even the arrogance is survivable were it not for the destructive levels of consumption/extraction, the endless techno(mostly garbage) and financial fraud on wall st. since the plutocrats control the compensation setting mechanisms the system is self perpetuating. Bernie probably was the answer but for the criminal enterprise of Clinton/dnc.
Schmidt, you are ignorant. The 47% who pay no taxes don’t pay Federal income tax because they don’t earn enough money. They pay all other taxes. Meanwhile, ExxonMobil can earn $5 billion in profit and pay ZERO Federal income tax–and we give it a refund to boot. I don’t hear you bitching about that.
Well, check out represent.us. Their idea is that our neighbors, both leftwing and rightwing, can agree that We the People are NOT being represented in Congress. Their solution is to build bipartisan local groups by talking with each other. The Goal is to take corruption ($$$) out of politics and thus level the field.
I’m probably not explaining this very well. Check out their site for yourself. Join if you are so inclined. I am because I am convinced that my neighbors and I are both in the same kettle of frog soup.
They would pay gas and sales tax, yes. The likely wouldn’t pay much or anything in state taxes. So they aren’t contributing to our Federal government and are contributing very little to their state. Point being 1% of people are paying half the Federal taxes. 40% pay nothing.
I PERSONALLY DON’T CARE, AS YOU SAID THEY DON’T MAKE MUCH. BUT PLEASE STOP SUGGESTING THE RICH PAY “NOTHING” OR “NOT ENOUGH” OR WHATEVER THE FALVOR OF THE DAY LIBERAL TALKING POINT IS.
As for a corporation earning $5B in profit, if they had prior losses I believe they can offset current profit with them. Similar to what individual tax filers can do. Corporations don’t exist to be milked for taxes.
Americans don’t exist to be bilked by Insurance Cos. Banks, Corps., Pharma, etc. Neither do they like being bilked by their Federal and State Gov’ts, either. And, I can show you lots of examples how your right libertarian sales taxes and fees.etc. are regressive and favor the wealthy. You didn’t respond to the one I did offer, so you’re just shill for a group of mooches or someone has gotten into your head…
I’m none of those things. User fees are FAIR - everyone pays the same amount. Our medical industry is complicated but I don’t get bilked by banks or corporations.
The rich are getting the most out of the economy and the country and the system and so they should pay the most tax… We should all be calling for higher taxes for all of us and especially for the rich who are getting all the gravy. They have the most to lose because they have the most to gain from the system as it is at present.
But the most important thing for each of us to do is to find out more about the money supply and how it is created by the banks, and how it makes the bankers richer. Without knowing about that we are all wasting our time and our lives. Google ‘monetary reform’ or ‘money supply’ or “Web of Debt”. Wipe out your ignorance. Free yourself . Spend a couple of days at your computer and then ou will know what I mean.
Perhaps you missed the math lesson on rounding. The top income bracket is 39.6 which is close to 40%, not 50%. Furthermore, how many 1%ers do you know who actually pay that much? Remember Warren Buffet saying that he payed a lower rate than his secretary?
I wold be happy to tax the rich at 20% of earned and unearned income - no deductions. There are over 1000 billionaires in the United States. 20% of their collective wealth would go a long way towards funding social services for the rest of us.
smh…did you read the comments? I’m not talking about rates. The top 1% pay close to half of all federal income taxes that are collected. Their effective rates average around 27% IIRC.
Buffets secretary only paid a higher rate if she made 6 figures.
There are not over 1000 billionaire in the US
Shame, as we used to say in South Africa.
So you 1%ers are more regulated than ever. You have a problem with that?
Full disclosure,I am not a 1%er, but I probably fall in the 5% bracket. in other words, I am not a disgruntled poor person, and I pay my taxes without complaint.
Stop taxing income and go to the fair tax HR25
Well, Jim, I thought most trolls don’t go on web sites boasting of their innumeracy. You see, Jim, the reason the small percentage of the population who are very wealthy pay the amount of taxes they do is because they’re responsible for that amount. And they’re responsible for that amount, Jim, because they make that amount of taxable income. And mind you, Jim, this is after all the endless deductions their accountants can come up with. I’m sorry you’re not capable of understanding that, Jim.
And, Jim, saying “Gas taxes and sales taxes are actually fair. Everyone pays them equally” isn’t actually true at all. Let me help you, Jim. You see, Jim, someone making 30 million a year does not, repeat, does not pay a thousand times more for goods and services than someone making 30 thousand a year. Do you understand that, Jim? And Jim, wages have not matched inflation. Yes Jim, wages are higher…higher than the 1920’s. The buying power for workers, you know, people who actually work, has been stagnant for over two generations. There’s a helluva lot more debt while services and protections for the general population has declined. But that’s fine for those who pay to lobby our state and national legislatures, who fork up so much for their expensive election costs and in general assuring themselves the best government money can buy. In fact, Jim, policy is essentially made by that top 1%. That’s why their taxes having been shrinking for over a third of a century. Basically paralleling the stagnant wages endured by your fellow citizens. Strange that, isn’t it Jim. And corporations don’t have their profits offset by losses. They have their taxes offset by losses. Aren’t you right wing trolls supposed to know that stuff? Really, Jim.
The share of income earned by the 1% is around 25%. But they pay close to half of the income taxes.
Regarding taxes, a loss carry forward offsets taxable income. Which then reduces tax liability.
Jim, most working people’s income originates from the remuneration they get as hired hands. Consumerism and debt, the religion we are told that keeps this heaven on earth going, doesn’t leave much in the way of investing, does it , Jim. Think of your own life. But it’s a different picture for the wealthy, and certainly so for the top 1%. Even though the top tax rate maxes out at 39.6% for $470,700 and over, the richest 1% average just 33% of their income in taxes, since dividends and capital gains from investments are taxed at a total top rate of only 23.8 percent. The share the top 1% contribute to the aggregate figure of collected income tax in the US is due to the enormous wealth they’ve acquired in a system that they control, which only exposes the problem that much more. And that wealth has been increasing at an amazing rate while the bulk of the population of tax payers have had their income stagnate for generations. It’s tough to miss this, Jim. Especially in the Information Age, which in mere minutes delivers ample amounts of unadulterated and non-conflated stats
Take a breath and put things into perspective. This has nothing to do with ‘liberal’ and ‘conservative’, meanings of which have changed over the last century in this country to become something that doesn’t even remotely resemble their origins.
Take you comment: “a loss carry forward offsets taxable income. Which then reduces tax liability.”
What that means for the wealthy, Jim, is that costs, risks, debts are socialized. The government, meaning the rest of the tax paying society, takes the hit for that. While glorious profits are saluted and run up the flagpole, they’re privatized. But how could it be any other way, since they paid for the best government money can buy. Even George Soros said his secretary pays a higher percentage in taxes than he does, no doubt provoking calls that he’s a ‘traitor to his class’. A ‘class’ that lives in a society of whom permits a small percentage to vacuum out vast resources and wealth from that society yet forever looks upon that society as the enemy. Perhaps because they feel that one day that society will reach out and grab them by the throat. Now why would they think that?
A friend of mine was willed millions from her mom. This now rich person whined and complained at length about having to pay more in taxes. I wanted to tell her to give me a million or two and I would be happy to pay more in taxes.
I’m not sure why you keep trying to make these points to me. All Ive done here is point out that the stats and numbers you people are thowing around are wrong (which brings me to question where you get your information and if you even understand the topics you are posting about).
“Consumerism” and debt are choices, but the former is somewhat required to have a functioning economy.
The 1% pays an average of ~26% in Federal income taxes. Yes, this is due to lower cap gains rates. Does your 33% # include state taxes ?
Incomes have stagnated at the low end due to those workers being less and less able to compete in an ever changing and globalizing world. Middle class people and above have seen their incomes do just fine.
Regarding corporate taxes, the concept of offsetting gains with isn’t « socializing losses ». It’s simply recognizing that a company lost money as well as made money and smoothing out the tax liability. Individuals get to do this with gains and losses from assets like stocks. Regardless of your opinion the fact is that taxes in this country are not intended to punitive, excessive or unfair.
Taxes that aren’t paid do not mean taxpayers “take a hit”.
Did Soros say that too ? Because Buffet did and I’ve already proven it false unless his secretary is very well paid.
I suspect that this time they will have access to professional help since this one is a biggie for the 1%
As far as I know taxes are based on net not gross so that argument is spurious. This would also cover state taxes.
“That is [why] the military has become…” The military HAS BEEN and will continue to be the major portion of the US’s economy. In my view, without the military, there is no US economy – the US is a warmongering country 'cuz that’s where the money is! MICs happen to most imperialistic/capitalistic nations. Kim Jung Un is good for business.
Good point! …and one of the reasons I no longer buy ExxonMobil and limit my auto gas cost to $40/mo – only $35.78 last month.