Top 8% Own 85%

[dannyboys]

For you Socialist/LIBs:
Suppose you worked hard enough at school to be able to go on and develop skills which made you employable in a secure good paying job.
You are able to save a few bucks.
Your income is being taxed.
With the few bucks you were disciplined enough to save you were able to buy a 'fixer upper' little house.
You invested your savings and when you sold the house the Government demands you pay tax on any profit you made.
Your situation is no different than the 'rich' guy' who did the same thing. The Government taxes the 'rich guy' on any investment income he makes.
When the 'rich guy' dies the Government demands his heirs pay an exorbitant inheritance tax.
If you were in the 'rich guys' shoes you too would be looking for any legal way to keep the fucking Government out of your pockets.
If the Government was putting your taxes into rebuilding the collapsing infrastructure, for instance, it wouldn't be so bad. But the people in the Government are career politicians/ex lawyer ambulance chasers in many cases. They don't have a fucking clue how to use the money wisely.

 

[g5000]

I have pointed out quite a few examples of how our government legislatively steals money from the pockets of the common man and moves it up the economic food chain. Many examples.

The Ex-Im bank is one example.

My favorite example is the Mortgage Interest Deduction (MID). This is such an insidious theft. It has the rubes believing they are actually coming out ahead! The rubes believe the MID "allows me to keep more of my own money". It's a huge lie.

So how does this scam work, you may be wondering. How is getting to deduct my mortgage interest on my taxes steal from me? This must sound mind boggling.

First, let's see how much the government "returns" to the pockets of income tax filers each year: Mortgage Interest Deduction: $484 billion - In Photos: The 10 Biggest Individual Tax Expenditures

$484 billion from 2010 through 2014. That's an average of $96.8 billion a year.

Here's the thing. If Bob and Ted earn identical incomes, then they should have identical tax bills. But if Ted is allowed a deduction, that does not change the bottom line of how much their total share of the tax burden is. And that means Bob is going to have to make up the difference to pay for Ted's deduction.

This is what is going on, boys and girls. We are all paying higher tax rates to pay for all these deductions, credits, and exemptions. That's theft. It is wealth redistribution. It's no different than having to pay a higher tax bill to pay for someone else's welfare check.

That's why they are called tax expenditures. You are paying for someone else's welfare check (mortgage interest deduction).

But wait, it gets worse.

Sure, Ted gets a deduction for his mortgage interest. But he has to pay a higher tax rate along with Bob, so his deduction is already eaten into. He'd be paying a lower tax rate if we didn't have all those deductions, credits, and exemptions in the tax code.

So Ted isn't getting to keep as much of his money as he thinks he is.


And now the worst part:

In addition to failing to increase rates of homeownership, the deduction has two major consequences: it raises interest rates on most mortgages, and it encourages excessive use of debt.

Unfortunately, given that the deduction seems to have only made mortgages less costly for those who can already afford to purchase homes, and more expensive for everyone else, the deduction appears highly inefficient and poorly targeted.

Ultimately, the mortgage interest deduction is flawed. It increases housing costs through elevated interest rates, without actually improving homeownership rates.

Why We Should Eliminate the Mortgage Interest Deduction


Ted is paying more for his house because of the MID!

So Ted's deduction is cancelled out by higher tax rates and by higher home prices.


But then where the hell is that $96.8 billion a year going? Who is REALLY getting it?

Well, think about it. Who profits from higher home prices?

Home builders. Lenders. Brokers. Real estate agents.

Using this data, Hanson further calculated that, by charging higher interest rates on loans eligible for the mortgage interest deduction (below $1 million), mortgage lenders were capturing 9-17 percent of the governmental tax benefits of the mortgage interest deduction.

There's that unnatural concentration of wealth achieved through legislation of which I spoke. There's that tilting of the playing field to the advantage of a few to the disadvantage of the many.

You are being robbed, boys and girls.

There are $1.2 TRILLION of tax expenditures moving money from one set of pockets into another set of pockets EVERY YEAR.

 

[gipper]

"Take action" like elect a socialist who will make sure nobody ever gets too upity? I think not.

Damn you are slow.

A soft Socialism is what we have now.

So you think we should double down on stupid?

The only way to put an end to income inequality is to impose socialism...is that right?

That a joke right?
I have visited many Socialist countries. The ONE common denominator is there is always a super rich elite class in the background making their billions off the idiots who know what's happening but cling to the Utopian myth that if only they could change the current government all the endemic corruption will stop.

Not a joke actually, but socialism would be the EXACT wrong thing to do. I was responding to bripat. He assumed I was promoting socialism when I posted this thread. Not sure why anyone would assume that, but he and others in this thread did so.

Some on the left think greater government control or socialism is the answer. Some on the right think anyone who criticizes the current state, wants socialism.

 

[Skull Pilot]

Yeah there are absolutely no opportunities to make money in this country none at all

Too few.

Says you. The possibilities are only limited by your desire and you obviously have none

Or reality if you bother to look at what is really happening.

But I do and what is happening is that people think that one 40 hour a week job is supposed to be all they need to make it

It's not true and it never was true

Yes it was true and should be true. Much of Europe is fine working much less.

They are fine settling for less too

If you want to be a lazy European feel free to move

 

[Skull Pilot]

Yeah there are absolutely no opportunities to make money in this country none at all

Too few.

Says you. The possibilities are only limited by your desire and you obviously have none

Don't pretend to know me because I hold this opinion. I do just fine but I am also able to recognize a problem that affects us all. You on the other hand choose to live in a bubble of denial seeing only yourself.

It's not affecting me nor my ability to earn

Yes it is. You are just ignorant of how it is.

Really how?

I can earn as much as I want because I do not work for someone else
I never let anyone tell me how much I could or couldn't earn
the question is why do you?

Like I said anyone can earn more money starting tomorrow if they want to.

 

[nat4900]

I own 100 percent of what I want and need. Who gives a shit about those who want and need more? Let them have it.

......and yet you (as all of us) bitch when taxes go up on property, gasoline, etc., don't seem to care that OTHERS...the very rich....have found multiple ways to avoid THEIR tax burden....

 

[gipper]

This is really screwed up...and we Americans fight among ourselves over stupid things. All the while the elites are screwing us. When will we wake up and take action?

Take action..... and use the government to seize property, without compensation, from people that have committed no crime?
How do you suppose that is in any way constitutional?

WTF are you talking about?

I did not state or suggest any such thing.

 

[g5000]

Too few.

Says you. The possibilities are only limited by your desire and you obviously have none

Don't pretend to know me because I hold this opinion. I do just fine but I am also able to recognize a problem that affects us all. You on the other hand choose to live in a bubble of denial seeing only yourself.

It's not affecting me nor my ability to earn

Yes it is. You are just ignorant of how it is.

Really how?

See post 142.

We are all paying much higher tax rates than we should be due to $1.2 trillion in government gifts in the form of tax expenditures every year. And you paid more for your house than you should have, also because of tax expenditures.

 

[gipper]

This is really screwed up...and we Americans fight among ourselves over stupid things. All the while the elites are screwing us. When will we wake up and take action?


The Panama Papers offer damning proof of this: increasing concentrations of wealth and power that are free of any constraint (such as taxes) is not just the consequence of centralized money and state power--this inequality is the only possible output of centralized money and state power.

Here is a graphic portrayal of just how concentrated global wealth really is: the top .7% (less than 1%) own 45% of all global wealth, and the top 8% own 85%.

Of Two Minds - The Panama Papers: This Is the Consequence of Centralized Money and Power

How dare they be successful!!!!

You completely missed the point of the thread...but you are not alone. Many others responded similarly, which is rather sad. Many on the right seem to have an automatic reflex when anyone exposes the fraud that is our economic system.

 

[BluesLegend]

The rich are not taking your wealth the government is taking your wealth, federal, state, local moochers. The rich can't force you to buy their goods and services, nobody is being forced to shop at Walmart.

 

[gipper]

The mere fact that 8% percent own 85% should be enough to convince most people that something is amiss. As long as government continues to grow and centralize power and wealth, while colluding with big business, income inequality will continue unabated.

 

[deltex1]

I own 100 percent of what I want and need. Who gives a shit about those who want and need more? Let them have it.

......and yet you (as all of us) bitch when taxes go up on property, gasoline, etc., don't seem to care that OTHERS...the very rich....have found multiple ways to avoid THEIR tax burden....

My property tax is fixed...old age can be a benefit.

 

[BluesLegend]

The mere fact that 8% percent own 85% should be enough to convince most people that something is amiss. As long as government continues to grow and centralize power and wealth, while colluding with big business, income inequality will continue unabated.

I'm in the 8% living a decent life largely free of financial worries. Having started off a dirt poor Democrat when I was younger I learned to hate Democrats, liberals in particular and the GOP establishment of the last 20 years. Washington is a corrupt cesspool that needs cleaning up THAT's what's amiss.

 

[Brain357]

Too few.

Says you. The possibilities are only limited by your desire and you obviously have none

Don't pretend to know me because I hold this opinion. I do just fine but I am also able to recognize a problem that affects us all. You on the other hand choose to live in a bubble of denial seeing only yourself.

It's not affecting me nor my ability to earn

Yes it is. You are just ignorant of how it is.

Really how?

I can earn as much as I want because I do not work for someone else
I never let anyone tell me how much I could or couldn't earn
the question is why do you?

Like I said anyone can earn more money starting tomorrow if they want to.

Could you earn more in a stronger economy?

 

[M14 Shooter]

This is really screwed up...and we Americans fight among ourselves over stupid things. All the while the elites are screwing us. When will we wake up and take action?

Take action..... and use the government to seize property, without compensation, from people that have committed no crime?
How do you suppose that is in any way constitutional?

WTF are you talking about?

I did not state or suggest any such thing.

I was not asking you, specifically.

 

[gipper]

This is really screwed up...and we Americans fight among ourselves over stupid things. All the while the elites are screwing us. When will we wake up and take action?

Take action..... and use the government to seize property, without compensation, from people that have committed no crime?
How do you suppose that is in any way constitutional?

WTF are you talking about?

I did not state or suggest any such thing.

I was not asking you, specifically.

Okay but I don't think anyone in the thread suggested anything close you what you are claiming.

 

[PredFan]

This is really screwed up...and we Americans fight among ourselves over stupid things. All the while the elites are screwing us. When will we wake up and take action?


The Panama Papers offer damning proof of this: increasing concentrations of wealth and power that are free of any constraint (such as taxes) is not just the consequence of centralized money and state power--this inequality is the only possible output of centralized money and state power.

Here is a graphic portrayal of just how concentrated global wealth really is: the top .7% (less than 1%) own 45% of all global wealth, and the top 8% own 85%.

Of Two Minds - The Panama Papers: This Is the Consequence of Centralized Money and Power

So what? One of the main contributing factors is that the poor continue to have poor children. We are helping increase their numbers by giving them food and shelter.

Also, just because they are rich, doesn't mean YOU can't be rich. Wealth is NOT finite. Quit bitching and accomplish something.

 

[Toddsterpatriot]

The mere fact that 8% percent own 85% should be enough to convince most people that something is amiss. As long as government continues to grow and centralize power and wealth, while colluding with big business, income inequality will continue unabated.

The mere fact that 8% percent own 85% should be enough to convince most people that something is amiss.

There are billions of poor people in poor countries. And?
What is the proper amount for the top 8% to own? Why?

 

[Ray From Cleveland]

"Take action" like elect a socialist who will make sure nobody ever gets too upity? I think not.

Damn you are slow.

A soft Socialism is what we have now.

So you think we should double down on stupid?

The only way to put an end to income inequality is to impose socialism...is that right?

That a joke right?
I have visited many Socialist countries. The ONE common denominator is there is always a super rich elite class in the background making their billions off the idiots who know what's happening but cling to the Utopian myth that if only they could change the current government all the endemic corruption will stop.

Not a joke actually, but socialism would be the EXACT wrong thing to do. I was responding to bripat. He assumed I was promoting socialism when I posted this thread. Not sure why anyone would assume that, but he and others in this thread did so.

Some on the left think greater government control or socialism is the answer. Some on the right think anyone who criticizes the current state, wants socialism.

Probably because you can only have Socialism or Capitalism.

You either want government to take money away from the people that earn it to give to others, or you believe that people should rightly keep what they earn. You really can't have both.

 

[Ray From Cleveland]

Can someone please tell me how a rich guy has ever stopped anyone of you from earning more, owning more, or anythig else?

I know some very wealthy people. Everyone of them worked/works their ass off. Everyone of them employees people.
The top 20% of taxpayers pay about 80% of all Federal income tax.
About 50% of employed people don't pay a fucking dime in Federal income tax.
That leaves about 30% of employed people who pay the remaining 20% of Federal income taxes.
Do the math everyone!

Of course they pay most the taxes, they take all the money.

Only welfare people "take" money. People who have more earn money.