millionaires 5.4 pct surtax

Discussion in 'Healthcare/Insurance/Govt Healthcare' started by Mr.Fitnah, Jul 14, 2009.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    This doesnt effect me yet , It will in the near future

    House bill to hit millionaires with 5.4 pct surtax

    WASHINGTON, July 14 (Reuters) - A sweeping overhaul of the U.S. healthcare system to be announced on Tuesday in the U.S. House of Representatives will include a surtax on millionaires of 5.4 percent, congressional sources said.

    The tax rate is higher than the 3 percent surtax lawmakers had been discussing earlier and would be imposed on those making more than $1 million a year, the sources said.

    House bill to hit millionaires with 5.4 pct surtax | Markets | Markets News | Reuters
    What is wrong with these kooks?
     
  2. dilloduck
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    dilloduck Diamond Member

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    hmmmm--We live in an economy where the idea is to earn money but if you do really well at it you have to give it back ??? Makes sense to me--not.
     
  3. Chris
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    Chris Gold Member

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    Soak the rich.

    They make money not by working hard, but by inheriting wealth from their parents.
     
  4. Darkwind
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    Darkwind Gold Member

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    There are actually very few old money families that do that. America has the single largest number of working millionaires in the world. And they work every day.

    They also provide a significant number of jobs.

    But lets see how many jobs we can get from those who live below the 100k per year line.
     
  5. Chris
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    Chris Gold Member

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    The BBC reported startling economic equality figures in a recent documentary: the top 200 wealthiest people in the world control more wealth than the bottom 4 billion. But what is more striking to many is a close look at the economic inequality in the homeland of the "American Dream." The United States is the most economically stratified society in the western world. As THE WALL STREET JOURNAL reported, a recent study found that the top .01% or 14,000 American families hold 22.2% of wealth — the bottom 90%, or over 133 million families, just 4% of the nation's wealth.

    Bill Moyers Journal . Steve Fraser on Gilded Ages | PBS
     
  6. toomuchtime_
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    toomuchtime_ Gold Member

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    It's all a matter of perspective. If you've done really well, one could argue you've benefited more from the structures of society, government, that set the conditions for your success and other government structures help you protect your wealth so shouldn't you pay more to keep those government structures in place?

    To me the relevant questions are how much do you have to pay so that everyone feels he/she has a stake maintaining the society and at what point are taxes taking so much money away from investment in the private sector that everyone begins to suffer?
     
  7. Sweet Willy
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    Sweet Willy BANNED

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    If you can earn $1 million + per year, by the grace of the Untied States of America and all she does to ensure your right to do that, shut up and pony up an extra 5% for the priviledge. Freedom isn't free, after all.
     
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  8. Chris
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    Chris Gold Member

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    Table 1: Distribution of net worth and financial wealth in the United States, 1983-2004
    Total Net Worth
    Top 1 percent Next 19 percent Bottom 80 percent
    1983 33.8% 47.5% 18.7%
    1989 37.4% 46.2% 16.5%
    1992 37.2% 46.6% 16.2%
    1995 38.5% 45.4% 16.1%
    1998 38.1% 45.3% 16.6%
    2001 33.4% 51.0% 15.6%
    2004 34.3% 50.3% 15.3%

    Financial Wealth
    Top 1 percent Next 19 percent Bottom 80 percent
    1983 42.9% 48.4% 8.7%
    1989 46.9% 46.5% 6.6%
    1992 45.6% 46.7% 7.7%
    1995 47.2% 45.9% 7.0%
    1998 47.3% 43.6% 9.1%
    2001 39.7% 51.5% 8.7%
    2004 42.2% 50.3% 7.5%

    Who Rules America: Wealth, Income, and Power

    As you can see from the above chart, the Reagan Revolution took wealth from the bottom 80% and gave it to the rich. Likewise with Bush Jr.
     
    Last edited: Jul 15, 2009
  9. Sweet Willy
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    So, the top 20% control 92.5% of the wealth.


    STFU and pay your taxes.
     
  10. Darkwind
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    Darkwind Gold Member

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    Class envy is so ugly sometimes.
     

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