The rich are waging class warfare on the poor

[MKTrader]

Quote from failed_trad3r:

If paying no Federal income tax is hurting the USA economy or budget or whatever, how come income inequality is rising? Shouldn't this be falling, since paying less taxes results in more money for the poor?

Unless there is something else going on. I suspect you are too focused on federal income tax. I have a feeling other taxes, like sales taxes and alot of other taxes I won't mention, lead to the poor shouldering more tax burden than it appears. Federal income tax sure isn't the only important tax.

The USA has a progressive tax system, but it doesn't seem like it's progressive enough.:eek: :eek: :eek:

Much of this is true and is actually a good counter-argument to the claims that "the rich" paid much higher tax rates in the 1950-1970's. Yes, Federal income tax rates were higher. But state/local taxes, property taxes, alchohol/gasoline/tobacco taxes, etc. have skyrocketed since then. In addition, there were other tax deductions/shelters (especially in real estate) that are now gone. Hardly anyone really paid a true 50-90% tax rate.

But all that makes for good "studies" and soundbites about the "good ol' days" (as if anyone wants to repeat the 1970s economy any more than they want the current economy).

 

[slacker]

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[dtan1e]

u all forgot indirect tax, makes all other taxes look unnecessary

 

[trendy]

Quote from Betapeg:

Bush tax cuts.

Bullshit. 40% of Americans don't pay any income tax. The top 1 percent of taxpayers paid 40.42 percent of total federal income taxes in 2007, according to the most recent data from the Internal Revenue Service. So, in reality, the poor have been riding on the backs of the rich, and not the other way around. I'm so tired of hearing Pelosi and her mis-guided liberal friends talking about how the rich should pay their fair share. The rich more than pay their fair share. The truth is the poor pay nothing for all the societal benefits they receive. Try spinning the fair share on that!

 

[Eddiefl]

Quote from trendy:

Bullshit. 40% of Americans don't pay any income tax. The top 1 percent of taxpayers paid 40.42 percent of total federal income taxes in 2007, according to the most recent data from the Internal Revenue Service. So, in reality, the poor have been riding on the backs of the rich, and not the other way around. I'm so tired of hearing Pelosi and her mis-guided liberal friends talking about how the rich should pay their fair share. The rich more than pay their fair share. The truth is the poor pay nothing for all the societal benefits they receive. Try spinning the fair share on that!

Wait, wait, wait.. Hold on a sec. !!!

I thought it was 40.43%... if this is incorrect, how can i beleive any other part of your argument.,

Huh?

EF

 

[bone]

Fact: 47 % of American Households pay NO federal income tax

Fact: the 'working poor' actually get a tax 'refund' check (seriously) without paying income tax - it's called the Earned Income Tax Credit (EIC). A working family with combined income $50K and under is not going to pay federal income tax - in fact, they are going to get a 'refund check'. Working families with income between $50K to $100K already pay a very low federal rates due to itemized deductions for children and education.

 

[StarDust9182]

slacker - another Thatcher

A quote attributed to Margaret Thatcher goes along the lines of
"The problem with socialism is that eventually you run out of other people's money [to spend]."

She must have been fun to watch as a backbencher.

 

[trendy]

Quote from Eddiefl:

Wait, wait, wait.. Hold on a sec. !!!

I thought it was 40.43%... if this is incorrect, how can i beleive any other part of your argument.,

Huh?

EF

Seriously, you wasted how much of your life on this useless post.

 

[Eddiefl]

Quote from trendy:

Seriously, you wasted how much of your life on this useless post.

about 6 seconds, how much did you waste?

 

[Betapeg]

Quote from trendy:

Bullshit. 40% of Americans don't pay any income tax. The top 1 percent of taxpayers paid 40.42 percent of total federal income taxes in 2007, according to the most recent data from the Internal Revenue Service. So, in reality, the poor have been riding on the backs of the rich, and not the other way around. I'm so tired of hearing Pelosi and her mis-guided liberal friends talking about how the rich should pay their fair share. The rich more than pay their fair share. The truth is the poor pay nothing for all the societal benefits they receive. Try spinning the fair share on that!

They certainly do pay a lot but I have to agree with Obama when he says we can do without many of the tax loopholes and deductions that allow people like Warren Buffet to pay less in taxes than his secretary.