U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-01-2011, 03:30 PM
 
2,603 posts, read 4,270,803 times
Reputation: 1954

Advertisements

Quote:
Originally Posted by anifani821 View Post
Thank you for that good reference, Coped.

I was just looking at it. Appears the latest year's figures (2009) . . . the top 5% of taxpayers pay 58% of the nation's taxes.

That means 95% of the people pay 42%.

I dont see how that is fair. 5% of the citizens pay more than 1/2 the taxes?

And if I read the info correctly, the AGI for that 5% was around $157K. That doesn't seem like the mega-rich to me.
Um, Ani, it's simple math. When those 95 percent hold less than 42% of the wealth, it seems more than fair. Especially considering the majority of those 95% make less than $30K a year (which incidentally is about the starting salary for teachers and cops in many areas). There is nothing there to tax. Local areas are getting their sales tax as well. And if we were to tax the poor, it would just lead to increased burdens on all social services, etc. We tried this in Old Regime France and Victorian Britain - Guillotines, Charles dickens and all that. Failed system.

Aggregate numbers hide where most of that 58% comes from. $157K is more than enough to have no financial woes and to build wealth that is hidden in those numbers.
Reply With Quote Quick reply to this message

 
Old 11-01-2011, 03:32 PM
 
Location: State of Being
35,885 posts, read 67,023,037 times
Reputation: 22370
SO you are saying someone with an AGI of $157K is mega-rich.

I know you don't really believe that.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:36 PM
 
Location: Ayrsley
4,714 posts, read 8,459,492 times
Reputation: 3814
Quote:
Originally Posted by lowercountry View Post
But it also class envy in this respect; I highly suspect that we'd all jump at the chance of being a 1%er if we had the chance.
And most who could make that jump would change their tune very quickly.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:37 PM
 
Location: Ayrsley
4,714 posts, read 8,459,492 times
Reputation: 3814
Quote:
Originally Posted by Feltdesigner View Post
OWS isn't targeting the 380K hard working individuals or small businesses with this protest.


Then they need to clarify who their opposition is. An AGI of $380k puts a person in "the 1%" (or did in 2010). That is just simple fact. Ergo, “the 99%” is anyone whose tax statement showed and AGI < $380k. Maybe they need to clarify their operational definitions.

Quote:
Originally Posted by coped View Post
The 1 percent is a handy phrase.


It may be handy – but if it is inaccurate, then maybe they should have picked something else.

Quote:
Originally Posted by coped View Post
… you'd be hard-pressed to find many people who would say that $380K a year is just a "comfortable" income. Frankly, it's the type of income that buys financial security pretty quickly.


I don’t disagree. People with that type of income are fairly secure financially (and, if not, it means they have some serious issues with personal money management).

Quote:
Originally Posted by coped View Post
But I don't think anyone who is being intellectually honest truly believes that hard work always equals a big payday.


Again, I do not fully disagree. In anything in life, not everyone will always be successful. But many people who reach that level where they are making a few hundred grand per year are there because they worked their butts off and probably made some personal sacrifices along the way. Its like professional athletes…many kids will train and work hard, but not all of them will make it to the pros. But none of those that do reach that level cakewalked to get there.

Quote:
Originally Posted by coped View Post
Luck, being born with a head start, inheritance, intelligence etc. always help. Talent and intelligence should be rewarded accordingly, but luck and timing ALWAYS play a role in any circumstance.


Sometimes. Although I am sure that we could ramble off individual anecdotes until the cows come home about people who came from very little and eventually became very successful and about others who had the potential to do so but didn’t quite make it. Life isn’t always fair.

Quote:
Originally Posted by coped View Post
And I for one am pretty tired of hearing about these poor folks who, after they spend money on their second and third mortgages, private school tuition for their kids, insurance for their Mercedes, vacations, etc., only have $100K left over for spending money.
Quote:
Originally Posted by coped View Post
These are the luxuries that your income and privelege afford you. This is what you choose to spend your largess on. You prove the point of your privelege by making comments like these.
Where does this come from? How often do you hear people whining about how they only have a lousy “$100k left over for spending money.”?

On the other hand, I am getting quite tired of hearing about how people who have become successful should be vilified because they choose to indulge in certain luxuries they can afford as a result of their success. If they earned it, they have a right to spend it as they see fit. Sorry if you don’t think its fair. Sounds like jealousy and sour grapes to me.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:37 PM
 
2,603 posts, read 4,270,803 times
Reputation: 1954
Quote:
Originally Posted by anifani821 View Post
SO you are saying someone with an AGI of $157K is mega-rich.

I know you don't really believe that.
Please tell me where I said "mega-rich," whatever that means. $157K is a pretty elite salary and one should have no problem living on that. I know people making in this range and they don't want for much - of course they don't waste their money on keeping up with the Joneses. Perhaps being part of the top 5 percent has skewed your thinking a bit?
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:44 PM
 
2,603 posts, read 4,270,803 times
Reputation: 1954
Quote:
Originally Posted by Tober138 View Post

[SIZE=3]On the other hand, I am getting quite tired of hearing about how people who have become successful should be vilified because they choose to indulge in certain luxuries they can afford as a result of their success. If they earned it, they have a right to spend it as they see fit. Sorry if you don’t think its fair. Sounds like jealousy and sour grapes to me.[/SIZE]
No one is villifying sucessful people. These quotes don't come specifically from this forum but from the weak defenses the right puts up to higher taxes on capital gains or higher incomes. Tea Party Rep from La. Tea party Rep.: Only $400,000 left after ‘I feed my family’*|*Raw Replay

Moneyed people are moneyed people. Whether they earned it, or won it in the market, or inherited it, fine. Spend how they see fit. But don't expect to garner sympathy.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:45 PM
 
Location: State of Being
35,885 posts, read 67,023,037 times
Reputation: 22370
Quote:
Originally Posted by coped View Post
Please tell me where I said "mega-rich," whatever that means. $157K is a pretty elite salary and one should have no problem living on that. I know people making in this range and they don't want for much - of course they don't waste their money on keeping up with the Joneses. Perhaps being part of the top 5 percent has skewed your thinking a bit?
Not hardly. I think I have a clear understanding of money management, as well as IRS regs - and my responsibility to society as a citizen of this country.

Forgive me if I assigned a term (mega-rich) to you that you didn't use. Others certainly have ascribed that term to the upper 5 % of earners in this country.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:46 PM
 
2,603 posts, read 4,270,803 times
Reputation: 1954
Quote:
Originally Posted by anifani821 View Post
However much tax they are paying, it isn't enough . . . ???

Who says?

I happen to be in that top 5% and I pay the equivalent of 5 months of all the money I get - every single penny - in taxes. So I bust my butt 12 months out of the year and taxes take away nearly half of everything I earn. How the hell is that fair?

I should be taxed more?


PS Sorry about your graph not showing up. CD filters do weird things sometimes, lol.

You should get a better accountant.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:49 PM
 
Location: Near the water
8,231 posts, read 11,583,468 times
Reputation: 3877
Quote:
Originally Posted by anifani821 View Post
TYPO - meant to say - DEFLECT

You certainly have not defected, but you have more or less defaulted.

Defaulted? Not hardly....
I don't understand why when someone doesn't agree with you, you border on getting in "attack" mode, it is really not necessary.
Reply With Quote Quick reply to this message
 
Old 11-01-2011, 03:49 PM
 
Location: State of Being
35,885 posts, read 67,023,037 times
Reputation: 22370
Quote:
Originally Posted by coped View Post
You should get a better accountant.
Wait a minute, Coped! You are utterly confusing me!

On one hand, you eschew the taxes the upper 1% pay and point to wacked out IRS regs wh/ allow that . . . and on the other hand tell me perhaps I should find more ways to get around paying what the IRS says I owe them????

Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:12 PM.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top