these are the "Obama tax cuts" after all.

Well, really, he didn't. He finally let the Bush tax cuts expire for the wealthy, and I think he gave up too much to get that.

Oddly, after the Bush tax giveaways did expire, the deficit shrunk in half.

Imagine that.

Imagine if we actually made these guys pay their fair share.

 

[NYcarbineer]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

Money is power. Money concentrated in the hands of a few puts the power in the hands of a few.

Money creates power, and those with the money, and thus the power, use the power to concentrate the money, and the power, even further, into the hands of even fewer.

Democratic government is the only force in the universe that has the capability to peacefully oppose that cycle of money and power.

Choose wisely when you choose which to be ruled by.

 

[blackhawk]

Well that is what you get for voting in that cater to rich Democrat Barak Obama.

 

[zeke]

It's an incredibly weak individual who uses the income of another as an excuse for their own failures, or the failures of anyone else who has their health.

Money is power. Money concentrated in the hands of a few puts the power in the hands of a few.

Money creates power, and those with the money, and thus the power, use the power to concentrate the money, and the power, even further, into the hands of even fewer.

Democratic government is the only force in the universe that has the capability to peacefully oppose that cycle of money and power.

Choose wisely when you choose which to be ruled by.

Well said. These right wing wack jobs on here think the ultra wealthy just use all that money to buy toys and groceries. Maybe pay a few bills.

These wacks think the ultra rich would NEVER use their money to buy influence, get special favors and exert control over those that really REALLY need the ultra rich's money. Like politicians.

And the one dude that commented how the ultra riches money doesn't effect him. How stupid do you have to be not to understand that it is the richest whose wealth and income is growing. Not the rest of us and not the person who made the ignorant comment.

IF you ain't ultra rich YOU are losing ground or barely holding your own. How is that a good thing?

 

[kaz]

From Keith Olbermann's lips through yours. The rich bastards you hate who earn 20% of the income still pay 40% of the taxes. 99 out of 100 people pay only 1 1/2 times the other one. We're good. Chillax.

The Top 1% own approximately to 35.4 % of this nations wealth and they pay around 36.7% of the taxes.
This viral video is right: We need to worry about wealth inequality
What Do the Top 1% Really Pay in Taxes? | Tax Foundation

Is that federal income tax again, the favorite Pub BS...
__________________
YUP, AS ALWAYS, PATHETIC HATER DUPE, count all taxes, and the nonrich are getting screwed...

the old not Democrat = Republican bit again. You can hold two simple concepts in your brain. Once you exhausted "Democrat" there was only room for one more, which you label "Republican." Actually I'm a libertarian, but if "Republican" is all you can grasp for anyone who thinks differently than you, then I'm indifferent to the label other than I think it shows how clueless you are. But as to your point.

So you want to count corporate taxes, estate taxes, investment taxes that the rich also pay far more of than the rest as well? You have me there, only counting income taxes under counts the amount the rich pay, doesn't it Keith?

 

[squeeze berry]

It's not even surprising that rightwing nuts would think this is a good thing.

is Oprah a right wing nut you fucking hack?