Is the US system rigged for the rich???

Discussion in 'Politics' started by rightwinger, Oct 20, 2010.

  1. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Is the US system rigged for the rich? - CSMonitor.com


    Thirty years ago, the richest 1 percent of Americans got 9 percent of total national income. By 2007, they had 23 percent. Last year, new census data show, the rich-poor income gap was the widest on record.

    Wealth is more unevenly distributed. The top 20 percent of wealth-holders own 84 percent of America's wealth. What's causing it?

    One factor is federal policy, says a study by the Corporation for Enterprise Development (CFED) and the Annie E. Casey Foundation. It finds that most federal subsidies aimed at building wealth, such as certain tax deductions (officially called "expenditures"), credits, and preferential rates, go to the richest taxpayers.
     
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    Last edited: Oct 20, 2010
  2. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Of course, many government programs aim to alleviate poverty. Those with low incomes get Medicaid, food stamps, welfare, etc., adding up to about $365 billion. But Uncle Sam's subsidies for building wealth – of little use to the poor – were even larger: $384 billion last year.

    This money helps the more prosperous buy homes, save money, start businesses, pay for college, and retire comfortably. More than half of that sum went to the wealthiest 5 percent of tax-payers. The top 1 percent got an average $95,000 in federal help. Upper-middle-income families making $100,000 got $1,600. The poor got less than $5.
     
  3. beowolfe
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    beowolfe Senior Member

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    Yes, it is. I remember reading something by an Iraqi shortly after we invaded their country citing the difference between Arab countries and the US. It went something like this:

    In Arab countries, people must get power in order to get money. In the US, people must first get money in order to get power.
     
  4. CMike
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    CMike Zionist, proud to be

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    Wealth isn't distributed except in the mind's of the socialists/communists.

    Wealth is created by entrepreneuers and people who take risk.
     
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  5. uscitizen
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    uscitizen Senior Member

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    Is the US system rigged for the rich???

    LMAO!
     
  6. Two Thumbs
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    People on welfare are trapped there.

    Hell if anything this tells me hard work and determination pay off more now than ever before.

    or is this one of those redistrabution of wealth things?
     
  7. VaYank5150
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    VaYank5150 Gold Member

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    Oh come on, everyone knows the US has the best political system money can buy! And the best Healthcare system money can buy to boot!
     
  8. Two Thumbs
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    I made $230 dollars off doing my taxes. That's profit. I got back more than I put in.
     
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    topspin BANNED

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    Yes, and thank Jah!!!

    it's not hard to join the club
     
  10. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    The growing weakness of labor in the US, compared with, say, France or Germany, is another factor, says Gary Burtless, an economist at the Brookings Institution, a Washington think tank.

    Marginal income tax rates on the rich have plunged from about 90 percent when President Eisenhower was in office to 33 percent today. Tax loopholes lower the burden even further for wealthy hedge-fund managers.

    Cultural factors may also play a role, Mr. Burtless says. There seems to be no shame among corporate executives, bankers, and others at their extraordinarily rich pay packages today. These are now "socially acceptable," he says.

    Further, Burtless argues, the rich use their influence in Washington to protect their "fruits."
     

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