millionaires 5.4 pct surtax

[Mr.Fitnah]

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?

 

[dilloduck]

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.

 

[Chris]

Soak the rich.

They make money not by working hard, but by inheriting wealth from their parents.

 

[Darkwind]

Soak the rich.

They make money not by working hard, but by inheriting wealth from their parents.

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.

 

[Chris]

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

 

[toomuchtime_]

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.

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?

 

[Sweet Willy]

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.

 

[Chris]

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.

 

[Sweet Willy]

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

So, the top 20% control 92.5% of the wealth.


STFU and pay your taxes.

 

[Darkwind]

Class envy is so ugly sometimes.

 

[Chris]

At one time the 26 top hedge fund managers were averaging $826 million dollars a year in income.

Income they stole with derivatives from ordinary people till their Ponzi scheme went dry.

And then the taxpayers bailed them out, so they could start again.

 

[Sweet Willy]

At one time the 26 top hedge fund managers were averaging $826 million dollars a year in income.

Income they stole with derivatives from ordinary people till their Ponzi scheme went dry.

And then the taxpayers bailed them out, so they could start again.

And someone has the nerve to call class envy?

I must have missed the part where thieves passed me on the class ladder.

 

[wimpy77]

At one time the 26 top hedge fund managers were averaging $826 million dollars a year in income.

Income they stole with derivatives from ordinary people till their Ponzi scheme went dry.

And then the taxpayers bailed them out, so they could start again.

And someone has the nerve to call class envy?

I must have missed the part where thieves passed me on the class ladder.

that's the main reason i switched party affiliation.

 

[gold_tracker]

This is amazing to me. And what's more it really comes down to taxation without representation because you will be hard pressed to find any of our representatives who have actually read any of this bill let alone the cap and trade bill.

Add to that the news I saw last night that a company like Goldman Sachs earned over 2 billion in profit last year and didn't pay any tax and I'm left scratching my head.

My plan is to get out of debt asap and get some money into wealth securing assets and commodities because I have a feeling that the worse isn't over.

 

[Nik]

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.

Yeah, instead lets make the people who don't make any give it back

 

[ba1614]

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.

Yeah, instead lets make the people who don't make any give it back

If the ones not making any weren't trying to live like they are making big money, we wouldn't be in this mess.

 

[Nik]

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.

Yeah, instead lets make the people who don't make any give it back

If the ones not making any weren't trying to live like they are making big money, we wouldn't be in this mess.

Actually a lot of the mortgages that went under were people who were making decent/good money. Besides that many of them weren't trying to live like they are making big money, the banks were pressuring them to get huge loans saying that they could easily make money on the houses.

 

[MaggieMae]

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?

That house bill is going nowhere. It's DOA in the Senate. Consider it a whole lot of grandstanding (last stand?) by Pelosi.

 

[MaggieMae]

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

Because of the outrageous greed of some, they have basically screwed themselves.

World’s Rich Have Lost $10 Trillion in Global Financial Crisis - The Wealth Report - WSJ

...the world’s rich have lost $10 trillion, or a quarter of their wealth, in the global financial crisis, according to Oliver Wyman, a consulting firm. That is about equal to the combined economic output of Japan, Germany and China

 

[MaggieMae]

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.

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?

Exactly. The term "wealth redistribution" is bandied about as evil. I don't think the framers had in mind by "We The People" a divided society of haves and have-nots.