Is the US system rigged for the rich???

[rightwinger]

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.

 

[rightwinger]

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.

 

[beowolfe]

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.

 

[CMike]

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

Wealth is created by entrepreneuers and people who take risk.

 

[uscitizen]

Is the US system rigged for the rich???

LMAO!

 

[Two Thumbs]

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.

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?

 

[VaYank5150]

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!

 

[Two Thumbs]

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.

I made $230 dollars off doing my taxes. That's profit. I got back more than I put in.

 

[topspin]

Yes, and thank Jah!!!

it's not hard to join the club

 

[rightwinger]

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."

 

[beowolfe]

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

Wealth is created by entrepreneuers and people who take risk.

Wealth has always been distributed in the US. It has also been withheld from some groups by the goverments (federal and state). Look at how much land the federal government gave away. Just take the oklahoma territory for example.

 

[Soggy in NOLA]

Well, if 40+% are paying $0 income taxes, but 5% are paying the bulk of the taxes... yeah, it's rigged alright.

 

[beowolfe]

The Democrats have plenty of whites. They are called gays and feminists and scientists and teachers, among others.

So does the GOP, they're called closet queens!!!

 

[rightwinger]

Well, if 40+% are paying $0 income taxes, but 5% are paying the bulk of the taxes... yeah, it's rigged alright.

Income taxes are based on your amount of income...how hard is that to figure out when 1% of the population has 23% of the income

 

[Mr. H.]

Rigged for the rich? I honestly don't give a fuck. For all the years of my life I've spent in poverty I never gave a fuck then, either. I never begrudged anyone for their status or wealth, I just went about my business of climbing out and up by the sweat off my ass. Now that I'm "there", I certainly don't look down upon the less fortunate, nor to I tout my own successes in life.

And that's something else I learned about "wealth". It sure as hell isn't money. What is it with all this class-conscious bullshit anyway? This gets back to another post I made re: political idealogy - If you want to bitch and moan about what you don't have, complain about what others have, demand public support, and protest the inequities in life... the join the goddamn democratic party.

 

[The Rabbi]

No, it's rigged AGAINST the rich. First there is a progressive tax system that punishes increasing productivity. Then there is capital gains tax that punishes success. Then there is double taxation of dividends. Then there is payroll tax that increases the cost of labor dramatically. Then there is regulation that increases the cost of having more than 5 employees. And finally death taxes.

Please notice that on any list of the wealthiest 400 or so people it is never the same people decade to decade. The list changes quite a bit. And very few of the richest are children of wealthy people. Even fewer are grandchildren of wealthy people.

That anyone gets wealthy in this society is testament to the American spirit of capitalism rather than the legal and taxation system here.

 

[Dis]

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.

If you want to get more out, put more in. Otherwise, quit your whining and get a (better) job.

 

[Big Black Dog]

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.

If you want to get more out, put more in. Otherwise, quit your whining and get a (better) job.

So, when should I begin to look for some of those subsidies from Uncle Sam? I'll keep my eye on the mail box. According to you, I should have gotten at least $5.00. Where is it? Whine about what you don't have in one hand and shit in the other. See which one gets full first.

 

[Meister]

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.

In the Arab world are you kind of like born with power stemming from your family stature in the country?

 

[blu]

No, it's rigged AGAINST the rich. First there is a progressive tax system that punishes increasing productivity. Then there is capital gains tax that punishes success. Then there is double taxation of dividends. Then there is payroll tax that increases the cost of labor dramatically. Then there is regulation that increases the cost of having more than 5 employees. And finally death taxes.

Please notice that on any list of the wealthiest 400 or so people it is never the same people decade to decade. The list changes quite a bit. And very few of the richest are children of wealthy people. Even fewer are grandchildren of wealthy people.

That anyone gets wealthy in this society is testament to the American spirit of capitalism rather than the legal and taxation system here.