Wealthy are leaving New York

pspr · May 19, 2009

Quote from TRYKtrading:

but the rich control what percentage of total assets?

I'm not sure where to find that data. The IRS doesn't collect it.

antitrust · May 19, 2009

Quote from pspr:

You have your data confused. According to the IRS the top 5% of income earners earn 36.6% of total adjusted gross income yet PAY 60% of total income taxes.

Furthermore, here is the percent of all taxes they have paid from the end of Clinton through Bush.

2001 - 53.25%
2002 - 53.80%
2003 - 54.36%
2004 - 57.13%
2005 - 59.67%
2006 - 60.14%

And here is the percent of taxes paid by the bottom 50% of all income earners.

2001 - 3.97%
2002 - 3.50%
2003 - 3.46%
2004 - 3.30%
2005 - 3.07%
2006 - 2.99%

Source: Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html ("Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile - Early Release")

adjusted gross income is not the same thing as gross income. you're letting the irs define income.

ElCubano · May 19, 2009

Quote from Landis82:

Wrong.

I'm sure this must be news to you but the DoD budget for 2010 proposed by President Obama is for $663.8 BILLION, with $533.8 BILLION in discretionary budget authority to fund base defense programs.

This is an INCREASE BY 4% over 2009, or 2.1% real growth after adjusting for inflation.

You really don't have any command of the facts, do you?

Typical idiots on ET.

you my friend are a bully... what went so sour in your life that you put people down on every single post. Figure it out before its too late...peace

pspr · May 19, 2009

Quote from antitrust:

adjusted gross income is not the same thing as gross income. you're letting the irs define income.

AGI is a more reliable measure of income and the IRS is the only reliable source. Go to the source and figure it out yourself.

NazSpaz · May 19, 2009

Quote from antitrust:

Well first I never said anything about reditribution of wealth( but thanks for asumming i did that say alot about you)

So you agree that the top 5% earn greater income per assets. So if they generate 60% of the income shoudn't they pay 60% fo the INCOME tax. What is unfair about that.

And ya i'm sure every dollor was earned honestly without lobbing for laws or stealing shareholders wealth. Because thats never happend.

Again more assumptions about me and my political views that are wrong. This is how all ET threads end up personal atacks. is that all you have to offer. I worked hard came from nothing, i'm the greatest etc. I do not know you and you do not know me so try not to things personal.

The few people you know embodies the whole 50%? way to streotype, that must be what smart hardworking lads like yourself do.

funnier, I thought capitalism didn't have favorites. your capitalism certianly appears too.

But the question still remains if the top 5% earn 60% of the income what % of the total taxes should they pay

OK, personal attacks aside (besides pointing out that with your 15 spelling and grammar errors in one post I have a hard time believing you are not a biased recipient of democratic handouts) we'll just look at the numbers:

If you say that 60% of the income should pay 60% of the taxes, then you are a proponent of everyone paying an equal tax rate (ie the "flat tax"), and you and I can end up being very good friends (as long as you start using a spellchecker). I would love nothing more than all of us to just pay the same tax rate, and stop pounding the people at the top of the income heap with a significantly higher tax rate.

The reality is the top 5% do not earn 60% of the income and pay 50% of the taxes, as much as we would like to. As mentioned above by pspr "According to the IRS the top 5% of income earners earn 36.6% of total adjusted gross income yet PAY 60% of total income taxes." Now, please tell me how this is fair?

BostonTrader339 · May 19, 2009

Quote from NazSpaz:

So here's the question I have yet to hear a very good answer for:

Where do you go? I mean suppose someone were actually open to the idea of heading to another country, anyone who makes good money thinks about these things every so often, seriously what country do you head to?

Real country mind you, not some 3rd world place. Where do you go where you pay little in taxes, have all the comforts of the US or UK like running water and healthcare, and do not have to worry about your kids being kidnapped or you being a target for your wealth? Where does the big money flee to?

Also, question for Brendan R - When people leave the UK and become citizens of another country do they still have to pay UK taxes for some period of time? Such as how if they leave the US they have to still pay US taxes for the next 10 years.

singapore.

NazSpaz · May 20, 2009

Antitrust,

You were very engaged in the conversation until I asked this question, and then you disappeared. I have always wondered how the people like you justify the inequities in the tax system, I really would like some insight as to how you answer this:

The reality is the top 5% do not earn 60% of the income and pay 50% of the taxes, as much as we would like to. As mentioned above by pspr "According to the IRS the top 5% of income earners earn 36.6% of total adjusted gross income yet PAY 60% of total income taxes." Now, please tell me how this is fair?

Seriously, how is this fair?

NazSpaz · May 20, 2009

Quote from TRYKtrading:

singapore.

The whole 20-lashings for spitting gum on the sidewalk, while in a way I like it, also kind of scares me. Are there any good non-asian places?

Scataphagos · May 20, 2009

Quote from NazSpaz:

Antitrust,

You were very engaged in the conversation until I asked this question, and then you disappeared. I have always wondered how the people like you justify the inequities in the tax system, I really would like some insight as to how you answer this:

The reality is the top 5% do not earn 60% of the income and pay 50% of the taxes, as much as we would like to. As mentioned above by pspr "According to the IRS the top 5% of income earners earn 36.6% of total adjusted gross income yet PAY 60% of total income taxes." Now, please tell me how this is fair?

Seriously, how is this fair?

It's not fair.... never has been. It's just EASY... for Congress to implement, to "sell" to the public... especially the ones who don't have to pay.

Scataphagos · May 20, 2009

Quote from NazSpaz:

The whole 20-lashings for spitting gum on the sidewalk, while in a way I like it, also kind of scares me.

Geez... What's the punishment for knockin' one of 'em up?