Obama's Policies Would Redistribute Nearly $1 Trillion in Wealth Every Year (health care, millionaires)

[Delta Planter]

Music to the ears of the left! Yaaaayyyyyyyyyyyyyyy! NOT!

By 2012, nearly $1 trillion from the top 30 percent of American families will be redistributed among the bottom 70 percent if Obama’s proposals on taxes, health care, and climate change become law, according to the Tax Foundation.

“Even if none of Obama’s policies becomes law, the extent of income redistribution is remarkable,” Scott Hodge, president of the nonpartisan, nonprofit organization, said. “The top-earning 40 percent of families will transfer $826 billion to the bottom 60 percent in 2012.”

Are the days of a decent day's pay for a decent day's work soon to be but a pipedream? At the moving rate of the left, and obama in particular, I'm leaning that way. And hey, I don't make the requisite $109K+, far from it.

CNSNews.com - Obama's Policies Would Redistribute Nearly $1 Trillion in Wealth Every Year (http://www.cnsnews.com/news/article/54468 - broken link)

[Sagran]

Interesting. Conveiniently there is no definition of "benefits". That would, I'm sure, include such benefits as our government structure, our military, our schools, our roads, etc as well as those "benefits" that spring to mind -- tuition and child credits, welfare, earned income credits, Medicaid, etc.

And once again I have to point out that tax is based on taxable income, not gross income. It is impossible to determine how much tax anyone pays simply by looking at his gross income.

[InformedConsent]

Originally Posted by Sagran

And once again I have to point out that tax is based on taxable income, not gross income. It is impossible to determine how much tax anyone pays simply by looking at his gross income.

I agree. Time to scale back, downsize our small to mid-size businesses, not work so hard, earn less, go Galt, and drop below the penalty level.

Who Are the "Working Affluent"?

[pommysmommy]

I agree. In this situation, it would only make sense to earn less.

[Memphis1979]

Originally Posted by Delta Planter

Music to the ears of the left! Yaaaayyyyyyyyyyyyyyy! NOT!

Are the days of a decent day's pay for a decent day's work soon to be but a pipedream? At the moving rate of the left, and obama in particular, I'm leaning that way. And hey, I don't make the requisite $109K+, far from it.

CNSNews.com - Obama's Policies Would Redistribute Nearly $1 Trillion in Wealth Every Year (http://www.cnsnews.com/news/article/54468 - broken link)

You realize that the top 1% of Americans under Eisenhower paid 90% of their money to taxes right?

Under Reagen it was 50%. Under Nixon it was 70%

What Was the Tax Rate for the Rich Under Eisenhower?

And what do we have today? Enough said.

Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent

[Dane_in_LA]

Originally Posted by Delta Planter

Are the days of a decent day's pay for a decent day's work soon to be but a pipedream?

Since the 1950s, productivity per worker has been rising way more than the compensation given per worker. Those days are long gone.

Originally Posted by InformedConsent

I agree. Time to scale back, downsize our small to mid-size businesses, not work so hard, earn less, go Galt, and drop below the penalty level.

For all the talk of going Galt, there sure still seems to be an awful lot of Randians around, Shouldn't you be in a remote valley somewhere?

Originally Posted by pommysmommy

I agree. In this situation, it would only make sense to earn less.

Oh, please do. There are plenty of others quite happy to take on the job.

[Boompa]

Originally Posted by Delta Planter

Music to the ears of the left! Yaaaayyyyyyyyyyyyyyy! NOT!

Are the days of a decent day's pay for a decent day's work soon to be but a pipedream? At the moving rate of the left, and obama in particular, I'm leaning that way. And hey, I don't make the requisite $109K+, far from it.

CNSNews.com - Obama's Policies Would Redistribute Nearly $1 Trillion in Wealth Every Year (http://www.cnsnews.com/news/article/54468 - broken link)

Wow, in about ten years we'll be back where the middle class can live comfortably.
My heart bleeds for the top 1%

[InformedConsent]

Originally Posted by Dane_in_LA

For all the talk of going Galt, there sure still seems to be an awful lot of Randians around, Shouldn't you be in a remote valley somewhere?

No - we'll stick around and join the legion of leeches. Now where's my handout?!?

[InformedConsent]

Originally Posted by Dane_in_LA

Oh, please do. There are plenty of others quite happy to take on the job.

Please do! Step right up and pay through the nose!

[TnHilltopper]

Originally Posted by Memphis1979

You realize that the top 1% of Americans under Eisenhower paid 90% of their money to taxes right?

Under Reagen it was 50%. Under Nixon it was 70%

What Was the Tax Rate for the Rich Under Eisenhower?

And what do we have today? Enough said.

Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent

Everyone knows that Eisenhower was a pinko-commie socialist and that America had no millionaires then!