Rich Have Highest Wealth, Lowest Taxes Since 1929 »
Posted By Dionys 5 months, 1 week ago in Business & FinanceAccording to government figures, 1 percenters' share of America's total income is the highest it's been since 1929, and their tax rates are the lowest they've faced in two decades. Through bonuses, many 1 percenters will profit from the $23 trillion in bailout largesse the Treasury Department now says could be headed to financial firms. And most of them benefit from IRS decisions to reduce millionaire audits and collect zero taxes from the majority of major corporations.
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Beau78905 months, 1 week ago
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And real wages have stagnated or declined since the mid-'70s. Yet any time someone suggests raising taxes on the wealthy, the gullible go into hysterics about the possibility of a tax hike destroying the economy.
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Guess what? Employment rates didn't improve when taxes on the wealthy were lowered. The rich kept their money without employing more people or raising their workers' wages. And the economy's been taking despite the concentration of wealth at the top.
Who's surprised? -
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sinophil495 months, 1 week ago
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This article is absolutely correct, but it doesn't go far enough.
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The fact is that the top 1% on the average pay only 19% of their total income in taxes. That is because a major part of their income is not in the form of wages, but in the form of dividends, capital gains, rental income, depreciation allowances. Foreign tax credits on certain investments are actual tax deductions for the rich.
Another reason they do not pay their fair share is that Social Security tax is capped at 12.4% of the first $90,000. A person making more than $90,000 does not need to pay SS tax on the excess. People who make below $90,000 have to pay the full 12.4%.
If you look at the economic growth from 1993 to 2006, the top 1% captured about 50% of all growth. However, between 2002 to 2006, the top 1% captured almost 75% of the growth. The Bush years highly favored the rich and widened the gap between the haves and the have nots.
Another shocking statistical datum is the distribution of financial wealth. This is defined as the totality of cash instruments of all types, bonds, surrender values of insurance plans and pension plans, stocks, mutual funds, and net equity in businesses. It does not include the values of homes.
The top 1% own 42.2% of all financial wealth in the USA.
The next 19% own 50.3%.
The bottom 80% own only 7.5% of all the wealth in the USA.
Shouldn't the top 1% pay 42% of their wealth into taxes? How about splitting the difference between 19% and 42% How about the rich pay 30% of their wealth into taxes?
Another way to compromise is this. The rich currently pay about 39% of the total federal tax bill. How about we tweak it up just a little to 42% of the total tax bill? Not a big jump, but perfectly acceptable to me.
Or we could have the top 20% pay 92% of the total federal tax bill? While the bottom 80% pay 8% of the tax bill.
What could be more fair than this?-
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beavith15 months, 1 week ago
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your numbers have mistakes in them.
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that 12.4 social security is 6.2% employee and 6.2% employer paid.
1% own 42% of all wealth? the next 19% own the next 50.3%?
no. nuh uh. look it up again.
seeing that you're wrong, maybe your bright idea should be withdrawn?
when 90% pay no taxes, there is no such thing as fiscal responsibility. every budget item becomes OPM.
besides. what if i think it'd be fair if we took all your money and your possessions? and convinced the majority to agree? what could be more fair than that
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fritz10215 months, 1 week ago
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And they wonder how come 78% of the People are in Favor of them paying the extra 1% tax to finance Health care.Hell they have been on the Gravy train for over 20+ years every RpubliCon President down the line has lowerd the tax the rich pay and passed it on the the rest of us.Screw them let them now pay for what we had to pay for them all along
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lloydm655 months, 1 week ago
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I agree with the forty two percent for the wealthy would probably be beneficial to our nation.That said,the rate should drop when ever the president of either party signs a ear mark,or a pork bill,that is not beneficial to the entire country.No cuts in spending,no cuts in taxes.We have always raised,taxes,only to have both parties crank out the spending.The left can still beat up the rich,but if we can get taxes,and spending on the same level,who cares.
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