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The rich are richer than ever, so if we just wait for the trickle down, the middle class will be in great shape and the poor will have a shot at being in the middle class.
This is the **** for brains logic of the right wing constituents.
Why don't you do something about your situation? Why don't you work toward becoming rich? That's how the rich do it. They work for it, and they invest their money wisely. They also spend wisely.
Very few people have inherited wealth. Almost all have earned it.
The government still needs their income. If they give the corporations tax incentives (I assume these would be much like tax breaks), the government will need to find another way to make money. i.e. raise everyone else's taxes. As I mentioned earlier, there is no way to eradicate inequality. It exists within every facet of life. In order for someone to win, another must lose. You will never get rid of the 1%, the best you could do is change who that 1% consists of.
My scenario would address the issue of income equality alone. Other things could be done to lower our tax burden collectively and raise additional taxes.
Cutting our defense budget and law enforcement budgets could free up revenue. Legalization of marijuana and taxation could raise additional tax revenue and increase the money flow to new business owners as well as diverting funds from our legal system to other avenues (education, rehabilitation, etc).
Those are just some issues I feel strongly about. There's many ways that we could both balance our budget, and increase incomes for the lower and middle class imo.
This needs to change and some people do not see this as a problem . This right here is why republicans should never have a majority of any every again if they do they will own 60% to 70% of the wealth and US will be a third world country
Bill Gates is the richest person in the U.S., the Koch brothers are like 4th and 5th. The 1% people are a mix of Democrats and Republicans. I have no idea why you are so brainwashed, but you would do yourself a favor if you kept a more open mind.
No. That's the marginal tax "bracket" rate for that income amount, not the actual effective federal income tax rate. According to the IRS, the average effective federal income tax rate after deductions and credits for a $100K income is only 8.7%. Latest IRS Federal Income Tax Data
Inform yourself. Use critical thinking skills.
READ the rest of what I said, I used the marginal rates for simplicity, but wether its marginal or average effective you ignore my point completely.
8.7%+12.4: 21.1%
Yes, use critical thinking skills. BTW at 21.1 % I believe thats higher then the tax rate on the .1% Although lower then the 1%. Oddly enough 1/2 the income of the top 1% goes to the .1%. Weird huh?
Democrats have failed to realize for decadesthat raising taxes NEVER results in an increase in revenue; check the current balance sheets of states such as CA, IL, NY and other states with similar nosebleed-inducing sky-high tax rates.
The gusher of revenue which the states and the feds received at the end of last year due to the increase in the capital gains tax rate will undoubtedly result in a drop in revenue come next tax season, yet most states as well as the feds won't be ready when that revenue plunge takes place, and their actuaries will be shell-shocked, which makes you wonder how they got their jobs in the first place if they flunked Basic Economics 101 at their local HS or junior college.
Very few people have inherited wealth. Almost all have earned it.
I guess that depends on your definition of "earned". If someone handed me $20 million tomorrow for no real reason, would I have earned it? If someone flipping burgers was given $1000 an hour, did they earn it?
Is getting $20 million for acting in a movie really earning it? Is getting $28 million a year for being a third baseman in baseball really earning it? Is a CEO getting $15m in compensation after 5 quarters of declining sales really earning it?
I don't think so. I'd use the term "given" before I used "earned" in a large number of scenarios.
So the conservative plan for "American prosperity" since Reagan has been deregulation and lower effective tax rates for the rich. The ol' "make the rich people so rich that they have to start giving back" method, aka trickle down economics. Since then, wages have been stagnant, union participation has plummeted, and wealth has been even more unevenly distributed to the super rich. So I'm curious, conservatives, are you aware with the definition of insanity? "The reason socialism never took root in America is because the poor see themselves not as an exploited proletariat, but as temporarily embarassed millionaires."
What makes you think those in the top 1% don't pay SS tax?
23.39% + 12.4% = 35.79% on the first $113,700.
No to both. See above.
You're making some very serious omissions in your reasoning. Intentional? Or are you just under-informed or confused?
LOL...so suddenly you JUST want to talk about the first 113,700? Right? So hey lets make it fair, and we can tax all income above that at 100%.
Seriously, when your argument is to take the people earning 1,000,000 and just look at the first 113700 only.....
Thats sad....why are you trying to do this? Everyone looks at this and says "WTH? So somone making 1 million pays about 1.3% of his income on social security. I pay about 12%, most pay 12.4%. You ignore this on your taxation completely...and suddenly say...lets just look at the first 113,700 only, and thats our goalpost to discuss taxation on the top 1%......Yeah THATS logical..
If you want to change this, get a job and earn a living for a change.
You took the words out of my mouth. You want more money, get of your lazy az and go earn some..
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. This right here is why republicans should never have a majority of any every again if they do they will own 60% to 70% of the wealth and US will be a third world country
