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A Fairy Tail about an overtaxed rich man...
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[QUOTE]Originally posted by The Bigfoot: [QB] [QUOTE]Originally posted by SeekingFreedom: [qb] Big, how much was that 16% in dollars? What percentage of the total Federal Income does it represent? How much of that money did they see in return via government services? Now, before Glass starts with his 'they benefit more from the system and should pay more' lines, let me ask a question: The very same system that they benefited from, was it not available to everyone else? We've already looked at stats that show that the bottom 40% of wage earners get more back on their returns than they pay in comparing ALL forms of federal taxes paid. They are literally being given the 'rich' and 'middle class's money. Even though ALL are the beneficiaries of American freedoms. [/qb][/QUOTE]That's bs rationalization SF. So a family of four subsisting (yes, I used the word subsisting) on 50k per year gets enough credits that they don't pay into federal income taxes. The income tax only brings in approximately 45% of all tax income. The rest is made up in individual taxes for gas, home, consumables, etc. Even they pay into government services. Now...If I were in charge of the world the lowest you could get on credits would be 0. Some of the credits out there actually push beyond zero so that some are making a profit from the federal income tax. You are right, that is wrong. That money however is a drop in the bucket. A few hundred here, a few hundred there. One of the 1000 cuts that can bleed a body to death perhaps but first lets look at the slash across the carotid artery of America. [QUOTE] "the gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007," [/QUOTE]There is term for this. It is called wealth concentration. While it is great for the families that are included it is devastating to national economics. You want to know why the top 400 have to pay more than their fair share? It is because they have more than their fair share of the nation's wealth. Simple as that; and no that is not socialist, that is realism. There is a big danger in wealth concentration that can be seen for those with the eyes to look. You see...it is fairly well known that for the last 30 years middle class incomes have flatlined against inflation while the top 10 percent have seen double digit gains. But did you know that between 1990 and 2004 most of the top 10 percent stagnated themselves?? The only group that grew during that time period was the super rich. The top 1 percent, which saw a 3% increase in accumulation of national wealth while the bottom 9 joined the rest of us in flatlining. [URL=http://select.nytimes.com/2006/07/19/opinion/19talkingpoints.html?_r=1&pagewanted=all]http://select.nytimes.com/2006/07/19/opinion/19talkingpoints.html?_r=1&pagewante d=all[/URL] You wanna know why we are in a recession? It is partly to blame on foolish derivatives trading. It is partly to blame on fraudulent mortgage and MBS activities. It is partly to blame on the exuberance of optimism in the market. It is partly to blame on institutions take larger and lager risks while cutting their reserves held for emergencies. It is also partly because nearly 50% of this nations entire wealth resides in the hands of 10% of its citizens, 20% of that held by the top 1%. When wealth is so super concentrated as this the structures meant to support the national economy can buckle under with any dint or ding. And in case you didn't notice we got one hell of a ding. Bush and Obama have turned on the printing presses at the Treasury and it is working as evidenced by the lack of inflation despite the large additional flow to the money supply but unless the top 1% are cut off from their accumulation patterns that is only a short term solution (one that has caused the government to go deep in debt.) So yes. I want to be unfair. I want to make sure the super rich pay more than their fair share of the taxes that keep this country great and in return I will allow them to remain super rich in a great and functioning nation. The alternatives are all of them self destructive. [/QB][/QUOTE]
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