America’s wealthiest families smash income ceiling, middle-class left far behind

[suplex3000]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

The answer is less taxes.

Less taxes for ordinary people? Or for everybody? I mean of course corporations and banks. Corporations just use Americans and immigrants as batteries or slaves to get richer and richer.

 

[SwimExpert]

Less taxes for ordinary people? Or for everybody? I mean of course corporations and banks. Corporations just use Americans and immigrants as batteries or slaves to get richer and richer.

Eliminate income taxes for the 95 on the bottom. US Message Board - Political Discussion Forum

 

[suplex3000]

Less taxes for ordinary people? Or for everybody? I mean of course corporations and banks. Corporations just use Americans and immigrants as batteries or slaves to get richer and richer.

Eliminate income taxes for the 95 on the bottom. US Message Board - Political Discussion Forum

Yes, thank you for the link.

 

[buddhallah_the_christ]

You can thank the dear leader for the jump in the income gap, think quantitative easing. Where did you think all those billions would go.

Let me guess
New golf shoes?
hmmmm maybe
Presents for Michelle?
mm yeh, why not
to every fat cat in the White House and Wall street
sure
more bombs for the middle east?
of course
new bombs for Ukraine?
no doubts

 

[OnePercenter]

Base Federal tax or corporations at 30% of revenue.

You're an idiot.

Raise minimum wage to $23.50/hr.

Make that a cretin.

Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

And you never passed a college level math class, obviously.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

Your understanding of the Constitution, and economics, is weaker than Obama's.

Yet the net income of big corporations will remain the same, and small companies will increase due to employee expenses and taxes will be locked at 30%.

 

[OnePercenter]

The answer is less taxes.

Really? What was your effective federal tax rate for 2013?

 

[SwimExpert]

The answer is less taxes.

Really? What was your effective federal tax rate for 2013?

More than your effective intelligence rate for that year.

 

[Toddsterpatriot]

Base Federal tax or corporations at 30% of revenue.

You're an idiot.

Raise minimum wage to $23.50/hr.

Make that a cretin.

Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

And you never passed a college level math class, obviously.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

Your understanding of the Constitution, and economics, is weaker than Obama's.

Yet the net income of big corporations will remain the same, and small companies will increase due to employee expenses and taxes will be locked at 30%.

Yet the net income of big corporations will remain the same

WalMart would have paid over $140 billion in taxes, instead of $8.1 billion.
Net income would be a loss of over $110 billion.
Like I said, you're an idiot.

 

[bripat9643]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

Yet, you continue to defend Obama.

 

[Roadrunner]

Fewer taxes for the middle class that voted us into this mess?

Surely you jest.

Time for them to pay for what they voted for.

 

[Roadrunner]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

The answer is less taxes.

Less taxes for ordinary people? Or for everybody? I mean of course corporations and banks. Corporations just use Americans and immigrants as batteries or slaves to get richer and richer.

Middle class income is stagnant because middle class minds are stagnant.

After sitting around watching the fuckin' Simpsons for 25 years, they are finally beginning to realize the joke was on them.

Fuck the middle class, they demanded bread and circuses for the masses, without paying taxes to fund them.

Time to suck it up, the free ride for the middle class is over.

Restore Bush tax cuts, and then some.

Balance the budget, and start paying the debt.

That is how it works.

 

[Roadrunner]

Base Federal tax or corporations at 30% of revenue.

You're an idiot.

Raise minimum wage to $23.50/hr.

Make that a cretin.

Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

And you never passed a college level math class, obviously.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

Your understanding of the Constitution, and economics, is weaker than Obama's.

Yet the net income of big corporations will remain the same, and small companies will increase due to employee expenses and taxes will be locked at 30%.

Yet the net income of big corporations will remain the same

WalMart would have paid over $140 billion in taxes, instead of $8.1 billion.
Net income would be a loss of over $110 billion.
Like I said, you're an idiot.

Only an idiot thinks corporations don't pass on taxes to consumers.

 

[zeke]

Middle class income is stagnant because middle class minds are stagnant.

So, why is your mind stagnant? Are you lower class? Don't really know. Do you have any class? Not that I can tell.

One thing I know for sure though. You ain't upper income class.

So what are you? Are you employed? Are you sucking on the government teat?

Only an idiot thinks corporations don't pass on taxes to consumers.

This is like some sort of mantra for people like you isn't it?
You know that corporations pay taxes on profit. Right? If they have no profit, they pay no income taxes. No matter how many consumers they have.

But lets say that I agree that ultimately the purchase of a companies goods and services has the consumer providing the income to the corporation to pay their corporate taxes.

SO FUCKING WHAT? What is it that you think this means? Why do your kind want to repeat this like it means something sinister?

You know employers pay their employees taxes? Yep. They sure do. That paycheck the employer gives out, that's how employees pay their taxes. Isn't that something?

That means about as much as your "consumers pay corporate taxes" or whatever it is that has you all concerned.

 

[hazlnut]

If the rich aren't paying their fair share. I agree that we should raise it to a equal percentage with the non-rich. Only fair.

That makes no sense.

You would devastate our consumer driven economy-- think about it, by having the middle class keep more of their income they are able to purchase more goods and services.


What you fail to understand is how much more the wealthy benefit from our economy and tax system and thus should pay a higher tax to support and maintain it. It should be their best interest to see that the system doesn't collapse. However, with access to off-shore investing , Swiss Banks, tax havens, blind trusts -- the super-wealthy have created an escape plan for themselves should we experience a devastating depression and collapse of government and society.

Economy of scale. The wealthy have access to a system of investments that the middle class and working poor do not. Also, owning a hundred shares of Apple or Microsoft is not going to allow you live off the quarterly divined checks. But owning 50,000-100,000 shares of 100 different companies in a diversified portfolio worth 1-2 millions will not only pay your rent but also allow you to grow the portfolio over time.

They are able to use wealth to influence policy to their advantage.

The majority of Americans acquire their "wealth" through salary or earned income. The super-rich acquire wealth at disproportionate rates and quantities because they are playing the game on a special monopoly board they designed.

You probably don't think the super-wealthy benefit from safety net programs like food stamps and medicaid. Which means you never studied the French revolution or any class uprising. Maintaining a standard of living for the poor and working poor is in the best interest of the super-wealthy.

 

[hazlnut]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

And thanks to the antiabortion laws, closing down clinics and pulling funding from planned parenthood, the lower income people are making more children that they can't care for or feed.

 

[zeke]

What you fail to understand is how much more the wealthy benefit from our economy and tax system and thus should pay a higher tax to support and maintain it. It should be their best interest to see that the system doesn't collapse.

Maybe everyone should be taxed at a rate commiserate with the amount of wealth their class controls.
Like the ultra wealthy control what, 40% of the nations wealth? Tax them at 40%. The next income class has 32% of the nations wealth, tax them at 32%. So on and so on. The bottom isn't gonna pay much, but they already don't pay much and they control very little in the way of wealth and income.

That could be an interesting way to go I think.

 

[Roadrunner]

Middle class income is stagnant because middle class minds are stagnant.

So, why is your mind stagnant? Are you lower class? Don't really know. Do you have any class? Not that I can tell.

One thing I know for sure though. You ain't upper income class.

So what are you? Are you employed? Are you sucking on the government teat?

Only an idiot thinks corporations don't pass on taxes to consumers.

This is like some sort of mantra for people like you isn't it?
You know that corporations pay taxes on profit. Right? If they have no profit, they pay no income taxes. No matter how many consumers they have.

But lets say that I agree that ultimately the purchase of a companies goods and services has the consumer providing the income to the corporation to pay their corporate taxes.

SO FUCKING WHAT? What is it that you think this means? Why do your kind want to repeat this like it means something sinister?

You know employers pay their employees taxes? Yep. They sure do. That paycheck the employer gives out, that's how employees pay their taxes. Isn't that something?

That means about as much as your "consumers pay corporate taxes" or whatever it is that has you all concerned.

I am at the median income for my age and gender.

But, I am rich in ways you cannot even comprehend.

The only things that have me "all concerned" is the debt we are leaving to our kids, and the idiots like you they will have to share the planet with.

 

[zeke]

I am at the median income for my age and gender.

But, I am rich in ways you cannot even comprehend.

LMAO. Whatever dude. You are not at the top. You are not in the middle. You are on the low side of the income stream. Nothing wrong with that. Especially with the "other" wealth you have. Which is what btw? Love of a good woman? Or man? Children that adore you? A dog that loves you? A private pot patch?

I comprehend a lot. What are these ways you are rich that I can't comprehend?

But what I really wanted you to speak about was you assertion that consumers pay corporate taxes by causing corporations to have profits and why that is such a big deal to you.

 

[Mr. H.]

"Middle class left far behind".

Far behind WHAT? Or WHOM?

If you gauge your own life by the lives of those "above" you, then you are in a sorry state of mind.

 

[LeftofLeft]

Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center

Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ

IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.

The wealthy in all forms of economies worldwide always get richer and leave the masses behind.....creating a truly 1 Percent and eliminating a Middle Class altogether. In my lifetime, I have come to the conclusion that economic policies rooted in class envy are simply a means to eliminate a Middle Class outright. A tenant of Capitalism is a Middle Class. In many of the Far Left side of the economic spectrum (Socialism, Communism, Dictatorship), a Middle Class is not possible. Karl Marx said it himself.

We see these delta and gap reports all of the time between the wealthy and the Middle Class or between the wealthy (including the Middle Class) and the poor. At the end of the day, Capitalism provides the most fertile ground for a strong middle class.