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Happy Tax Day to The Richest One Percent!
As many of you scramble to get your taxes done before tomorrow's deadline, Citizens for Tax Justice, a Washington-based advocacy group, has released a new report showing just how much love the Bush administration has shown to the richest one percent of Americans... literally at the expense of the rest of us. Not that we didn't already know this, of course, but somehow seeing it all laid out in black and white brings it home all the more clearly.
According to the report, in 2010, when all of the Bush tax cuts will finally have taken effect, the richest one percent of American families—those earning $1.6 million annually—will receive, on average, a $92,000 tax cut. As a share of the population, these families will account for an estimated 53 percent of all tax relief, while the poorest 60 percent will be on the receiving end of just 12-15 percent of tax cuts.
Just what does it take to belong to the richest one percent? Money, of course, and lots of it. According to the report:
In 2008 the best-off one percent will have an estimated average income of almost $1.5 million each. Just to get into this elite group requires an income greater than $462,000. If all of that came from wages, then for single people it would take an average wage of $224 an hour to make it into the top one percent, and $722 an hour to become an average member.
For two-earner couples with both spouses working full time, it would take an average wage for each spouse of $112 an hour to get into the top one percent and $361 an hour each to be an average member of the top one percent.
Yet, however unlikely it may be, membership in this elite club is something many Americans believe to be a realistic prospect. According to a 2000 opinion poll, some 19 percent of us believed we were already members of the top one percent, while another 20 percent said they expected to get there someday. Never let it be said that Americans lack optimism.
But back to the Bush tax cuts... the fact is that nothing in life is free, and as the national debt continues to soar, so does the certainty of troubled times ahead as we struggle to pay it down.
From the report:
Even if the Bush tax cuts are allowed to expire at the end of 2010, as they are schedule to do under current law, interest payments would continue to cost us about $1.5 trillion during the 2011-2020 period. (This is not included in the $5 trillion cost of extending the tax cuts.
These costs should not be written off as some abstract or distant problem. The national debt must be paid off eventually, either in the form of increased taxes or cuts in public services that Americans rely on.
And, finally, to put the tax cuts offered to the richest one percent in some perspective, the report compares them to the annual budget allocations for various federal agencies:
The cost of the Bush tax cuts going to just the richest one percent in 2008 (about $79.5 billion) is more than the entire budget for the Department of Education this year ($68 billion), almost twice as much as the entire budget for the Department of Homeland Security this year ($42.3 billion) and over ten times as much as the budget for the Environmental Protection Agency ($7.5 billion).
Photo used under a Creative Commons license from Monochrome.
...and as I go to mail my taxes this morning my breath literally caught in my throat as I'm passing the gas station with the price on the sign of $3.55/gallon...for regular!
God bless the rich! Everyone else can go eat cake. Hey, where did I hear that before?
You act as if this surprises you. The freekin Moron knows where his bread is buttered, and it sure as hell isn't those of us that actually bust our collective arses to pay the mortgage every month.
a majority of the republican platform is based on people believing that they, one day, will be the american success story. the rags-to-riches story is, of course, largely a myth, but a very lucrative myth for those of us born into or otherwise advantaged enough to have the easier and far more typical route to wealth. americans insist on voting against their own financial best interest; it's completely irrational that the "average" american would support gop tax cuts, yet we do. all so somebody else can realize the "dream" while the rest of us eat shit.
Quick somebody vote for Ron Paul so he can abolish the IRS and impose his 'fair tax' on the poor, working, and middle classes. If only we can abolish the hated IRS and subject the useless peasants to a national sales tax we can double the Bush tax cuts, while making the 90% of Americans who are lower class degenerates pay an average of $4,000 a year more in taxes. The naves love the idea, they don't have to see deductions on their pay checks, they'll just cringe and grind their teeth every time they buy something. They are truly foolish enough to believe the truthyness we espouse to them through talk radio, and being such fools they will surly destroy themselves somehow. Then we the elite can dance on the remains of the middle class and hold hands with Saudi royals with out being called gay.
To: Its class warfare dum dum:
Take a minute from your dancing to educate your elite brain, sir.
The 'fair tax' proposal was the brain fart of candidate Mike Huckabee....
Ron Paul does not endorse the Huckster's 'fair tax' plan.
please, continue dancing...
arrogant bastard.
You know it pisses me off whenever I hear the strident calls that there is a 'crisis' in Social Security. "It is projected (read may or may not happen) to be paying out more money than it takes in in 10 years. We *have* to do something." But the very same people making this argument are totally concerned that the Federal Government has been in that boat for the past 6 years! Now *there's* a 'crisis'!
Hey Pam, Ron Paul wants to abolish the IRS like all the other elitist income tax haters, (Hukabee & even Gravel too for some reason). I did think I heard Ron talk about how great he thought the 'fair tax' was somewhere, but that brain fart has been around longer than any presidential candidates have been talking about it. Did you not think that the dum dum was at all tongue in cheek, doing a bit of a 'modest proposal' if you will? The thing about holding hands with Saudis and being called gay seems like a dead give away, even if you don't think the rest of it was as outrages as eating babies.
I may be wrong but I think it was Roosevelt who said no man is worth more than $50,000 a year which would equate after inflation to surely no more than $1 million a year. If it takes anyone more than that to live, then they must be doing some depraved stuff. Point being - from one not too literate in finances - I would think that it more than fair if all monies generated and distributed in whatever fashion to any one individual of over $1 million a year should automatically be placed in a trust fund for the betterment of all those who need it (and not to anyone managing the trust fund). It made me sick to read that the tax cuts to those who do not need it - amount to more than our entire education system. And isn't it true those greedy bastards also get social security benefits? And why should humans be belittled and humiliated by having to take charity from those same bastards who choose to donate some of their over inflated income so they can write it off their taxes. There is something really sick wrong with a system that rewards the few so much, more than they can ever spend in a lifetime, while millions go to bed (if they have one), sick and hungry and cold. Fascism is supposed to be an evil form of government, and it is, but how is capitalism less evil? It would never survive if the masses weren't so ignorant as to believe they will be rich themselves, (or win the lottery). I guess you could say they deserve their lot in life but they shouldn't bring kids into their sorry life and stupid, ridiculous day dreams. If they, we, would all rise up at once and say no more - we will not tolerate a political system that does not divide the wealth fairly so that no one, especially the children, have to suffer, then it would be done. It is the greed of the masses that perpetuates its own misery.
Yes, it's past time to replace the complex, wealthy-favoring federal tax system! Close the loopholes, and the offshore corporate, business and individual anti-tax schemes to help protect our economy. Let's get Congress to act!
Alright there Mr. Statistics: the lowest 60% only get 12% of the breaks, but how much do they pay in the first place? The sad fact is that half of all Americans pay no income taxes, and some even get money BACK through the Earned Income Tax Credit (i.e. Have-Babies-And-We'll-Pay-You Credit). How fair is that?
And "dy foley", I don't even know what to say to that. Who are you to determine how much a man is worth? Who are you to say how much someone needs? You don't "need" your computer or internet access, KIDS ARE STARVING! I bet people in Bangladesh are saying the same thing about your pathetic salary as you are saying about movie stars, CEOs, and such.
It's Class warfare dumb dumb.
I have got an idea for you. Why don't you do a little research on the Fair Tax before you junk it. I am the middle class, and I have been doing a lot of reading on it. It is the best option that we have to go to. It is FAIR. Everything you said in your post is wrong. You have no idea how it works. I would love to see it implemented.
Didn't FDR impose a wartime income tax of 90% on all income over 1 million dollars? The nation is in trouble, we're at war, let's do it again!
Hey Oatfield, are you naive or misinformed? A sales tax is a regressive tax, those living paycheck to paycheck spend all their money on goods and services and are taxed on every $ by a national sales tax while the very wealthy who throw most of their money in banks stocks etc. would be taxed on practically nothing. You need to stop listening to right wing rhetoric and start digging a little deeper because the truth of the matter is that is the vast majority of Americans would face thousands of dollars in tax increases under proposed national sales tax systems while the wealthiest Americans would get massive tax breaks. Have you looked up Citizens for Tax Justice? Here is a few snippets from a report about a proposed national sales tax on their site:
In virtually every state in the union, the bottom 80 percent of taxpayers would face
much higher taxes under a sales tax. Nationwide, these tax increases would
average about $3,200 a year.
Put another way, on average the 80 percent of Americans in the middle- and lower income ranges would pay 51 percent more in sales taxes than they now pay in the federal taxes that the proposed national sales tax would replace.
In contrast, the best-off one percent of all taxpayers nationwide would get average
tax reductions of about $225,000 each per year.
The report can be found here in pdf format: http://www.itepnet.org/sale0904.pdf
Don't believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike 'lesser' estimates, this includes all stocks, bonds, cash, and material assets held by America's richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own 'humanitarian' spin on it. Calling attention to her own 'good will'. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don't fall for any of their 'humanitarian' CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can't just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world's richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this 'good will' 'humanitarian' BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars which have been transfered FROM US TO THEM. All over a period of about 27 years. Thats Reaganomics for you. The wealth does not 'trickle down' as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves 'humanitarians'. Cashing in on the PR and getting even richer the following year. IT CAN'T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any 'humanitarian' progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don't fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A "THANK YOU" NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I'm not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren't for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah Winfrey, Ellen DeGenerous, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. So don't fall for their 'good will' BS. ITS A LIE. If you fall for it, then you're a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you're a fool. No offense fellow citizens. But we have been mislead by nearly every public figure. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. Obscene health care charges. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement deal. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Vioxx, and Celebrex. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, love-sick, celebrity junkie. Their idea. All of the above shrink the middle class, concentrate the world's wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don't fall for any of their 'good will' 'humanitarian' BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the 'charitable' contribution is almost entirely offset. Not to mention the opportunity to plug their name, image, product, and 'good will' all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to 'federal tax revenue'. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. IT CAN'T WORK THIS WAY. But our leaders refuse to acknowledge this. Instead they come up with one trick after another to milk the system and screw the majority. These decisions are heavily influensed by the 1% club. Every year, billions of federal tax dollars are diverted behind the scenes back to the rich and their respective industries. Loans from China have been necessary to compensate in part, for the red ink and multi-trillion dollar transfer of wealth to the rich. At the same time, the feds have been pushing more financial burden onto the states who push them lower onto the cities. Again, the hardship is felt more by the majority and less by the 1% club. The rich prefer to live in exclusive areas or upper class communities. They get the best of everything. Reliable city services, new schools, freshly paved roads, upscale parks, ect. The middle and lower class communities get little or nothing without a local tax increase. Which, they usually can't afford. So the red ink flows followed by service cuts and lay-offs. All because of the OBSCENE distribution of bottom line wealth in this country. So when people forgive the rich for their incredible greed and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, bankers, celebrities, athletes, attorneys, doctors, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Strong middle class, free and clear assets, lower crime rate, more widespread prosperity, stable job market, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can't even afford basic health care. ALL BECAUSE OF GREED. I really don't blame the 2nd -5th percentiles in general. No economy could ever function without some reasonable scale of personal wealth and income. But it can't be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. TOP HEAVY ECONOMIES ALWAYS COLLAPSE. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we've ever seen before. The American dream will be shattered. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman.. Of course, they will jump to small minded conclusions about 'jealousy', 'envy', or 'socialism'. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don't believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
to: Trouble
Uh... Does "CAPS LOCK" help?
Gas isn't actually rising as much as we think - rather the USD is dropping fast. Why is Bush and co. pushing the dollar down? Doesn't it affect the national debt if you owe Trillions, but your dollar is only worth 60 cents? The Canadian dollar has not changed in relation to the Euro or Yen all that much. Can it be that only the USD is being devalued to serve some long-term debt solution? If the "War on Terror" costs 300 billion Euros but you get to pay in Monopoly money (ie. USD) then you are paying less, no?
You should have gone further in school.
Now thát's real truth.
true
true
> According to a 2000 opinion poll, some 19 percent of us believed we were already members of the top one percent,
Sounds fascinating. Could you please tell us who conducted that poll?
All these while that I have
All these while that I have been rather dormant on this blog, my research has moved into top gear. With my co-authors,http://www.shopgogo.ca/sony/vgp-bps2b.htm sony vgp-bps2b battery , I submitted two papers to top journals and had three papers accepted a
All these while that I have
All these while that I have been rather dormant on this blog, my research has moved into top gear. With my co-authors,http://www.shopgogo.ca/sony/vgp-bps2b.htm sony vgp-bps2b battery , I submitted two papers to top journals and had three papers accepted a
Trouble is right about the
Trouble is right about the part of "their idea." Read that and think about it. Lots of those (lobbyist lololo especially that one) are things the average honest middle class working person would never think doing are having any part of.
sales tax increase
The tax increase is one way to increase revenues. Well, it wasn't like you can fight off a $40 billion budget shortfall with spending cuts alone. California sales tax is going up one percent. Governor Schwarzenegger has pledged that the tax increases are only temporary. The tax increase should only be a hindrance in the largest of purchases, such as houses or cars. However, it's doubtful that a person will need a payday loan for a Pepsi with the increased California sales tax. Hopefully the sales tax raise will help.
thank you for this nice
thank you for this nice article..thanx more
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