Obama voters suffering most from income inequality (how much, money, federal government)

[Opin_Yunated]

Originally Posted by TigerLily24

It was this way long before Obama even thought about running for president, not that anyone on the other side would ever acknowledge it.

The fact that it is being acknowledged now is solely because they think they can blame it on the president.


Anyway, in other news, water is still wet.

It all started with the neoliberal revolution under Reagan.

All Obama had to do in his first term was tell Bernake to fire up the printing press (done.), raise the minimum wage, close some tax loopholes, raise taxes on the 1%, expand the earned income tax credit, sit back and watch.

Our deficit "problem" was manufactured completely by the Bush administration and all these damn tax cuts.

Our economy is 70% based on consumer spending. It doesn't take a rocket scientist to figure out why it has been sucking. The 1% have too much wealth and the 99% have too much debt with virtually no discretionary income thanks to stagnant wages and student loans. If you take care of the Middle Class, the economy will flourish.

[Opin_Yunated]

Originally Posted by petch751

Obama sold it as people making $200k were the tycoons with 5 luxury cars, mansions and a life of vacations in Europe. He knew damn well that was a lie but when someone makes $50k its easy to buy into Obamas lie.

Obama is worth over $5million, Pelosi is worth $35Million. Do you really think they would vote to raise taxes on themselves? Pelosi complained about a congressional pay cut for god sake. Anyone naive enough to think they actually give a damn is a damn fool.

That is a bipartisan problem.

The difference is.. Obama and the Dems aren't trying to cut taxes on the rich. As soon as Romney / GOP goon gets elected, the first order of business is cut taxes on the rich. That crap doesn't work. The rich are not consumers.

[InformedConsent]

Originally Posted by ErikBEggs

I would agree to disagree.

The top 1% doesn't pay enough taxes in my mind. They pay far less as a percentage (effective tax rate) than the average wage earner and that needs to stop.

Absolutely INCORRECT,by any measure.

Look at Table 1, here: Summary of Latest IRS Federal Income Tax Data

The IRS reports that the Average Effective Federal Income Tax Rates are as follows:

Income - Average Effective Federal Income Tax Rate

Top 1% - 23.50%
5-10% - 12.83%
10-25% - 9.70%
25-50%* - 6.98%


Income - Share of Income - Share of Federal Income Tax Paid

Top 1% - 18.70% - 35.06%
5-10% - 11.50% - 11.77%
10-25% - 22.43% - 17.36%
25-50%* - 20.63% - 11.50%

* The Middle Class

Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.

All IRS Data, here:
Summary of Latest IRS Federal Income Tax Data

Table 1 at the link summarizes all the info, including income dollar amounts.

You, ErikBEggs, are either dangerously underinformed, deliberately misinformed, or BOTH. You are being used as a useful idiot.

[Opin_Yunated]

Originally Posted by InformedConsent

Absolutely INCORRECT,by any measure.

Look at Table 1, here: Summary of Latest IRS Federal Income Tax Data

The IRS reports that the Average Effective Federal Income Tax Rates are as follows:

Income - Average Effective Federal Income Tax Rate

Top 1% - 23.50%
5-10% - 12.83%
10-25% - 9.70%
25-50%* - 6.98%


Income - Share of Income - Share of Federal Income Tax Paid

Top 1% - 18.70% - 35.06%
5-10% - 11.50% - 11.77%
10-25% - 22.43% - 17.36%
25-50%* - 20.63% - 11.50%

* The Middle Class

Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.

All IRS Data, here:
Summary of Latest IRS Federal Income Tax Data

Table 1 at the link summarizes all the info, including income dollar amounts.

You, ErikBEggs, are either dangerously underinformed, deliberately misinformed, or BOTH. You are being used as a useful idiot.

Once again, you are omitting the effect of sales, excise, and property taxes. Did I specify only income tax?

Try again.

Why do you think progressive income tax exists?!?!

[petch751]

Originally Posted by ErikBEggs

That is a bipartisan problem.

The difference is.. Obama and the Dems aren't trying to cut taxes on the rich. As soon as Romney / GOP goon gets elected, the first order of business is cut taxes on the rich. That crap doesn't work. The rich are not consumers.

No, the problem is that Obama and Dems know you don't know the difference between rich (wealthy) and high income. They are already wealthy so to hell with other people busting their asses trying to build their wealth.

[Opin_Yunated]

Originally Posted by petch751

No, the problem is that Obama and Dems know you don't know the difference between rich (wealthy) and high income. They are already wealthy so to hell with other people busting their asses trying to build their wealth.

IT DOES NOT MATTER.

The solution is simple and has little to do with partisanship (it is a bipartisan problem);

STOP CATERING TO THE WEALTHY. STOP APOLOGIZING FOR THE WEALTHY. Make them pay their fair share. Close the loopholes, roll back the Reagan tax cuts, expand the earned income tax credit, and watch the fireworks.

If the 99% have more discretionary income, the economy will see more growth. It is elementary.

[petch751]

Originally Posted by ErikBEggs

IT DOES NOT MATTER.

The solution is simple and has little to do with partisanship (it is a bipartisan problem);

STOP CATERING TO THE WEALTHY. STOP APOLOGIZING FOR THE WEALTHY. Make them pay their fair share. Close the loopholes, roll back the Reagan tax cuts, expand the earned income tax credit, and watch the fireworks.

If the 99% have more discretionary income, the economy will see more growth. It is elementary.

Anyone who isn't rich and believes as you do is just one of their useful idiots. 5+ years later you are still screaming the same thing yet they got richer and well... you are still screaming.

[InformedConsent]

Originally Posted by ErikBEggs

Once again, you are omitting the effect of sales, excise, and property taxes. Did I specify only income tax?

Okay... Let's take a look at how ALL those taxes fare compared to the more socialist European countries...

Progressivity of ALL Taxes:



Other countries don’t have a "47%" - Washington Post


Bottom line, ErikBEggs... You're deliberately choosing to champion freeloaders and society's cheaters.

[Opin_Yunated]

Originally Posted by InformedConsent

Okay... Let's take a look at how ALL those taxes fare compared to the more socialist European countries...

Progressivity of ALL Taxes:



Other countries don’t have a "47%" - Washington Post


Bottom line, ErikBEggs... You're deliberately choosing to champion freeloaders and society's cheaters.

There are no true freeloaders in this country. Yes, poor people end up receiving more than they contribute, but they pay a hefty portion of their income through combinations of taxes. Anyone who spends money is contributing. Even drug dealers pay taxes (sales taxes, fuel taxes) when they spend money. Drill it through your head.

Once again, you have ignored my question about why progressive income tax exists. You either have no idea or you refuse to acknowledge reality.

[Opin_Yunated]

Originally Posted by petch751

Anyone who isn't rich and believes as you do is just one of their useful idiots. 5+ years later you are still screaming the same thing yet they got richer and well... you are still screaming.

So I'm supposed to be naive like you and think Obama doesn't want to raise taxes on the rich? It's called corporate lobbying (mixed with ransom taking from the right-wing House).