Top 20% of Americans Will Pay 87% of Income Tax

Yes. Non amphibians. I'll bet you can't swim either.

 

high school graduation required a swim test.

 

Income is not a zero sum quantity. We need more high earners to pay income taxes. To create these the economy must grow and supply side economic policies provide superior economic growth.

 

Quite true. And while payroll taxes (FICA) are a large part of payroll taxes HALF of those are paid by the EMPLOYER.

 

Seriously? It's a safe bet you didn't graduate in Harlem.

 

Exactly. People actually make approximately 7% more than they think they do. The D's who set up the flawed Social Security and Medicare systems that are bankrupting the US chose to hide this from workers by requiring employers to pay half of the ~ 13% of people's wages that go to SS and MC.

 

why Conservatives always gotta post racist comments?

its like an addiction

 

And to those who are playing.................how many of you wish for the "good old days". The Skidmark's Mark of Excellence....the DOW in 2008

 

caused by financial deregulation, something u guys love.

 

Too funny. The false narrative continues. But OK - which regulations were eliminated ??

 

The article stated the top 20% pay 87% of income tax. That's excessive and far out of balance.

There are several facets to that question.

What does "not making a good living" actually mean? If it means they are starving, don't have clothes or electricity of a roof over their heads, then that's a problem - but very very few in the USA are in those conditions. If "not making a good living" means they can't live extravagantly, cant afford their 2 cars, iPhone 10, 3 TV's with cable and HBO, etc., then that's not a problem.

And if it means they cant make a good living because they went to a college they could not afford and racked up huge student loan debt, and can't get a job because they did not study and made poor grades and/or did not graduate and/or majored in a useless career field, then that's not a problem either.

And before you start with the complaining, I live in a military area, my neighbor is military enlisted, married with 2 kids, he makes about $40k a year (median for the USA is $48k, so he is below avg in pay), wife does not work. They get along just fine, but they don't waste money. If you live within your means, you do just fine.

 

In all seriousness, you need to get out of those index fund ripoffs and start managing your own money instead of getting ripped off and paying fees. Pony up and at a minimum get a Motley Fool subscription for cheap.

 

are you ****ing serious?????????????????????????????????????????

what regulations were removed that paved the way for the 2008 financial meltdown??

oh my, just oh ****ing my.

 

You based your argument for progressive taxation by claiming the percentage of tax paid by the poor should be lower than that paid by the rich. The fact that the poor donate more (about 10% of their income) indicates they are not so sensitive.

No, progressive taxation in general is not wealth redistribution, but claims to levy taxes based on peoples ability to pay. When the system gets lopsided so that a small fraction pays almost all the taxes, combined with a huge welfare state, thats wealth redistribution.

 

when the Top 1% earns more than 20% of the nation's income, we have a problem.

 

So nothing. That’s the standard response from those pedaling false narratives. Carry on.

 

There is no such thing as “the nation’s income”.

 

Glad you asked.

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877322,00.html

President Clinton's tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.

 

https://en.wikipedia.org/wiki/Finan...08#Weak_and_fraudulent_underwriting_practices

https://en.wikipedia.org/wiki/Financial_crisis_of_2007–2008#Deregulation

https://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis#Deregulation

 

Nothing there. What specific regulations do you claim were eliminated that resulted in the financial crisis ??

 

Actually GLB only repealed 2 parts of GS which had no effect on commercial bank rules. This had no causation effect on the financial crisis.

 

Glass-Stegall

• Jimmy Carter's Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) phased out a number of restrictions on banks' financial practices, broadened their lending powers, allowed credit unions and savings and loans to offer checkable deposits, and raised the deposit insurance limit from $40,000 to $100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies).[111]

In October 1982, US President Ronald Reagan signed into law the Garn–St. Germain Depository Institutions Act, which provided for adjustable-rate mortgage loans, began the process of banking deregulation, and contributed to the savings and loan crisis of the late 1980s/early 1990s

• In December 2000, President Clinton signed the Commodities Futures Modernization Act of 2000 into law. Written by Congress with lobbying assistance from the financial industry, it banned the further regulation of the derivatives market.
• 
  
• In 2004, the US Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis

 

As early as 1997, Federal Reserve chairman Alan Greenspan fought to keep the derivatives market unregulated.[122] With the advice of the President's Working Group on Financial Markets,[123] the US Congress and President Bill Clinton allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps(CDS) can be used to hedge or speculate against particular credit risks without necessarily owning the underlying debt instruments. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[124] Warren Buffettfamously referred to derivatives as "financial weapons of mass destruction" in early 2003

 

That was just some fodder buried in the message. My point was Slick Willie and easy money started the downslide of mortgage lending. The bundling of mortgages turned BS loans into heavily disguised and horrible but easily salable collateral. Whoopsie! Then the crap hit the fan.

 

Oh how we disagree.
Taxes are not an equal membership fee or nearly so.
They "system" that gives "the rich" the freedom to be rich has its' social costs.
Keeping the "not rich" from revolution and such.


I wonder what the numbers would look line under the Eisenhower Tax Code.

Support A Progressive Tax Code ala Ike's

87% is not enough!
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Moi


r > g

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Across an immense, unguarded, ethereal border, Canadians, cool and unsympathetic,
regard our America with envious eyes and slowly and surely draw their plans against us.

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