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Old 08-15-2011, 08:51 AM
 
27,632 posts, read 18,649,446 times
Reputation: 11074

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Quote:
Originally Posted by hnsq View Post
So what is the problem with letting people be selfish, if they want to do so?

Why should the government start legislating morality?
Yet even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.

It’s just the opposite for super rich.

The top 1 percent’s share of national income has doubled over the past three decades (from 10 percent in 1981 to well over 20 percent now). The richest one-tenth of 1 percent’s share has tripled. And they’re doing better than ever. According to a new analysis by the Wall Street Journal, total compensation and benefits at publicly-traded Wall Street banks and securities firms hit a record in 2010 — $135 billion. That’s up 5.7 percent from 2009.

Yet, remarkably, taxes on the top have plummeted. From the 1940s until 1980, the top tax income tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it’s 35 percent. Even if you include deductions and credits, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II...
Why We Must Raise Taxes on The Rich – By Robert Reich | Keep the Middle Class Alive!
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Old 08-15-2011, 08:53 AM
 
25,058 posts, read 24,548,097 times
Reputation: 11709
Quote:
Originally Posted by sickofnyc View Post
Yet even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.

It’s just the opposite for super rich.

The top 1 percent’s share of national income has doubled over the past three decades (from 10 percent in 1981 to well over 20 percent now). The richest one-tenth of 1 percent’s share has tripled. And they’re doing better than ever. According to a new analysis by the Wall Street Journal, total compensation and benefits at publicly-traded Wall Street banks and securities firms hit a record in 2010 — $135 billion. That’s up 5.7 percent from 2009.

Yet, remarkably, taxes on the top have plummeted. From the 1940s until 1980, the top tax income tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it’s 35 percent. Even if you include deductions and credits, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II...
Why We Must Raise Taxes on The Rich – By Robert Reich | Keep the Middle Class Alive!
Inflation tends to do that. Inflation is also the preferred tax of the uber rich. It's a stealth tax that cannot go away unless you abolish the Federal Reserve system
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Old 08-15-2011, 08:56 AM
 
22,770 posts, read 27,507,800 times
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Originally Posted by Roadking2003 View Post
Not sure how they get away with paying 13%.... my company pays 35%....

What's the secret?
Credits and deductions. The effective rate corporations pay is 13%.

If your firm is paying 35% you need to fire your CFO.
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Old 08-15-2011, 08:56 AM
 
Location: Long Island
27,567 posts, read 15,489,442 times
Reputation: 7480
Quote:
Originally Posted by sickofnyc
Yet even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.




Reworded Posted of sickofnyc by WCH
the tax burden on everyone has grown. Today’s EVERY-class taxpayers are shelling out a bigger chunk of income in STATE payroll taxes, STATE/LOCAL sales taxes, and COUNTY/TOWN property taxes than thirty years ago.




fixed it for you

Last edited by workingclasshero; 08-15-2011 at 09:57 AM..
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Old 08-15-2011, 08:57 AM
 
Location: Long Island
27,567 posts, read 15,489,442 times
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Quote:
Originally Posted by le roi View Post
Credits and deductions. The average rate corporations pay is 13%.

If your firm is paying 35% you need to fire your CFO.
wrong the average effective rate is 27.5%

http://www.bloomberg.com/news/2011-0...udy-finds.html
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Old 08-15-2011, 09:00 AM
 
27,632 posts, read 18,649,446 times
Reputation: 11074
Quote:
Originally Posted by theunbrainwashed View Post
Inflation tends to do that. Inflation is also the preferred tax of the uber rich. It's a stealth tax that cannot go away unless you abolish the Federal Reserve system
There are true patriots and Statesman that are attempting to do just that...
The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)
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Old 08-15-2011, 09:01 AM
 
25,058 posts, read 24,548,097 times
Reputation: 11709
Quote:
Originally Posted by sickofnyc View Post
There are true patriots and Statesman that are attempting to do just that...
The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)
Why post only Bernie Sanders? How about also linking the guy who WROTE the bill, Ron Paul?
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Old 08-15-2011, 09:02 AM
 
27,632 posts, read 18,649,446 times
Reputation: 11074
Quote:
Originally Posted by workingclasshero View Post
fixed it for you
Please refarin from "quoting" my posts and then changing them. It is against TOS and I don't appreciate it. Change what you choose, but have it posted under your screen name. Thanks
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Old 08-15-2011, 09:03 AM
 
22,770 posts, read 27,507,800 times
Reputation: 14605
Quote:
Originally Posted by workingclasshero View Post
wrong the average effective rate is 27.5%

U.S. Companies Pay World
Not according to the IRS

Your study only includes a selected number of large firms. It just goes to show: If you torture the data enough, it will confess to whatever you want it to.

Last edited by le roi; 08-15-2011 at 09:16 AM..
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Old 08-15-2011, 09:05 AM
 
Location: Long Island
27,567 posts, read 15,489,442 times
Reputation: 7480
Quote:
Originally Posted by sickofnyc View Post
There are true patriots and Statesman that are attempting to do just that...
The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)
yep the first partial audit showed that bernaki and bush/obama gave 16 trillion in secret bailouts

but sanders knew that, since he was part of that globalist liberal crowd....Bernie Sanders sold out and sided with Chris Dodd to gut Audit the Fed in the Senate
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