Tax Tables 2005
September 3rd, 2010
Tax Tables 2005
Question: Is rising income and wealth inequality good for America?
“The top one percent of households received 21.8 percent of all pre-Tax Income in 2005, more than double what that figure was in the 1970s. (The top one percent’s share of total income bottomed out at 8.9 percent in 1976.) This is the greatest concentration of income since 1928, when 23.9 percent of all income went to the richest one percent.”
“The richest one percent of U.S. households now owns 34.3 percent of the nation’s private wealth, more than the combined wealth of the bottom 90 percent. The top one percent also owns 36.9 percent of all corporate stock. (EPI, State of Working America 2006-07, Table 5.1 and Figure 5F).”
http://www.demos.org/inequality/numbers….
Is this a prescription for a healthy society?
Answer: Some of your answerers are suffering from myths and untruths propagated by the billionaires at the top to defend their greed:
Myth 1 “Now go through the tax numbers and find out who pays what.”
The people with 85% of the wealth pay 64% of the taxes. The bottom 50% of Americans control 2.2% of the wealth but pay 3.3% of the tax. So the people most able to pay actually pay less proportionately than the lower middle class suckers struggling to stretch a dollar.
55 cents of every Bush Tax Cut dollar went to feed the greed of his super rich buddies.
Republican Presidential candidate Steve Forbes proposes a flat tax where the super rich pay the same percentage as the middle class. Here is Mr. Forbe’s plan: Forbes say that the Treasury department would generate exactly the same revenue if the First $45,000 was completely tax free for everyone and then everything above the friest $45,000 was capped at 15%. How can that be? It is because now the super rich do not pay their share. The Forbes plan benefits every tax payer I know. That’s because I don’t hang with any of the super rich. It is like billionaire Lenora Helms said
‘”Taxes are for poor people!”Myth 2 “They earned it” The vast majority of the super rich got their money through inheritance or marriage. Most of the ultra rich are luxuriating on “dead men’s legs”
Myth 3 “Where would the incentive to work go?”
If money is the primary motivator top work, to do a good job Research says it isn’t) but of it was, is it better to motivate 40 people with a million dollar bonus or one stock investor with his forty million dollar bonus? Would it not be, even better to use the same forty million to motivate 4000 hard working people with a ten thousand dollar bonus?
This months reader’s Digest has the lead article about taxes. It says if Obama were to let the Bush Tax Cuts for the just the 1200 most super wealthy people expire we could give a thousand dollars a year to the poorest thirty million Americans.
1,200 who don’t need the money or 30,000,000 who desperately need it.Myth 4 “As long as I have it who cares about anybody else.”
Charity and compassion are only for those liberal suckers and do- gooders. Selfish greed, and rugged individualism and look out for yourself is what keeps America strong.”
Actually communism works in theory, but in reality the ultra selfish greed of a few at the top brought it down.Socialism in theory works, but in realty the ultra selfish greed of a few at the top brought it down.
The reality os that No economic or social system can survive the super greed of a few super selfish people at the top.
Capitalism in theory works, but in reality we see that it can be brought down by the selfish greed of a small few at the very top.
It is not communism, or socialism that is the enemy of a free and healthy society. The enemy is the super greed of a few at the top.
During WW ll all Americans were expected to sacrifice. The poor sacrificed their sons and husbands and fathers limbs and lives to protect freedom. The rich paid 90% taxes for the duration of the war. They can afford to pay 90% Warren Buffet says he can afford to pay 90%.
The super rich got us into this. Let’s have them pay 90% until we are out of this mess.myth 5 “In America everyone has an equal chance to be rich.”
This myth is so ridiculous I hardly know were to begin.
The first million is the hardest to get, the second comes easier. It take money to make money. Legacies open doors for admissions to the best schools. It is easier to make money if you made the correct selection of parents before you were born.
A country does function best when everyone can share in the financial blessing of that country.Myth 6, This last myth comes from this mi$take$ that come from worshiping a false god. Too many neocons worship the “god of gold.” They feel that their god has blessed the ultra rich and that means that these people are to be adored, sanctified, and protected because god has showered his exalted approval on them. They feel that the poor must be hated by the god of gold. Obviously he does not love them. If he did they would have money. So following their lie of reasoning it is perfectly all right to deny these people the basics of life. Do not be caring or generous because, hey, god does not love them. less than one percent of the total budget goes to welfare recipients. (0.6%) The interest on the Bush deficit is 9% of the total budget. What we spend on the Bush wars is over 50% of the total budget. And yet these neocons complain about welfare fraud while exorbitant Tax Cuts to the super wealthy and no bid contracts that Cheney set up for Haliburton do not bother them at all. Nor do they care that Cheney’s buddies moved Haliburton to Dubai so they would not have to pay taxes back the to the U.S.A.
Do your responders that I with a well deserved thumbs down know that there are over 5000 verses in the bible about helping the poor and not one single verse about exorbitant Tax Cuts to the ultra wealthy?
Do your responders that I honored with a well deserved thumbs down know that 19% of the people think they are in the top one percent?
Do your responders that I honored with a well deserved thumbs down realize that in order for them to gain truth, and wisdom they will have to start by turning off Faux noise network as their source of misinformation, read history, and check facts?
Sorry, I didn’t mean to write a book here. Some of the terribly misinformed and misguided responses to your question just set off a sore point with me .
McCain Says Social Security Tax Increase is “Off the Table”
Posted in 
Tags: