more rate... he is now paying ANOTHER 15-20% tax on top of that
---
first, I'm all for a fair tax system.
I would only point out that capital gains are income and subject to an
income tax .With continuous interest the length of the compounding
period is reasoned to be infinitely small. The interest, therefore, is
compounded continuously and should be taxed continuously.
but ... some argue that the tax laws are not being applied correctly
to the
point that the middle class (define them yourself) are carrying too
much of the load.
I don't know if the 'middle class' are really getting screwed but
wealth distribution has been skyrocketing toward the top 1% for the
last 10-20 years.
This battle is about fixing the rates ... the natives are getting
restless.
Wiki
According to the Congressional Budget Office, between 1979 and 2007
incomes of the top 1% of Americans grew by an average of 275%. During
the same time period, the 60% of Americans in the middle of the income
scale saw their income rise by 40%. Since 1979 the average pre-tax
income for the bottom 90% of households has decreased by $900, while
that of the top 1% increased by over $700,000, as federal taxation
became less progressive. From 1992-2007 the top 400 income earners in
the U.S. saw their income increase 392% and their average tax rate
reduced by 37%.[13] In 2009, the average income of the top 1% was
$960,000 with a minimum income of $343,927.
In 2007 the richest 1% of the American population owned 34.6% of the
country's total wealth, and the next 19% owned 50.5%. Thus, the top
20% of Americans owned 85% of the country's wealth and the bottom 80%
of the population owned 15%. Financial inequality was greater than
inequality in total wealth, with the top 1% of the population owning
42.7%, the next 19% of Americans owning 50.3%, and the bottom 80%
owning 7%.[17] However, after the Great Recession which started in
2007, the share of total wealth owned by the top 1% of the population
grew from 34.6% to 37.1%, and that owned by the top 20% of Americans
grew from 85% to 87.7%. The Great Recession also caused a drop of
36.1% in median household wealth but a drop of only 11.1% for the top
1%, further widening the gap between the 1% and the 99%.[17][18][19]
During the economic expansion between 2002 and 2007, the income of the
top 1% grew 10 times faster than the income of the bottom 90%. In this
period 66% of total income gains went to the 1%, who in 2007 had a
larger share of total income than at any time since 1928.
Dan Ariely and Michael Norton show in a study (2011) that US citizens
across the political spectrum significantly underestimate the current
US wealth inequality and would prefer a more egalitarian distribution
of wealth, raising questions about ideological disputes over issues
like taxation and welfare.
On Apr 11, 12:37 pm, THE ANNOINTED ONE <markmka...@gmail.com> wrote:
> About 50% of Americans don't pay any tax... why should those that do
> pay have to pay more to support those won't work?? Unless you are
> elderly or disabled there should be no "public assistance".
>
> Buffet neglects to tell you that his income is now derived from
> investment income... he already paid taxes on that money at a 35% or
> more rate... he is now paying ANOTHER 15-20% tax on top of that. This
> is patently unfair... a tax that specifically targets people because
> they are successful and hire others.. only to give it to idiots that
> won't work...
>
> On Apr 11, 10:56 am, Tommy News <tommysn...@gmail.com> wrote:
>
>
>
>
>
>
>
> > Dear Fellow Progressive,
>
> > Every day millions of Americans wake up facing a choice between making
> > a mortgage payment or saving for their kid's college fund. They're
> > dipping into their retirement funds to pay for necessities like
> > groceries and gas.
>
> > While middle class Americans struggle every day to make ends meet,
> > millionaires and billionaires game the system to pay a far lower tax
> > rate than families with a modest income.
>
> > But this Tax Day, we have an opportunity to change all that. I'm
> > standing with President Obama, and a coalition of tens of thousands of
> > progressive, grassroots activists who are calling for passage of the
> > Buffett Rule for Tax Fairness -- because its common sense.
>
> > Will you click here now and join our campaign for the Buffett Rule?
>
> > The Buffett Rule is named after billionaire investor Warren Buffett,
> > one of the richest people in the world. Having endorsed our plan, he
> > frequently notes how wrong it is that he pays a lower tax rate than
> > his secretary. And it's true -- many middle class families pay up to
> > double the rate paid by this billionaire.
>
> > Right now, the wealthiest one-tenth of the 1% benefit from their own
> > set of rules. But nobody should get to duck paying their fair share of
> > taxes just because they have an expensive accountant or know how to
> > work the system. It's not fair, and it's time to right this wrong --
> > you can help! Add your name next to Warren Buffett's on our petition
> > and join the call for tax fairness!
>
> > In the next few days, the Senate will vote on the Buffett Rule. We
> > must send a strong message to let everyone know just how committed we
> > are to leveling the playing field between the super-rich and middle
> > class families. For too long in America, there's been two tax systems:
> > one for the middle class and another for the very wealthiest. It's
> > time for everyone to start paying their fair share.
>
> > Please sign today!
>
> > Thanks for all you do,
>
> > Tammy Baldwin
>
> > Join Here:
>
> >http://www.passbuffettrule.com/
>
> > --
> > Together, we can change the world, one mind at a time.
> > Have a great day,
> > Tommy
>
> > --
> > Together, we can change the world, one mind at a time.
> > Have a great day,
> > Tommy
--
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