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First of all the approximate average income in the US is $31,000. (~50%)
If the average income of the top 1% is $1,137,684 as your chart says... then:
-For every person in the top 1% they make the incomes of 36 people in the bottom 50%.
So I'm not sure how you get that the top 400 (0.0001% of the US population) people make the income of over 150 million people or for the each person in the top they make the incomes of over 375,000 people.
... This data seems kind of dubious and questionable to me.
The top 400 figures come from the IRS: http://www.irs.gov/pub/irs-soi/08intop400.pdf The top 400 earned $108,204,064,000 in 2008. Note, that most of the bottom 150,000,000 have no income at all. This includes family members (e.g. children) of the prime earner. It also includes anyone with a few hundred in interest income, like my kids, that file a return. (The 47% of households represent 71 million returns.)
Nonpayers typically have low incomes or are retired and living off their savings. In tax year 2010, a married couple with two children earning $26,000 would pay no income taxes because of the standard deduction and personal exemptions.
Beyond that threshold, the earned income tax credit, the child tax credit and other similar provisions can generate tax refunds for people who pay no income taxes. The introduction of the 10 percent bottom tax bracket as part of the 2001 income tax cuts sought by President George W. Bush also pushed people outside the income tax system.
Same rate as everyone else. Flat tax. Earn little; pay little. Earn A LOT; pay A LOT.
How is that hard to understand?
Because if the rate is 10%, $2,000 to someone earning $20,000 means they have to choose between food or medicine. $200,000 tax to someone earning $2,000,000 means no significant change in lifestyle. That's the basis for a progressive income tax system.
One comment regarding those who state that those not paying income tax still pay sales tax, which effects them more than those paying income tax, here is your solution........Stop buying so much crap. I bet most have cable tv, a cell phone, a car that exceeds their income level. On top of all that, they complain that jobs have been moved overseas and then run out and buy crap made in China. Go figure.
Listen, many get what you are trying to achieve, many never will. I agree that corporations need to pay their share of taxes, but we must also take away the incentive to do business outside of the US. Both government and corporations are culpable.
We must also rid our society of living off of the system. Our welfare structure was never meant to be a lifestyle, only a safety net for those truly in need. Stop incenting people to game the system.
We need to regulate our healthcare providers and insurance companies. We also need tort reform regarding frivolous lawsuits.
For those who still can't get on board with how this country is run and has always run, and I mean this sincerely, move to a country that is governed more in line with your beliefs. No one is holding anyone back. With the help of slick Willie, we now have a global society, feel free to use it.
Now, people should stop their bitching and get out and make something happen for themselves.
This is such a bizarre post.
You make a demand for changes, then you say that people who can't get on board with the status quo should get out. Which is it?
Do you really think it's so easy for poor people relocate to another country? If everyone with a problem with the country just left, the country would never change, and believe it or not, many of the people militating for change love America, and don't want to leave. The "love it or leave it" garbage is such a lazy rejoinder to people who want to reform or transform the society in which they live, and I wish people would drop it. Maybe you should move to a country with more stringent welfare laws. Maybe you should move to a country where healthcare is better regulated. Maybe you should move....
Back to all your demands, how do you expect those changes to come about unless folks get out and make their voices heard? Politicians aren't interested in tort reform, or much of any reform at the moment. What you call bitching is actually people trying to push the system to change for the better, since voting between the red devil and the blue devil hasn't seemed to do the job.
-My first job at age 15 was working 16 hour days over the summer stocking shelves for a local grocer ($5.50 / hr)... I also helped build the store in 100 degree weather
-Next job while in HS was working 5PM - 1AM fridays, 9 - 6 PM saturdays, 9 - 6 PM sundays at a crappy fast food joint... I went to school M - F. ($6 / hr)
-Next job at age 17 was working over-night 12AM - 12PM over the summer unloading trucks and stocking shelves ($7.25 / hr)
-Next job at age 18 after getting my HS degree was working 2 jobs one in the day and one at night, retail and also stocking shelves ($7 / hr)
-Saved money got good grades in HS and got scholarships, went to college, got an engineering degree, worked 2 internships in school making approx. ~($50K/yr)
-Work for a big bad corp making (~$100K/yr first year, $150K/yr second yr, $200K/yr third year)
-Getting MBA to improve myself and my skills... big bad corporation is paying for it... thanks evil corporation
My parents could have paid for me to go to school and I never would have had to do any of this... But why would I want to rely on handouts? I told them I'd take care of my expenses myself, without their help. Life is about working hard and getting ahead-- not complaining.
I am the 53%
And a little bit clueless.
Those first four jobs on your list do not even exist as available openings for many kids/young adults presently.
Dunno if you have slept through the Storms while hiding out in the Big Bad Corp land -- but now the first 10% (actually more) Do Not Even Have Jobs.
Look, I am in the same tier as you -- Advanced Engineering Degrees -- back when school was cheaper, with no student loans. Similar stuff and numbers on the rest of the list, along with some military time in there.
But just because We Got Ours -- What is up with the "F the Kids" behind us routine?
School prices have doubled or tripled or more since our time. And there are no jobs for the kids. Been shipped out of the country so the Corps can make big bucks and keep a few of us higher dollar cracker folks around the Plantation.
Do you really have no situation awareness?
53% or not -- It is not about You. Or Me. It is all of US.
Because if the rate is 10%, $2,000 to someone earning $20,000 means they have to choose between food or medicine. $200,000 tax to someone earning $2,000,000 means no significant change in lifestyle.
Says who?
Flat tax. It's the exact same rate on everyone. It impacts everyone at an equitable rate, even though some pay MUCH more than others.
If we really wanted to be "fair," everyone would share the cost equally and the US Government would collect a capitation tax (head tax). Everyone would pay the exact same share of the costs.
Those first four jobs on your list do not even exist as available openings for many kids/young adults presently.
Dunno if you have slept through the Storms while hiding out in the Big Bad Corp land -- but now the first 10% (actually more) Do Not Even Have Jobs.
Well, how on earth did the 90% who DO HAVE THEM, get them? Osmosis?
They turned off the television, put away the video game, got off their butts and got them, that's how.
They're out there for any ambitious, intelligent, hard-working young person. But the ones who are COMPLAINING don't fall into that category.
20yrsinBranson
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