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Here's something the liberals don't want you to know. After all, anyone who learns the truth might be less likely to support their class warfare reelection strategy.
WASHINGTON (AP) — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
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Here's something the liberals don't want you to know. After all, anyone who learns the truth might be less likely to support their class warfare reelection strategy.
WASHINGTON (AP) — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
Nothing in the bolded statements is contradictory.
Has Obama, Buffett or anybody else claimed that all millionaires pay higer rates than all middle class or poor people?
Overall I think the debate is leading towards the loopholes rather than the generalities ... as in the case of taxation on investment income vs job income.
The tax code needs a huge overhaul ... most Americans want that except for those exploiting loopholes. It needs to be simplified and applied more evenly. Tax breaks and credits should be reviewed more often to reflect the current state of the American and world economy as it relates to the current income we generate to run the country.
OTOH the rich have more deductions due to the structure of our tax system, they have higher interest payments, pay more local taxes, pay more taxes on their cars etc. They income levels are comparatively much lower due to these inequities..
The reality is that the whole system needs an overhaul, and something like the Steve Forbes idea may be salient..
When George Bush started the class warfare by only giving tax breaks to the rich it was supposed to spur the economy, but guess what happened.. the rich got richer, and the rest of us are mired in this never ending economic conundrum.
The rule says, "People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay." Buffett wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people in his office.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said. "That's pretty straightforward. It's hard to argue against that."
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
I'd support an overhaul of the tax code, but I won't support increasing income tax rates. I'd opt to eliminate and curb a lot of the deductions that are given instead. That, and up the cap gains tax to 20 and 25% as I posted in a previous thread. 15% is far too low IMO.
Quote:
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
The wealthy in this country are really enjoying this "debate" about what their income tax rates should be compared to the rabble who toil under them. Sitting poolside, lifting their champaign glasses and laughing their fuggin arses off, they are.
...the standard of living of the working and middle classes is dependent upon income and wages, while the rich tend to rely on wealth, distinguishing them from the vast majority of Americans...wealth is not used for daily expenditures or factored into a budget but when coupled with income it comprises the family’s total opportunity “to secure a desired stature and standard of living, or pass their class status along to one’s children...wealth provides for both short- and long-term financial security, bestows social prestige, and contributes to political power, and can be used to produce more wealth...
Dennis Gilbert (1998). The American Class Structure: In an Age of the Growing Inequality, quoting Melvin L. Oliver and Thomas M. Shapiro
Here's something the liberals don't want you to know. After all, anyone who learns the truth might be less likely to support their class warfare reelection strategy.
WASHINGTON (AP) — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
The top 10% pay 70% of the taxes, but hold 80% of the wealth, most of it generationally passed along and stolen. Much of the oil and real estate wealth can be traced back to theft of natural resources and land. More of it has been generated by simply trading stocks and using financialgymnastics like hedge funds. none of these means of wealth accumulation can be seriously compared to a man or woman's labor at work. It's an absurd comparison.
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The wealthy in this country are really enjoying this "debate" about what their income tax rates should be compared to the rabble who toil under them. Sitting poolside, lifting their champaign glasses and laughing their fuggin arses off, they are.
...the standard of living of the working and middle classes is dependent upon income and wages, while the rich tend to rely on wealth, distinguishing them from the vast majority of Americans...wealth is not used for daily expenditures or factored into a budget but when coupled with income it comprises the family’s total opportunity “to secure a desired stature and standard of living, or pass their class status along to one’s children...wealth provides for both short- and long-term financial security, bestows social prestige, and contributes to political power, and can be used to produce more wealth...
Dennis Gilbert (1998). The American Class Structure: In an Age of the Growing Inequality, quoting Melvin L. Oliver and Thomas M. Shapiro
In my day it was, The Power Elite.. by C. Wright Mills..
Quote:
"The power elite is composed of men whose positions enable them to transcend the ordinary environments of ordinary men and women; they are in positions to make decisions having major consequences. Whether they do or do not make such decisions is less important that the fact that they do occupy such pivotal positions: their failure to act, their failure to make decisions, is itself an act that is often of greater consequences than the decisions they do make" (The Power Elite, 1956, p. 4).
"For they are in command of the major hierarchies and organizations of modern society. They rule the big corporations. They run the machinery of the state and claim its prerogatives. They run the military establishment. They occupy the strategic command posts of the social structure, in which are now centered the effective means of the power and the wealth and the celebrity which they enjoy" (The Power Elite, 1956, pp. 3-4).
"The power elite are not solitary rulers. Advisers and consultants, spokesmen and opinion-makers are often the captains of their higher thought and decision. Immediately below the elite are the professional politicians of the middle levels of power, in the Congress and in the pressure groups, as well as among the new and old upper classes of town and city and region" (The Power Elite, 1956, p. 4).
"Behind such men and behind the events of history, linking the two, are the major institutions of modern society. These hierarchies of state and corporation and army constituted the means of power; as such they are now of a consequence not before equaled in human history--and at their summits, there are now those command posts of modern society which offer us the sociological key to an understanding of the role of the higher circles in America" (The Power Elite, 1956, p. 5).
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
Overall I think the debate is leading towards the loopholes rather than the generalities ... as in the case of taxation on investment income vs job income.
The tax code needs a huge overhaul ... most Americans want that except for those exploiting loopholes. It needs to be simplified and applied more evenly. Tax breaks and credits should be reviewed more often to reflect the current state of the American and world economy as it relates to the current income we generate to run the country.
Loopholes which are closed will be replaced with other loopholes, right? the only answer is to ban them completely.
__________________
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An Inconvenient Truth
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