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"For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago."
where's the reference to "the rich"?
more importantly -- 44 PERCENT!!!!!!! ........
The government may have a hard time trimming spending to reduce the deficit when the recession ends. The 77 million Baby Boomers— those born in 1946 through 1964 — will start tapping their federal retirement benefits soon, which means increased government outlays for Social Security and Medicare.
"It will be doubly difficult for federal government to reduce expenditures and narrow the deficit as rapidly as they did following previous recessions," Lonski says. At the end of the last major recession, in 1981, Boomers were in their 30s. Their incomes were expanding, as was their appetite for goods and services.
The Boomers now are in their 50s and 60s and unlikely to keep increasing incomes for long, which means that revenue from income taxes could flatten in the next few years. Also, Lonski says, they are more likely to save for retirement than spend — and consumer spending is a big driver of the economy.
"The American consumer led us out of previous recessions with some semblance of gusto," Lonski says. "They're too old to do it now."
Of course they're down. That's what happens when rich people steal money through tax breaks. And then outsource their businesses on top of it.
That makes no sense. A 35% income tax bracket is NOT a tax break, and outsourcing businesses supposedly leads to the rich earning higher incomes which should mean more income to tax.
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Sorry, you're not going to convince anyone. The free ride is over.
You're right about that. The free ride is over for those expecting to continue to rake in the freebies. The money tree is wilting and producing 44% less.
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And btw: the charge of "class envy" is low-class.
So is lashing out when having NO CLUE what you're talking about.
the Rich never have it bad....in a recession....you are still rich...my parents took a month long trip to Europe during the meltdown of the economy last winter.
Well I am glad someone is living well while the peasants are looking for bread. We have to keep up appearances don't we!
Will you people make up your minds. Is Wall Street horrible or good. If you want all your freebies you're going to need "rich" people to pay for it all, at least till you suck them dry like you guys have planned.
~Charley Reese
Wall Street is good for those who can suckle its **** and drink from a merry cup, but for the middle class it is a fire storm which burns thought the working class of this nation.
"For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago."
where's the reference to "the rich"?
more importantly -- 44 PERCENT!!!!!!! ........
Who do you think pays most of the taxes? (Hint: It's not the middle class.)
California has finally gotten a clue: "Some California legislators realize revenue from the rich is too volatile. ...many Democrats, including the speaker, are realizing that what they need is a tax base that will provide steady funding for their programs. In other words, they need a tax base that doesn't count on a large slice of revenue from taxes on a relatively small number of wealthy residents..." Democrats for a Flat Tax? - WSJ.com
Wall Street is good for those who can suckle its **** and drink from a merry cup, but for the middle class it is a fire storm which burns thought the working class of this nation.
Wall Street is the working classes retirement. No Wall Streets and all they have is Social Security.
As for the other thoughts, how long do you think the top 5% can pay for the other 95% before they say goodbye?
Year to date individual income tax receipts 2009: $685.5 billion
Year to date individual income tax receipts 2008: $877.8 billion
Year over year decline: 21.9%
Year to date corporate income tax receipts 2009: $101.9 billion
Year to date corporate income tax receipts 2008: $236.5 billion
Year over year decline: 56.9%
Last edited by saganista; 07-25-2009 at 10:56 PM..
Wall Street is the working classes retirement. No Wall Streets and all they have is Social Security.
I agree. I have no problem with wall street making money, as long as it's in a responsible matter that doesn't expose us to another disaster.
What I would also love to see is the unemployment rate go back down to the levels during Bush's administration but with it a rise in real wages. It always bothered me that Bush seemed to think it was ok to have unemployment low even if real wages went down and productivity went up. That just didn't sit right with me.
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