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It undercuts the assertion that his agenda is what America wants.
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However history judges the 535 men and women in the U.S. House of Representatives and Senate the past two years, one thing is certain: The 111th Congress made more law affecting more Americans since the “Great Society” legislation of the 1960s.
For all of its ambitious achievement, the 111th Congress, which may adjourn this week, also witnessed a voter-backlash driven by a 9.6 percent unemployment rate that cost Democrats control of the House and diminished their Senate majority.
And these folks want everyone to believe the nonsense they post.
You omitted this part of the article:
Quote:
“This is probably the most productive session of Congress since at least the ‘60s,” said Alan Brinkley, a historian at New York’s Columbia University. “It’s all the more impressive given how polarized the Congress has been.”
...Don't cry for the rich. They certainly could give two craps about you.
Quote:
Originally Posted by MTAtech
What's more pathetic is the middle-class shlubbs here defending the privileged position of the rich and the tax-policies that benefit them.
I can understand the rich and their lawyers making these arguments but it makes no sense for anyone else to argue on behalf of the privileged.
This thread is pretty old now but I have read most of it, and don't recall anyone either expressing sympathy for the rich, or averring to "argue on the behalf of the privileged." This is just an imagining from your brain. I don't think that way, and I doubt that any of the other posters on my side here do either.
My argument in post #1 was that this tax structure is inherently unstable, not that we need to protect the rich. Then in post #331 I argued that this structure tends to steer the best & brightest towards rent-seeking activities, a receipe for economic decline. In other words it is generally just bad economics.
You see the argument in terms of class envy, but I don't even think in those terms. I think this is a key distinction in the thought process between lefties and righties. Just find it interesting....
I happened to catch this from Mark Levin the other day, found it striking, and decided to look it up on line when I got home. Mark Levin
Economist Mark J Perry found this interesting factoid. According to 2009 IRS data, the 400 top taxpayers in 2009 shelled out $16.1 billion, while the bottom 50% of taxpayers totaled $19.5 billion in taxes, or less than 25% more.
Something to cite next time someone claims that the rich don't pay their fair share in taxes.
Note also how inherently unstable this structure is. What happens if just a few of those 400 decide to take their money and go to some small offshore tax haven? Wouldn't it be more stable to have a much more broad-based structure instead of trying to drain so much dough from such a tiny group?
I don't see the problem, as the top wage earner's total income vastly exceeds the bottom 50%'s total earnings...Why so do the rich snivel and whine so much....Could it be greed?
I don't see the problem, as the top wage earner's total income vastly exceeds the bottom 50%'s total earnings...Why so do the rich snivel and whine so much....Could it be greed?
Actually, no. Did you look at the link? The top 400 had income of $81 billion, while the bottom 50% had income of $1.05 trillion. 81 Billion does not "vastly exceed" 1.05 trillion. Just the reverse.
I don't see the problem, as the top wage earner's total income vastly exceeds the bottom 50%'s total earnings...Why so do the rich snivel and whine so much....Could it be greed?
They don't. You don't hear or see them. The posters here are not "the rich".
They move their money as they see fit. You make laws on "x" then they move to "y".
In the end, the middle class gets stuck with the bill.
Just look at the AMT as an example. Supposed to just hit the rich but is now hitting most middle class filers.
Actually, no. Did you look at the link? The top 400 had income of $81 billion, while the bottom 50% had income of $1.05 trillion. 81 Billion does not "vastly exceed" 1.05 trillion. Just the reverse.
Actually, no. ADJUSTED gross income is a little different animal. Income, the top 400 likely earned twice what the bottom 50% earned.
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The true effective rate for multimillionaires is actually far lower than that indicated by official government statistics. That’s because those figures fail to include the additional income that’s generated by many sophisticated tax-avoidance strategies. Several of those techniques involve some variation of complicated borrowings that never get repaid, netting the beneficiaries hundreds of millions in tax-free cash.
Deferred income, such as what hedge fund manager john Paulson does.
So you're claiming that the top 400 made 2.1 trillion, or roughly one seventh of GDP? Link? The data cited by Mark Perry is IRS data. Where is your data coming from?
So you're claiming that the top 400 made 2.1 trillion, or roughly one seventh of GDP? Link? The data cited by Mark Perry is IRS data. Where is your data coming from?
IRS data you're citing only includes ADJUSTED GROSS INCOME. The wealthy take huge "adjustments" to their income before they report it as AGI. You didn't read the article????
Quote:
The true effective rate for multimillionaires is actually far lower than that indicated by official government statistics. That’s because those figures fail to include the additional income that’s generated by many sophisticated tax-avoidance strategies.
If your effective tax rate is lower because of "unreported" income schemes it stands to reason that your gross income is much higher than the AGI you report to the IRS.
Here are a few of those schemes that turn income into non taxed income, that is not counted as AGI.
The ‘No Sale’ Sale Cashing in on stocks without triggering capital-gains taxes.
The Skyscraper Shuffle Partnerships that let property owners liquidate without liability.
The Estate Tax Eliminator How to leave future stock earnings to the kids and escape the estate tax.
The Trust Freeze “Freezing” the value of an estate, so taxes don’t eat up its future appreciation.
The Bountiful Loss Using, but not unloading, underwater stock shares to adjust your tax bill.
The Friendly Partner With this deal, an investor can sell property without actually selling—or incurring taxes.
The Big Payback So-called permanent life insurance policies are loaded with tax-avoiding benefits.
The Option Option Stock options allow executives to calibrate the taxes on their compensation in a big way.
Last edited by buzzards27; 06-29-2012 at 07:52 AM..
The middle class gets its "news" from the mainstream big-corporate media which has a stake in the outcome of elections (read "favors republican deregulation").
I wonder how many Americans even know about the "Norquist republican pledge" thanks to this sorry and biased reporting.
That absolutely floors me as well! There right wing has openly pledged 10 years ago not raise taxes for anyone under any circumstances (read wealthy). This makes no freaking sense, especially in the face of possible wars and natural disasters, but yet the sheeple follow the media manipulators over the cliff. So of it is racism but the majority of it is stupidity. The wealthy are no more than 2% of the population but has control over the mainstream media and therefore dictates to the weak what they should believe it......unbelievable!
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