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lons
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This says nothing about jobs.
No one is spending money on jobs because our President changes his mind daily on who / what / where / how to tax everyone.
We've not had a single budget passed since he became POTUS
Our unemployment is historically unprecedented too. In fact you'd have to go to the depression to find anything close to it, yet we've been in recovery now for almost 4 years according to our man in charge...
If / When the Supreme Court finally gets around to seeing if Obamacare is legal or not this June would help a lot. They really hung us all out to dry not doing this last summer.
No one is spending money on jobs because our President changes his mind daily on who / what / where / how to tax everyone.
We've not had a single budget passed since he became POTUS
Our unemployment is historically unprecedented too. In fact you'd have to go to the depression to find anything close to it, yet we've been in recovery now for almost 4 years according to our man in charge...
If / When the Supreme Court finally gets around to seeing if Obamacare is legal or not this June would help a lot. They really hung us all out to dry not doing this last summer.
Right. That's why. Nevermind the whole "they are reaping record profits" part of this article, which I have to thank you for not even glancing at before you went on an anti-Obama rant.
lons
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Yeah, not sure when making a profit became evil. But man, if you have more than say a couple 100k in your bank account these days you are considered pure evil that must be stoned.
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I just dont get some people. I'm not rich my any means, but that doesnt make resent or envy people who are. Most rich people got that way because they busted their ass. Many worked countless hours and made all kinds of sacrifices to get where they are. Being rich doesnt mean they are evil. It also doesnt mean that people should feel the need to empower a government to take away money from them and give it to others. Hypocrites like Obama and Biden yack all day about how the "poor" are exploited or disregarded by the rich, but they themselves give almost NOTHING to charity. But they have no issue saying we should take money out of someone else's pocket and give it to somebody else. Its ok for others, just not them.
On the other hand a large % of rich people give ALOT to charities, and most charities are legit and do all sorts of great things for those in need or great causes.
Lastly, once you tax the rich so much that there are no "wealthy" people, there wont be alot of small business open. And then you get run away unemployment. But thats exactly what morons like Obama want, because it means more dependence on government.
I thought the rationale was that when these benevolent companies started making money again they would re-invest it in people and then the economy would recover and so we need to give them tax breaks and deregulate....
turns out that conservative bullshit is bullshit.
turns out that conservative bullshit is bullshit.
2233boys
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The myth of trickle down economics from their hero Ronald Reagan.
Cythim
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I am part of the top 25% and managed to pay only 3% of my AGI (about 5% of my taxable income) in income tax this year. I don't pay my fair share because the system is flawed. It isn't about taxing people into oblivion, just use common sense in determining who can afford to pay a little more. The top 1% pays in 24% of their average AGI but the next 4% only pay 16%, the following 5% only pay 11% and the following 15% only pay 8%. The government cannot survive when the top earners are paying in so little.
lons
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So little? Really? I paid in well over 40k this last year. Believe me... the my fair share police like yourself are to fucking stupid to realize that when it's your turn at the trough there won't be anything. REGARDLESS IF WE ALL PAY 100% IN TAXES OR NOT FOR THE REST OF OUR LIVES.
Our taxes aren't even being used to do anything anymore, but pay off the interest on the loans the government takes out to see to all our welfare so much. In legal circles that is usually when you hear that Aunt June got Grand Ma Martha's signature on the deed and sold the house out from under her.
That's what our government does for us. We are creating a wonderful land for whomever decides to say, ok pay me back now and they take it.
Our taxes aren't even being used to do anything anymore, but pay off the interest on the loans the government takes out to see to all our welfare so much. In legal circles that is usually when you hear that Aunt June got Grand Ma Martha's signature on the deed and sold the house out from under her.
That's what our government does for us. We are creating a wonderful land for whomever decides to say, ok pay me back now and they take it.
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Never mind the fact that almost half of people pay no taxes now, right Cy? Who are those half by the way?
Cythim
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They are people who simply cannot afford to pay income tax after already having paid the payroll tax and local income/sales taxes.
- For 50 percent of those that don’t pay federal income taxes, standard deductions and personal exemptions are enough to counteract their taxable earnings. A couple with two children earning less than $26,400, for example, will pay no federal income tax in 2011 because their $11,600 standard deduction and four exemptions of $3,700 cuts their taxable income to nil.
- 22 percent are senior citizens who get a more generous standard deduction, can exclude some or all of their Social Security income and may have tax-exempt interest from mutual funds and municipal bonds. For those who itemize, charitable contributions and medical expense deductions also subtract from their tax liability.
- 15 percent are working families, many of them low-income, who qualify for one or all of the Earned Income tax credit, the Child tax credit, the Child and Dependent Care tax credit. The earned-income credit is fully refundable, and the Child credit is partially refundable this year, meaning some households may get refunds from the government even if they owe no income taxes.
- The remaining 13 percent are a mix of mostly higher-income individuals with enough itemized deductions for items like mortgage interest, health payments, or charitable contributions, education tax credits, or tax exempt interest to zero out their income taxes.
Cythim
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I love your incoherent rambling, I know you have a point somewhere in there and it is fun trying to figure out what it is exactly. I can only assume you are talking about social security since you mentioned "when it's your turn at the trough there won't be anything," but this has nothing to do with income tax, which is what we are talking about.
Though the economy is slowly recovering from the Great Recession, large swaths of the American public are still bogged down by joblessness, underwater mortgages, and falling incomes. In fact, “between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909.”
But as the Roosevelt Institute’s Mike Konczal pointed out, 2010, the first full year of the recovery, was very good for America’s richest 1 percent. In fact, that year the richest 1 percent captured 93 percent of the nation’s income gains:
Well, we finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated Striking it Richer: The Evolution of Top Incomes in the United States…The takeaway quote from Saez should be: “The top 1% captured 93% of the income gains in the first year of recovery.”…The bottom 90% of Americans lost $127, the bottom 99% of Americans gained $80, and the top 1% gained $105,637. The bottom 99% is net positive for the year because of around $125 in average capital gains. They can take comfort in efforts by the Right to set the capital gains tax to 0%, which would have netted them an addition couple dozen bucks.
This chart shows that, even discounting capital gains (which are overwhelmingly made by the very rich), the very richest Americans have seen the fastest bounce back in terms of income (the blue line is the richest 0.1 percent, while the red is the richest 1 percent):
During the slow recovery, corporate profits have already roared back to their pre-recession heights. Wages, however, have yet to follow suit, leaving the 99 percent to struggle as the 1 percent enjoys a real recovery.
But as the Roosevelt Institute’s Mike Konczal pointed out, 2010, the first full year of the recovery, was very good for America’s richest 1 percent. In fact, that year the richest 1 percent captured 93 percent of the nation’s income gains:
Well, we finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated Striking it Richer: The Evolution of Top Incomes in the United States…The takeaway quote from Saez should be: “The top 1% captured 93% of the income gains in the first year of recovery.”…The bottom 90% of Americans lost $127, the bottom 99% of Americans gained $80, and the top 1% gained $105,637. The bottom 99% is net positive for the year because of around $125 in average capital gains. They can take comfort in efforts by the Right to set the capital gains tax to 0%, which would have netted them an addition couple dozen bucks.
This chart shows that, even discounting capital gains (which are overwhelmingly made by the very rich), the very richest Americans have seen the fastest bounce back in terms of income (the blue line is the richest 0.1 percent, while the red is the richest 1 percent):
During the slow recovery, corporate profits have already roared back to their pre-recession heights. Wages, however, have yet to follow suit, leaving the 99 percent to struggle as the 1 percent enjoys a real recovery.