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Subject: Updated wealthy tax info. rss

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Mac Mcleod
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From here...

http://www.quickanded.com/2010/02/effective-tax-rates-of-the...

Key notes

Quote:
The top-line finding drawing the most attention is that these 400 earned about $138 billion, collectively, in 2007, the most recent year of data. In contrast, the bottom 90 percent of Americans, over 24 million filers, earned $247 billion.


Quote:
Contrary to concerns about socialism or a government takeover, the richest Americans, those earning an average of $345 million in 2007, paid about 16.5 percent in federal income taxes.


So, collectively they earned about 40%-45% as much but paid much lower income tax rate than if the same income had been made as wages by the rest of the country.

I understand why the politicians are fawning up to these guys. I don't understand why conservatives making less and paying a higher rate are slitting their own throats to help out these folks. This is especially true of the tea party-- it's like they are blind.

I'm sure this will be supported and rejected by the usual suspects.
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Mac Mcleod
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But Delta.

Look at the IRS data. They PAY LESS. Much less.

It's not "Soak the Rich" unless you mean soak them in money.

Look at the decades long trend line.

Meanwhile, your social security is going to be pushed back 3 years so these people can pay a lower tax rate than you do.

And that rate ignores social security (which they don't pay but you do unless you make over $106k per year or all your income is dividends and long term capital gains).

And that rate ignores state and local taxes. If you are in the bottom fourth, your local state taxes run you 12.3% per year. If you are in the middle, they run about 7%. But if you are wealthy- the rate is .3%.

So while the poor and the middle class are paying rates approaching 50% of their income- the wealthy are literally paying 16.5%.

And as a result, your retirement plans, and your disability, and your unemployment benefits are being slashed.

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Jorge Montero
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I'll take Manhattan in a garbage bag. With Latin written on it that says "It's hard to give a shit these days"
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DeltaAlphaBravo wrote:

But I am glad to concede ground that taxes could be higher but you have to give me the same amount of spending decreases YOY indefinitely.


Why? It's linking two separate issues in a completely arbitrary way, which is an utter failure.

Cutting expenses in any significant way, right now, is a very bad idea. Every cut hits employment directly, and hitting employment right now will not help.

Ultimately, you also have to face the fact that what is sensible for a government to spend in the good years is, if anything, lower than what it is in the bad years. Look at, say, unemployment payments: When the economy goes well, unemployment is down, and offering pretty good unemployment benefits is rather cheap. When a recession comes, unemployment doubles and tax revenues decrease, so the same program spends more, and also becomes a higher percentage of expenses.

Someone that is 67 might keep working for a bit while things are good. But if he gets laid off in a recession, chances are he'll actually retire.

I'd argue that the economy today still is lacking aggregate demand. You will not increase aggregate demand by laying people off.
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