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Old 05-07-2014, 03:48 PM
 
2,440 posts, read 6,233,030 times
Reputation: 3076

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Quote:
Originally Posted by Kefir King View Post

And the rich squeal because they are not getting ENOUGH.
Not sure what the number is, but I will guess. The top 5% pay 35% of all income taxes. Please correct if you have the correct number.

In New York City, the marginal tax rates are 39.6% federal, 8% state, 4% city and 3% Medicare, for a total of 54.5%. But to you, that's probably not enough. Take it all!
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Old 05-07-2014, 04:30 PM
 
2,228 posts, read 3,678,176 times
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I wouldn't blame DeBlasio on this. I think it's been that way in NYC and the Country as a whole for awhile. The real victims are the middle class stiffs. Let's say you have a accountant married to a teacher. They don't qualify for any subsidized housing. They make to much to qualify for college aid for their kids. These people always pay full freight for everything.
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Old 05-07-2014, 06:05 PM
 
Location: Brooklyn NY
1,019 posts, read 1,634,727 times
Reputation: 1217
De blasio will make Detroit look like a walk in the park.
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Old 05-08-2014, 05:49 AM
 
Location: Manhattan
25,352 posts, read 36,908,741 times
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Quote:
In New York City, the marginal tax rates are 39.6% federal, 8% state, 4% city
and 3% Medicare, for a total of 54.5%.
Not if it's INVESTMENT income. And the very rich make sure that ALL their money is INVESTMENT INCOME.

The capital gains tax rates have a new 20% top rate. There are now three tiers of tax rates on capital gains and qualified dividends: 0%, 15%, and 20%. (Capital gains could also be subject to the new net investment income tax of 3.8%, making the top rate on long-term gains effectively 23.8% combined.)

The basics: Qualified dividends, as well as capital gains, for individuals in the 25%, 28%, 33% and 35% income-tax brackets will continue to be taxed at 15%. Individuals with more than $400,000 in taxable income—and couples with more than $450,000—will see the rate rise to 20%

Quote:

The top 5% pay 35% of all income taxes.
Not true if ALL income taxes are considered. Social Securitry INCOME taxes approach zero percent for the very rich but are a very large bite out of the income of those making less than $100K. And of course, Medicare tax is ZERO percent on investment income.

So I repeat, the rich DO NOT pay their fair share although all costs of police, armies, armaments are in place solely to protect the wealth of the wealthy. (See, otherwise we wouldn't have to fight the LEFT everywhere on planet Earth.)

Last edited by Kefir King; 05-08-2014 at 06:16 AM..
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Old 05-08-2014, 06:19 AM
 
2,440 posts, read 6,233,030 times
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Building affordable housing can paradoxically lead to less affordable housing. De Blaiso wants to rezone the crappy main street in Bushwick (I think it's Broadway) to high-rise housing. So let's say a few developers build 1,000 units, with 700 at market rates and 300 "affordable." Sounds OK, right?

The problem is, these buildings change the complexion of the entire neighborhood. Before you know it, yoga studios and cutesy restaurants are opening, and douchy hipsters are moving into the dilapidated buildings nearby. The modest 2-family houses, which were owned by immigrant families who rented one of the units to another immigrant family, are sold to "pioneers" at inflated rates. The rental rates double, and the unit that was occupied by the immigrant family paying $1,200 is now occupied by three hipsters paying $2,400.

Bottom line - as long as Americans from other parts of the country and immigrants pour into New York City, it is impossible to make New York City "affordable," despite any effort by any mayor.
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Old 05-08-2014, 06:35 AM
 
2,440 posts, read 6,233,030 times
Reputation: 3076
Quote:
Originally Posted by Kefir King View Post
Not if it's INVESTMENT income. And the very rich make sure that ALL their money is INVESTMENT INCOME.


Not true if ALL income taxes are considered. Social Securitry INCOME taxes approach zero percent for the very rich but are a very large bite out of the income of those making less than $100K. And of course, Medicare tax is ZERO percent on investment income.

So I repeat, the rich DO NOT pay their fair share although all costs of police, armies, armaments are in place solely to protect the wealth of the wealthy. (See, otherwise we wouldn't have to fight the LEFT everywhere on planet Earth.)
You lack a basic understanding of the purpose of social security. It was set up as an insurance program, not a welfare program. So if you made $20,000,000/year for 30 years, you get the same $2,000/month social security check as the person who made $100,000/year for 30 years. That is why you pay zero after a certain amount of income. And it was set up this way by very far left New Dealers in FDR's administration, not by some right wing rich guy.

With respect to capital gains, the money you have invested into the stock market has already been taxed at your income tax rate. So capital gains is a second tax. And in order for the "evil" rich to have investment income, they needed regular income to get that investment income, correct?

And if you think the police are there only to protect the wealthy, I have a bridge to sell you. The police spend most of their time in poor neighborhoods protecting law-abiding poor people from the drug dealers and thugs who terrorize them.

Last edited by rubygreta; 05-08-2014 at 06:49 AM..
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Old 05-08-2014, 08:42 AM
 
25,556 posts, read 23,859,101 times
Reputation: 10119
Quote:
Originally Posted by rubygreta View Post
Building affordable housing can paradoxically lead to less affordable housing. De Blaiso wants to rezone the crappy main street in Bushwick (I think it's Broadway) to high-rise housing. So let's say a few developers build 1,000 units, with 700 at market rates and 300 "affordable." Sounds OK, right?

The problem is, these buildings change the complexion of the entire neighborhood. Before you know it, yoga studios and cutesy restaurants are opening, and douchy hipsters are moving into the dilapidated buildings nearby. The modest 2-family houses, which were owned by immigrant families who rented one of the units to another immigrant family, are sold to "pioneers" at inflated rates. The rental rates double, and the unit that was occupied by the immigrant family paying $1,200 is now occupied by three hipsters paying $2,400.

Bottom line - as long as Americans from other parts of the country and immigrants pour into New York City, it is impossible to make New York City "affordable," despite any effort by any mayor.
If the demand holds and those apartments are occupied by an influx of outsiders, then you now have a lot of property tax being paid to the city earned from these new properties in Bushwick. These funds can be spent on expanding mass transits, education, and subsidies to the poor.

You also have a lot of underutilized former industrial space in Bushwick. So why not turn it into high rise housing if the demand is there? There's a chance that if all these former industrialized areas are converted into high rising housing, rents could go down as demand lowers (depends on how many people are moving to NYC from other places). Even if it's not enough to make rents go down, at least the city now has a lot more money coming in property taxes. So it's win win either way.
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Old 05-08-2014, 08:46 AM
 
3,445 posts, read 6,046,347 times
Reputation: 6133
Quote:
Originally Posted by Kefir King View Post
Not if it's INVESTMENT income. And the very rich make sure that ALL their money is INVESTMENT INCOME.

The capital gains tax rates have a new 20% top rate. There are now three tiers of tax rates on capital gains and qualified dividends: 0%, 15%, and 20%. (Capital gains could also be subject to the new net investment income tax of 3.8%, making the top rate on long-term gains effectively 23.8% combined.)

The basics: Qualified dividends, as well as capital gains, for individuals in the 25%, 28%, 33% and 35% income-tax brackets will continue to be taxed at 15%. Individuals with more than $400,000 in taxable income—and couples with more than $450,000—will see the rate rise to 20%


Not true if ALL income taxes are considered. Social Securitry INCOME taxes approach zero percent for the very rich but are a very large bite out of the income of those making less than $100K. And of course, Medicare tax is ZERO percent on investment income.

So I repeat, the rich DO NOT pay their fair share although all costs of police, armies, armaments are in place solely to protect the wealth of the wealthy. (See, otherwise we wouldn't have to fight the LEFT everywhere on planet Earth.)

Why do you think you have to be rich to have capital gain or dividend income?

You always sound jealous. Are you on the fringe of the economy? You seem to think either everyone is poor or everyone is rich.
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Old 05-08-2014, 09:00 AM
 
2,770 posts, read 3,520,840 times
Reputation: 4938
Why do liberals continue to perpetuate the false hood that the rich don't pay taxes?

Even if you have some extremely rich bastard whose income is solely from capital gains and has a low effective tax rate, he probably is still paying hundreds of thousands to millions in taxes a year.

Perfect example is Mit Romeny, his 2011 tax return is public record. Romney's income was $13,696,951 in 2011, and he paid $1,935,708 in taxes. Even though his effective tax rate is low at 14%, he still paid almost 2 million in taxes. I call that a "fair share"

Thats way more than some non productive leech living on the government dole.
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Old 05-08-2014, 09:06 AM
 
2,770 posts, read 3,520,840 times
Reputation: 4938
I forgot to add, Obama also has a very low effective tax rate. He must be an evil rich guy too.
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