America is a banana republic

[FluffyMcDeath]

Sanders is right.
[youtube:1fn11wgu]lcLWDGb0RqA[/youtube:1fn11wgu]

 

[cecilia]

I love that guy

 

[Fade]

Fluffy, if you think the corporate (fat cats) income tax rates are too low, please tell these countries to raise their rates to US levels.
Australia
Belgium
Canada
Denmark
Finland
France
Germany
Greece
Iceland
Ireland
Italy
Korea
Mexico
Netherlands
New Zealand
Norway
Portugal
Spain
Switzerland
United Kingdom


In the US the top 10% earners pay 70% of all personal income taxes collected by the US federal government.

In the UK the top 10% pays 53% of all personal income taxes collected by the UK federal government.

And as usual dragging up the ass end; In Canada the top 10% pays only 52% of all personal income taxes collected by the Canadian federal government.

Here, have some more with your Canadian republik.

 

[faethor]

In the US the top 10% earners pay 70% of all personal income taxes collected by the US federal government.

In the UK the top 10% pays 53% of all personal income taxes collected by the UK federal government.

And as usual dragging up the ass end; In Canada the top 10% pays only 52% of all personal income taxes collected by the Canadian federal government.

Great illustration on how the US is top heavy in wealth. Those 10% own about 72% of the wealth. So they're getting a relatively good deal they should be paying more. Even more striking is the top 1% in the US own 38% of the wealth and pay about 15% of the taxes. That group is getting a steal!

 

[FluffyMcDeath]

[youtube:16n34c0e]mcdtVD8X1-A[/youtube:16n34c0e]

 

[Fade]

Faethor wanted you to believe
"top 1% in the US own 38% of the wealth and pay about 15% of the taxes."
------------------------------------------

Nice try, or should that be "lie", but no cigar.

The top 1% pay 38.02% of federal personal income tax

Top 5% pay 58.72% of federal personal income tax

Top 10% pay 69.94% of federal personal income tax

Top 25% pay 86.34% of federal personal income tax

Top 50% pay 97.30% of federal personal income tax

The bottom 50% pay 2.7% of federal personal income tax

In 2007, 38% of households paid no federal income tax at all.
In 2009 that had risen to 47%.

The bottom 40%,make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them money.

In recent years, credits for low and middle income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax.

Now the question is: What % of the bottom feeders are Democrats? Pretty damn high, would be my guess! No wonder you want to raise taxes on the big earners.

 

[faethor]

Thanks Fade it appears I swapped the places of those numbers.

 

[FluffyMcDeath]

The top 1% pay 38.02% of federal personal income tax

[etc]

And yet the fair and balanced media are always harping on about the need to cut federal taxes to help all those poor people - or at least they strongly imply that it's a federal problem. State and local taxes are what end up taking the big bite out of the poor. The solution to this is politically untenable, i.e. to raise the taxes higher on those most able to afford it (really, who actually needs more than a billion dollars - it's an unspendable figure) and transfer those monies to the sates so they don't need to screw the workers who made the wealth for the rich people that own. All real wealth comes from work. Investment income comes from other people's work. That which is called investment income is simply rent - the person with the property (in this case claims on property which is what monetary wealth is) let other people use it for a fee. There is also a mercantile aspect to this as some people package the "investments" and then sell them as products, however, getting back to rent - Adam Smith, father of the invisible hand and much misunderstood saint of the capitalists opined that income from labour should not be taxed but all taxes should be derived from rental (i.e unproductive) income.

As you noted though, families making the median income or less tend not to pay federal taxes though they are still liable for state and local taxes, a good portion of which tend to be someone elses investment income - much local and state spending is interest on loans which means a significant portion of your taxes is going to those people who don't earn it and really should be paying more tax on that income back to the federal government, which can then be passed back to the states.

Now the question is: What % of the bottom feeders are Democrats? Pretty damn high, would be my guess! No wonder you want to raise taxes on the big earners.

You mean all those medicade and social security receiving tea partiers?

 

[FluffyMcDeath]

[youtube:1pcr3h0x]Q0_b_obUbZE[/youtube:1pcr3h0x]

 

[FluffyMcDeath]

And here's Grayson who was clearly on the wrong side of this fight because he's knocking the rich and asking for jobs for the regular Joe.

[youtube:2u60d1no]mqQn1_x5C3I[/youtube:2u60d1no]

In just one day Hannity or O'Rielly make as much money as the median wage earner in the US. In Just one day Rush makes the income of the median two income household. Do they really do that much work?

 

[cecilia]

In just one day Hannity or O'Rielly make as much money as the median wage earner in the US. In Just one day Rush makes the income of the median two income household. Do they really do that much work?

trust me, none of those morons are able to to the work i do.

 

[Robert]

I like Tim Minchin.

 

[metalman]

Obama calls Republicans "Slurpee Sippers"

Obama meets Republican leaders at the "Slurpee Summit"

Obama agrees to extend the Bush Tax Cuts for another two years

"Senate Minority Leader Mitch McConnell, R-Ky., thanked President Obama for "working with Republicans on a bipartisan plan to prevent a tax hike on any American and in creating incentives for economic growth."

President Obama "Slurpee's ... are delicious drinks"

:roflmao: :roflmao: :roflmao:

 

[metalman]

And here's Grayson

Alan Grayson Lost his House Seat To Daniel Webster in a landslide.
Webster 56%, Grayson 38%

 

[FluffyMcDeath]

And here's Grayson

Alan Grayson Lost his House Seat To Daniel Webster in a landslide.
Webster 56%, Grayson 38%

From Webster's web site...

As your Congressman, Daniel Webster would work to eliminate the death tax and repetitive taxes like the capital gains tax and dividends and interest taxes, further stimulating savings and investments.

What's that mean? It means money for Wall St. Politics means going along with the money. You can't go against the money and keep a seat when someone else is willing to toady to the power.

 

[metalman]

And here's Grayson

Alan Grayson Lost his House Seat To Daniel Webster in a landslide.
Webster 56%, Grayson 38%

From Webster's web site...

As your Congressman, Daniel Webster would work to eliminate the death tax and repetitive taxes like the capital gains tax and dividends and interest taxes, further stimulating savings and investments.

What's that mean? It means money for Wall St. Politics means going along with the money. You can't go against the money and keep a seat when someone else is willing to toady to the power.

The biggest lobby for the death (estate) tax is the life insurance industry

The capital gains tax hits small business the hardest

The double taxation of dividends is what drives corporations to just become bigger by buying out other out corporations. Increasing dividends to shareholders doesn't increase share price because of the penalty of double taxation, while borrowing money to buy another corporation is fully deductible.

 

[FluffyMcDeath]

[quote:163wg408]
As your Congressman, Daniel Webster would work to eliminate the death tax and repetitive taxes like the capital gains tax and dividends and interest taxes, further stimulating savings and investments.

What's that mean? It means money for Wall St.[...]

The biggest lobby for the death (estate) tax is the life insurance industry

The capital gains tax hits small business the hardest
[/quote:163wg408]

My point was, and the quote from Webster's web site makes the same point, the cuts would stimulate saving and investments. Both of these would direct more money to Wall St and more transactions means more fees and more capital means more leverage. It's basically the social security thing all over again - just another way to funnel more money towards the financial industry (which includes insurers and the like).

 

[metalman]

Eyeblast video: Blue on Blue!! Lawrence O'Donnell and Other Liberals vs. Rep. Alan Grayson

 

[faethor]

The double taxation of dividends is what drives corporations to just become bigger by buying out other out corporations. Increasing dividends to shareholders doesn't increase share price because of the penalty of double taxation, while borrowing money to buy another corporation is fully deductible.

I won't disregard it plays a factor. Though I give more credit on being 'bigger by buyout' is the expectation that a company should be on a continual large profit streak. The stock holders demand more money. Often a large company doesn't have the flexibility to make the new products. They do have spare cash so buy a smaller company, or start up, that has a great idea and bring it in house to capitalize on one's investment.

 

[faethor]

As a 'liberal' I fully support tax cuts for all. Everyone should get a tax cut on the first $200K household income.