The American dream? Top 20% pulling away from the rest, study finds

From the Guardian: The American dream? Top 20% pulling away from the rest, study finds

Once again, America's problem of Income Disparity is rearing its ugly head. This was brought about by Reckless Ronnie, in the 1980s, who fundamentally changed Upper-income Taxation. (See infographic here.)

Aside from changing taxation rates, what is definitively required is Hillary's platform promise (borrowed from Bernie) that free Tertiary Education must be made available to all comers at state schools by means of Federal subventions ...

 

as a libsocialist you want to make people equal by stealing from he rich and giving to the poor rather than helping the poor earn their own money. Do you have any idea why?

Or are you just going to keep spaming us with the reckless ronnie line forever?

 

You ignore the rich stealing from the poor through government. To be the top elite, you have to have no conscience. Watch just the first 5 1/2 minutes of this:

 

the top 1% pay 45% of all federal income tax to the government and pay highest corporate tax in world to the government thus support the entire social safety net, plus they supply the jobs and products we need to survive. They are like Gods.

When you get it backwards like you Stalin and Mao do 100's of millions end up dead.

 

Why is it that we can count on anything you say being incorrect? The top 1% pays about 32% of all federal income taxes, -not 45%.
http://www.pgpf.org/chart-archive/0008_tax-system

See? Wrong again. You're so consistent. On average, the corporate federal effective tax rate in the U.S. is below that of the average OECD country (27%) at 20-22%. - https://www.treasury.gov/resource-c...ocuments/Average-Effective-Tax-Rates-2016.pdf

This is why I have replied to you less frequently of late. You spew BS and then double down with something insane like that.

 

THE PICKETTY SPLIT

I see nothing in this manipulation that is illegal. It's just financial manipulation in order to generate Income. What matters most is the taxation of said Income.

The rich actually steal from the poor in one, and only one circumstance - called upper-income taxation. And that conclusion comes from UofCal research in the matter (called the "Piketty Split" of Wealth in the US):


The bottom 90% of us American families share the same amount of Wealth as the upper 0.1%. That is the result of egregious Income Disparity planned and implemented by Reckless Ronnie in the 1980s. Just look when that lower red-line above changes course and streaks upward over the past four decades.

As I never tire of showing. Both Income and Wealth in America are a direct matter of pernicious taxation. The subject of how the income is generated is an altogether different story. Part of which has to do with Military-Industrial-Complex that consumes 54% of the National Budget (see that awesome fact here) ...

 

Never said they didn't. Besides, upper-income tax-rates (which you find so effingly important) are the reason for Income Disparity in America - and you refuse to see why!

My Picketty-Split infographic shows (after-tax) how much Wealth is earned by two subsets of the American population. The result is that 90% of us own as much Wealth as do 0.01% (of Americans).

That can only happen when Tax Rates on the rich and super-rich (as HIGH as you think they are from the PGP-Dorks) are too damn low!

And about the PGP-foundation:

Which is why I post data from "Research Organization" (universities or public organizations) who have no political affiliation. They conduct research into various socio-economic problems/challenges - one of which is a blight upon America called "Income Disparity".

And why Income Disparity? Because it devolves from insufficient upper-income taxation ... !

The American tax-rates must be considered only by the amounts of Income that are allowed to become Wealth. If the rates are too low, then the amount of Income that shoots up into Wealth is enormously unfair.

How unfair? Here's why:
*If properly taxed, the amounts would be far, far less than they are. So, the rates are clearly too low. And,
*That Income escaping taxation and flowing into Wealth is doing what? How does it benefit the nation. It doesn't. Some goes to funding hi-tech innovation - and that gets all the hoopla on TV and in the press. But, in fact, most of the income just sits there earning more money for its holders.
*Were it sufficiently taxed, it would not shift up into Wealth. Rather it would be spent by the US government - not on the effing DoD - but on programs that better the lives of Americans. Like a much lower-cost National HealthCare Service or Free Tertiary Education.

The consequence of which would do the most good for the most people. Which is a finality that seems to confuse you ...

 

LafayetteBis, you are attacking ME. Do you realize my post was NOT to you, but to James?

 

bullshit.
Cheep money from the FED and the financialization of the economy is the reason.
Something you never address as you always look to the fourth grader solution of taxation, which doesn't affect the paper shufflers that are raking in the easy money, associated with little productivity.
Maybe one day you'll look a little deeper, but not likely.

 

Income has NOTHING to do with your childrens' potential. The poorest family in America (or any other rich, western nation) can produce educated millionaires. It's all a choice.

 

LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HAHAHOHOHEEHEEHEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Your sarcasm is precious!! I almost bought it and thought you were an idiot!!! Good job!

 

There is little excuse for winding up below the poverty line with no marketable skills.

 

Is there any excuse for not being able to find a job in 6 months?

 

The economy is fabulous, unemployment is low. Obama created millions of jobs.

What does your post have to do with lack of skills?

 

So what should we do drag them down???

 

Please explain how POC refugee families who arrive in the west with nothing (and not even being able to speak the language), can produce children who go on to great success. When you answer that question, you can turn that LOL to your own romantic notions of 'hard luck'.

 

.)

The history of reducing upper-income taxation has two vectors:
*The first is overall tax-rates (as seen above) and,
*The second is called a tax-boondoggle. (Like "carried interest", which should be made illegal.)

It is by means of the taxation boondoggles that Romney was able to obtain a net-tax of 14% on an income declaration of $30M. (See here:
Mitt Romney’s Tax Returns Were More Outrageous Than Trump’s Partial One - excerpt:

*Why should upper-incomes benefit from excessive but "legal tax deductions"? They need tax incentives to take risks that make profits? But, at the lower end we maintain the minimum wage at a risible $15K per annum (except that nobody earning that amount is laughing) ...

 

"Great success"? Depending on your meaning of "great", it's rare.

 

What should they go on to? The Poverty Threshold list? The Chinese are from a nation with a longer history than even the US. China's history goes back to 1500BC. It has been and still is an innovative nation. (Historical list of Chinese innovations, here.)

Btw, for all those earning a Phd do you know any that are living below the threshold? Even here in France, the children of the Vietnamese (where France fought a war long before Uncle Sam got his ass-whipped there) are doing very well in their careers. They don't speak the Vietnamese language and have fully assimilated into the French culture.

Those coming into the US are bringing the entire family out of China, and they are not setting up businesses as part of a global development strategy. They just want to get the-hell-out from under the boot of the Communist Party.

And when the CP implodes, as it must inevitably, there is going to be a great deal of bloodshed. Of which those leaving want none.

Not so dumb ...

 

The American Dream has been corrupted by materialism. It *used to* be about self sufficiency. Now its about new cars and being lazy.

 

Well, on that note, the US is not the only one.

The only point I would like to make is that Americans are so magically hypnotized by Wealth (the BoobTube does that to people) that they refuse to change the Unfair Taxation System largely responsible for the US's pronounced Income Disparity. (Not just a little bit, but a lot compared to other countries - see the list of country and Gini Coefficient Values here: OECD: Inequality and Income*).

*Only Chile and Mexico are worse (higher Gini Coefficients), and neither are comparable socioeconomically to the US.

 

There should be no excuse, but there most definitely should be a reason.

 

Two persons begin working for a business paid identical wages over their life.
One person decides to deposit $1,000 into a guaranteed 5% APR account from his/her first years income.
The other deposits $10,000 into a guaranteed 5% APR account from their first years income.
Assuming no additional deposits over their life into the account, with taxes paid on their interest earnings from their income each year.
Initially there would be a wealth disparity of $9,000
After 20 years their account balances would be $2,653 and $26,533 respectfully or a wealth disparity of $ 23,880
At 40 years their account balances would be $7,039 and $70,392 respectfully or a wealth disparity of $63,353
And at 60 years their account balances would be $18,677 and $186,766 respectfully or a wealth disparity of $168,089

Each has paid taxes on both their income and interest, probably one more than the other based on the higher interest earnings.
In what way has/does the wealthier person oppressed, harmed, or owe anything to the less wealthy person?

 

Once again there is a failure to understand that the 80% ARE NOT controlled by your 20%! Who cares what the 20% does...great for them! Why not focus on what actions are needed by the 80% in order to achieve more in life and stop being jealous and whining about others. The ONLY thing holding back the 80% are the personal actions of the 80%...

 

That seems very disingenuous. The root of all wealth, prosperity and productivity is access to resource. Specifically, one needs both labor and material to produce. While everyone has access to labor, the material originates from property (land), the bulk of which is being hoarded by the elites and the authoritative bodies that they manage. There are but a handful of 'pioneering' opportunities such as homesteading available to the common, lower/middle class individual; far less than there are lower/middle class individuals. The opportunity for the individual to succeed on their labor alone is substantially reduced and continues to reduce, primarily as a result of the increasingly limited access to material resource.

As one example of a remedy- we could open up a portion of the vast acreages of federally held land to homesteaders with proviso that the land becomes their primary residence and is improved upon, thereby increasing the access of material resource to the lower/middle class- something that will never happen if we continue to accept that all individuals have the same opportunities to succeed with only their labor as a resource.