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Old 02-23-2019, 02:59 PM
 
5,103 posts, read 2,743,062 times
Reputation: 9370

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Quote:
Originally Posted by RationalExpectations View Post
New projections for 2018 regarding Personal (Individual) Income Taxes
  • Top 1% will pay a total of 43% of ALL Personal Federal Income Taxes Paid
  • Top 20% will pay a total of 87% of ALL Personal Federal Income Taxes Paid
  • Bottom 60% will pay a total of 4% of ALL Personal Federal Income Taxes Paid

The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.

That kind of takes the wind out of the sails of some of the candidates for the Democratic Presidential Nomination whose platform consists of tax cuts for the middle-class.

It clearly torpedoes the political rhetoric on the extreme left who claim the wealthy get special breaks and loopholes and avoid paying taxes altogether.

ETA: I edited my original post above to make it clearer (I hope).

The bottom line: we are funding our federal government with a smaller & smaller fraction of the population.

I think a better look is map the relationship of Income to taxes paid by the top 1% and top 20%. If the proportional federal tax paid are at an all time high then so are their incomes.
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Old 02-23-2019, 03:17 PM
 
Location: Forests of Maine
30,671 posts, read 49,423,020 times
Reputation: 19124
I have been hearing a lot of whining lately about 'Income Inequality'. To my ears, it sounds a lot like jealousy. But many of the people that I have heard complaining about it are my friends, so I have tried to remain silent.

Then someone shared an idea with me. For as long as I can remember, I have heard about people hating Jews. The reasoning behind this hatred is the assumption that somehow Jews control all banking, and supposedly they control Hollywood. So it follows that hatred of Jews is closely liked to this hatred of 'billionaires'.

There was a political party founded on the idea of hating Jews, so lets consider them for a moment. In 1920 the NAZI party had a platform of 25 'points'. This can be found at: https://sourcebooks.fordham.edu/mod/25points.asp

This was before Hitler rose to power within that party. So it has nothing to do with him.

Looking closely at the 25 points, I can see that if you were to substitute our the word 'Jews' and replace it with the word 'billionaires'. It would largely fit with everything I have heard recently from my Dem friends.

A couple points are about the expansion of Germany and the idea of reuniting with Austria, and they wanted to nullify the treaty of Versailles to allow their nation to re-arm its military. But once you go past those points, then you get to the real Bernie Sanders type of points.

All corporate profits would be nationalized.
100% employment.
Guaranteed minimum income for everyone.
No 'unearned income', no dividends, no landlords getting rent, no share-holders.
Expand welfare to all.
Free mandatory education for all with emphasis on nationalism and sports.
no child labor.
It is the duty of the government to provide everything that individuals need to be happy and healthy [so free healthcare].

What is forming before us is a party that has copied 80% of its platform from the NAZI party of the 1920s.

I should remind folks, I am not a Repub either. As an outsider, it is hard to escape these observations.
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Old 02-23-2019, 03:25 PM
 
Location: USA
185 posts, read 94,014 times
Reputation: 369
Sub,

$1.5 trillion could provide so many other things, especially considering who is obligated to pay it back. But, who really received that BIG handout??? What social give-away program received all that borrowed money?? Medicare? Uhhh no, no, no. Medicaid? Oh hell no. Social Security? uhhhhh, no, no, no! What other BIG social welfare recipients got the $1.5 trillion of borrowed tax payer money???
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Old 02-23-2019, 04:43 PM
 
1,148 posts, read 523,448 times
Reputation: 1228
Quote:
Originally Posted by txfriend View Post
So the top 1% pay all the taxes, yet they are still in the top 1% after tax. As long as the inequality continues such as Amazon Will Pay a Whopping $0 in Federal Taxes on*$11.2 Billion*Profits. I say effem.
You do know why AMZN isn't paying any federal income taxes in 2018 don't you? It's because they gave employees stock that exploded in value last year when AMZN stock hit all time highs that they were able to cash in. AMZN gets a tax deduction but the GAAP gods don't make it take additional charges for finanial reporting purposes.

Oh by the way, individuals that cashed in all that AMZN equity compensation paid federal ordinary income tax rates on all that money (which is higher than the corporate rate) and the individual and AMZN paid social security and medicare taxes on all that money as well.

Yeah, effem for having a compensation program that requires employees to pay all that tax to Uncle Sam.
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Old 02-23-2019, 05:00 PM
 
Location: Middle of the ocean
31,599 posts, read 19,931,965 times
Reputation: 45669
Well that kinda makes sense. The top 1% have 40% of the wealth and they pay 43% of the taxes.

The top 10% have 75% of the wealth.

So at first glance the tax numbers make sense.
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Old 02-23-2019, 05:59 PM
 
Location: NJ
24,103 posts, read 30,219,984 times
Reputation: 15990
Quote:
Originally Posted by pittsflyer View Post
The justice dept does not prosecute white collar crimes and almost no efforts are made to collect evidence. They need to have govt agents that physically sit at corporate offices who have FULL access to every email, folder and file and as soon as the slightest impropriety is seen someone needs to do jail time.

The reason there is no accountability is because the prosecution rarely has enough evidence because its buried in corporate servers or file cabnets.

We have alot of laws on the books like anti trust that if enforced there would be ALOT of businessmen in prison. Scads of them.
so what if they havent committed any crimes?
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Old 02-23-2019, 08:33 PM
 
6,942 posts, read 3,057,739 times
Reputation: 4424
Quote:
Originally Posted by CaptainNJ View Post
so what if they havent committed any crimes?
Then they are good, but the very nature of being a mega Corp means they in violation of anti trust. The whole idea of anti trust was to ensure no single (or I would argues small group) of companies be allowed to dominate the market without being busted up like standard oil and potentially jail time given to executives who resist it or obstruct justice.
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Old 02-23-2019, 08:40 PM
 
6,942 posts, read 3,057,739 times
Reputation: 4424
Quote:
Originally Posted by Submariner View Post
I have been hearing a lot of whining lately about 'Income Inequality'. To my ears, it sounds a lot like jealousy. But many of the people that I have heard complaining about it are my friends, so I have tried to remain silent.

Then someone shared an idea with me. For as long as I can remember, I have heard about people hating Jews. The reasoning behind this hatred is the assumption that somehow Jews control all banking, and supposedly they control Hollywood. So it follows that hatred of Jews is closely liked to this hatred of 'billionaires'.

There was a political party founded on the idea of hating Jews, so lets consider them for a moment. In 1920 the NAZI party had a platform of 25 'points'. This can be found at: https://sourcebooks.fordham.edu/mod/25points.asp

This was before Hitler rose to power within that party. So it has nothing to do with him.

Looking closely at the 25 points, I can see that if you were to substitute our the word 'Jews' and replace it with the word 'billionaires'. It would largely fit with everything I have heard recently from my Dem friends.

A couple points are about the expansion of Germany and the idea of reuniting with Austria, and they wanted to nullify the treaty of Versailles to allow their nation to re-arm its military. But once you go past those points, then you get to the real Bernie Sanders type of points.

All corporate profits would be nationalized.
100% employment.
Guaranteed minimum income for everyone.
No 'unearned income', no dividends, no landlords getting rent, no share-holders.
Expand welfare to all.
Free mandatory education for all with emphasis on nationalism and sports.
no child labor.
It is the duty of the government to provide everything that individuals need to be happy and healthy [so free healthcare].

What is forming before us is a party that has copied 80% of its platform from the NAZI party of the 1920s.

I should remind folks, I am not a Repub either. As an outsider, it is hard to escape these observations.
Yep that’s what happens when people like taxphd remain smug and combative to the very end, they will get to see real combat and they won’t like it. There “thousands of vets with guns” will have surprisingly little leverage as most vets va benifits is used as political leverage and many vets are homeless due to billionaires.

We will have nazi America because the rich want to hold on to the good life as much as possible. They believe that they will out live the death camps starting that are to come for their kids living off trust funds.

Much of this will be exasperated by good people not standing up to defend the wicked mega corps and billionaires. I won’t engage nor support billionaires but I would support those who are against the super rich (we are talking super rich not some guy with a few million) so long as the support looks to be overwhelming and victor assured to just pound these people into dust.

There will be little loss because most super rich are not the actual inventors craftsmen or laborers. They are charlirand, sociopath spin doctors good at strategy to screw people, they typically add little value.

Even Apple Steve wasniak was the real inventor, Steve Jobs was just a vile human being, there were reports he was hostile to employees and cut wasniak out of the deal. This is typical of most mega corps genisis story so if they are snuffed our its no big loss just put the actual inventors back in charge.

Last edited by pittsflyer; 02-23-2019 at 09:00 PM..
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Old 02-23-2019, 09:29 PM
 
Location: On the road
5,920 posts, read 2,883,413 times
Reputation: 11308
Quote:
Originally Posted by pittsflyer View Post
The justice dept does not prosecute white collar crimes and almost no efforts are made to collect evidence.
You have absolutely no filter on stating whatever pops into your head as fact, regardless of whether it is easily proven false. DOJ prosecutes hundreds of white collar crime cases every month.


Quote:
Originally Posted by pittsflyer View Post
Yep that’s what happens when people like taxphd remain smug and combative to the very end, they will get to see real combat and they won’t like it.
Curious = have you ever seen real combat? I question whether you'd like it either.


Quote:
Originally Posted by pittsflyer View Post
There will be little loss because most super rich are not the actual inventors craftsmen or laborers. They are charlirand, sociopath spin doctors good at strategy to screw people, they typically add little value. Even Apple Steve wasniak was the real inventor, Steve Jobs was just a vile human being, there were reports he was hostile to employees and cut wasniak out of the deal. This is typical of most mega corps genisis story so if they are snuffed our its no big loss just put the actual inventors back in charge.
Woz is worth 100 million, he's no Jobs but it's silly to rail against the rich as being useless while pointing out Woz was the brains behind Apple.

Who invented Amazon? Facebook? Google? Microsoft? Oracle?
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Old 02-23-2019, 09:47 PM
 
6,942 posts, read 3,057,739 times
Reputation: 4424
Quote:
Originally Posted by lieqiang View Post
You have absolutely no filter on stating whatever pops into your head as fact, regardless of whether it is easily proven false. DOJ prosecutes hundreds of white collar crime cases every month.



Curious = have you ever seen real combat? I question whether you'd like it either.



Woz is worth 100 million, he's no Jobs but it's silly to rail against the rich as being useless while pointing out Woz was the brains behind Apple.

Who invented Amazon? Facebook? Google? Microsoft? Oracle?
I know I wouldn’t but I would support those who could because anti trust is not supported. If it comes to violence the only viable end game is nuclear.
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