Let's give those multi-millionaires their tax break; they need it SO much more than the rest of us. Check out the income gap:[quote]Income growth over t..."/>
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REAL WORLD EVENT DISCUSSIONS
And the rich get richer...
Tuesday, November 23, 2010 1:27 PM
NIKI2
Gettin' old, but still a hippie at heart...
Quote:Income growth over the last few decades has been enormously unbalanced, and this must be taken into account as the nation considers shifts in tax policy and develops a fiscal plan that strengthens the recovery and targets a sustainable deficit. According to the Congressional Budget Office, between 1979 and the start of the current recession in 2007, the pre-tax incomes of the upper 1% grew 214%, while the incomes of the middle-fifth and lowest-fifth grew, respectively, 25% and 4%. As the Chart shows, this extremely unbalanced growth implies that 38.7% of all of the income growth accrued to the upper 1% over the 1979-2007 period: a greater share than the 36.3% share received by the entire bottom 90% of the population. Those in the top 10% of the income scale received 63.7% of all the income growth generated over the 1979-2007 period. In contrast, the bottom 20% of all earners saw such a small share of income growth – just 0.4% – that it barely shows up on the included pie chart. Note: “Upper-middle fifth” (60-80%) refers to those in the income scale who make more than 60% of earners but less than the top fifth. “Lower-middle fifth” refers to those who fall in the lower 20-40% range of the income scale. Methodology: The Congressional Budget Office (CBO) does not include people with negative incomes when they compute income fifths. Calculations of shares of income growth with their data do not, therefore, total 100%. In analyzing the CBO data, EPI proportionally adjusted each income share so that they collectively totaled 100 and used the growth of average incomes from the CBO data to develop income growth for every income group. These adjustments actually lead to an understatement of this growing income inequality since a greater share of the population had negative incomes in 2007 than in 1979.
Quote:George W Bush worst 8 year job creation ever in modern times besides George Bush’s father, who was thankfully only president for 4 years, Dubya has the worst job performance record in modern history. If there is any question about the Bush tax cuts creating jobs, this should end that silly debate. Return the tax rates to what they were under Bill Clinton, and stop punishing the middle class: George W. Bush 3.0 million Bill Clinton 23.1 million George H.W. Bush 2.5 million Ronald Reagan 16.0 million Jimmy Carter 10.5 million (in four years)
Tuesday, November 23, 2010 1:44 PM
GEEZER
Keep the Shiny side up
Quote:Originally posted by Niki2: So. We should keep the tax cuts for the rich? WHY, for gawd's sake???
Tuesday, November 23, 2010 1:56 PM
Tuesday, November 23, 2010 2:01 PM
KANEMAN
Quote:Originally posted by Niki2: Sorry Geezer, I reject your argument. A LOT of those got rich by hedge funds and playing the market...that's not work. Look at the disparity in salaries between Wall Street and the rest of the country. Either way, you know, they would still have a tax break for the first $250 thousand they make. I can't believe you actually want to give them the tax break, and add another $700 billion to the national debt! That's amazing to me. Hippie Operative Nikovich Nikita Nicovna Talibani, Contracted Agent of Veritas Oilspillus, code name “Nike”, signing off
Tuesday, November 23, 2010 2:19 PM
ANTHONYT
Freedom is Important because People are Important
Tuesday, November 23, 2010 2:47 PM
WHOZIT
Tuesday, November 23, 2010 2:51 PM
Tuesday, November 23, 2010 3:27 PM
CANTTAKESKY
Quote:Originally posted by AnthonyT: I don't think your fixation on Niki's body parts is germaine to the discussion.
Tuesday, November 23, 2010 6:48 PM
KWICKO
"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)
Quote:Originally posted by AnthonyT: "Let's give those multi-millionaires their tax break; they need it SO much more than the rest of us." "A LOT of those got rich by hedge funds and playing the market...that's not work." Hello, I hear these arguments a great deal, and they always lose me. It implies: A) If you have more money than I think you should, then I should be allowed to take it. B) If I don't value what you do to earn money, then I should be allowed to take it. Talk to me about tax equality, and you'll have my ear. Say something like, "Nobody pays taxes on the first $25,000 they earn, and then they pay a flat 10% tax on all earnings after that," and I'll be listening. --Anthony Assured by friends that the signal-to-noise ratio has improved on this forum, I have disabled web filtering.
Tuesday, November 23, 2010 6:57 PM
Wednesday, November 24, 2010 5:32 AM
Quote:Originally posted by Niki2: Sorry Geezer, I reject your argument. A LOT of those got rich by hedge funds and playing the market...that's not work. Look at the disparity in salaries between Wall Street and the rest of the country.
Wednesday, November 24, 2010 5:53 AM
AURAPTOR
America loves a winner!
Wednesday, November 24, 2010 6:01 AM
Quote:Originally posted by kaneman: Quote:Originally posted by Niki2: Sorry Geezer, I reject your argument. A LOT of those got rich by hedge funds and playing the market...that's not work. Look at the disparity in salaries between Wall Street and the rest of the country. Either way, you know, they would still have a tax break for the first $250 thousand they make. I can't believe you actually want to give them the tax break, and add another $700 billion to the national debt! That's amazing to me. Hippie Operative Nikovich Nikita Nicovna Talibani, Contracted Agent of Veritas Oilspillus, code name “Nike”, signing off Well, if it is so easy, why don't you do it? Most Hedge funds lose money historically compared to most investments. But go ahead risk some of your hard earned money instead of wasting it on pot. Going down to the pub to gamble $1000 on the Uconn game and drink 5 or 6 Jim Beams...life is grand. I think, if the game goes my way, I'll throw a hundred dollar bill out of the window for you.
Wednesday, November 24, 2010 6:11 AM
JONGSSTRAW
Wednesday, November 24, 2010 7:36 AM
RIGHTEOUS9
Wednesday, November 24, 2010 8:00 AM
Wednesday, November 24, 2010 8:27 AM
Wednesday, November 24, 2010 8:31 AM
Quote:Originally posted by AnthonyT: If we continue on the premise that Income shall be taxed, then I agree that all income should be treated equally for this purpose. One universal rule for all taxpayers.
Quote:The FairTax: * Enables workers to keep their entire paychecks * Enables retirees to keep their entire pensions * Refunds in advance the tax on purchases of basic necessities * Allows American products to compete fairly * Brings transparency and accountability to tax policy * Ensures Social Security and Medicare funding * Closes all loopholes and brings fairness to taxation * Abolishes the IRS
Wednesday, November 24, 2010 8:34 AM
Wednesday, November 24, 2010 8:58 AM
Wednesday, November 24, 2010 9:00 AM
Quote:Originally posted by Righteous9: What does "like taxes" mean?
Wednesday, November 24, 2010 9:01 AM
FREMDFIRMA
Wednesday, November 24, 2010 9:04 AM
Quote:Originally posted by Righteous9: ..but I don't see how that's relevant to whether or not our government needs to have a certain amount of money in order to function, in order to keep up our infrastructure and be a fertile enviornment for future generations.
Quote:Like everybody else though, if I have money, I would rather choose where that money is spent.
Wednesday, November 24, 2010 9:07 AM
Quote:Originally posted by Fremdfirma: I have thrown a few bucks at local things,
Wednesday, November 24, 2010 9:11 AM
Wednesday, November 24, 2010 9:16 AM
Wednesday, November 24, 2010 9:17 AM
Wednesday, November 24, 2010 9:33 AM
Wednesday, November 24, 2010 9:46 AM
Quote:There are large differences between the tax rates for earned income money than capital gains. Most working people do not earn a substantial amount of their money from capital gains. Capital gains can easily be understood as money that is earned from buying something and selling it for more than you purchased it. Capital gains are currently taxed at a rate of 15%. The tax structure is an escalating structure where money that is earned over $31,850 is taxed at 25% or higher. This is how rich people pay less tax (as a percentage of their total earnings), than working people. Most people don't understand statistics very well, so a misleading statement is used, "the rich pay the majority of all taxes." This is true, but they also make substantially more money than most people. As a percentage of the wealth they earn, often rich people pay less in taxes than middle class people. The poor in no way pay more taxes, most don't pay any.
Quote: Under current law, income from investments gets taxed at 15 percent. Income from work gets taxed at up to 35 percent.
Quote:In their entertaining 1994 book, America: Who Really Pays the Taxes?, investigative reporters Donald Barlett and James Steele note that the number of filers reporting incomes of $200,000-plus who paid no tax, presumably through outrageous but legal tax dodges, has risen steadily, from 155 in 1966 to 1,081 in 1989, despite numerous attempts to plug the loopholes. Barlett and Steele make the point that most efforts at tax "reform" are really attempts to reduce the tax burden on the wealthy. The most blatant recent example of this was the tax act of 1986. Between 1986 and 1987 the effective tax rate on millionaires fell from 40 percent to 29 percent, and as a result they paid $3.6 billion less in tax. Meanwhile people making from $50,000 to $75,000, a reasonably prosperous but hardly rich crowd, paid $7.6 billion more.
Wednesday, November 24, 2010 9:49 AM
Wednesday, November 24, 2010 10:01 AM
Wednesday, November 24, 2010 10:07 AM
Wednesday, November 24, 2010 10:17 AM
Wednesday, November 24, 2010 10:47 AM
Quote:Originally posted by AnthonyT: "The rich get more use out of our legal system, from the courts to the cops on the ground. They have more assets to protect, more stores, and you should see how blazing fast a cop gets to a big store in the event of a call." This is again a falsehood. If the legal infrastructure was not available to businesses, they would create their own security framework and transfer the costs of that framework to the customer. Also, when I dispatched officers in Hialeah, I promise there was no prioritization given to X business over Y business. Calls were categorized by type and by time, not by complainant.
Wednesday, November 24, 2010 10:58 AM
Wednesday, November 24, 2010 2:15 PM
Wednesday, November 24, 2010 2:32 PM
Wednesday, November 24, 2010 2:58 PM
Wednesday, November 24, 2010 3:45 PM
Wednesday, November 24, 2010 3:53 PM
Wednesday, November 24, 2010 4:06 PM
Quote:Originally posted by AnthonyT: I suspect working for your security organization would be refreshing, though I doubt you'd ever have any positions for a turtle such as myself. My response to stress is to downshift into low gear, whereas a crisis usually demands swift, snappy judgment. It is why I ended up being unsuitable for dispatch. In an emergency, they like things to proceed more quickly, not with plodding deliberate steps.
Wednesday, November 24, 2010 4:11 PM
Wednesday, November 24, 2010 5:08 PM
SIGNYM
I believe in solving problems, not sharing them.
Quote:For my own part, I am not prepared to be the arbiter of whether or not people have earned what they have. I am not content to sit in judgment over it, nor mete out justice based on my opinions.
Wednesday, November 24, 2010 5:33 PM
Wednesday, November 24, 2010 5:40 PM
Wednesday, November 24, 2010 6:58 PM
Wednesday, November 24, 2010 7:45 PM
Wednesday, November 24, 2010 8:04 PM
Quote:You see, I have the most to gain. Me. I am not a wealthy man. Taking the money from rich people and using it to improve my community would be personally very good for me and almost everyone I know. It would be a boon the likes of which I've never seen in my lifetime. A golden age of hope for the everyman. But just because it would benefit me does not mean I consider it good. I don't do lots of things that would benefit me. Only sociopaths do what benefits them without considering the moral implications.
Wednesday, November 24, 2010 8:28 PM
Quote:Originally posted by Righteous9: Rap, your only definition of that money being theirs is that they have it. There are quite a few posts on it that discuss the matter in more detail than that shallow statement of yours. That doesn't mean you don't have a point...just that saying the rich pay more than their fair share is not in itself convincing. Just to understand where you are on this issue, you are absolutely 100% certain that the rich have earned every penny of what they have, or at least that it is theirs by right of inheritence because somebody else earned that money, kind of like one might inherit the crown from somebody who conquered a kingdom, and so on and so on from generation to generation.
Quote: I would assume then that you are just as certain that the majority of people at large are also making what they earn, no more and no less. The fact that the standard of living is going down for them, for us, is directly related to the fact that we are not worth as much as the generations before us, while our rich people are worth more and more to society. I would characterize you as the horse in animal farm, but I'm interested in how you would disagree.
Wednesday, November 24, 2010 8:43 PM
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