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Status:
"“If a thing loves, it is infinite.”"
(set 14 hours ago)
Location: Great Britain
27,162 posts, read 13,449,232 times
Reputation: 19454
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Quote:
Originally Posted by InformedConsent
What's so surprising that some people want to takeother people's money (otherwise known as envy, greed, and theft)?
In the US, here's what the following income groups earn vs. how much of the federal income tax they pay:
Top 1% earns 19.72% of the income, but pays 37.32% of the federal income tax.
Top 5-10% earns 11.37% of the income, but pays 11.24% of the federal income tax.
Top 10-25% earns 21.86% of the income, but pays 16.50% of the federal income tax.
(Source: IRS Statistics of Income, Individual Income Rates and Tax Shares, revised in 2018)
That's already grossly unfair. Everyone should be paying the same rate. Look at how the 2 groups, the top 5-10% and the top 10-25% are paying income tax shares MUCH more in line with their share of the income.
Institute a flat tax rate. It still ensures that the rich pay more. As I've already noted:
25% of $1 million is $250,000
25% of $75,000 is only $18,750
Which is more?
$250,000?
Or $18,750?
I am tired of your nonsense, just google tax evasion, offshore money, the panama papers or even just try reading the link I provided.
The division between the wealthy and poor in the US has never been greater.
I am tired of your nonsense, just google tax evasion, offshore money, the panama papers or even just try reading the link I provided.
I post the actual federal income tax facts. You post "opinions," then emote about them.
Quote:
The division between the wealthy and poor in the US has never been greater.
And as every European Economist knows, there's a reason for that, and that reason also explains why European countries tax much more regressively than the US.
It's important to understand what the scatter plot chart (at the link) tells us.
Then, listen to why European Economists say the wealth gap is larger in the US than in Europe:
Quote:
[Economist Anatole] "Kaletsky argues that over-reliance on progressives taxes creates "a perverse incentive for governments to promote income inequality. If the solvency of the state and the ability to fund basic services for the poorest people in society depends on the rich getting even richer, it is tempting for even the most progressive politicians to support widening inequalities."
That's what's inherently wrong with a progressive tax system such as we have here in the US; it distorts and exacerbates income/wealth inequality by necessity in order to maximize tax revenue. The Europeans and Scandinavians have figured that out, and therefore rely most heavily on regressive taxes such as VAT and MUCH flatter income tax brackets. Consequently, their wealth gaps are much lower than that in the US.
Perhaps the OP should try reading Friedrich Engels 1845 work, 'The Condition of the Working Class in England, based on personal observations and research in Manchester.
That might give him some idea as to the appaling conditions of the working people which led to the development of what became known as Marxism and later socialism/communism.
Try reading the 'Road to Wigan Pier' or 'Down and Out in Paris and London', both by George Orwell or perhaps one of numerous books by Charles Dickens.
The average male life expectancy in Liverpool at the time was 26 years old, and poverty, disease, overcrwding, poor working conditions, disgusting slum housing etc were rife in many industralised cities.
I just feel some Americans criticise socialism without properly looking to why it came about and not examining the evils of unfettered capitalism.
The evil isn't "unfettered" capitalism. The evil is crony capitalism that diverts our monetary freedoms.
In otherwords you can't refute what the poster posted. Why don't you go to Somalia where there is little income equality? Maybe then you'll learn income inequality is meaningless and the important issue is the value of what one earns and staying out of poverty. Hows the war on poverty going with all our tax dollars the Feds get?
In otherwords you can't refute what the poster posted. Why don't you go to Somalia where there is little income equality? Maybe then you'll learn income inequality is meaningless and the important issue is the value of what one earns and staying out of poverty. How's the war on poverty going with all our tax dollars the Feds get?
Exactly.
As I've already posted, the Europeans have figured this out and tax MUCH more regressively than does the US. It really is common sense. I'll quote the European economist, Anatole Kaletsky, again for those who are slow on the uptake...
Quote:
[Economist Anatole] "Kaletsky argues that over-reliance on progressives taxes creates "a perverse incentive for governments to promote income inequality. If the solvency of the state and the ability to fund basic services for the poorest people in society depends on the rich getting even richer, it is tempting for even the most progressive politicians to support widening inequalities."
That's what's inherently wrong with a progressive tax system such as we have here in the US; it distorts and exacerbates income/wealth inequality by necessity in order to maximize tax revenue. The Europeans and Scandinavians have figured that out, and therefore rely most heavily on regressive taxes such as VAT and MUCH flatter income tax brackets. Consequently, their wealth gaps are much lower than that in the US as their governments' perverse incentive to make the rich even richer in order to maximize tax revenue has been removed.
If anyone is not sure that's what has actually happened, read the analysis posted here, and be sure to understand what the scatter plot chart is telling us:
As I've already posted, the Europeans have figured this out and tax MUCH more regressively than does the US. It really is common sense. I'll quote the European economist, Anatole Kaletsky, again for those who are slow on the uptake... The liberal case for regressive taxation
That's what's inherently wrong with a progressive tax system such as we have here in the US; it distorts and exacerbates income/wealth inequality by necessity in order to maximize tax revenue. The Europeans and Scandinavians have figured that out, and therefore rely most heavily on regressive taxes such as VAT and MUCH flatter income tax brackets. Consequently, their wealth gaps are much lower than that in the US as their governments' perverse incentive to make the rich even richer in order to maximize tax revenue has been removed.
If anyone is not sure that's what has actually happened, read the analysis posted here, and be sure to understand what the scatter plot chart is telling us:
In other words, why work harder for less money. We see it often enough when government gets involved and de incentivises.
Just like food stamps. Work 20 hours a week and get food stamps forever. Work 25 hours a week and loose them. Who wants to work harder and make the same amount or less per hour?
In other words, why work harder for less money. We see it often enough when government gets involved and de incentivises.
Just like food stamps. Work 20 hours a week and get food stamps forever. Work 25 hours a week and loose them. Who wants to work harder and make the same amount or less per hour?
Status:
"“If a thing loves, it is infinite.”"
(set 14 hours ago)
Location: Great Britain
27,162 posts, read 13,449,232 times
Reputation: 19454
Quote:
Originally Posted by Loveshiscountry
In otherwords you can't refute what the poster posted. Why don't you go to Somalia where there is little income equality? Maybe then you'll learn income inequality is meaningless and the important issue is the value of what one earns and staying out of poverty. Hows the war on poverty going with all our tax dollars the Feds get?
IU have just posted link aftewr link after link showing examples of tax evasion by the wealthy, interms of Non Domicile Residence, Offshore accounts and using offshore companies and subsidaries to hide profits.
Quote:
Originally Posted by InformedConsent
What's so surprising that some people want to takeother people's money (otherwise known as envy, greed, and theft)?
What is theft is giant US Companies and their wealthy shareholders not paying taxes in other countries for instance Amazon sales in the UK are booked through the UK branch of a Luxembourg-based company, Amazon EU Sarl to avoid tax, whilst they pay out in share awards to avoid corportation tax.
These taxes are used to pay for important services and to maintain good infrastructure in other countries, and what these companiesc doing is nothing more than theft, which is why the nw Digital Servicess Tax will be introduced next year and why many countries across the world are becoming sick and tired of such practices.
The UK has had enough, as well as new tax haven rules, Non Domiciles will now have to pay more tax, as will a lot of companies who have exploited loopholes, whilst people using tax avoidance schenes will be blacklisted to ensure that they are awarded honours.
So when my ancestors got free land in Rhode Island, was that socialism? That's basically what the "collective" culture was based upon, be part of the "commune" and you get free land. Land=Money and Property.
Period.
It was soon after expanded to "pick up a rifle and kill indians and get their land free" and then to "kill brits and get their land free".
Is there a single person here who doubts this? I mean...we regularly go to the library (named after our ancestors) and see all the documents which say so! Can Americans really be so clueless as to think land was sold to people who created stuff previously and therefore had the money to buy it with?
No.
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